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Category: Economy

  • MIL-OSI United Kingdom: Have your say: Working age council tax support scheme consultation launches

    Source: City of Portsmouth

    Have your say on possible changes to Portsmouth’s Council Tax Support Scheme for working age residents from next year.

    No changes are being made to the council tax support scheme for pension-aged residents.

    A consultation running for eight weeks is now live until Monday 9 December. Complete the consultation online.

    Council Tax Support is a scheme to help some people pay their council tax. The amount of support people can get depends on their income and personal situation.

    The proposal being considered by Portsmouth City Council seeks to change the scheme to provide more financial help for those on the lowest incomes. The change would see many of the approximately 7,500 working-age people claiming council tax support in Portsmouth automatically receive an increase, without having to apply.

    Portsmouth’s Local Council Tax Support (LCTS) scheme, adopted in 2013, was and continues to be based upon a now outdated means-tested ‘benefit’ scheme. Due to central government funding cuts, everyone receiving support from the working age council tax support scheme is currently required to pay at least 20% of their council tax bill, including those on the lowest incomes.

    The consultation asks for people’s views on introducing a new banded scheme for working aged people from 1 April 2025. It would mean individuals and families would receive different levels of council tax support depending on which of the four proposed income bands they are in.

    The change would simplify the application process, increase LCTS take up, and reduce the current frequent reassessment of council tax bills to give most people greater financial stability.

    The change would see the council tax contribution from those on the lowest incomes reduce from 20% to 10%, helping to support those most in need with the cost of living. The discount would reduce for those with higher incomes.

    It’s estimated that just over 74% of working age claimants would either benefit or see no change under the new scheme.

    Leader Cllr Steve Pitt said:

    “It’s estimated that the government underfunds the council’s local council tax support scheme by over £4m per year and because of the strain on our finances, there’s no perfect option for changing our council tax support scheme where everyone benefits.

    “To do so would add additional financial burdens that the council is not in a position to meet. What we are considering is a change that would help by far the most people and crucially those on the very lowest incomes, at a time when there’s no respite from high living costs.

    “We know people may have differing views on these proposals and we want as many people as possible to share them with us by taking part in our consultation. No change will be made until we have carefully considered every opinion submitted to our survey.”

    Each year councils are required to review their council tax support schemes, and currently around 100 local authorities, nearly a third, operate banded schemes similar to the one Portsmouth is considering moving to.

    The proposal would have no impact on pension-age claimants of the scheme, which offers pensioners up to 100% towards their council tax bill.

    Cost of living support for Portsmouth residents

    Portsmouth Older Persons Energy Payment, one-off payment of either £200 or £300 launching soon for low-income pensioners who will miss out on the government’s Winter Fuel Payment. It’s open to pension-age Portsmouth households who receive either Housing Benefit or Council Tax Support but don’t receive Pension Credit. Find out more and complete a form for us to contact you when it opens: Portsmouth Older Persons Energy Payment – Portsmouth City Council

    Household Support Funding, the council is reviewing how it will allocate the latest round of Household Support Funding and will be announcing schemes and how to apply at Household support fund – Portsmouth City Council

    The Cost-of-living helpline and online information hub, for help around essential costs, health and wellbeing, jobs, money and housing, and hardship funding people can apply for. The helpline is open weekdays from 9am-5pm (closes 4.30pm Fridays) on 023 9284 1047, or visit: http://www.portsmouth.gov.uk/cost-of-living-hub

    Switched On Portsmouth, for help reducing energy bills, including referring to energy saving scheme and offering free advice. Call on 0800 260 5907 or visit http://www.switchedonportsmouth.co.uk

    MIL OSI United Kingdom –

    January 23, 2025
  • MIL-OSI United Kingdom: Secretary of State for Northern Ireland attends International Investment Summit

    Source: United Kingdom – Executive Government & Departments

    The Secretary of State for Northern Ireland Hilary Benn MP today met with a number of leading businesses at the International Investment Summit in the Guildhall in London, together with the First Minister Michelle O’Neill, deputy First Minister Emma Little-Pengelly and Kieran Donoghue of Invest NI.  

    Deputy First Minister Emma Little-Pengelly, Secretary of State for Northern Ireland Hilary Benn MP, First Minister Michelle O’Neill and Invest NI CEO Kieran Donoghue.

