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Category: Economy

  • MIL-OSI New Zealand: Business – New Zealand’s leading pre-loved fashion marketplace expands across the ditch to Australia

    Source: Designer Wardrobe

    Auckland, New Zealand – 16 October 2024 – Following significant growth, New Zealand’s leading two-way marketplace for pre-loved fashion, Designer Wardrobe, has officially launched in Australia to offer fashion-loving Aussies a more sustainable, affordable, and smarter way to shop and sell pre-loved fashion.

    With a thriving community of over 325,000 members using the marketplace, Designer Wardrobe will help Australians earn money with fashion pieces from their wardrobes that they no longer reach for and might otherwise remain unworn. Australians will also be able to enjoy more than 160,000 pre-loved fashion pieces from both Australian and New Zealand sellers, opening up the pre-loved market on both sides of the Tasman.

    With this latest move, Designer Wardrobe aims to help extend the life of thousands, if not millions, of fashion pieces and accessories, keeping them in active circulation and reducing the number of items that might otherwise end up in landfill.

    Designer Wardrobe’s launch comes at the perfect time, with industry insights revealing:

    • 300,000 tonnes of clothing in Australia either ends up in landfill or being exported each year;
    • 73 per cent of Australians already purchase pre-loved clothing;
    • Two-thirds of Australians are considering side hustles to make ends meet.

    Additional insights from Designer Wardrobe highlights:

    • Total sales traded on the marketplace increased 14 per cent year-on-year compared to the same period in 2023 (*1 January – 30 September 2024 v 1 January – 30 September 2023;
    • Over the same period of time*, Designer Wardrobe has seen 208,688 pieces sold – helping to reduce what may otherwise end up in landfill, And, almost half a million (469,320) listings have been created on Designer Wardrobe. 
    • Designer Wardrobe’s user base has reached an impressive 325,000, doubling since pre-Covid times (2020), with approximately 1 in 10 women in New Zealand now using the marketplace.  Additionally, the number of clothing items sold on the platform has increased more than fivefold during the same period, underscoring Kiwis’ growing enthusiasm for pre-loved fashion.

    Aidan Bartlett, CEO of Designer Wardrobe, says: “After 10 successful years in New Zealand, the growth we’ve experienced has been monumental, and we’re thrilled to now bring our thriving marketplace and community of fashion lovers to Australia.”

    “Global trend data highlights that there has been a significant surge in sustainable shopping trends, with consumers increasingly opting for smarter and more affordable fashion alternatives in response to rising inflation and the cost-of-living crisis.”

    According to GlobalData’s report for ThredUp, global sales of pre-owned clothing rose by 18 per cent last year, reaching $197 billion, and are projected to grow to $350 billion by 2028; And, second-hand clothing is projected to account for 10 per cent of global fashion sales, underscoring the rising demand for more sustainable shopping options.

    Bartlett continues: “At a time when many are seeking additional income streams and looking to make smarter fashion choices by purchasing pre-loved, Aussies can feel confident buying and selling through a trusted marketplace with thousands of active members.

    “Australians will have access to thousands of listings across both Australia and New Zealand, and Kiwis can also enjoy pieces from popular Australian brands like Aje, Shona Joy, Caitlin Crisp, Alemais, Bec + Bridge, and Sir the Label.

    “The average shopper can save up to 60 per cent off the original RRP of their favourite luxury, designer, and high-street brands. Even better, they can feel great about their smart purchasing decisions by extending the life of items they may otherwise end up in landfill.”

    “Our platform has always been about more than just buying and selling clothes; it’s about empowering our community to find value in what they own and to contribute to a more circular economy. It’s a win-win for both the wallet and the environment,” Bartlett adds.

    Just like in New Zealand, Aussies can shop with confidence using the Designer Wardrobe app or website. Every order comes with Purchase Protection, ensuring a secure experience. Sellers can list items for free and ship them to buyers via tracked courier. Once the item is received, the earnings are deposited into the seller’s DW Wallet, where they can be withdrawn at any time or used toward their next purchase.

    For more information about New Zealand’s largest community of pre-loved fashion enthusiasts, please visit http://www.designerwardrobe.co.nz

    About Designer Wardrobe

    Since its founding in 2014, Designer Wardrobe has experienced unprecedented growth, becoming a major player in the pre-loved fashion industry and forming New Zealand’s largest community of pre-loved fashion enthusiasts. The company’s purpose-built New Zealand-made marketplace platform is the go-to for 325,000 users to shop and sell pre-loved clothing and now facilitates around $1.6 million in transactions every month.

    Designer Wardrobe champions its customers’ needs, regularly launching innovative products, including seller add-ons, AI and an integrated resale widget, to create a seamless shopping and selling experience while promoting sustainability in New Zealand’s bustling fashion industry.

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI New Zealand: Privacy and employee snooping: The greatest threat in the workplace could be sitting next to you

    Source: New Zealand Privacy Commissioner – Blog

    Originally published on the New Zealand Herald 3 October 2024.

    Beware the risk within

    By Michael Webster, Privacy Commissioner

    One of the greatest risks to privacy in the workplace could be sitting next to you – or it could even be you.

    Employee browsing or the unauthorised access and misuse of personal information is one of the most common privacy breaches. I also believe it’s one of the least understood or reported on, as required by the Privacy Act.

    New Zealand is a small place and there’s a good chance a familiar name will crop up in a database or on a file at work and it can prove very tempting to have a look.

    However, a sneaky peek isn’t a harmless case of nosiness; it’s inappropriate and can be a breach of the principles underpinning the Privacy Act. In the cases I see it can have potentially serious consequences such as harassment and blackmail.

    In one example, a person in a position of power looked up the details of a colleague’s partner then used their position to repeatedly sexually harass them via text message. The victim felt intimidated, scared, and fearful in their own home so contacted our Office.

    In some circumstances employees look up information and then pass it on for the explicit purpose of causing harm – for example, finding the address of someone who owns expensive assets to be targeted for a burglary.

    In other examples they do it because they think they’re helping a friend when they’re acting illegally. Like the employee working for a counsellor who had a friend in a custody dispute with their ex-partner. The employee looked up information about the wellbeing of their friend’s ex-partner and shared it with their friend who then used it in their custody dispute hearing.

    Sometimes the temptation to ‘just have a quick look’ is a powerful force but employees need to be stronger. One story I’ve see was from a clinic doing STI and HIV testing. A new employee was being trained and decided to look up their own records while their trainer was in the room with them. That’s fine, it’s their information. However, when the trainer left the room, the new employee took the opportunity to look up the names of their ex-partner, current partner, and best friend – all in breach of the Privacy Act.

    The Privacy Act protects the personal information of all New Zealanders, which means that as well as employees not snooping, we need managers and owners to be informing their staff that it’s wrong to snoop, and to act when it’s found out.

    There’s a lot of information about us held in various databases, including contact details, bank accounts and financial records, and copies of identity documents. This material needs to be protected from internal threats from staff as well as external threats from third parties.

    Employers have a responsibility to secure databases and to limit access only to the staff that need that information to do their job. Employers also have a responsibility to recognise the potential for serious harm if staff are misusing their access privileges.

    The bottom line is organisations have an obligation to prevent their employees from inappropriately accessing and/or disclosing customer information. 

    Building privacy safeguards into your databases enables you to have access controls in place to protect personal information, ideally supported by audit logs so you can monitor who’s doing what and follow up on any unusual activity.

    Significant personal information is held in various databases across New Zealand. A good example is around driver licences and car registration details. Businesses and organisations like insurance providers, vehicle importers, or sellers can be granted access to the motor vehicle register for lawful purposes. However, when staff at those types of agencies access the database for their own reasons or interests then it’s a problem, which often leads to employee dismissal as well as the agency needing to report a privacy breach.

    Businesses have an obligation to ensure their staff have privacy training and a general awareness about the risks of employee browsing. They also need to take steps to make sure staff know they can only access information for work purposes.

    This can be reinforced by having clear policies about employee browsing in your agency’s code of conduct, including consequences for being caught inappropriately accessing personal information about customers and clients.

    Staff access to personal information comes with serious accountabilities about appropriate and lawful behaviour. We all need to treat it with respect. Organisations need to ensure there are consequences for employee browsing and treat any breaches of trust as serious compliance incidents.

    Back

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI New Zealand: Construction Economy – NZ construction costs show minor uptick amidst ongoing industry slowdown – CoreLogic

    Source: CoreLogic

    Tax changes, high levels of existing stock on the market, and credit-constrained buyers have compounded the building industry slowdown, holding construction cost growth low for more than 18 months.

    CoreLogic’s latest Cordell Construction Cost Index (CCCI) recorded a 1.1% rise in the September quarter, reversing the fall recorded in Q2. It marks the first time quarterly growth has exceeded 1% since December 2022.

    However, the annual growth rate remains subdued at 1.3% – the second lowest since late 2013 and well below the long-term average growth rate of 4.3%.
    CoreLogic Chief Property Economist Kelvin Davidson said overall construction cost growth remains subdued, reflecting an easing of pressure for both labour and materials.

    The index recorded a drop in sub-contractor charge-out rates in Q3, alongside many plumbing materials such as PVC piping, although the cost for materials such as window hardware and kitchen joinery rose over the period.
    “The wider residential construction sector has been in a downturn for about two years now, with dwelling consents falling and actual workloads subsequently declining too,” he said.
    “The industry has come off extreme highs recorded during COVID, and building activity remains solid when compared to previous cycles. Even so, it does look like there is capacity opening up, which has reduced the pressure on costs.”

    Mr Davidson said the industry is grappling with additional challenges, as many households remain financially cautious despite falling mortgage rates and the number of established property listings available for sale remains high.
    New Zealand currently has about 26,000 properties listed for sale—up from 23,000 at the same time last year and double the 13,000 that were available in 2021.
    “With such an elevated stock of existing listings, there’s less incentive for buyers to consider new-build properties,” he said. “The shortening of the Brightline Test and the reinstatement of mortgage interest deductibility for all properties regardless of age has also lessened the appeal of new-builds.”
    The supply pipeline has also slowed, with annual dwelling consents peaking at about 51,000 in May 2022 before falling 34% to 33,632 in August this year. Meanwhile, Mr Davidson said actual construction workloads, measured by ‘work put in place’, are down around 15% from their peak.
    While the outlook for the sector isn’t particularly buoyant in the short term, signs of life might just be starting to emerge, and Mr Davidson noted that the Reserve Bank of New Zealand’s newly introduced debt-to-income ratio restrictions, which exempt new builds, could help stimulate demand in this segment.

    Further interest rate cuts and improvements in the labour market are also likely to have a positive impact on construction activity into 2025.
    “Developers may feel more confident to increase supply if these changes, combined with falling mortgage rates, create a relative shift in demand towards new builds over the next 12 to 18 months,” Mr Davidson said.

    “This could lead to a resurgence in New Zealand’s construction sector, with agents and developers watching closely for any signs of a turnaround in 2025.”

    CoreLogic’s research, tracks and reports on materials and labour costs which flows through to its Cordell construction solutions to help businesses make more informed decisions, estimate rebuild and insurance quotes easily and, ultimately, appropriate risk effectively.
    The CCCI report measures the rate of change of construction costs within the residential market for a typical, ‘standard’ three-bedroom, two-bathroom brick and tile single-storey dwelling.
    To read the report, visit http://www.corelogic.co.nz/reports/cordell-construction-cost-index.

    About CoreLogic
    CoreLogic NZ is a leading, independent provider of property data and analytics. We help people build better lives by providing rich, up-to-the-minute property insights that inform the very best property decisions. Formed in 2014 following the merger of two companies that had strong foundations in New Zealand’s property industry – Terralink Ltd and PropertyIQ NZ Ltd – we have the most comprehensive property database with coverage of 99% of the NZ property market and more than 500 million decision points in our database.
    We provide services across a wide range of industries, including Banking & Finance, Real Estate, Government, Insurance and Construction. Our diverse, innovative solutions help our clients identify and manage growth opportunities, improve performance and mitigate risk. We also operate consumer-facing portal propertyvalue.co.nz – providing important insights for people looking to buy or sell their home or investment property. We are a wholly owned subsidiary of CoreLogic, Inc – one of the largest data and analytics companies in the world with offices in New Zealand, Australia, the United States and United Kingdom. For more information visit corelogic.co.nz.
    About Cordell Building Indices
    The Cordell Building Indices (CBI) are a series of construction industry index figures that are used to monitor the movement in costs associated with building work within particular segments of the industry. The CBI indicate the rate of change in prices within particular segments of the New Zealand construction industry.
    The changes in prices are measured daily through the use of detailed cost surveys, and are reported on a quarterly basis. This ensures the most current and comprehensive industry information available. Each index is based on a combination of labour, material, plant hire and subcontract services required to construct buildings within the particular segment being measured. The CBI measure the change in the cost of constructing buildings, and as such do not provide the actual costs.

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI Australia: NSW first in the world to identify number of people living with metastatic breast cancer

    Source: New South Wales Premiere

    Published: 16 October 2024

    Released by: Minister for Health, Minister for Women


    In a world first, Cancer Institute NSW has identified that around 7,900 people in NSW are living with metastatic breast cancer. A discovery which will help improve cancer outcomes not just in NSW, but across the entire country.

    Using the Cancer Institute NSW’s unique linked data sets, a methodology which will soon be shared nationally and internationally, it has been determined that 7,850 women and 50 men in NSW are living with metastatic breast cancer.

    Understanding the number of people living with this disease will help overcome the feeling of invisibility described by so many and ensure that NSW is prepared to support the growing number of people living with and surviving cancer, thanks to medical advancements in treatment and care.

    It will also ensure health professionals and researchers better understand the impact of diagnostics and treatment on breast cancer recurrence and survival, and work to make life-changing improvements in cancer research, care and policy reform.

    Metastatic breast cancer is an invasive form of breast cancer which has spread from the breast to other parts of the body. While the number of people initially diagnosed with breast cancer is available through each state and territories cancer registries, the exact number of people who go on to develop metastatic breast cancer, following an initial breast cancer diagnosis, is unknown in Australia and around the world.

    Breast Cancer Network Australia (BCNA) has led Australian advocacy efforts to develop a clearer picture of the number of people living with metastatic breast cancer, holding a roundtable last year with key government, non-government and community agencies.

    Following the roundtable, the Cancer Institute NSW set to work to identify the number of people living with metastatic breast cancer, using well established and robust data assets.

    By linking cancer incidence and mortality data with NSW clinical datasets, Commonwealth Medicare Benefits Schedule, Pharmaceutical Benefits Schedule and National Death Index data, the Institute was able to determine the number of people living with metastatic breast cancer in NSW.

    The Cancer Institute NSW will soon share its robust data methodology to help support national and international efforts in understanding and treating metastatic breast cancer

    Today, Minister for Health Ryan Park also opened a new BreastScreen NSW clinic at the Royal Hospital for Women in Randwick. For eligible women, a breast screen every two years can help detect breast cancer in its earliest stages when it is easier to treat. For more information on breast cancer and breast cancer screening visit http://www.breastscreen.nsw.gov.au.

    Quotes attributable to Minister for Health Ryan Park:

    “As NSW Health Minister, I am incredibly proud NSW clinicians and researchers have made this remarkable discovery.

    “NSW is proud to lead global efforts to understand how many people are living with metastatic breast cancer and lift the veil of uncertainty and invisibility experienced by thousands of people in our community.

    “Australia is now one step closer to understanding just how many people are impacted by this aggressive form of breast cancer, and in an important next step, understanding how many other people in our community are living with other forms of metastatic cancer.”

    Quotes attributable to Federal Minister for Health and Aged Care Mark Butler:

    “This is an important step forward for people with metastatic breast cancer in New South Wales and I applaud the world-leading efforts of Cancer Institute NSW.

    “Knowledge is power and this information will help drive a new era of research to improve the lives of thousands of people, not just in NSW but across the country.”

    Quotes attributable to Minister for Women Jodie Harrison:

    “I congratulate the Cancer Institute NSW on this incredible research.

    “With breast cancer being the second most commonly diagnosed cancer in Australia, discoveries like this helps us get ahead and ensure that NSW is prepared to support the growing number of people living with and surviving cancer.”

    Quotes attributable to Member for Coogee Marjorie O’Neill:

    “Breast Cancer Awareness Month is the perfect time for women to make an appointment for your next mammogram. It’s quick, it’s easy and it’s free.

    “The refurbished and expanded BreastScreen NSW clinic here at The Royal Hospital for Women will make such a difference for local women, and as a result between 3 – 5 thousand additional women will be able to get a potentially life-saving mammogram each year.”

    Quotes attributable to NSW Chief Cancer Officer and CEO Cancer Institute NSW Professor Tracey O’Brien AM:

    “While our global understanding of cancer has improved significantly, cancer rates are projected to triple in the coming decades with more people currently living with cancer than are being newly diagnosed.

    “Pinpointing how many people have metastatic breast cancer is more than just knowing a number. It’s about giving a voice, options and hope to people living with and beyond cancer and letting them know we see them and are here for them.

    “Although a cure for metastatic breast cancer remains the ultimate goal, our immediate focus must be on helping those living longer with the disease to live well. It’s not just about treating the cancer – it’s about treating the whole person, improving their quality of life and addressing their physical, emotional, financial and practical needs.”

    Quotes attributable to Director Policy, Advocacy & Support Services Breast Cancer Network Australia Vicki Durston:

    “NSW is setting a benchmark as the first state to establish a method for reporting on the number of people living with metastatic breast cancer.

    “The data we now have reveals a reality far greater than we ever anticipated. BCNA stands for every individual whose life remains invisible in cancer data registries—not just here in Australia, but globally.”

    Quotes attributable to Breast Cancer Network Australia Consumer Representative Lisa Rankin:

    “As someone living with metastatic breast cancer, I am incredibly excited that it is now possible to recognise those living with the disease. Until now we have been hidden in plain sight and vastly underestimated in numbers.

    “I want to thank the NSW Government and BCNA’s advocacy for their achievement. I look forward to the positive change which will result from being recognised, improving the lives of those living with the disease, their families and others important to them.”

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Submissions: Africa – ATIDI and MIGA Partner to Streamline Investments in Africa

    Source: MediaFast

    ·       Organizations sign second three-year agreement to scale and replicate successful partnership models

    ·       Agreement will set up mechanism to measure progress and results as well as joint marketing initiatives to strengthen cooperation and explore new investment opportunities

    Washington, DC, USA – 15 October, 2024 – The African Trade & Investment Development Insurance (ATIDI), and the Multilateral Investment Guarantee Agency (MIGA), part of World Bank Group Guarantees, have signed a three-year partnership to accelerate foreign direct investment across Africa. This is the second agreement between the two organizations aimed at maximising development impact.

    The organizations will collaborate by leveraging ATIDI’s expertise in insurance and guarantee products across the African continent and MIGA’s range of guarantee solutions and guarantee expertise through the World Bank Group guarantee platform. The partnership will also seek to improve efficiency in joint project due diligence, maximising cost savings and eliminating duplication.

     Quote from Manuel Moses, CEO, ATIDI

    “Enabling more investment to finance transformational projects is vital to Africa’s sustained development. MIGA and ATIDI’s de-risking solutions are essential to achieve this crucial agenda. Beyond signing of this agreement, we look forward to a dynamic collaboration with MIGA, to leverage our institutions’ respective assets for the benefit of our continent.”

    The agreement framework emphasizes mutual reliance, accountability, and comparability. Each party will regularly share operating standards and procedures to help identify comparable outcomes to further both organizations’ development mandates.

    Quote from Hiroshi Matano, MIGA Executive Vice President

    “Our partnership with ATIDI will enable us to support countries in Africa in scaling and replicating development projects, thereby accelerating prosperity. This agreement will play a significant role in helping the continent attract foreign investment for key development projects.”  

    Both organizations have agreed to set up mechanisms to measure progress and results, including reports on joint projects, new products, capital mobilized, and reduced project processing times. Moreover, both parties will carry out joint marketing efforts, training, and seminars to strengthen cooperation and explore new investment opportunities in Africa.

    The strategic agreement framework underscores the commitment of MIGA and ATIDI to create a world free of poverty on a livable planet. The two organizations aim to mitigate investment risks by pooling resources, thereby accelerating sustainable economic growth in Africa.

    About ATIDI

    ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATIDI predominantly provides Political Risk, Credit Insurance and Surety Insurance. Since inception, ATIDI has supported USD85 billion worth of investments and cross border trade into Africa. For over a decade, ATIDI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s, and in 2019, ATIDI obtained an A3/Stable rating from Moody’s, which has now been upgraded to A2/Positive.

    For more on ATIDI, visit: http://www.atidi.africa

    Media registration link: https://www.atidi.africa/media-kit/

     About World Bank Group Guarantees  

    Initiated in 2024, World Bank Group Guarantees consolidates all guarantee products and experts from across the World Bank Group institutions at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the WBG’s annual guarantee issuance to USD20 billion by 2030.    

    For more information about the guarantee platform, visit: https://www.worldbank.org/wbgguarantees

    MIL OSI – Submitted News –

    January 23, 2025
  • MIL-OSI USA: Governor Cooper Surveys Storm Damage in Buncombe County as Resources Continue to Surge into Western North Carolina During Unprecedented Response to Hurricane Helene

    Source: US State of North Carolina

    Headline: Governor Cooper Surveys Storm Damage in Buncombe County as Resources Continue to Surge into Western North Carolina During Unprecedented Response to Hurricane Helene

    Governor Cooper Surveys Storm Damage in Buncombe County as Resources Continue to Surge into Western North Carolina During Unprecedented Response to Hurricane Helene
    mseets
    Tue, 10/15/2024 – 17:42

    North Carolina’s unprecedented response to the impacts of Hurricane Helene in Western North Carolina remains in full force as responders at the state, federal and local levels continue efforts to surge resources and bring assistance into affected areas. This morning, Governor Cooper was joined by FEMA Administrator Deanne Criswell and other state officials for a press briefing regarding storm recovery efforts. This afternoon, Governor Cooper traveled to Buncombe County to survey storm damage, see relief efforts, thank volunteers and speak with people impacted by the storm.

    Law enforcement is working to ensure the safety of responders amid reports of threats and misinformation. FEMA officials remain in communities and have resumed door-to-door operations to help people impacted by these storms recover as quickly as possible following reports of threats on the ground. Governor Roy Cooper has directed the Department of Public Safety to work with local law enforcement to identify specific threats and rumors and coordinate with FEMA and other partners to ensure the safety and security of all involved as this recovery effort continues.

    “Today I traveled to Asheville, Fairview and Swannanoa to see the critical work being done to get people federal assistance, hot meals and other resources they need as they deal with the impacts of Hurricane Helene,” said Governor Cooper. “I’m thankful for our law enforcement officers, first responders, volunteers and many others who are helping people in need.”

    The Governor visited a Disaster Recovery Center operating at A.C. Reynolds High School in Asheville where those affected by the storm can get assistance from FEMA and the Small Business Administration. The Governor also visited the Fairview Fire Department, which sustained major flooding and damage from the storm. Lastly, the Governor visited a Community Care Station in Swannanoa providing resources and hot meals to community members and emergency responders.

    Governor Cooper also issued an executive order today focused on addressing urgent needs related to drinking water and wastewater treatment in those counties impacted by Hurricane Helene. The Council of State concurred in a provision of the Order which allows the North Carolina Division of Water Resources to accelerate the timelines for repair to numerous facilities and other infrastructure damaged by Helene to ensure that impacted North Carolinians are able to obtain access to safe drinking water and wastewater treatment as soon as possible.

    The Order also directs NCDEQ to address the impacts of Helene on utility systems in the impacted areas. Specifically, the Order directs NCDEQ to assess the impacts of Helene across the impacted region, provide technical and financial support for drinking water systems, wastewater treatment facilities, and other infrastructure sites, and also to help expedite clean-up processes.

    In the immediate aftermath of this storm, because of massive communication outages in Western North Carolina, many people called 2-1-1 to report friends or family they couldn’t get in touch with. When phone service began to return, many people located their loved ones but that information doesn’t usually make it back to 2-1-1.

    The Department of Public Safety formed a task force to find who is still unaccounted for and focus efforts where needed. This is not a definitive count because the task force is continuing its work. This number will continue to fluctuate as more reports come in and others are resolved. As of today, the task force number of unaccounted for people is 92.

    North Carolina National Guard and Military Response

    Approximately 3,400 Soldiers and Airmen are working in Western North Carolina. Joint Task Force- North Carolina, the task force led by the North Carolina National Guard is made up of Soldiers and Airmen from 12 different states, two different XVIII Airborne Corps units from Ft. Liberty, a unit from Ft. Campbell’s 101st Airborne Division, and numerous civilian entities are working side-by-side to get the much-needed help to people in Western North Carolina.

    National Guard and military personnel are operating 11 aviation assets and approximately 1,200 specialized vehicles in Western North Carolina to facilitate these missions. The U.S. Army Corps of Engineers is helping to assess water and wastewater plants and dams. Residents can track the status of the public water supply in their area through this website.

    FEMA Assistance

    More than $99 million in FEMA Individual Assistance funds have been paid so far to Western North Carolina disaster survivors and more than 174,000 people have registered for Individual Assistance. More than 1,900 households are now housed in hotels through FEMA’s Transitional Sheltering Assistance.

    1,200+ FEMA staff are in the state to help with the Western North Carolina relief effort. In addition to search and rescue and providing commodities, they are meeting with disaster survivors in shelters and neighborhoods to provide rapid access to relief resources. They can be identified by their FEMA logo apparel and federal government identification.

    The Major Disaster Declaration requested by Governor Cooper and granted by President Biden now includes 27 North Carolina counties (Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Clay, Cleveland, Gaston, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Polk, Rutherford, Swain, Transylvania, Watauga, Wilkes and Yancey) and the Eastern Band of Cherokee Indians.

    North Carolinians can apply for Individual Assistance by calling 1-800-621-3362 from 7am to 11pm daily or by visiting www.disasterassistance.gov, or by downloading the FEMA app. FEMA may be able to help with serious needs, displacement, temporary lodging, basic home repair costs, personal property loss or other disaster-caused needs.

    Help from Other States

    More than 1,500 responders from 38 state and local agencies have performed 140 missions supporting the response and recovery efforts through the Emergency Management Assistance Compact (EMAC). This includes public health nurses, emergency management teams supporting local governments, veterinarians, teams with search dogs and more.

    Beware of Misinformation

    North Carolina Emergency Management and local officials are cautioning the public about false Helene reports and misinformation being shared on social media. NCEM has launched a fact versus rumor response webpage to provide factual information in the wake of this storm. FEMA also has a rumor response webpage.

    Efforts continue to provide food, water and basic necessities to residents in affected communities, using both ground resources and air drops from the NC National Guard. Food, water and commodity points of distribution are open throughout Western North Carolina. For information on these sites in your community, visit your local emergency management and local government social media and websites or visit ncdps.gov/Helene.

    Storm Damage Cleanup

    If your home has damages and you need assistance with clean up, please call Crisis Cleanup for access to volunteer organizations that can assist you at 844-965-1386.

    Power Outages

    Across Western North Carolina, approximately 12,500 customers remain without power, down from a peak of more than 1 million. Overall power outage numbers will fluctuate up and down as power crews temporarily take circuits or substations offline to make repairs and restore additional customers.

    Road Closures

    Some roads are closed because they are too damaged and dangerous to travel. Other roads still need to be reserved for essential traffic like utility vehicles, construction equipment and supply trucks. However, some parts of the area are open and ready to welcome visitors which is critical for the revival of Western North Carolina’s economy. If you are considering a visit to the area, consult DriveNC.gov for open roads and reach out to the community and businesses you want to visit to see if they are welcoming visitors back yet.

    NCDOT currently has approximately 2,100 employees and 1,100 pieces of equipment working on approximately 6,700 damaged road sites.

    Fatalities

    Ninety-five storm-related deaths have been confirmed in North Carolina by the Office of Chief Medical Examiner. This number is expected to rise over the coming days. The North Carolina Office of the Chief Medical Examiner will continue to confirm numbers twice daily. If you have an emergency or believe that someone is in danger, please call 911.

    Volunteers and Donations

    If you would like to donate to the North Carolina Disaster Relief Fund, visit nc.gov/donate. Donations will help to support local nonprofits working on the ground.

    For information on volunteer opportunities, please visit nc.gov/volunteernc

    Additional Assistance

    There is no right or wrong way to feel in response to the trauma of a hurricane. If you have been impacted by the storm and need someone to talk to, call or text the Disaster Distress Helpline at 1-800-985-5990. Help is also available to anyone, anytime in English or Spanish through a call, text or chat to 988. Learn more at 988Lifeline.org.

    If you are seeking a representative from the North Carolina Joint Information Center, please email ncempio@ncdps.gov or call 919-825-2599.

    For general information, access to resources, or answers to frequently asked questions, please visit ncdps.gov/helene.

    If you are seeking information on resources for recovery help for a resident impacted from the storm, please email IArecovery@ncdps.gov.

    ###

    Oct 15, 2024

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI: Liqueous LP Finalizes $100 Million Equity Line of Credit With Crown Electrokinetics Corp, Building on Strategic Recapitalization Efforts and separately provides NUBURU Financing Update

    Source: GlobeNewswire (MIL-OSI)

    DOVER, Del., Oct. 15, 2024 (GLOBE NEWSWIRE) — Liqueous LP, a premier multi-strategy fund specializing in liquidity solutions, is pleased to announce the finalization of a $100 million Equity Line of Credit (ELOC) with Crown Electrokinetics Corp (NASDAQ: CRKN) (the “Company”). This significant financing arrangement is part of Liqueous’s strategic expansion, focused on delivering tech-driven financial structures to micro, small, and mid-market issuers, aimed at enhancing shareholder value.

    In May 2024, Liqueous played a key role in helping CRKN fully pay off and retire all outstanding classes of convertible preferred stock, totaling over $11 million, as part of its comprehensive recapitalization strategy. The Company successfully settled its obligations with preferred stockholders, marking the completion of its restructuring efforts. This new ELOC represents the next phase of CRKN’s financing structure, with a strengthened balance sheet and capital foundation designed to support growth.

    “Retiring all of the Company’s preferred stock in May was a pivotal moment for us, allowing us to streamline our capital structure with no remaining convertible debt or preferred stock. This has set the stage for us to focus on developing our business segments and pursuing acquisitions on more favorable terms for the Company and its shareholders,” said Doug Croxall, CEO of Crown Electrokinetics. “We look forward to continuing our partnership with Liqueous as our finance partner.”

    This $100 million ELOC will allow Liqueous to further expand its portfolio of liquidity solutions while providing much-needed capital for micro, small, and mid-market issuers. The ELOC will also help support other strategic partnerships and investments in innovative financial technologies and emerging markets.

    “This new ELOC provides Liqueous with the tools needed to continue their mission of providing strategic capital solutions to CRKN,” said Jacob Fernane, Managing Partner of Liqueous LP. “The flexibility and scale of this financing are precisely what emerging companies need to thrive. Our recent financial programs with Nuburu and CRKN underscores our commitment to providing flexible, strategic capital with minimal dilution, enabling companies to achieve their growth goals.”

    Liqueous Nuburu Update
    Additionally, Liqueous recently announced a $65 million financing program for Nuburu Inc. (NYSE American: BURU), a leading provider of high-power industrial blue laser technology. This program included a $15 million direct capital injection and a $50 million equity line of credit, highlighting Liqueous’s ability to offer comprehensive, financing solutions. Similarly, Liqueous assisted BURU in retiring nearly $6 million in junior and senior debt during the second and third quarters of 2024.

    Liqueous was pleased that BURU canceled its special shareholder meeting scheduled for October 15, 2024. This move was part of a strategic decision to pursue a cash repayment and retire a convertible note, which would have required shareholder approval for a stock issuance that could have exceeded 19.99% of BURU’s outstanding shares and involved a potential conversion discount of more than 20% to the market price. Unlike this structure, most of Liqueous’ financing terms are priced at current market values without any discount.

    This strategic shift follows the recent cancellation of Lincoln Park’s equity line of credit and represents a major evolution in BURU’s capital strategy. The new financing terms with Liqueous LP more accurately reflect the value of BURU’s technology, positioning the Company to achieve its commercialization goals while helping to protect shareholder interests.

    About Liqueous LP
    Liqueous LP is an innovative multi-strategy fund that delivers bespoke liquidity solutions to micro, small, and mid-market issuers. By leveraging emerging technologies and proprietary financial structures, Liqueous provides long-term, low-cost capital to optimize value for its portfolio companies. The firm specializes in strategic financing, shareholder liquidity solutions, and asset-backed instruments. To learn more, visit http://www.liqueous.com

    About Crown Electrokinetics
    Crown Electrokinetics Corp. (NASDAQ: CRKN) is a smart glass technology company and the creator of DynamicTint™—a technology originally invented by Hewlett-Packard (HP, Inc.) that allows any glass surface to transition between clear and dark in seconds. This technology can be applied to a variety of windows, including those in commercial buildings, automotive sunroofs, and residential skylights. DynamicTint™ is a more sustainable alternative to traditional window treatments and offers benefits such as reducing carbon emissions. The company’s product is designed to be retrofitted to existing glass, making it an eco-friendly and cost-efficient solution. Crown is also supported by a robust patent portfolio and collaborates with leading manufacturers for mass production and distribution. To learn more, visit http://www.crownek.com

    Safe Harbor Statement
    This press release contains forward-looking statements that reflect Liqueous LP’s and Crown Electrokinetics’ current expectations regarding future events. These statements are subject to risks and uncertainties, and actual results may differ due to various factors. Neither company undertakes any obligation to update these forward-looking statements except as required by law.