    Speaking ahead of the Chancellor’s speech, Mr Benn said: 

    Today’s International Investment Summit has been a great opportunity for the First Minister, deputy First Minister and I to promote Northern Ireland as an exciting and dynamic place for foreign direct investment.

    This government and the Northern Ireland Executive know that to grow Northern Ireland’s economy, we need more high quality, long-term investment, and today’s event has brought together the world’s leading companies and investors to help support that.

    Stability is the foundation for growth, and that is exactly why this government is working closely and collaboratively with the Executive to unlock more investment and improve the opportunities for everyone across Northern Ireland.

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    Published 14 October 2024

    MIL OSI United Kingdom –

    January 23, 2025
  • MIL-OSI United Kingdom: BLOG: A Transformative moment for our filmmakers

    Source: City of Liverpool

    Head of Liverpool Film Office, Lynn Saunders, reacts to the news that the UK’s indie film sector finally has something to celebrate, following the announcement of the eagerly anticipated Independent Film Tax Credit.

    The Independent Film Tax Credit (IFTC) has finally been confirmed by the Chancellor Rachel Reeves and the Culture secretary Lisa Nandy.

    The Tax Credit will encourage more production in the UK, as filmmakers will soon be able to claim back 53% of qualifying expenditure on items such as equipment, location costs and actor fees.  Feature films costing up to £15m will be eligible for the tax relief, but must have a UK writer, or director, to certify as an official UK co-production.

    Whilst it will provide a major boost to the UK creative economy and create jobs, more importantly it provides a lifeline to indie film producers and filmmakers who have increasingly struggled to finance films and get them into production in the UK. 

    UK indie production has been in crisis for some time: soaring costs, cuts in funding and market disruption have threatened its very survival.  Ask any Liverpool based producer and filmmaker and they will tell you exactly that.

    But why is it so important to safeguard the indie film sector? Independent films are driven by artistic vision and are more likely to tell stories about human experience.  Their stories dig deep down inside of us and make you feel emotions that big-budget blockbusters just scratch the surface of.

    They teach us, as well as entertain us. They make you take a second look at what’s going on in the world.  They also attract all types of people to get involved in film making. It doesn’t matter what social class, race or gender you are. The indies nurture new writers, directors and producers to develop their craft so they can tell stories that we want to see and hear.   

    Together with my brilliant team at the Liverpool Film Office, we’ve been working tirelessly over the years to develop a world class production hub in our City and across the Liverpool City Region, with strategic capital initiatives such as the LCR Production Fund, The Depot and the rapidly developing Littlewoods Studio Campus, to drive economic growth and employment.  More recently this has included BFI grant funding to develop skills and opportunities for new entrants.

    However, the development of the film and TV sector in our region must be hand in glove with our indigenous filmmaking community with support available to a new generation of writers, directors and producers to tell their unique stories.  With ever decreasing public finances, particularly the vacuum left to support indie filmmakers following the demise of the UK Film Council and the Regional Screen Agencies over a decade ago, this has been very difficult to do. 

    I sincerely hope that the new IFTC will spark a flurry of emails and meetings with local producers who have been lobbying for this important tax credit to be passed.  Yup, I can hear my phone ringing now…

    Learn more about Liverpool Film Office by heading to the official website.

    MIL OSI United Kingdom –

    January 23, 2025
  • MIL-OSI USA: Lumber Company Selects Rutherford County for New Distribution Operations

    Source: US State of North Carolina

    Headline: Lumber Company Selects Rutherford County for New Distribution Operations

    Lumber Company Selects Rutherford County for New Distribution Operations
    mseets
    Mon, 10/14/2024 – 12:59

    Today, Governor Roy Cooper announced that Cedar Direct, LLC, a lumber distributor, will create 20 new jobs in Rutherford County. The company will invest $925,000 to locate a distribution and warehousing facility in the Town of Spindale.

    “Cedar Direct is setting up operations in Rutherford County at a time when the spirit of collaboration and resiliency is on full display,” said Governor Cooper. “This decision by Cedar Direct provides new economic opportunities for a skilled and hardworking people.”

    Cedar Direct distributes cedar and specialty lumber to wholesalers and suppliers. The company supplies lumber yards, mills, supply houses, and contractors with high quality Western Red cedar and other specialty building products. This site will be a third location for the company offering boards, lumber, and timber in different sizes and edges and for various applications.