    Contact:
    info@liqueous.com

    The MIL Network –

    January 23, 2025
  • MIL-OSI: CECO Environmental to Release Third Quarter Earnings and Host Conference Call on October 29

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 15, 2024 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment and industrial equipment, today announced that it will report its third quarter 2024 financial results on October 29, 2024, premarket. The Company will also host its earnings call starting at 8:30 a.m. Eastern Time (7:30 a.m. CT). The Company’s financial results and presentation will be posted on its website at http://www.cecoenviro.com.

    The details for the webcast are:

    When: Tuesday, October 29 at 8:30 a.m. Eastern Time

    Where: https://edge.media-server.com/mmc/p/4ui844vi

    How: Live over the internet – Simply log on to the web at the address above

    Register to receive the dial-in info and a unique pin:
    https://register.vevent.com/register/BI76b0c5bac3f448b6b1a734e15bff87ec

    A replay of the conference call will be available on the Company’s website shortly after the live webcast has concluded.

    ABOUT CECO ENVIRONMENTAL
    CECO Environmental is a leading environmentally focused, diversified industrial company, serving a broad landscape of industrial air, industrial water, and energy transition markets across the globe through its key business segments: Engineered Systems and Industrial Process Solutions. Providing innovative technology and application expertise, CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. In regions around the world, CECO works to improve air quality, optimize the energy value chain, and provide custom solutions for applications including power generation, petrochemical processing, general industrial, refining, midstream oil and gas, electric vehicle production, poly silicon fabrication, battery recycling, beverage can, and water/wastewater treatment along with a wide range of other applications. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Dallas, Texas. For more information, please visit http://www.cecoenviro.com.

    Company Contact:
    Peter Johansson
    Chief Financial and Strategy Officer
    888-990-6670

    Investor Relations Contact:
    Steven Hooser and Jean Marie Young
    Three Part Advisors
    214-872-2710
    Investor.Relations@OneCECO.com

    The MIL Network –

    January 23, 2025
  • MIL-OSI: Xtract One Announces Fiscal 2024 Fourth Quarter Conference Call

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 15, 2024 (GLOBE NEWSWIRE) — Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”), a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, today announced that it will release fiscal 2024 fourth quarter results after the close of trading on October 24, 2024. Peter Evans, Xtract One CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will host a webcast and conference call at 10:00 a.m. Eastern Time the following day, October 25, 2024, to review the three months and twelve months ended July 31, 2024.

    The webcast and presentation will be accessible on the company’s website, and the telephone number for the conference call is 844-481-3016 (412-317-1881 for international callers). Management will provide an overview of the interim financial results along with management’s outlook for the business, followed by a question-and-answer period.

    About Xtract One Technologies
    Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The Company makes unobtrusive threat detection systems that enable venue building operators to prioritize and deliver improved patron experiences while providing unprecedented safety. Xtract One’s innovative AI-powered Gateway product enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic. Its AI-based Xtract One Vision allows venue and building operators to identify weapons and other threats inside and outside of facilities, and Xtract One Insights provides valuable intelligence for optimizing operations. For more information, visit http://www.xtractone.com or connect on Facebook, Twitter, and LinkedIn. 

    For further information, please contact:
    Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com
    Media Contact: Kristen Aikey, JMG Public Relations, 212-206-1645, kristen@jmgpr.com
    Investor Relations: Chris Witty, Darrow Associates, 646-438-9385, cwitty@darrowir.com

    The MIL Network –

    January 23, 2025
  • MIL-OSI: OTC Markets Group Welcomes Medicenna Therapeutics Corp. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Medicenna Therapeutics Corp. (TSX: MDNA; OTCQX: MDNAF), a clinical-stage immunotherapy company, has qualified to trade on the OTCQX® Best Market. Medicenna Therapeutics Corp. upgraded to OTCQX from the OTCQB® Venture Market.

    Medicenna Therapeutics Corp. begins trading today on OTCQX under the symbol “MDNAF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on http://www.otcmarkets.com.

    The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

    “We are thrilled to be moving up to the OTCQX Best Market,” said Fahar Merchant, Ph.D., President and CEO of Medicenna. “This step strengthens our capital markets strategy by highlighting our dedication to transparency, improving liquidity, and broadening access to our stock for both U.S. and international investors.”

    About Medicenna Therapeutics Corp.
    Medicenna is a clinical-stage immunotherapy company focused on developing novel, highly selective versions of IL-2, IL-4 and IL-13 Superkines and first-in-class Empowered Superkines. Medicenna’s long-acting IL-2 Superkine, MDNA11, is a next-generation IL-2 with superior affinity toward CD122 (IL-2 receptor beta) and no CD25 (IL-2 receptor alpha) binding, thereby preferentially stimulating cancer-killing effector T cells and NK cells. Medicenna’s IL-4 Empowered Superkine, bizaxofusp (formerly MDNA55), has been studied in 5 clinical trials enrolling over 130 patients, including a Phase 2b trial for recurrent GBM, the most common and uniformly fatal form of brain cancer. Bizaxofusp has obtained FastTrack and Orphan Drug status from the FDA and FDA/EMA, respectively. Medicenna’s early-stage high-affinity IL-2β biased IL-2/IL-15 Super-antagonists, from its MDNA209 platform, are being evaluated as potential therapies for autoimmune and graft-versus host diseases. Medicenna’s early-stage BiSKITs™ (Bifunctional SuperKine ImmunoTherapies) and the T-MASK™ (Targeted Metalloprotease Activated SuperKine) programs are designed to enhance the ability of Superkines to treat immunologically “cold” tumors.

    For more information, please visit http://www.medicenna.com, and follow us on Twitter and LinkedIn.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit http://www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

    January 23, 2025
  • MIL-OSI: Beamr and Bridge Digital Inc. to Deliver “Forever Video” to Broadcasters and Video Streamers

    Source: GlobeNewswire (MIL-OSI)

    Bridge Digital Inc. to Distribute Beamr’s GPU-Based, High-Performance and Future-Proofed Video Service to News, Sports, and Entertainment Broadcasters and Streamers, along with Other Companies With Large Video Repositories

    Herzliya, Israel, Oct. 15, 2024 (GLOBE NEWSWIRE) — Beamr Imaging Ltd. (NASDAQ: BMR), a leader in video optimization and modernization technology and solutions, today announced a collaboration with Bridge Digital Inc., a proven video technology integrator.

    Beamr’s patented, GPU-based and award-winning technology – available through scalable cloud services – significantly reduces video files sizes and live streams by up to 50%, while maintaining the same quality as the original.

    Combined with Bridge Digital Inc.’s extensive expertise, Beamr and Bridge Digital Inc. will offer a specialized service for companies and organizations with large-scale video repositories, including news, sports, entertainment and user-generated content for delivery and distribution. Beamr and Bridge Digital Inc. will enable companies that rely on video for their daily operations or manage vast video libraries to achieve “Forever Video” – future-proofing their content to ensure long-term compatibility through efficient, automatic, and scalable processes, all while significantly reducing costs.

    Beamr’s high-efficiency, high-quality video service also enables upgrades to AV1 format (AOMedia Video 1) – ensuring long-term compatibility of the videos.

    “The collaboration with Bridge Digital Inc. leveraging their extensive expertise in media storage and video management, provides Beamr customers with a streamlined approach to fully benefit from our video pipelines”, said Beamr CEO, Sharon Carmel. He added: “In the expanding video world, companies face rising costs and complexity. Beamr GPU-based services process videos 10X faster at 1/10 the cost of software-based workflows, providing critical value to the broadcasting, streaming, IoT, and edge computing industries.”

    “Beamr adds significant value to the process we coined ‘Forever Video’”, said Bridge Digital Inc. CEO, Richie Murray. He elaborated that “Video modernization to AV1 or HEVC (High-Efficiency Video Codec) formats provides remarkable value to companies with large video repositories, ensuring they can be played in the decades to come, secured with high-quality, or transferred to new storage systems if needed”.

    Beamr Cloud optimization and modernization service is easily accessible to AWS (Amazon Web Services) and OCI (Oracle Cloud Infrastructure) customers, offering automatic, scalable and cost-efficient video pipelines that are AI ready.

    Bridge Digital Inc. is a US-based integrator of video technologies, specializing in improving video workflows. Over more than two decades, they have served dozens of video creators and owners in managing, monetizing, distributing and archiving video repositories effectively and efficiently.

    About Beamr

    Beamr (Nasdaq: BMR) is a world leader in content-adaptive video optimization and modernization. The company serves top media companies like Netflix and Paramount. Beamr’s inventive perceptual optimization technology (CABR) is backed by 53 patents and won the Emmy® award for Technology and Engineering. The innovative technology reduces video file size by up to 50% while guaranteeing quality.

    Beamr Cloud is a high-performance, GPU-based video optimization and modernization service designed for businesses and video professionals across diverse industries. It is conveniently available to Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI) customers. Beamr Cloud enables video modernization to advanced formats such as AV1 and HEVC, and is ready for video AI workflows. For more details, please visit http://www.beamr.com    

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements in this communication may include, among other things, statements about Beamr’s strategic and business plans, technology, relationships, objectives and expectations for its business, the impact of trends on and interest in its business, intellectual property or product and its future results, operations and financial performance and condition. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report filed with the SEC on March 4, 2024, and in subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of the date hereof, and the Company undertakes no duty to update such information except as required under applicable law.                                               

    Investor Contact:

    investorrelations@beamr.com

    The MIL Network –

    January 23, 2025
  • MIL-OSI China: Report on Aggregate Financing to the Real Economy (Flow) (Q1-Q3 2024)

    Source: Peoples Bank of China

    According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB25.66 trillion in Q1-Q3 2024, down RMB3.68 trillion from the same period of 2023. Specifically, RMB loans to the real economy registered an increase of RMB15.39 trillion, RMB4.13 trillion smaller than the increase in the same period of 2023; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB206.3 billion, RMB69.8 billion larger than the decrease in the same period of 2023; entrusted loans registered a decrease of RMB15.5 billion, RMB121.2 billion larger than the decrease in the same period of 2023; trust loans recorded an increase of RMB356.2 billion, RMB292.3 billion larger than the increase in the same period of 2023; undiscounted bankers’ acceptances recorded a decrease of RMB147.6 billion, RMB389.3 billion larger than the decrease in the same period of 2023; net financing of corporate bonds was RMB1.59 trillion, down RMB54.5 billion year on year (y-o-y); net financing of government bonds was RMB7.18 trillion, up RMB1.22 trillion y-o-y; domestic equity financing by non-financial enterprises was RMB170.5 billion, down RMB503.9 billion y-o-y.

    Note 1: AFRE (flow) refers to the volume of financing provided by the financial system to the real economy within a certain period. In the calculations of AFRE (flow), data are from the PBOC, NFRA, CSRC, CCDC, NAFMII, etc.

    Note 2: Starting from January 2023, the PBOC added three types of non-depository banking financial institutions, namely consumer finance companies, wealth management companies, and financial asset investment companies, into financial statistics, hence adjustments to “RMB loans to the real economy” and “loan write-offs” in AFRE. At end-January 2023, the balance of RMB loans issued to the real economy by the above-mentioned institutions registered RMB841.0 billion, up RMB5.7 billion month on month; the balance of loan write-offs registered RMB170.6 billion, up RMB3.0 billion month on month. The statistics in this report are on a comparable basis.

    Date of last update Nov. 29 2018

    2024年10月14日

    MIL OSI China News –

    January 23, 2025
  • MIL-OSI China: Report on Aggregate Financing to the Real Economy (Stock) (September 2024)

    Source: Peoples Bank of China

    According to preliminary statistics, outstanding aggregate financing to the real economy (AFRE) reached RMB402.19 trillion at end-September 2024, increasing 8.0 percent year on year. Specifically, outstanding RMB loans to the real economy posted RMB250.87 trillion, increasing 7.8 percent year on year; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) recorded RMB1.43 trillion, decreasing 18.6 percent year on year; outstanding entrusted loans registered RMB11.25 trillion, decreasing 0.9 percent year on year; outstanding trust loans registered RMB4.26 trillion, increasing 11.8 percent year on year; outstanding undiscounted bankers’ acceptances recorded RMB2.34 trillion, declining 19.6 percent year on year; outstanding corporate bonds registered RMB32.07 trillion, increasing 2.2 percent year on year; outstanding government bonds reached RMB76.97 trillion, increasing 16.4 percent year on year; and outstanding domestic equity of non-financial firms amounted to RMB11.6 trillion, increasing 2.6 percent year on year.

    By structure, outstanding RMB loans to the real economy accounted for 62.4 percent of the total AFRE at end-September, decreasing 0.1 percentage points year on year; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) accounted for 0.4 percent, decreasing 0.1 percentage points year on year; outstanding entrusted loans accounted for 2.8 percent, decreasing 0.2 percentage points year on year; outstanding trust loans accounted for 1.1 percent, increasing 0.1 percentage points year on year; outstanding undiscounted bankers’ acceptances accounted for 0.6 percent, decreasing 0.2 percentage points year on year; outstanding corporate bonds accounted for 8 percent, decreasing 0.4 percentage points year on year; outstanding government bonds accounted for 19.1 percent, increasing 1.3 percentage points year on year; and outstanding domestic equity of non-financial firms constituted 2.9 percent, decreasing 0.1 percentage points year on year.

    Note 1: AFRE (Stock) refers to the outstanding financing provided by the financial system to the real economy at the end of a period (end of a month, end of a quarter or end of a year). In the calculation of AFRE, data are from PBOC, NFRA, CSRC, CCDC, NAFMII, etc.

    Note 2: Starting from January 2023, the PBOC added three types of non-depository banking financial institutions into financial statistics, namely consumer finance companies, wealth management companies, and financial asset investment companies, hence adjustments to “RMB loans to the real economy” and “loan written-offs” in AFRE. At end-January 2023, outstanding RMB loans to the real economy issued by the above-mentioned three institutions posted RMB841 billion, increasing RMB5.7 billion month on month; the outstanding loan written-offs posted RMB170.6 billion, increasing RMB3 billion month on month. The statistics in this report are on a comparable basis.

    Date of last update Nov. 29 2018

    MIL OSI China News –

    January 23, 2025
  • MIL-OSI China: Financial Statistics Report (Q1-Q3 2024)

    Source: Peoples Bank of China

    1. Broad money rose by 6.8 percent

    At end-September, broad money supply (M2) stood at RMB309.48 trillion, increasing by 6.8 percent year on year. Narrow money supply (M1), at RMB62.82 trillion, decreased by 7.4 percent year on year. The amount of currency in circulation (M0) was RMB12.18 trillion, an increase of 11.5 percent year on year. The first three quarters of the year saw a net money injection of RMB838.6 billion.

    2. RMB loans grew by RMB16.02 trillion in the first three quarters

    At end-September, outstanding RMB and foreign currency loans totaled RMB257.71 trillion, up 7.6 percent year on year. Outstanding RMB loans stood at RMB253.61 trillion, registering a year-on-year growth of 8.1 percent.

    In the first three quarters, new RMB loans amounted to RMB16.02 trillion. By sector, household loans increased by RMB1.94 trillion, with short-term loans and medium and long-term (MLT) loans rising by RMB402.4 billion and RMB1.54 trillion, respectively; loans to enterprises and public institutions grew by RMB13.46 trillion, with short-term loans, MLT loans and bill financing rising by RMB2.83 trillion, RMB9.66 trillion and RMB828.3 billion, respectively; and loans to non-banking financial institutions grew by RMB188.7 billion.

    At end-September, outstanding foreign currency loans stood at USD585.5 billion, down 14.6 percent year on year. In the first three quarters, foreign currency loans dropped by USD70.9 billion.

    3. RMB deposits increased by RMB16.62 trillion in the first three quarters

    At end-September, the outstanding amount of RMB and foreign currency deposits was RMB306.83 trillion, up 7.1 percent year on year. RMB deposits recorded an outstanding amount of RMB300.88 trillion, rising by 7.1 percent year on year.

    In the first three quarters, RMB deposits increased by RMB16.62 trillion. Specifically, household deposits, fiscal deposits and deposits of non-banking financial institutions rose by RMB11.85 trillion, RMB724.8 billion and RMB4.5 trillion, respectively, while deposits of non-financial enterprises fell by RMB2.11 trillion.

    At end-September, the outstanding amount of foreign currency deposits was USD849.1 billion, up 9 percent year on year. In the first three quarters, foreign currency deposits rose by USD51.2 billion.

    4. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos in September stood at 1.78 percent and 1.83 percent respectively

    Lending, cash bond and repo transactions in the interbank RMB market totaled RMB1583.16 trillion for the first three quarters, with the daily average declining by 2.8 percent year on year to RMB8.38 trillion. Specifically, the average daily turnovers of interbank lending and pledged repo trading fell by 31.4 percent and 5.6 percent year on year, respectively, while that of cash bond trading increased by 25.7 percent year on year.

    The monthly weighted average interest rate for interbank lending in September stood at 1.78 percent, up 0.01 percentage points month on month but down 0.09 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.83 percent, up 0.04 percentage points month on month but down 0.13 percentage points year on year.

    5. Official foreign exchange reserves stood at USD3.32 trillion

    At end-September, China’s foreign exchange reserves stood at USD3.32 trillion, and the USD/CNY exchange rate was 7.0074.

    6. RMB cross-border settlement under the current account reached RMB11.76 trillion and RMB cross-border settlement of direct investment posted RMB6.04 trillion for the first three quarters

    RMB cross-border settlement under the current account reached RMB11.76 trillion for the first three quarters, including RMB8.88 trillion in settlement of trade in goods and RMB2.88 trillion in settlement of trade in services and other current account items. RMB cross-border settlement of direct investment amounted to RMB6.04 trillion, of which ODI and FDI posted RMB2.11 trillion and RMB3.93 trillion, respectively.

    Notes:

    1. Data for the current period are preliminary.

    2. Starting from 2015, deposits of non-banking financial institutions have been included in RMB deposits, foreign currency deposits and deposits in RMB and foreign currencies, while lending to non-banking financial institutions has been included in RMB loans, foreign currency loans and loans in RMB and foreign currencies.

    3. “Loans to enterprises and public institutions” in this report refers to loans to non-financial enterprises, government agencies and organizations.

    4. Starting from December 2022, e-CNY in circulation has been included in the amount of currency in circulation (M0). At end-December, e-CNY in circulation stood at RMB13.61 billion. The revision has not caused notable changes to month-end M1 or M2 growth rates of 2022. Shown below are the revised M0 growth rates.

    Jan. 2022

    Feb. 2022

    Mar. 2022

    Apr. 2022

    May 2022

    Jun. 2022

    Currency in circulation (M0)

    18.5%

    5.8%

    10.0%

    11.5%

    13.5%

    13.9%

    Jul. 2022

    Aug. 2022

    Sept. 2022

    Oct. 2022

    Nov. 2022

    Dec. 2022

    Currency in circulation (M0)

    13.9%

    14.3%

    13.6%

    14.4%

    14.1%

    15.3%

    5. Starting from January 2023, the People’s Bank of China has incorporated into the coverage of financial statistics three types of non-depository banking financial institutions, i.e., consumer finance companies, wealth management companies and financial asset investment companies. At end-January 2023, loans issued by the three types of institutions recorded an outstanding balance of RMB841 billion, posting an increase of RMB5.7 billion for the month, while their deposits registered an outstanding amount of RMB22.2 billion, rising by RMB2.7 billion over the month. All the statistics in this report are provided on a comparable basis.

    Date of last update Nov. 29 2018

    MIL OSI China News –

    January 23, 2025
  • MIL-Evening Report: Albanese government promises to ban ‘dodgy’ trading practices

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Hard on the heels of pledging a crackdown on excessive surcharges, the Albanese government has promised legislation to ban unfair trading practices.

    The government said this would include specific prohibitions on various “dodgy” practices.

    “From concert tickets to hotel rooms to gym memberships, Australians are fed up with businesses using tricky tactics that make it difficult to end subscriptions or add hidden fees to purchases,” the prime minister, treasurer and assistant treasurer said in a statement.

    “These practices can distort purchasing decisions, or result in additional costs, putting more pressure on the cost of living.”

    They said the government would deal with

    • “subscription traps” that make it difficult to cancel a subscription

    • “drip pricing” characterised by hidden fees or fees added during the purchase

    • deceptive and manipulative online practices. These aim to confuse consumers, such as for example by creating a false sense of urgency, warning there is only a limited time to purchase

    • dynamic pricing, where a price changes during the transaction

    • requiring a consumer to set up an account and provide unnecessary information for an online purchase

    • a business making it difficult for a consumer to contact it when they have a problem with the product.

    Earlier this week Arts Minister Tony Burke said on the ABC the government was not looking at “dynamic pricing” in the music industry.

    Asked on Four Corners whether dynamic pricing should be allowed in Australia, Burke said: “Surge pricing is something that, as consumers, people have always dealt with.

    “I don’t love it, but I think we have to be realistic, it’s always been there. It’s not something we’re looking at, at the moment.”

    Asked about the discrepancy, a government spokesperson said the Four Corners interview “was recorded a month ago, before this policy existed”.

    Treasury will consult on the design of the planned changes. The government on Wednesday will put out a consultation paper on reforms for greater protections for consumers and small businesses under the consumer guarantees and supplier indemnification in the Australian Consumer Law.

    The government says it will work with the states to have a final reform proposal in the first half of next year.

    There will be penalties for suppliers that refuse to give consumers a remedy such as a replacement product or a refund when legally required.

    “Currently, it can be difficult for consumers to obtain a remedy, especially when engaging in the digital economy,” the government statement said.

    The reforms would empower the Australian Competition and Consumer Commission and state and territory agencies to pursue breaches of consumer guarantees and supplier indemnification provisions.

    Prime Minister Anthony Albanese said “hidden fees and traps are putting even more pressure on the cost of living and it needs to stop”.

    Michelle Grattan 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. Albanese government promises to ban ‘dodgy’ trading practices – https://theconversation.com/albanese-government-promises-to-ban-dodgy-trading-practices-234142

    MIL OSI Analysis – EveningReport.nz –

    January 23, 2025
  • MIL-OSI: CECO Environmental Upsizes Credit Facility to $400 Million

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 15, 2024 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, has announced a significant upsize in the form of an amendment and restatement of its credit facility, increasing it to a $400 million senior secured revolving credit facility. This expansion from the existing $246 million aggregate capacity underscores CECO’s strategic commitment to strengthening its financial resources in pursuit of both organic and inorganic growth.

    The expanded credit facility comes with a five-year term and an option to increase the facility by $125 million. This move enables CECO with additional resources to efficiently fund potential opportunities and expand its footprint in global markets.

    Peter Johansson, CECO’s Chief Financial and Strategy Officer, emphasized the strategic importance of this expanded credit facility, noting, “This move not only provides us with greater financial agility but also reinforces our commitment to executing our growth plans effectively. With the backing of our committed financial partners, we are well-equipped to adapt to the evolving industry landscape and seize emerging opportunities.”

    Bank of America, N.A. is the Administrative Agent; BofA Securities, Inc. and TD Securities are the Joint Lead Arrangers, and The Toronto-Dominion Bank, New York Branch, Citibank, N.A., Fifth Third Bank, N.A. and JPMorgan Chase Bank, N.A. are Co-Syndication Agents. 

    ABOUT CECO ENVIRONMENTAL
    CECO Environmental is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets across the global through its key business segments: Engineered Systems and Industrial Process Solutions. Providing innovative technology and application expertise, CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. In regions around the world, CECO works to improve air quality, optimize the energy value chain, and provide customer solutions for applications including power generation, petrochemical processing, general industrial, refining, midstream oil and gas, electric vehicle production, poly silicon fabrication, battery recycling, beverage can, and water/wastewater treatment along with a wide range of other applications. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Dallas, Texas. For more information, please visit http://www.cecoenviro.com.

    Company Contact:
    Peter Johansson
    Chief Financial and Strategy Officer
    888-990-6670
    investor.relations@onececo.com

    Investor Relations Contact:
    Steven Hooser and Jean Marie Young
    Three Part Advisors, LLC
    214-872-2710
    investor.relations@onececo.com

    The MIL Network –

    January 23, 2025
  • MIL-OSI Economics: South Africa: African Development Bank and Absa unveil multi-billion rand financial package to expand sustainable capital markets, boost economic…

    Source: African Development Bank Group
    The African Development Bank and Absa Group, one of Africa’s leading financial services providers, today celebrated a landmark agreement to mark the execution of a transformative financial package aimed at increasing funding for underserved segments, across South Africa and the continent.

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI Russia: NSU hosted a strategic session “Youth Laboratories: Uniting to Solve Regional and National Problems”

    MILES AXLE Translation. Region: Russian Federation –

    Source: Novosibirsk State University – Novosibirsk State University –

    The event is part of a series of strategic sessions aimed at forming a community of youth laboratory leaders, developing horizontal connections, and identifying problems that arise during the creation and operation of such research centers.

    The creation of youth laboratories is one of the activities for the implementation of the national project “Science and Universities”. The main goal of the organized strategy sessions is to determine the role of youth laboratories in the Strategy for Scientific and Technological Development of the Russian Federation.

    The strategic session, which took place at NSU, brought together 115 heads of youth laboratories from different cities of the Siberian Federal District – Novosibirsk, Krasnoyarsk, Irkutsk and others.

    Deputy Governor of the Novosibirsk Region Irina Manuilova took part in the session; she spoke about the importance of supporting youth laboratories at the regional level to achieve technological sovereignty and solve the problems of the Decade of Science and Technology:

    — Youth laboratories are an opportunity for young people to find their place, find employment and come to science. Therefore, at the regional level, last year we created three youth laboratories at the expense of the regional budget, we support them and will continue to finance them. We will create another laboratory in 2025. The main thing is that these youth laboratories produce results – the development of the relevant topics that they have chosen and their promotion. This will make a real contribution to the economy and fundamental science. And those very young researchers, who we need like air now, play a huge role in this process in order to fulfill all the tasks that the time and our President set for us.

    The rector of NSU, academician of the Russian Academy of Sciences Mikhail Fedoruk addressed the participants with a welcoming speech:

    — The university turned 65 this year. On September 28, 1959, the first 308 students began their studies. Since then, of course, the university has grown a lot: now NSU has more than 8,500 students in 6 faculties and 4 institutes. The university is a participant in all major federal development programs, including the national project “Science and Universities”, we have 7 youth laboratories. I wish you a successful strategic session, to get the most useful things out of it, to find new friends and get a lot of positive impressions.

    Speaking about the objectives of the session, Alina Pavlova, Head of Department at the Federal State Budgetary Institution “Directorate of Scientific and Technical Programs”, member of the Corresponding Council, PhD in Chemical Sciences, and moderator of the session, noted:

    — This strategic session is aimed at identifying the problems, raising the acute issues that you encountered during the implementation of this support measure. And identifying your proposals on how to improve the mechanisms for its implementation. It is important for us that this support measure is convenient, useful, and that it really works to attract young people to science.

    During discussions in interdisciplinary teams, participants identified the most pressing issues, the solution of which will allow them to draw up an effective plan for the development of youth laboratories. Important results included the preparation of proposals for improving work and the development of a comprehensive and systematic approach.

    The leaders of the youth laboratories met with each other, talked, exchanged experiences and proposed creating a platform for further ongoing interaction.

    Irina Chugueva, Deputy Director of the Department for Coordination of Activities of Scientific Organizations of the Ministry of Science and Higher Education of the Russian Federation, summing up the session, noted:

    — Colleagues, I am really very glad that you have gathered here. It is very important that you have now communicated and seen each other. I hope that such horizontal connections will emerge that can have a very good effect in the future. Regarding the creation of a common platform for discussion — it is a very good idea. There really should be some kind of resource, an electronic platform where all the heads of youth laboratories can communicate.

    The series of events “Youth Laboratories: Uniting to Solve Regional and National Problems” started on October 8 in Vladivostok. The final strategic session aimed at summarizing the results will be held from November 12 to 14 in Moscow. In the future, a round table dedicated to the development of the youth laboratories project is planned to be held within the framework of the IV Congress of Young Scientists.

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.nsu.ru/n/media/nevs/science/strategic-session-youth-laboratories-uniting-to-solve-problems-reg/

    MIL OSI Russia News –

    January 23, 2025
  • MIL-OSI United Kingdom: Attorney General’s 2024 Bingham Lecture on the rule of law

    Source: United Kingdom – Executive Government & Departments

    On 14 October 2024, the Attorney General Lord Hermer KC delivered the 2024 Bingham Lecture titled ‘The Rule of Law in an Age of Populism’.

    Location:
    The Honourable Society of Gray’s Inn
    Delivered on:
    14 October 2024 (Original script, may differ from delivered version)

    Opening remarks

    Thank you Helena for that introduction.  It is a particular privilege to be introduced by a friend who I admire and respect so much and by someone who has spent a lifetime promoting the rule of law and protecting human rights.      

    Thank you also to the Bingham Centre for inviting me to speak to you this evening.

    For nearly fifteen years, the Bingham Centre has been an essential voice for the advancement of rule of law values at home and abroad. Its work to promote a better understanding of the rule of law and to help build the capacity to give it practical effect, has never been more vital than it is today.

    It is a record of which Tom Bingham, in whose name I am honoured to give this lecture, would surely have been proud. It is wonderful to see so many of his family here tonight, Lady Bingham, Dame Kate, Kit and Mary.

    Lord Bingham’s judicial and non-judicial writing, his stature as one of the great postwar judges, has been an inspiration for generations of lawyers, myself very much included.  I had the privilege of appearing in front of Lord Bingham as a junior in a series of interesting cases before the House of Lords in which I was led by a promising young silk called Keir Starmer. 

    But like many in this audience I also felt a personal tie to Tom Bingham.  I applied for silk in 2009 and Lord Bingham was one of my referees but sadly my father, who was a lawyer, died shortly before my appointment.  My sense of loss at not being able to share the news with my dad was softened by the fact that before he died I was able to show him a letter that Lord Bingham had written to me.  The letter was filled with the warmth and support that many who knew Tom Bingham will recognise. Thus I will always feel a very personal debt of gratitude to him for the joy and pride that his letter gave to my dad.   

    It was in his cogent and elegant account of the rule of law that Tom Bingham encapsulated in his eight principles.  Such was the authority and clarity of his analysis that the principles are now a necessary reference point for any discussion (or indeed speech) on the subject.

    As Sir Jeffrey Jowell put it when he spoke at the launch of this Centre back in December 2010:

    Tear open the Bingham package of requirements for the rule of law and, as each of his ingredients falls away, we progressively observe the stark outlines of tyranny- at worst; or authoritarianism – at best.

    That remark has a particular resonance today. And what better illustration of the enduring contribution of that book could there be than the sight, earlier this year, of its Ukrainian translation being launched in Kyiv, on the frontline of the ongoing struggle for democratic, rules-based values.

    Introduction: setting the scene, and the challenge

    As that scene attests, we are living through uncertain and challenging times, with threats to the rule of law on a number of fronts.

    This evening, I would like to talk about the necessary response to these challenges, through restoration of our reputation as a country that upholds the rule of law at every turn and by embedding resilience to rebuff the populist challenge. 

    Restoration and resilience.  I’m going to begin by setting out the nature of the challenge as well as proffering some thoughts on the relationship between the rule of law, democracy and human rights.  I will then turn to three themes that I consider lie at the heart of the restoration and resilience project firstly, the rebuilding our reputation as a leader in the field of international law and the international rules based order; secondly, the strengthening of Parliament’s role in upholding the rule of law and thirdly the promotion of a rule of law culture.

    Our starting point is not a happy one.  Conflict currently affects more countries than at any time since the Second World War. As too many people around the world are driven from their homes by wars and instability, there is a sense of an international system that is unable to act. That is unable to prevent wars of aggression and to address desperate humanitarian need.

    As the Prime Minister said at the General Assembly in New York, those “institutions of peace” that the UK and others worked so hard to establish after the horrors of the Second World War are struggling. Those rules that we have all worked so hard to maintain are being undermined. And faith in international law, and the international rule of law, is being chiselled away in communities who are told, time and again, that the system is failing to deliver for them.

    The challenges we face are increasingly global – whether the development of AI, the threat of climate change, growing inequality, or increased migration – and we need a functioning global order, underpinned by a strong commitment to the rule of law, to even begin to tackle them.

    At home, too, we cannot afford to be complacent about the extent to which values that once were taken for granted have been undermined. A near decade of crisis and political instability has, at times, stretched the fabric of our constitution to its limit.  I don’t wish to make a party political speech, indeed I am determined to make the promotion of the rule of law a project we can all sign up to irrespective of our political allegiance. 

    At a time when there is a desperate need for cooperation and solutions, we are increasingly confronted by the divisive and disruptive force of populism. This is not a new phenomenon. But in recent years we have grown accustomed to diagnosing its symptoms, on both right and left.

    We face leaders who see politics as an exercise in division; who appeal to the ‘will of the people’ (as exclusively interpreted by them) as the only truly legitimate source of constitutional authority.