    “We are happy to announce our 3rd location in Spindale, North Carolina. A big reason we chose this location is the collaborative efforts between Cedar Direct and The Economic Development Partnership of North Carolina,” said Dale Hatfield, Manager of Cedar Direct. “The progressive business stance the State has taken, along with the growing market of cedar, is really what led us to choose North Carolina. Cedar Direct is extremely excited to be a part of Spindale and serving the community.”

    “Rutherford County has a storied history with manufacturing and industrial operations that will be a great foundation for Cedar Direct’s next phase of growth,” said N.C. Commerce Secretary Machelle Baker Sanders. “This history, combined with our convenient, East Coast location and commitment to being ‘First in Talent’ will support the company for years to come.”

    Although salaries will vary by position, the average annual wage will be $61,800, exceeding the Rutherford County average of $45,030. These new jobs could potentially create an annual payroll impact of more than $1.2 million for the region.

    A performance-based grant of $50,000 from the One North Carolina Fund will help facilitate Cedar Direct’s expansion to North Carolina. The One NC Fund provides financial assistance to local governments to help attract economic investment and create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants require matching participation from local governments and any award is contingent upon that condition being met.

    “This investment is a great signal that the Town of Spindale is open for new business,” said N.C. Senator Timothy D. Moffitt. “I appreciate all the diligent work of the state and local officials, as well as the economic developers that helped bring Cedar Direct to our community.”

    “This announcement is great news for Rutherford County,” said N.C. Representative Jake Johnson. “In light of the devastation left by the storms, it is more important now than ever to expand economic opportunities in our region and these good paying jobs will help do just that.”

    In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, Commerce’s Division of Workforce Solutions, North Carolina Community College System, Isothermal Community College, Rutherford County, and the Town of Spindale.

    ###

    Oct 14, 2024

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI Russia: Dmitry Chernyshenko discussed the development of the state program “Development of Physical Culture and Sports” with the sports community and business

    MILES AXLE Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Dmitry Chernyshenko held a meeting dedicated to the development of a comprehensive state program “Development of physical culture and sports”

    October 14, 2024

    Dmitry Chernyshenko held a meeting dedicated to the development of a comprehensive state program “Development of physical culture and sports”

    October 14, 2024

    Dmitry Chernyshenko held a meeting dedicated to the development of a comprehensive state program “Development of physical culture and sports”

    October 14, 2024

    Dmitry Chernyshenko and Minister of Sports Mikhail Degtyarev at a meeting dedicated to the development of a comprehensive state program “Development of Physical Culture and Sports”

    October 14, 2024

    Previous news Next news

    Dmitry Chernyshenko held a meeting dedicated to the development of a comprehensive state program “Development of physical culture and sports”

    Deputy Prime Minister Dmitry Chernyshenko held a meeting dedicated to the development of a comprehensive state program “Development of physical culture and sports.”

    It was attended by the Minister of Sports Mikhail Degtyarev, the Governor of the Tula Region, Chairman of the State Council Commission on Physical Culture and Sports Dmitry Milyaev, the Minister of Physical Culture and Sports of the Moscow Region Dmitry Abarenov, the General Director and Chairman of the Board of JSC Russian Railways Oleg Belozerov, the President of the All-Russian Federation of Dance Sport, Breaking and Acrobatic Rock ‘n’ Roll Nadezhda Erastova, as well as other representatives of federal and regional executive authorities, sports federations and the business community.

    The participants discussed the formation of the program and its management system. During the meeting, Dmitry Chernyshenko emphasized the need for a comprehensive approach to the development of the sports industry.

    “On the instructions of President Vladimir Putin, the Government, together with the State Council commissions, is developing a comprehensive state program, “Development of Physical Culture and Sports,” taking into account federal, national and other state programs. In the changed conditions, Russian sports have become an area that requires the integration of a huge number of infrastructure development activities in the field of high-performance sports, mass and youth sports. When forming a state program, a comprehensive approach to the development of the sports industry is needed, taking into account the interests of all interested parties: government bodies, the sports community, and business,” the Deputy Prime Minister noted.

    He thanked the Ministry of Sports for its prompt work in preparing the necessary documents, as well as for fulfilling the instructions of President Vladimir Putin.

    Mikhail Degtyarev noted that the comprehensive state program will include measures aimed at developing physical culture and sports, implemented, among other things, through extra-budgetary sources.