    Their rhetoric conjures images of a conspiracy of ‘elites’; an enemy that is hard to define, but invariably including the people and independent institutions who exercise the kind of checks and balances on executive power that are the essence of liberal democracy and the rule of law. Judges. Lawyers. A free press. NGOs. Parliament. The academy. An impartial and objective civil service.  Populists work to diminish their legitimacy or, at worst, actively remove them from the scene altogether.

    Allied to this, we have also seen how populism, in its most pernicious forms, works to demonise other groups, usually minorities – to discredit the legal frameworks and institutions that guarantee their rights, and dismantle, often through calculated misinformation, the political consensus that underpins them.

    The argument

    Times of crisis and challenge are fertile ground for this kind of politics. And they can create a receptive audience for the populists’ argument that the rule of law is somehow in tension with democratic values.

    It is this dynamic that I want to address in tonight’s speech – I want to argue that this is precisely the time for us to reaffirm that the rule of law – both domestically and internationally – is the necessary precursor to those democratic values, providing the foundations for political and economic flourishing.

    And I want to be clear that by the rule of law, I do not just mean rule by law; a purely procedural and formal conception that populists and authoritarians can themselves so often use as a cloak of legitimacy.

    One of Lord Bingham’s great contributions was to promote a more substantive conception of the rule of law, including the idea that the law must afford adequate protection of fundamental human rights. I too believe that human rights – both at the level of principle, and in practice through how they are enforced – are an essential element of the rule of law and a stable democratic culture. As well as recognising and protecting the dignity of all, they guarantee the essential rights and freedoms which underpin our system.

    Far from being at odds with democracy, as some populists would have us believe, the rule of law is the bedrock on which it rests. What good is democracy – indeed, can democracy exist – without the right to free and fair elections or freedom of speech, guaranteed by the right of access to the courts and an independent judiciary? And I would go further. Democracy, in my view, is inextricably related to the rule of law, properly understood. For what good is the rule of law without democracy, which confers essential legitimacy on the rules that govern the relationship between citizen and state?

    Lord Bingham’s conception of the rule of law also recognises that international law is the ‘Rule of Law’ writ large, and that States must comply with their international obligations, just as they must comply with domestic law. This, too, is crucial. International law is not simply some kind of optional add-on, with which States can pick or choose whether to comply. It is central to ensuring our prosperity and security, and that of all global citizens.  As will develop later, our reputation as a country that can trusted to comply with its international law obligations, and has a robust adherence to the rule of law, is essential to our ability to grow the economy, as grow it we shall.

    And maintaining our international reputation also enhances our ability to work with our partners to get things done in this time of global challenge. Rather than isolating ourselves from our closest allies, it means we can strengthen cooperation on issues like migration; whether that’s the Anti-Smuggling Action Plan, which the Home Secretary secured with G7 partners in Italy earlier this month; or closer working with international law enforcement partners to target smuggling gangs.

    To shore up the rule of law against the forces of populism, we must also emphasise its importance as an idea that unites, rather than divides us. The work to rebuild a political consensus around these values will not be easy. It must be proactive, cross-party and internationalist. It must be sensitive to any legitimate reasons why people have lost faith in the rule of law and its institutions. It will require patient, long-term thinking, hard work and consistent commitment to build the necessary coalitions, and to produce and implement detailed policy proposals.

    So, to meet these challenges it is my view that we need to take immediate steps to restore the UK’s reputation as a rule of law leader whilst at the same time also seek to build and secure the rule of law’s long term resilience in the face of threats known and unknown, domestic and international.

    Restoration and resilience.  Restoration and resilience.  In this speech, I want to talk about three themes that will guide this Government in this project.  As I outlined earlier, my first theme, is rebuilding the UK’s international rule of law leadership before turning next to the role of Parliament and then finally embedding a rule of law culture.

    Theme 1: rebuilding the UK’s international rule of law leadership

    The UK’s international rule of law leadership.

    Historically, the UK has been a leader in developing and promoting international law and the institutions on which its effectiveness depends. British lawyers and politicians have been at the forefront of drafting and negotiating the most important treaties that underpin our international legal system and building the institutional machinery that breathes life into those paper agreements.

    The UK will again demonstrate that leadership – so essential in today’s highly-connected, but highly fragmented, world – and sadly so absent in recent years.

    That starts by clearly, and without question, honouring our obligations under international law.

    Since taking office, this Government has already taken steps to uphold those obligations and demonstrate our deep commitment to international law. We have reached agreement with Mauritius to settle the historic sovereignty claims over BIOT/Chagos Archipelago in a manner that successfully marries our international law obligations with vital national security requirements; we have applied our IHL obligations by compliance with our arms licensing criteria – applying law not politics; we have made plain our commitment to our cornerstone international institutions not least the ICJ and ICC.

    And we will continue to abide by and unequivocally support the European Convention on Human Rights, including by complying with requests from the Court for interim measures. Walking, or threatening to walk away, would be a total abdication of our international law responsibilities and send out precisely the wrong message at a time when the rule of law is under threat in so many places.

    But we will go further than simply meeting our obligations under the Convention specifically and international law generally – that we will do so should go without saying. My point is that the UK will once again be a champion for international courts and institutions, taking positive steps to promote their importance and to rebuild the respect for them that the populists have sought to destroy.  As the Prime Minister has said, having discovered the Convention in a law library in Leeds some 40 years ago, the rights it sets out speak about the dignity of every human being, and are a source of inspiration from which we can all draw strength and value.

    After the First World War, the UK championed the establishment of a Permanent Court of International Justice. British Judges sitting in that Court and many subsequent international courts and tribunals have delivered judgments that have brought clarity to all areas of international law.

    I am therefore delighted that the UK National Group has announced its intention to nominate Professor Dapo Akande – who will be well known to many in this room – as the UK’s candidate for election to the International Court of Justice in 2026. I cannot think of a better representative for the UK’s expertise in international law and I am delighted to personally endorse Dapo’s campaign.

    And it is through international courts that we hope to finally see justice for Ukraine. I have dedicated my professional life to fighting for justice and accountability, and nowhere was the need for that more apparent than in my recent visit to Ukraine. I was profoundly struck by the stories I heard at Bucha’s cathedral and in Irpin.

    Despite the unimaginable suffering that the people of Ukraine have endured, they remain clear-eyed about the importance of the international rule of law and accountability. I – and the whole Government – remain steadfast in our support for Ukraine, on the battlefield and in the courtroom. This includes support for work towards establishing a Special Tribunal on the Crime of Aggression against Ukraine.

    But these systems, and the promise offered by international law, only work when we work in partnership with our friends and partners around the world.

    In many parts of the world, especially in the Global South, the international rules-based order and human rights are often seen as imperialist constructs, selectively invoked by western governments when it suits their interests. It is incumbent upon us to first, listen, to those who feel unheard. And secondly, to demonstrate – not just with warm words, but with concrete actions – that international law can deliver real benefits to all. And those actions must be consistent, we must show that we will hold ourselves to the highest standards.

    We will advocate for reform of the Security Council, to ensure that those with seats at the top table truly represent the global community. That means permanent representation from Africa, from Brazil, India, Japan and Germany.  And our approach to international development will show that we have learnt the lessons of history that, to be sustainable, the rule of law cannot be imposed on developing countries by former colonial rulers, but must be grown organically from within by working closely with local communities and institutions.

    And we will be unwavering in our commitment to tackling climate change, where we know that many of the worst effects are felt by those who have made the smallest contributions to this existential threat.

    Theme 2: defending and strengthening Parliament’s role in upholding the rule of law.

    My second theme is closer to home. A crucial part of restoring the rule of law, and building resilience in the face of future threats, involves thinking about the respective roles of our own institutions in upholding these fundamental values.

    This must start by recognising that upholding the rule of law cannot just be left to the courts. All branches of our constitution must see the rule of law, in its fullest sense, as a guiding force for their own actions.

    Speaking as a relatively new member of two of these branches, I hope my colleagues in this room will not mind if I offer some initial reflections on the role of Parliament in this regard; both in terms of its own functions, and the Government’s relationship to it.

    Parliamentary sovereignty is one of the fundamental features of our constitution and the ultimate legal authority of Parliament to make or unmake any law is crystal clear.  However, viewing the rule of law through this distorting lens of ultimate decision-making authority alone risks mistaking it for a purely formal, and thin, conception of ‘rule by law’. 

    As lawyers know, Parliament’s authority in our constitution is legal authority, an authority that requires that Parliament maintains in its legislation the ideals of the rule of law, of government under law, one of the contributions to the modern world of which we in the UK are justly proud.  And as I (following Lord Bingham) have explained, those ideals are much thicker and more substantive that the thin gruel of a formal conception of ‘rule by law’.

    We have seen in recent years where that disregard for our constitutional rule of law heritage can lead.  It is crucial that all institutional actors understand their role in a government under law. When Government invites Parliament to breach international law, or oust the jurisdiction of the courts, it not only undermines the rule of law, but also the mutual respect that historically has been one of the great strengths of our constitution.  It risks pitting one institution against another in ways that damage our reputation both inside and outside our borders as a law-abiding nation. 

    We must also work to counter the false choice, offered by some, between parliamentary democracy and fundamental rights. For almost a quarter of a century, the Human Rights Act has shown how it is possible, with imagination, to provide a legal framework for the protection of fundamental rights which can co-exist with parliamentary sovereignty. Indeed, the Act specifically preserves Parliament’s ultimate decision-making authority through its regime of non-binding Declarations of Incompatibility, defences, and section 19(1)(b) statements.

    And the enforcement of the Act otherwise by the courts, far from being at odds with democracy, is its vindication. Because it was our democratically elected Parliament that legislated for the Human Rights Act, and provided the mechanisms by which individual rights should be given meaningful effect in domestic law. It is testament to the framers of the Act that no Parliament elected since 1998 has chosen to fundamentally alter that position.

    It is also right to reflect on how Parliament can itself actively protect and enhance rule of law values. It does this through its scrutiny of legislation, most notably through the expertise of my colleagues in both Houses, but also through its Select Committee system. And it is incumbent on any government to ensure that those Committees are able to do their jobs effectively. I welcome the contribution that committees such as the Lords Constitution Committee, the Delegated Powers Committee and the Joint Committee on Human Rights make to the debate on human rights and the rule of law, and I look forward to working constructively with them in this Parliament.

    But there are aspects of Government’s relationship with Parliament that require more careful examination. Most pressingly, there is in my view a real need to consider the balance between primary and secondary legislation, which in recent years has weighed too heavily in favour of delegated powers.

    The twin challenges of Brexit and the Covid pandemic had the effect of concentrating immense power in the hands of the executive, through the conferral and exercise of broad delegated powers, including so-called Henry VIII powers. Some of this can be explained by the exceptional character, and unique demands, of both events. However, it would be a mistake to view this as an aberration. As the Delegated Powers and Regulatory Reform Committee have noted, Brexit and Covid did not mark the beginning of the shift in the balance between Parliament and the executive, so much as an acceleration and intensification of an existing trend.

    As technical as these issues may sound, they raise real questions about how we are governed. I said earlier that I see democracy as inextricably related to the rule of law. In our system of Parliamentary democracy, consent to be governed is expressed through the delegation, every four or five years, of powers by the governed to Parliament. It is the importance of this model of consent that explains in very large measure why I have been so concerned, on entering Government, to improve the standards we adhere to when we make policy and law – and specifically to ensure that the processes we adopt support the rule of law.

    Secondary legislation has an indispensable role to play in a modern, regulated society. There is no suggestion that the Government should not take or exercise delegated powers. However, excessive reliance on delegated powers, Henry VIII clauses, or skeleton legislation, upsets the proper balance between Parliament and the executive. This not only strikes at the rule of law values I have already outlined, but also at the cardinal principles of accessibility and legal certainty.

    In my view, the new Government offers an opportunity for a reset in the way that Government thinks about these issues. This means, in particular, a much sharper focus on whether taking delegated powers is justified in a given case, and more careful consideration of appropriate safeguards.

    Theme 3: promoting a rule of law culture, which builds public trust in the law and its institutions

    Finally, in my third theme I want to talk about culture and how we promote a rule of law culture which builds public trust in the law and its institutions – a vital task if the rule of law is to be made resilient enough to withstand the threats I have described in this age of populism.

    We begin this task from a difficult place. Too often, the starting point for debate is that law is part of the problem. At best, an abstraction that is disconnected from the realities of people’s lives. At worst, it can be held up by populists as a force that is somehow illegitimate. All of us who care about this subject – and particularly those of us in Government – need to work hard to counter these attitudes, and to foster a better understanding of the rightful place of law in a liberal democratic society.

    For Government, this means leading by example.  I hope you take some comfort in the fact that the importance of the rule of law and the constitutional balance is embedded in my DNA and that of a Prime Minister who not only rose to the top ranks of the Bar but served his country as DPP.  Vitally, it is also a principle deeply cherished and jealously protected by the Lord Chancellor who has overarching constitutional authority as the guardian of the rule of law not least to protect the independence of the judiciary.  Anyone who knows the Lord Chancellor and her determination to champion the rule of law will know that there will be no repeat of failures to defend attacks on the judiciary under her watch.   

    Of course, we will be judged by what we do, not what we may have done in the past let alone what we say now – and we will demonstrate our commitment to the rule of law in real and practical ways.  By way of example only, in the coming weeks I will issue an amended guidance for assessing legal risk across government that will seek to raise the standards for calibrating legality that the thousands of brilliant lawyers working in every part of government activity apply to deliver for the people of this country – I want them to feel empowered to give their full and frank advice to me and others in government and to stand up for the rule of law.

    But the challenge to rebuild a broad consensus around rule of law values, cannot be left merely to politicians.  It is a project that can only succeed if it is taken up by all of us, politicians, judges, lawyers, civil society, citizens. 

    We need to recognise that the populists have stolen a march – it is nearly always easier to deride and denigrate than it is to promote complex but vital principles.  We cannot stand by idly as rule of law principles and the human rights idea are undermined, sometimes without challenge, on television screens, the pages of newspapers and most effectively and invidiously of all, on social media.

    The challenge is to get out and explain the importance of the principles that we hold so dear – we have a fantastic story to tell and tell it we must. 

    We need to explain that the rule of law is not the preserve of arid constitutional theory.  We need to explain how it provides the stable and predictable environment in which people can plan their lives, do business and get ahead; in which businesses can invest, the economy can grow; people can resolve disputes fairly and peacefully, and express and enjoy their basic rights and freedoms. We must illustrate how systems that do not hold to these values can be arbitrary and capricious. And backsliding from Rule of Law values, once it begins, can take an unpredictable course.

    The story that we must tell is how the rule of law matters for growth, jobs and people’s livelihoods – how it impacts upon the pound in their pocket and on the type of future their children deserve to enjoy. Governments that undermine, or take a ‘pick and mix’ approach to these values, disincentivise investment. Today, we have hosted the Investment Summit with a clear message that Britain is open for business. Britain has many commercial advantages, but one of our greatest is the trust that businesses can have in our courts, and the confidence they can have in a stable and transparent business environment, underpinned by a strong rule of law.

    Education has a crucial role to play. We must take these messages to our schools and wider communities. I commend the work of civil society groups and charities such as Young Citizens and the Citizenship Foundation, and the Bingham Centre itself, who work with schools to promote a better understanding of the law and its importance in society. I believe it is right to think about whether even more can be done to strengthen the role of citizenship education as a means of promoting a better understanding of our constitution and, particularly, the importance of the rule of law.

    But we must also talk about these issues in a way that resonates with the public and in language that everyone understands. Because most people would instinctively recognise rule of law principles as values that are part of the very fabric of our society. Fair play. Justice. Rules that apply equally to all; not one rule for them, and another for the rest of us. And where disputes do arise – whether with a business, an employer, or a neighbour – an independent courts system which provides the means for their just resolution.

    And in the public realm, law is the great leveller that holds the powerful to account, and ensures that individual rights are respected. Those rights – human rights – are our rights, and belong to us all.  

    So it is we must proudly own the story of the European Convention on Human Rights, not least because in so doing we expose the wanton superficiality of many of its critics. We must explain how the values of the Convention are not foreign to us. They are universal. Closely connected rights are found deeply embedded in the heart of our own legal tradition. Echoes of habeas corpus, Magna Carta, and the Bill of Rights, can all be located in Articles 5 and 6 ECHR.  This country banned torture long before our continental cousins, never mind the promulgation of Article 3.  It is no coincidence that it was British lawyers, most notably the Conservative David Maxwell Fyfe, who helped to frame the European Convention after the Second World War, drawing of course inspiration from the Universal Declaration of Human Rights but also centuries of our own legal values.  It is simply legally fatuous and historically ignorant of armchair critics of the Convention to declare that its supporters somehow seek to undermine our traditions or should be dismissed as naive snowflakes. 

    To the contrary, the Convention was drafted by men and women who had witnessed the very worst that humans can do to each other, their views were forged not in a Tufton Street seminar but in the trenches and the battle grounds, in the prisoner of war camps and the historic prosecutions of the Nazi war criminals at Nuremberg.  The drafting and adoption took place not in a time of overindulgence but when societies were rebuilding from rubble and indeed this country was still under rationing.  They were hard-nosed men and women from a generation who had seen conflict and vowed ‘never again’.    The structures they helped to create, the values that underpin them, have served us well as a bulwark against totalitarianism, and a foundation for European peace. And they remain the best hope of protecting us from the threats we face today.

    For too long, populists have been able to frame the debate on human rights too narrowly, by reference to issues which, important as they are, can often feel disconnected from the everyday. We have to work to change this, not only by busting myths, but by showing how human rights positively touch so many aspects of wider society. The right to be treated equally. The right to express ourselves. The freedom to live in the way we choose, without undue interference from the state. These are the values we cherish and have chosen, collectively, to protect.

    So too must we work to combat disinformation and misinformation about law and lawyers. The disgraceful scenes of violent disorder over the summer, including threats against immigration law firms and advice centres, showed only too vividly that what is said online can have dangerous consequences in the real world.

    But the response to the riots also showed something more hopeful. People took to the streets not only to clean up and repair the damage, but to stand together against the forces of reaction and division. It is that spirit of decency and fairness that we must harness in our cause.   

    When I went to Liverpool I visited the library that had been burnt down in the riots and met a group of children who had been cowering under beds and in cupboards as the mobs went by at night but who the next morning got up and came to volunteer to rebuild.  I talked with them about the books that we were donating to the library (including Helena’s latest) which all concern how law and justice work for everyone – and we discussed the meaning and significance of the inscription that my office had placed inside each cover, taking the words of Dr Martin Luther King – that although the arc of humanity is long, it bends towards justice.

    Conclusion

    Restoration and resilience. These are the watchwords that will guide our defence of the rule of law in the face of populism. It is by renewing our commitment to rule of law values, as a Government and as a nation, at home and abroad, and patiently rebuilding the political consensus underpinning that commitment, that we will ensure that the rule of law is safe for future generations; so we may continue to work together towards achieving the Bingham Centre’s vision of ‘a world in which every society is governed by the Rule of Law in the interests of good government, peace at home and in the world at large’.

    Updates to this page

    Published 15 October 2024

    MIL OSI United Kingdom –

    January 23, 2025
  • MIL-OSI Global: South Africa’s 36.1% electricity price hike for 2025: why the power utility Eskom’s request is unrealistic

    Source: The Conversation – Africa – By Steven Matome Mathetsa, Senior Lecturer at the African Energy Leadership Centre, Wits Business School, University of the Witwatersrand

    South Africa’s state-owned electricity company, Eskom, has applied to the National Energy Regulator of South Africa to approve a 36.1% electricity price hike from April 2025, a 11.8% price increase in 2026 and an 9.1% increase in 2027. Steven Mathetsa teaches and researches sustainable energy systems at the University of the Witwatersrand’s African Energy Leadership Centre. He explains some of the problems with the planned tariff increase.

    Why such a big hike?

    Eskom says the multi-year price increase is because of the need to move closer a cost-reflective tariff that reflects the actual costs of supplying electricity.

    However, Eskom’s electricity tariff increases have been exorbitant for several years – an 18% increase in 2023 and a 13% increase in 2024. This is a price increase far above inflation, which is currently at 4.4%.

    Some companies have installed their own generation capacity, and individuals have moved to rooftop solar systems. As a result electricity sales have fallen by about 2% , resulting in a drop in revenue.

    There’s a knock on effect for municipalities, the biggest distributors of electricity, which have also been forced to hike tariffs in line with Eskom’s increases.

    All these costs are passed onto the consumers.

    What will the impact be on South Africans?

    If the hike is approved it will certainly worsen the economic difficulties facing
    South Africa. One of the most unequal countries in the world, South Africa has an extremely high unemployment rate – 33.5%at the last count.

    Economic growth is also very slow, at a mere 0.6% in 2023. The cost of living is high.

    Exorbitant increases in electricity costs aggravate these problems.

    South Africans and businesses in the country have little choice about where they source their energy. Eskom is still the sole supplier for nearly all the country’s electricity needs. This means that ordinary citizens are likely to continue relying on electricity supplied by Eskom, irrespective of the costs.

    The high costs affect businesses negatively. Large industrial and small, medium, and micro enterprises have all highlighted that costs associated with utilities, mainly electricity, are affecting their sustainability.




    Read more:
    Competition in South Africa’s electricity market: new law paves the way, but it won’t be a smooth ride


    The Electricity Regulation Amendment Act implementation will make major changes to Eskom. The reforms establish an independent Transmission Systems Operator tasked with connecting renewable energy providers to the grid. This will allow the creation of a competitive market where renewable energy providers can sell power to the grid.

    But it’s not yet clear if these changes will address the issue of exorbitant electricity price rises.

    What are the problems?

    The country’s energy frameworks are drafted on the basis of the World Energy Trilemma Index. The index promotes a balanced approach between energy security, affordability, and sustainability. In other words, countries must be able to provide environmentally friendly and reliable electricity that their residents can afford.

    South Africa is currently unable to meet these goals because of different energy policies that do not align, a lack of investment in electricity and dependency on coal-fired power. Electricity is increasingly becoming unaffordable in the country. Although there’s been a recent reprieve from power cuts, security of supply is still uncertain.




    Read more:
    South Africa’s new energy plan needs a mix of nuclear, gas, renewables and coal – expert


    Furthermore, over 78% of the country’s electricity is produced by burning coal. This means South Africa is also far from attaining its 2015 Paris Agreement greenhouse gas reduction goals.

    Compounding this problem is that Eskom is financially unstable – it needed R78 billion from the government in debt relief in 2024. For years, there was a lack of effective maintenance on the aging infrastructure.

    The country has made some inroads into improving security of supply. To date, recent interventions have resulted in over 200 days without power cuts. This should be commended. The same focus must be placed on ensuring that electricity remains affordable while giving attention to meeting the goals of the Paris Agreement.

    What needs to change?

    South Africa’s 1998 Energy Policy White Paper and the new Electricity Regulation Amendment Act promote access to affordable electricity. However, they’ve been implemented very slowly. Affordable electricity needs to be taken seriously.

    The question is whether the country’s electricity tariff methodology is flexible enough to accommodate poor South Africans, especially during these challenging economic times.

    In my view, it is not. In its current form, vulnerable communities continue to foot the bill for various challenges confronting Eskom, including financial mismanagement, operational inefficiencies, municipal non-payment, and corruption.

    I believe the following steps should be taken.

    Firstly, South Africa should revise its tariff application methodologies so that consumers, especially unemployed and impoverished people, are protected against exorbitant increases.

    Secondly, the National Energy Regulator of South Africa should strengthen its regulations to ensure its compliance and enforcement systems are effective. For example, Eskom should be held accountable when it does not deliver efficient services or mismanages funds, and be transparent about costs associated with its processes. Municipalities should also be held accountable for non-payment and other technical issues they regularly struggle with. Both affect the revenue of the power utility.




    Read more:
    South Africa’s economic growth affected by mismatch of electricity supply and demand


    Thirdly, the government must make sure that price increases are affordable and don’t hurt the broader economy. It can do this by adjusting its policies to make sure that increases in electricity tariffs are in line with the rate of inflation.

    Fourthly, communities can play a vital role in saving electricity at a household level. This will reduce the country’s overall energy consumption. Furthermore, both small and large businesses should continue to consider alternative energy technologies while implementing energy saving technologies.

    Lastly, the level of free-basic electricity is not sufficient for poor households. Subsidy policies should also be reviewed to allow users access to affordable electricity as their financial situation changes negatively.

    Steven Matome Mathetsa 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. South Africa’s 36.1% electricity price hike for 2025: why the power utility Eskom’s request is unrealistic – https://theconversation.com/south-africas-36-1-electricity-price-hike-for-2025-why-the-power-utility-eskoms-request-is-unrealistic-240941

    MIL OSI – Global Reports –

    January 23, 2025
  • MIL-OSI Global: 9 million Mozambicans live below the poverty line – what’s wrong with the national budget and how to fix it

    Source: The Conversation – Africa – By Felix Mambo, Country Economist, London School of Economics and Political Science

    Mozambique ranks in the bottom 20 of the human development index. This measures a country’s progress based on key dimensions such as a long and healthy life and a decent standard of living. Nearly two-thirds of Mozambicans – 18.9 million people – live below the national poverty line of US$0.70-a-day.

    The country also struggles to finance public spending, consistently running state budget deficits . At the same time it also fails to spend all the money that’s been budgeted.

    Mozambique’s frequent budget deficits are no surprise. The country has a rapidly growing population, increasing needs of the poor populations, dilapidated infrastructure, and very limited revenue generation.

    In a recent study on budget credibility in Mozambique we explored how the government’s challenges in meeting its revenue and expenditure targets harm the overall economy. And we suggest solutions.

    Our study focused on public expenditures on the social sector. This included education, health, social protection and public works (which includes water and sanitation). All are vital for human capital generation and poverty reduction. The social sector accounts for 40% of budgeted expenditure. Education is the largest at about 20% of the overall pie.

    Our study introduces – and successfully tests – a simple method that can be easily applied by budget oversight entities. This includes the parliament budget oversight unit and the accounts court. It can also be applied by planning units within ministries, especially the ministry of finance. Finally, it can be used by civil society budget watchdogs, as it relies on public information.

    Adopting it will provide tools to improve budget management in turn leading to more credible budget execution.

    Assessing public financial management

    The Public Expenditure and Financial Accountability programme was initiated in 2001 by the European Commission, International Monetary Fund, World Bank, and the governments of France, Norway, Switzerland and the UK. The aim was is to improve fiscal outcomes. It has conducted 533 assessments in 155 countries, including 47 countries in sub-Saharan Africa. Ten assessments have been completed in Mozambique.

    The programme defines budget credibility as the extent to which the government’s budget is realistic and implemented as intended. A credible budget reassures a range of stakeholders on the predictability of public expenditure and services. This includes taxpayers, donors and lenders, the firms that supply the government, public workers and the recipients of public services.

    The credibility question

    To measure the credibility of the budget in Mozambique, we used publicly available state budget data. We looked at both planned spending and actual execution.

    In its previous assessments, the Public Expenditure and Financial Accountability programme had identified several weaknesses. These included deviations, sector-specific variability, revenue shortfalls and mid-year budget adjustments.

    However, these insights didn’t explore the origins of the underlying budget discrepancies. The assessments therefore didn’t allow for in-depth insights.

    In our study, we further analysed the credibility of the budget measured along expenditure types and the fiscal year.

    Our findings revealed consistent under-execution of budgeted expenditures. This was the case even in years with sufficient revenue. Significant disparities existed along sectors. For example, education and health showed relatively credible budgets compared to public works, social protection and overall non-social expenditures.

    A comparison between types of expenditure showed interesting patterns. An example is the investment expenditures in social sectors (such as schools, health facilities, water, and sanitation). These were primarily externally funded, showed higher volatility and lower credibility than current expenditures. Current expenditures include teachers’ payments and, more generally, overall salaries.

    We also found a strong indication of resource reallocation outside of regular budgetary rules. For example, we found a suggestion that resources initially allocated for investments were redirected to fund current expenditures.

    Finally, we found no strong evidence that mid-fiscal year budget adjustments improved reliability. This was in line with Public Expenditure and Financial Accountability reports.

    Causes and potential solutions

    The Government of Mozambique’s State Budget Account attributes budget inconsistencies to two main factors.

    On one hand, slower economic growth and inefficient tax collection lead to revenue shortfalls. On the other, there were expenditure overruns due to a range of developments. These included natural disasters, health shocks (such as COVID-19), inflation, exchange rate fluctuations and delays in donor disbursements. Administrative and logistical issues that delayed projects also played a role.

    The government has taken steps to mitigate these vulnerabilities. These include:

    • establishing a reserve fund under the new sovereign fund

    • increasing tax collection

    • it has initiated VAT reform. This was suggested by the IMF.

    These efforts are coupled with measures to address expenditure overruns. These include improving transparency and accountability in public budgets. They also include efforts to limit the overall public sector wage expenditure.

    Our study recommends additional strategies to boost budget credibility:

    Sectoral focus: enhance expenditure targeting in social sectors. This includes education, health, social protection and social work. And improve related budgeting processes

    Enhanced investment management: strengthen oversight mechanisms for externally financed projects. The aim would be to reduce fund diversion to unplanned purposes. And better alignment with long term development goals

    Budget adjustments reassessment: focus mid-fiscal-year budget adjustments on strategic reallocation rather than ad-hoc adjustments

    Improved monitoring: implement a system that enables the Ministry of Economy and Finance to identify areas for improvement, potential quick wins and best practices

    Budget credibility is crucial for Mozambique’s economic development and public trust. Effective budget management ensures transparency, predictability, and accountability. All are essential for sustainable growth.

    This is an modified version of a blog, Budget credibility in Mozambique – challenges and solutions, originally published by UNU-WIDER.

    An extended discussion of the topics covered in the blog, Understanding Mozambique’s budget credibility issues and solutions, was published by the International Growth Centre (IGC).

    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. 9 million Mozambicans live below the poverty line – what’s wrong with the national budget and how to fix it – https://theconversation.com/9-million-mozambicans-live-below-the-poverty-line-whats-wrong-with-the-national-budget-and-how-to-fix-it-240027

    MIL OSI – Global Reports –

    January 23, 2025
  • MIL-OSI Africa: 9 million Mozambicans live below the poverty line – what’s wrong with the national budget and how to fix it

    Source: The Conversation – Africa – By Felix Mambo, Country Economist, London School of Economics and Political Science

    Mozambique ranks in the bottom 20 of the human development index. This measures a country’s progress based on key dimensions such as a long and healthy life and a decent standard of living. Nearly two-thirds of Mozambicans – 18.9 million people – live below the national poverty line of US$0.70-a-day.

    The country also struggles to finance public spending, consistently running state budget deficits . At the same time it also fails to spend all the money that’s been budgeted.

    Mozambique’s frequent budget deficits are no surprise. The country has a rapidly growing population, increasing needs of the poor populations, dilapidated infrastructure, and very limited revenue generation.

    In a recent study on budget credibility in Mozambique we explored how the government’s challenges in meeting its revenue and expenditure targets harm the overall economy. And we suggest solutions.

    Our study focused on public expenditures on the social sector. This included education, health, social protection and public works (which includes water and sanitation). All are vital for human capital generation and poverty reduction. The social sector accounts for 40% of budgeted expenditure. Education is the largest at about 20% of the overall pie.

    Our study introduces – and successfully tests – a simple method that can be easily applied by budget oversight entities. This includes the parliament budget oversight unit and the accounts court. It can also be applied by planning units within ministries, especially the ministry of finance. Finally, it can be used by civil society budget watchdogs, as it relies on public information.

    Adopting it will provide tools to improve budget management in turn leading to more credible budget execution.

    Assessing public financial management

    The Public Expenditure and Financial Accountability programme was initiated in 2001 by the European Commission, International Monetary Fund, World Bank, and the governments of France, Norway, Switzerland and the UK. The aim was is to improve fiscal outcomes. It has conducted 533 assessments in 155 countries, including 47 countries in sub-Saharan Africa. Ten assessments have been completed in Mozambique.

    The programme defines budget credibility as the extent to which the government’s budget is realistic and implemented as intended. A credible budget reassures a range of stakeholders on the predictability of public expenditure and services. This includes taxpayers, donors and lenders, the firms that supply the government, public workers and the recipients of public services.

    The credibility question

    To measure the credibility of the budget in Mozambique, we used publicly available state budget data. We looked at both planned spending and actual execution.

    In its previous assessments, the Public Expenditure and Financial Accountability programme had identified several weaknesses. These included deviations, sector-specific variability, revenue shortfalls and mid-year budget adjustments.

    However, these insights didn’t explore the origins of the underlying budget discrepancies. The assessments therefore didn’t allow for in-depth insights.

    In our study, we further analysed the credibility of the budget measured along expenditure types and the fiscal year.

    Our findings revealed consistent under-execution of budgeted expenditures. This was the case even in years with sufficient revenue. Significant disparities existed along sectors. For example, education and health showed relatively credible budgets compared to public works, social protection and overall non-social expenditures.

    A comparison between types of expenditure showed interesting patterns. An example is the investment expenditures in social sectors (such as schools, health facilities, water, and sanitation). These were primarily externally funded, showed higher volatility and lower credibility than current expenditures. Current expenditures include teachers’ payments and, more generally, overall salaries.

    We also found a strong indication of resource reallocation outside of regular budgetary rules. For example, we found a suggestion that resources initially allocated for investments were redirected to fund current expenditures.

    Finally, we found no strong evidence that mid-fiscal year budget adjustments improved reliability. This was in line with Public Expenditure and Financial Accountability reports.

    Causes and potential solutions

    The Government of Mozambique’s State Budget Account attributes budget inconsistencies to two main factors.

    On one hand, slower economic growth and inefficient tax collection lead to revenue shortfalls. On the other, there were expenditure overruns due to a range of developments. These included natural disasters, health shocks (such as COVID-19), inflation, exchange rate fluctuations and delays in donor disbursements. Administrative and logistical issues that delayed projects also played a role.

    The government has taken steps to mitigate these vulnerabilities. These include:

    • establishing a reserve fund under the new sovereign fund

    • increasing tax collection

    • it has initiated VAT reform. This was suggested by the IMF.

    These efforts are coupled with measures to address expenditure overruns. These include improving transparency and accountability in public budgets. They also include efforts to limit the overall public sector wage expenditure.

    Our study recommends additional strategies to boost budget credibility:

    Sectoral focus: enhance expenditure targeting in social sectors. This includes education, health, social protection and social work. And improve related budgeting processes

    Enhanced investment management: strengthen oversight mechanisms for externally financed projects. The aim would be to reduce fund diversion to unplanned purposes. And better alignment with long term development goals

    Budget adjustments reassessment: focus mid-fiscal-year budget adjustments on strategic reallocation rather than ad-hoc adjustments

    Improved monitoring: implement a system that enables the Ministry of Economy and Finance to identify areas for improvement, potential quick wins and best practices

    Budget credibility is crucial for Mozambique’s economic development and public trust. Effective budget management ensures transparency, predictability, and accountability. All are essential for sustainable growth.

    This is an modified version of a blog, Budget credibility in Mozambique – challenges and solutions, originally published by UNU-WIDER.

    An extended discussion of the topics covered in the blog, Understanding Mozambique’s budget credibility issues and solutions, was published by the International Growth Centre (IGC).

    – 9 million Mozambicans live below the poverty line – what’s wrong with the national budget and how to fix it
    – https://theconversation.com/9-million-mozambicans-live-below-the-poverty-line-whats-wrong-with-the-national-budget-and-how-to-fix-it-240027

    MIL OSI Africa –

    January 23, 2025
  • MIL-OSI Africa: South Africa’s 36.1% electricity price hike for 2025: why the power utility Eskom’s request is unrealistic

    Source: The Conversation – Africa – By Steven Matome Mathetsa, Senior Lecturer at the African Energy Leadership Centre, Wits Business School, University of the Witwatersrand

    South Africa’s state-owned electricity company, Eskom, has applied to the National Energy Regulator of South Africa to approve a 36.1% electricity price hike from April 2025, a 11.8% price increase in 2026 and an 9.1% increase in 2027. Steven Mathetsa teaches and researches sustainable energy systems at the University of the Witwatersrand’s African Energy Leadership Centre. He explains some of the problems with the planned tariff increase.

    Why such a big hike?

    Eskom says the multi-year price increase is because of the need to move closer a cost-reflective tariff that reflects the actual costs of supplying electricity.

    However, Eskom’s electricity tariff increases have been exorbitant for several years – an 18% increase in 2023 and a 13% increase in 2024. This is a price increase far above inflation, which is currently at 4.4%.

    Some companies have installed their own generation capacity, and individuals have moved to rooftop solar systems. As a result electricity sales have fallen by about 2% , resulting in a drop in revenue.

    There’s a knock on effect for municipalities, the biggest distributors of electricity, which have also been forced to hike tariffs in line with Eskom’s increases.

    All these costs are passed onto the consumers.

    What will the impact be on South Africans?

    If the hike is approved it will certainly worsen the economic difficulties facing South Africa. One of the most unequal countries in the world, South Africa has an extremely high unemployment rate – 33.5%at the last count.

    Economic growth is also very slow, at a mere 0.6% in 2023. The cost of living is high.

    Exorbitant increases in electricity costs aggravate these problems.

    A 2023 protest against electricity prices hikes. Ashraf Hendricks/GroundUp

    South Africans and businesses in the country have little choice about where they source their energy. Eskom is still the sole supplier for nearly all the country’s electricity needs. This means that ordinary citizens are likely to continue relying on electricity supplied by Eskom, irrespective of the costs.

    The high costs affect businesses negatively. Large industrial and small, medium, and micro enterprises have all highlighted that costs associated with utilities, mainly electricity, are affecting their sustainability.


    Read more: Competition in South Africa’s electricity market: new law paves the way, but it won’t be a smooth ride


    The Electricity Regulation Amendment Act implementation will make major changes to Eskom. The reforms establish an independent Transmission Systems Operator tasked with connecting renewable energy providers to the grid. This will allow the creation of a competitive market where renewable energy providers can sell power to the grid.

    But it’s not yet clear if these changes will address the issue of exorbitant electricity price rises.

    What are the problems?

    The country’s energy frameworks are drafted on the basis of the World Energy Trilemma Index. The index promotes a balanced approach between energy security, affordability, and sustainability. In other words, countries must be able to provide environmentally friendly and reliable electricity that their residents can afford.

    South Africa is currently unable to meet these goals because of different energy policies that do not align, a lack of investment in electricity and dependency on coal-fired power. Electricity is increasingly becoming unaffordable in the country. Although there’s been a recent reprieve from power cuts, security of supply is still uncertain.


    Read more: South Africa’s new energy plan needs a mix of nuclear, gas, renewables and coal – expert


    Furthermore, over 78% of the country’s electricity is produced by burning coal. This means South Africa is also far from attaining its 2015 Paris Agreement greenhouse gas reduction goals.

    Compounding this problem is that Eskom is financially unstable – it needed R78 billion from the government in debt relief in 2024. For years, there was a lack of effective maintenance on the aging infrastructure.

    The country has made some inroads into improving security of supply. To date, recent interventions have resulted in over 200 days without power cuts. This should be commended. The same focus must be placed on ensuring that electricity remains affordable while giving attention to meeting the goals of the Paris Agreement.

    What needs to change?

    South Africa’s 1998 Energy Policy White Paper and the new Electricity Regulation Amendment Act promote access to affordable electricity. However, they’ve been implemented very slowly. Affordable electricity needs to be taken seriously.

    The question is whether the country’s electricity tariff methodology is flexible enough to accommodate poor South Africans, especially during these challenging economic times.

    In my view, it is not. In its current form, vulnerable communities continue to foot the bill for various challenges confronting Eskom, including financial mismanagement, operational inefficiencies, municipal non-payment, and corruption.

    I believe the following steps should be taken.

    Firstly, South Africa should revise its tariff application methodologies so that consumers, especially unemployed and impoverished people, are protected against exorbitant increases.

    Secondly, the National Energy Regulator of South Africa should strengthen its regulations to ensure its compliance and enforcement systems are effective. For example, Eskom should be held accountable when it does not deliver efficient services or mismanages funds, and be transparent about costs associated with its processes. Municipalities should also be held accountable for non-payment and other technical issues they regularly struggle with. Both affect the revenue of the power utility.


    Read more: South Africa’s economic growth affected by mismatch of electricity supply and demand


    Thirdly, the government must make sure that price increases are affordable and don’t hurt the broader economy. It can do this by adjusting its policies to make sure that increases in electricity tariffs are in line with the rate of inflation.

    Fourthly, communities can play a vital role in saving electricity at a household level. This will reduce the country’s overall energy consumption. Furthermore, both small and large businesses should continue to consider alternative energy technologies while implementing energy saving technologies.

    Lastly, the level of free-basic electricity is not sufficient for poor households. Subsidy policies should also be reviewed to allow users access to affordable electricity as their financial situation changes negatively.

    – South Africa’s 36.1% electricity price hike for 2025: why the power utility Eskom’s request is unrealistic
    – https://theconversation.com/south-africas-36-1-electricity-price-hike-for-2025-why-the-power-utility-eskoms-request-is-unrealistic-240941

    MIL OSI Africa –

    January 23, 2025
  • MIL-OSI Asia-Pac: Speech by FS at welcome dinner for Standard Chartered Private Bank Global Family Network 2024

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at the welcome dinner for the Standard Chartered Private Bank Global Family Network 2024 today (October 15):Bill (Group Chief Executive, Standard Chartered, Mr Bill Winters), Ben (President, International, Standard Chartered, Mr Benjamin Hung), Mary (Chief Executive Officer, Hong Kong and Greater China & North Asia, Standard Chartered, Ms Mary Huen), distinguished guests, ladies and gentlemen,     Good evening. I am very pleased to join you all at this welcome dinner for Standard Chartered’s inaugural flagship Global Family Network Forum, bringing together influential families from across Asia, the Middle East and Europe.     First of all, I wish to extend our warmest welcome to you all to Hong Kong. You’ve chosen a wonderful time to visit, with the perfect autumn weather gracing our city. International asset and wealth management hub     Hong Kong is Asia’s leading international financial centre and asset and wealth management hub. Just now, Mary has already given you a good idea of the scale of assets under management and the number of family offices in this city. Let me supplement that many asset and wealth management firms are expanding their presence in Hong Kong. They include, of course, Standard Chartered. And no less optimistic are other prominent firms like UBS. Its Chief Executive commented in June this year that Hong Kong might well become the world’s first in the asset management business by 2027.      A world of ultra-high-net-worth families and individuals have gathered in Hong Kong for a good reason. For you can place your wealth, here for good. Unique strengths under “one country, two systems”      Hong Kong, after all, has very strong fundamentals. Our unique strength is the “one country, two systems” arrangement. While being part of China, we preserve all the defining characteristics that make this city unique: practising common law with a judiciary exercising powers independently; maintaining free flow of capital, goods, people and information; a low and simple tax system, and a currency pegged to the US dollar.     As President Xi Jinping made clear on various occasions, this arrangement is here to stay for the long term.Staunch support from the country      Indeed, Hong Kong always enjoys staunch support from the Central Government. Over the years, the central authorities have rolled out highly favourable policies that benefit the city’s progress and advancement. This is well illustrated in our financial market development. In April this year, for instance, the CSRC (China Securities Regulatory Commission) announced a series of measures to boost Hong Kong’s capital market. That included injecting more liquidity into the Southbound Connect with Hong Kong, and supporting leading Mainland enterprises to list on our stock exchange. Now, over 100 such companies are in the queue for listing in Hong Kong. Diverse investment offerings and opportunities      Above all, the prime value proposition of Hong Kong for family offices is the diverse array of investment offerings and opportunities we offer.      Speaking of our stock market, it is home to over 2 600 companies with a capitalisation of over US$4.6 trillion. Over the years, we have engaged in listing reforms, facilitating such companies from the new economy, biotech and hard-tech sectors to list on our stock exchange, and thus enlarging our pool of quality issuers.      No less vibrant is the bond market. Hong Kong ranked first in the world for 16 years in terms of international bond issuance arranged by Asian institutions. Last year, around US$90 billion of such bonds were issued, accounting for about a quarter of the market. We are also the hub for Renminbi bonds, including sovereign bonds issued by the central authorities as well as those by provincial and municipal governments.     Hong Kong offers a wide range of financial products that suit impact investors. For example, as Asia’s leading green finance hub, we have on average issued over US$63 billion in green bonds and debt annually over the past three years, accounting for more than one-third of Asia’s total. Over 230 ESG (environmental, social and governance) funds have been authorised by our Securities and Futures Commission, managing approximately US$170 billion in assets.      A rich array of investment products and professional services are underpinning a burgeoning ecosystem for families and their offices here in Hong Kong. The Government has rolled out a package of policies, including tax concessions to family-owned investment holding vehicles managed by single family offices in the city. This year, we have also established a Network of Family Office Service Providers comprising private banks, accounting and legal firms, trusts and other professional service firms, forming a strong nexus that cater to your needs. Recent rally in our stock market     Speaking of investment, you may have noticed the recent rally in our stock market since the central authorities announced a stimulus package to inject liquidity to the banking sector and to provide more support to the real estate sector. Over this period, we have seen strong net buys from American and European investors, and they constituted some 85 per cent of the buy side by value. In terms of the background of those investors, 90 per cent of them are long-term fund managers and investment banks.     In January this year, when I visited Davos to attend the World Economic Forum, I met some investors and fund managers. The message I got from them then was clear – despite geo-economic fragmentation, the world of international investors remained interested in the opportunities of the Mainland market. They have long been waiting for the right time to invest here. Now, they are seeing the opportunity.      And beyond investors from the US and Europe, there is growing interest from our Middle East friends. For example, later this month, two ETFs (exchange-traded funds) will be listed on the Saudi Exchange for investing in our stock market. Making a lasting impact with Hong Kong      Ladies and gentlemen, most if not all, family offices aim for more than just financial returns. They care about the collective good of our society and the planet.      To promote and support philanthropy endeavours, the annual Wealth for Good Summit held in Hong Kong since last year successfully brought together influential family office owners and decision-makers to explore strategies for effective philanthropy and wealth legacy. We will soon launch an “Impact Link” platform to foster the connection between family offices and high-potential, high-social impact philanthropy programmes.     There is also one important dimension of impact investing that I should not miss: innovation and technology. We are home to a vibrant, energetic and promising innovation circle, with many innovators from around the world who gather in Hong Kong, acting to change the world for the better, in AI (artificial intelligence), biotech, green tech, and many more areas. Many of these start-ups are based in our two innovation flagships, the Science Park and Cyberport. They have a global vision, and present valuable opportunities for investment. For instance, one start-up from Science Park has developed geospatial and sensory technologies for precision farming, helping farmers around the world to increase crop yield. Another start-up has developed 3D-printed reef tiles to help restore coral reefs and thus increase regional carbon sequestration capacity. The firm has now expanded to the Middle East.Closing remarks     Ladies and gentlemen, in a nutshell, Hong Kong is where you can conserve and grow your wealth across generations. I believe the speakers at the forum tomorrow will further enlighten us with their valuable insights.      For now, please enjoy this good evening, and I wish you all a rewarding event tomorrow and an enjoyable experience in Hong Kong. Thank you very much. 

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Russia: Polytechnic University to collaborate with TMH Corporate University

    MILES AXLE Translation. Region: Russian Federation –

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

    On October 14, Polytechnic University signed a cooperation agreement with the autonomous non-profit organization of additional professional education “TMX Corporate University”. TMX (JSC Transmashholding) is the largest developer of modern rolling stock for railway and urban rail transport in Russia.

    The agreement was signed during the official visit of the delegation of the TMH Corporate University to the Polytechnic University.

    The document was signed by the rector of SPbPU, chairman of the SPbB RAS Andrey Rudskoy and the deputy general director for corporate development and project activities, member of the Management Board of JSC Transmashholding, director of the ANO DPO Corporate University TMH Natalia Shishlakova.

    For the Polytechnic University, Transmashholding is an important partner. Our cooperation has great prospects in scientific and technological activities, training of highly qualified personnel. The main thing is that we have common tasks and goals. I am confident that our interaction will be fruitful and mutually beneficial for both parties, – Andrey Rudskoy emphasized.

    The signing of the agreement opens up new opportunities in the field of education and scientific research. Joint educational projects and programs, exchange of experience, preparation of final qualification works in the form of projects or startups commissioned by TMH are planned.

    Cooperation with the Polytechnic University in the field of advanced training in mechanical engineering, especially in the field of diesel engine production, opens up new horizons for scientific research and development. Joint activities in the field of scientific research and experimental design work will allow us not only to apply advanced technologies, but also to train high-level specialists capable of responding to modern challenges, – noted Natalia Shishlakova.

    Technological development and scientific research in the field of transport require constant updating of knowledge and skills. The cooperation agreement opens new horizons for scientific activity for both students and teachers. Joint research projects aimed at solving current problems are expected to emerge in the coming years.

    Polytechnic University has significant experience in educational projects implemented jointly with industrial partners. Only in close cooperation with the real sector of the economy is it possible to train engineers who are able to work with new technologies and apply them in practice, who are able to think outside the box and find new solutions. Today, the market is experiencing a real hunger for specialists in engineering fields of training. This is confirmed by the fact that most of our students are already “booked” by enterprises in their third year. One of the promising areas of cooperation is the integration of blue-collar jobs into our main educational programs, – commented Vice-Rector for Educational Activities of SPbPU Lyudmila Pankova.

    Photo archive

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://vvv.spbstu.ru/media/nevs/partnership/polytech-will-collaborate-with-corporate-university-tmkh/

    MIL OSI Russia News –

    January 23, 2025
  • MIL-OSI: Apollo Launches Evergreen Secondaries Products for Global Wealth Investors

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced the launch of Apollo S3 Private Markets Fund (“ASPM US”) and Apollo S3 Private Markets Lux (“ASPM Lux,” together with ASPM US, “ASPM”), products designed to provide investors with turnkey solutions to access diversified portfolios of multi-asset secondary investments across private markets. 

    ASPM US is available through a semi-liquid, perpetual 1940 Act tender offer fund and is part of Apollo’s suite of products accessible to accredited U.S. investors. ASPM Lux is part of the Apollo Private Markets SICAV umbrella, a Luxembourg-based platform offering a holistic set of Apollo’s alternative solutions to wealth investors in EMEA, Asia and Latin America. ASPM Lux is accessible in multiple currencies to address local investor needs.

    ASPM offers a differentiated approach to secondaries through a flexible mandate to invest across the capital stack, execute a variety of transaction types and aim to offer diversification across vintages and managers. These new offerings seek to build a balanced and diversified portfolio with attractive growth potential and long-term capital appreciation.

    Apollo’s Stephanie Drescher, Partner and Chief Client and Product Development Officer, said, “The launch of ASPM underscores Apollo’s commitment to providing access to institutional quality alternative offerings tailored to individuals and wealth investors. We continue to make progress as global investors increasingly seek more diversification than what has historically been provided through traditional portfolio construction.”

    Steve Lessar, Partner and Co-Head of Apollo’s Sponsor & Secondary Solutions (S3) business, added, “We believe these new offerings will provide distinct access points to private market secondaries, leveraging the collective strengths of the Apollo Private Markets ecosystem and the Apollo S3 team, which has sourced over $160 billion in these types of transactions in the past year. It is our view that secondaries can provide a combination of attractive attributes not commonly found in other private market strategies, and we’re pleased to make that available to investors.”

    Apollo’s Jason Singer, Partner and Global Lead for Product Development and Veronique Fournier, Managing Director and Head of EMEA Global Wealth said, “Apollo is an innovator in bringing institutional quality products to individual investors in tailored formats. As investors look to supplement public markets holdings and diversify their overall portfolios, we believe that Apollo’s Global Wealth platform provides solutions that prioritize the needs of the end investor globally.”

    Important Information

    This material is neither an offer to sell nor a solicitation to purchase any security. Investors should carefully consider the investment objectives, risks, tax information, charges and expenses of ASPM US. This information and other important details about ASPM US are contained in the prospectus, which can be obtained by visiting http://www.apollo.com/aspm. Please read the prospectus carefully before investing. Prospective investors should be aware that an investment in ASPM US entails substantial risks. Prior to investing, prospective investors should consult with their own tax and legal advisors.

    Forward-Looking Statements

    This press release may contain certain forward-looking statements. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. As a result, investors should not rely on such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our investment strategy; uncertainties relating to capital proceeds; and other risk factors as outlined in ASPM US’s prospectus, statement of additional information, annual report and semi-annual report filed with the U.S. Securities and Exchange Commission.

    This communication has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product or be relied upon for any other purpose. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of ASPM US or any securities or any sectors mentioned herein. Information contained herein has been obtained from sources deemed to be reliable, but not guaranteed.

    About Apollo
    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2024, Apollo had approximately $696 billion of assets under management. To learn more, please visit http://www.apollo.com.

    Apollo Contacts

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    (212) 822-0540
    IR@apollo.com

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    (212) 822-0491
    Communications@apollo.com  

    The MIL Network –

    January 23, 2025
  • MIL-OSI: Blackford Capital Expands Its Patio Consolidation Platform with the Acquisition of Empire Distributing

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., Oct. 15, 2024 (GLOBE NEWSWIRE) — Blackford Capital (“Blackford”), a leading lower middle market private equity firm, today announced the acquisition of Empire Distributing, an outdoor living and hearth distributor. This marks the latest add-on to the Patio Consolidation Platform (the “Platform”) and expands its operations to provide full product breadth with outdoor living and hearth items and achieve Blackford’s goal of creating an omnichannel platform to being a one-stop-shop for the backyard. The terms of the transaction are not being disclosed.

    Co-Founded in 1978 by Mike and Lois Rupp in Arcade, New York, Empire Distributing is a premier distributor of hearth and outdoor living products servicing more than 780 dealers across the Northeast and Midwest US. Empire Distributing’s hearth product offerings include fireplaces, stoves, gas logs, inserts; and its outdoor living items include fire pits, fire tables, BBQ grills, kitchen islands, outdoor heaters and fireplaces. With more than 75 product lines from over 100 industry-leading hearth and outdoor living manufacturers, and with nearly 200,000 square feet of office and warehouse space across three facilities, Empire Distributing brings extensive scaling capabilities and a dealer distribution channel to the Patio Consolidation Platform.

    Blackford’s vision has been to build an asset-light, multiproduct, omnichannel marketing Platform for the outdoor living market. To build it into a comprehensive one-stop-shop, Blackford acquired Starfire Direct and Artificial Turf Supply in 2022 and, subsequently, LTD Online in 2023. The acquisition of Empire Distributing is expected to dramatically increase the Platform’s size and add a new distribution channel as well as new geographies.

    “We are impressed by Empire Distributing’s strong sales talent and processes and are excited to welcome the company to the Patio Consolidation Platform,” said Martin Stein, Founder, and Managing Director of Blackford Capital. “With Empire we’re positioned to enhance our distribution channels, broaden our product offerings, capture synergy and build operational efficiencies. We believe the outdoor living segment of the residential homeowner market has strong growth potential, and this acquisition strengthens our ability to lead in that space.”

    Jeremy Rupp, President of family-and founder-owned Empire Distributing, is the son of the co-founders, and will continue to lead the company following the acquisition. Jeremy has 25 years of experience managing distribution and sales operations, and oversees warehouse management, logistical operations, purchasing/receiving and IT. His brother, Jason, will assume the role of New Business Development. The Rupps will remain employed at Empire Distributing through the acquisition and employees will retain their current positions as the company focuses on growth within the consolidation platform and in the broader hearth and outdoor living market.

    “We are delighted to join forces with Blackford and be part of Patio Consolidation Platform,” said Jeremy. “Partnering with their experienced management team will allow us to diversify our product lines and expand into new markets. We are excited to gain Blackford’s sourcing expertise and to partner with the existing Patio Platform companies.”

    Paramax served as the exclusive financial advisor to Empire Distributing on the transaction.

    Loeb & Loeb and Varnum LLP served as legal counsel for Blackford Capital. Mercantile Bank and Energy Impact Partners provided financing for the acquisition. Grant Thornton, Hilco Global and Plante Moran advised on financial and tax diligence.

    About Blackford Capital
    Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023, Blackford Capital was named to Inc’s list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit http://www.blackfordcapital.com.

    About Empire Distributing
    Empire Distributing began as a small regional hearth distributor in the 1980’s supplying a handful of independent hearth dealers with one appliance product line. From modest beginnings, our company has grown to be recognized in the Northeast as a premier distributor of both hearth and outdoor living products. Much has changed throughout our company’s 30-year history, but our dedication to providing customers with the best products and service remains constant. Our dedicated staff, humble beginnings, and desire for enriching our customers lives, drives our quest to remain a premier distributor in the hearth and outdoor living industries. To learn more about the company, visit https://www.empiredistributing.net.

    Media Contact: Jackson Lin Lambert
    (646) 717-4593
    jlin@lambert.com

    A photo accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/0a642076-38f3-42b9-9c79-7d2283658745

    The MIL Network –

    January 23, 2025
  • MIL-OSI: GLMX Reports Third Quarter 2024 Activity

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — GLMX, a leading global provider of transformative technology solutions for securities financing, money markets, and total return swaps, reported its third quarter platform activity along with significant developments in the company’s overall growth.

    • Average Daily Volume (ADV) of $1.01 trillion, up 99% year-on-year and the first quarter over $1 trillion in ADV for GLMX.
    • Average Daily Balance (ADB) of $2.75 trillion, up 74% year-on-year.

    3Q 2024 Highlights:

    • Balances on the GLMX platform reached $3 trillion, a significant milestone and a reflection of the firm’s dedication to delivering client success through innovative technology.
    • GLMX continues to onboard clients in Securities Lending for both equities and fixed income, demonstrating traction in a rapidly growing and changing market.
    • To support its geographic expansion and overall company growth, GLMX is pleased to welcome new hires in NY, London, and Singapore.
      • To address growing business in the Asia-Pacific region, GLMX has opened a new office in Singapore, and hired James Davis and Rachel Han. Davis has joined in a business development role, and Han has joined in a client operations role.
      • Industry veterans James Day (London) and Jay Epstein (NY), have been hired to fill senior roles in the newly created Client Relationship Management team.

    CEO Glenn Havlicek commented,“GLMX’s powerful growth trajectory has shown significant durability for what is now over 5 years. Very excitingly, we have begun to see this growth expand beyond our traditional repo business and into adjacent securities finance and money market segments. As ever, our sole priority is to consistently deliver purpose-built technology that supports the success of our clients across the entire securities financing and money market ecosystem.”

    About GLMX

    GLMX is a technology company serving the capital markets and is a leading global provider of transformative technology for equities and fixed income securities financing. With offices in North America, the United Kingdom, and Asia-Pacific, global buy-side and sell-side institutions rely on GLMX for access to enhanced market liquidity and to maximize trade lifecycle efficiency and reporting.

    GLMX’s powerful market position continues to grow as it diversifies, taking its proven model into adjacent market sectors such as Total Return Swaps (TRS), and Time Deposits, CDs, and Commercial Paper. For more information about GLMX, please visit http://www.glmx.com.

    Media inquiries, please contact:
    GLMX
    646 854-4569
    sales@glmx.com

    The MIL Network –

    January 23, 2025
  • MIL-OSI: Provident Bank’s First-Time Home Buyer Survey Reveals That While Homeownership Continues to Be Challenging, Many Americans Are Finding Their Home in Less Than a Year

    Source: GlobeNewswire (MIL-OSI)

    ISELIN, N.J., Oct. 15, 2024 (GLOBE NEWSWIRE) — Provident Bank, a leading New Jersey-based financial institution, has released the results of its First-Time Home Buyer Survey, taking stock of the generational differences in how Americans are navigating a complicated housing market. This year’s survey revealed that, not surprisingly, searching for a first home is extremely challenging. The top two factors impacting budgets are high mortgage rates and the lack of homes within an original budget. However, across generations, Americans appear to be buying their first home after only looking less than a year, signaling growing optimism in the market.

    Potential homeowners are prolonging the buying process and waiting to make a final purchase:

    Searching for a new home is challenging for first-time home buyers across generations. There are frequent bidding wars, which can lead to many making sacrifices for their dream home.

    • Over 40% of Gen Xers have been involved in a significant number (5+) of bidding wars during the home-buying process. Comparatively, only 30% of Millennial respondents have had the same experience.
    • Over 50% of Gen X respondents have had to significantly adjust their search criteria to stay within budget. Nearly 50% of both Millennials and Gen X respondents noted that they’ve settled for an older home that needs renovations to complete the buying process, compared to only 39% of Gen Z respondents.

    Amidst all of these challenges, Americans still look toward traditional financial avenues to complete the home-buying process:

    Overall, potential homeowners are still looking to traditional financial institutions to help them through the home-buying process. However, there are clear differences between how generations think about their financing options and the experts available to them.

    • Over half of respondents noted that their savings account is their main source of capital for their down payment. The second highest source of capital stems from access to first-time home buyer program grant(s).
    • 15% of Gen X respondents will look to a fintech company for financing for buying a first home compared to only 6% of Gen Z respondents. Nearly 56% of Gen X respondents will be speaking to a traditional bank as a source for the financing process in buying their first home.
    • Just under 50% of all Millennial respondents noted they would look to a traditional bank for financing to buy their first home.

    “The findings from this year’s survey support what we’ve been hearing directly from customers – in order to navigate a highly competitive home buying market, understanding all of the financing resources and capital requirements at your disposal is the key to success,” said Margaret Volk, Senior Vice President, and Director of Mortgage and Consumer Lending, at Provident Bank. “Especially as we enter a new phase of the mortgage rate cycle, we believe it is our responsibility to ensure our customers are equipped with the resources and information needed to navigate the financing process to achieve such an important life goal like buying a home.”

    The survey was conducted by Survey Monkey, a market research provider, on behalf of Provident Bank. The findings are based on 1,000 responses.

    About Provident Bank

    Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). With assets of $24.07 billion as of June 30, 2024, Provident Bank offers a wide range of customized financial solutions for businesses and consumers with an exceptional customer experience delivered through its convenient network of 140 branches across New Jersey and parts of New York and Pennsylvania, via mobile and online banking, and from its customer contact center. The bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. To learn more about Provident Bank, go to http://www.provident.bank or call our customer contact center at 800.448.7768.

    Media Contact:
    Provident Bank
    Keith Buscio – keith.buscio@provident.bank

    Vested
    providentbank@fullyvested.com

    The MIL Network –

    January 23, 2025
  • MIL-OSI: ZOOZ Power Ltd. to Present at the LD Micro Main Event XVII on Wednesday, October 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    Tel Aviv, Oct. 15, 2024 (GLOBE NEWSWIRE) — ZOOZ POWER Ltd. (NASDAQ and TASE: ZOOZ), the leading provider of Flywheel-based power boosting and power management solutions enabling ultra-fast multi ports EV charging, today announced that Erez Zimerman, Chief Executive Officer, will present at the LD Micro Main Event XVII in Los Angeles, on Wednesday, October 30, 2024, at 8:30am PT / 11:30am ET.

    Representatives of ZOOZ Power’s management will be available on site for one-on-one meetings. To schedule a meeting, please contact LD Micro or Miri Segal at msegal@ms-ir.com.

    A webcast of the presentation will be streamed live at the following link: https://me24.sequireevents.com/. A replay of the webcast will be available approximately 24 hours after the presentation ends.

    About ZOOZ Power

    ZOOZ Power is the leading provider of Flywheel-based power boosting and power management solutions enabling widespread deployment of ultra-fast multi ports charging infrastructure for electric vehicles (EV), while overcoming existing grid limitations.

    ZOOZ Power pioneers its unique Flywheel-based power boosting technology, enabling efficient utilization and power management of a power-limited grid at an EV charging site. Its Flywheel-based technology allows high-performance, reliable, and cost-effective ultra-fast charging infrastructure.

    ZOOZ Power’s sustainable, power-boosting solutions are built with longevity and the environment in mind, helping its customers and partners accelerate the deployment of fast-charging infrastructure, thus facilitating improved utilization rates, better efficiency, greater flexibility, and faster revenues and profitability growth. ZOOZ Power is publicly traded on NASDAQ and TASE under the ticker ZOOZ.

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

    About LD Micro

    LD Micro aims to be the most essential resource in the micro-cap world. Whether it is the Index, comprehensive data, or hosting the most significant events annually, LD’s sole mission is to serve as an invaluable asset for all those interested in finding the next generation of great companies. To learn more about LD Micro, visit http://www.ldmicro.com

    Investor Relations Contact:

    Miri Segal
    MS-IR LLC
    917-607-8654
    msegal@ms-ir.com

    Forward-Looking Statement

    This Press Release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations, and assumptions of ZOOZ Power. All statements other than statements of historical facts contained in this press release, including statements regarding ZOOZ Power, and any of ZOOZ Power’s strategy and future operations are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause ZOOZ Power’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and other risks and uncertainties are more fully discussed in the “Risk Factors” section of ZOOZ Power’s most recent Annual Report on Form 20-F as filed with the U.S. Securities and Exchange Commission (“SEC”) as well as other documents that may be subsequently filed by ZOOZ Power from time to time with the SEC. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include, but are not limited to, statements relating to the limited operating history and evolving business model that make it difficult for investors to evaluate ZOOZ Power’s business and future prospects, material weaknesses identified in ZOOZ Power’s internal control over financial reporting and the potential results of ZOOZ Power being unable to remediate these material weaknesses, or identify additional material weaknesses in the future or otherwise failure to maintain an effective system of internal control over financial reporting, ZOOZ Power’s management’s determination that substantial doubt exists about the continued existence of ZOOZ Power as a “going concern”, changes to fuel economy standards or changes to governments’ regulations and policies in relation to environment or the success of alternative fuels which may negatively impact the EVs market and thus the demand for ZOOZ Power’s products, delays in deployment of public ultra-fast charging infrastructure which may limit the need and urgency for ZOOZ Power’s products, the potential outcome of ZOOZ Power’s collaborations with third parties for installation of its Flywheel-based power boosting solution, and the effects of the evolving nature of the war situation in Israel, and the related evolving regional conflicts, may adversely affect ZOOZ Power’s operations. These forward-looking statements are only estimations, and ZOOZ Power may not actually achieve the plans, intentions or expectations disclosed in any forward-looking statements, so you should not place undue reliance on any forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements made in this Press Release. ZOOZ Power’s management has based these forward-looking statements largely on current expectations and projections about future events and trends that such persons believe may affect ZOOZ Power’s business, financial condition and operating results. Forward-looking statements contained in this Press Release are made as of the date hereof, and none of ZOOZ Power or any of its representatives or any other person undertakes any duty to update such information except as may be expressly required under applicable law.

    The MIL Network –

    January 23, 2025
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