    “Seven state corporations and large companies with state participation have already agreed to provide such information – these are Rostec, VTB, Otkritie Bank, Russian Post, Rosatom, Rostelecom, Magnitogorsk Iron and Steel Works. 32 sports federations are ready to provide such information; in the future, their concealment of attracted extra-budgetary funds may become grounds for revoking accreditation. We have included this norm in Government Resolution No. 1661 on the approval of the state program. In order to promptly resolve issues at the interdepartmental level and improve coordination, we propose creating a Government Commission for the Development of Physical Culture and Sports. Its composition will be approved by a resolution of the Government of Russia, and the presidium may subsequently be transferred the functions of the governing council of the state program,” the minister said.

    During the meeting, proposals from state commissions, the experience of the Tula region in assessing the level of citizen satisfaction with the conditions for physical education and sports were discussed, and proposals were made to include new events in the comprehensive program, such as “Sports in the countryside”, “Development of adaptive physical education and sports”, including rehabilitation of participants in a special military operation, and “Development of corporate sports”.

    CEO and Chairman of the Board of JSC Russian Railways Oleg Belozerov spoke about the support of sports schools located on the Eastern Polygon of the railways, the renovation of sports halls and the acquisition of sports equipment for comprehensive schools in the Far East. He emphasized that all funds allocated by the company to support corporate physical education and sports, as well as to support other sports organizations, are extra-budgetary and Russian Railways is ready to provide the necessary information for the analytical accounting of these funds in the comprehensive state programs of the Russian Federation for the development of physical education and sports.

    The President of the All-Russian Federation of Dance Sport, Breaking and Acrobatic Rock ‘n’ Roll Nadezhda Erastova noted that the main sources of funding for the federation are sponsorships and donations. These funds are used for athletes to participate in international competitions, conduct training events for national teams, support promising young athletes, as well as finance treatment, internships, monthly bonuses for coaches, assistance and support for regional sports organizations and the popularization of this sport.

    Summing up, Dmitry Chernyshenko noted that the comprehensive program must take into account the activities of the Ministry of Industry and Trade to improve the level of the sports industry and Rosmolodezh to develop sports among young people.

    Decisions were made to include in the program events for the development of the sports industry and sports among young people, as well as to form a Government Commission for the Development of Physical Culture and Sports. The Ministry of Sports was instructed to analyze the methodology for calculating the level of satisfaction of citizens with the conditions for sports activities proposed by the Governor of the Tula Region, and to take into account off-budget financing of events within the program.

    In conclusion, the Deputy Prime Minister invited everyone involved in the topic of sports to attend the forum “Russia – a Sports Power”, which will be held in Ufa on October 17–19.

    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://government.ru/nevs/52992/

    MIL OSI Russia News –

    January 23, 2025
  • MIL-OSI Global: Sudan’s brutal war has become many wars, making peace even harder to reach

    Source: The Conversation – UK – By Justin Willis, Professor of History, Durham University

    A fire in Omdurman market near Khartoum following fighting between the Sudanese army and the Rapid Support Forces. Abd Almohimen Sayed / Shutterstock

    Sudan’s war runs grimly on. The two main protagonists (though there are others involved) are each claiming local victories. The Sudanese army appears to be slowly regaining control of the ruined capital, Khartoum, and has recovered some ground it lost elsewhere in Sudan. And the rival Rapid Support Forces (RSF) continues its brutal siege of the western city of El Fasher.

    But, while the army seems to have the upper hand at present, neither they nor the RSF looks likely to win outright. Instead, the two sides keep up a mutual battering with ill-aimed barrages of artillery fire and bombs that destroy markets, wreck hospitals, and each day add to the grim toll of civilian death and misery.

    Abdel-Fattah al Burhan, the general who seized power and derailed what was supposed to be a transition to civilian rule after the revolution of 2019, still insists he is the head of Sudan’s legitimate government, and that the army will win the war.

    The RSF’s leader, Mohammed Hamdan Dagalo, who is referred to as Hemedti, had initially been willing to play deputy to Burhan, but is now his bitter enemy. He makes a show of being willing to negotiate, but relentlessly pursues a military victory.

    It is tempting to point the finger at actors outside Sudan for their part in the spiralling violence. There are multiple credible allegations that the governments of the United Arab Emirates, Egypt, Ethiopia, Saudi Arabia and Russia have all helped arm or finance one side or other in pursuit of regional influence or economic gain. Libya’s eastern – but not internationally recognised – government has also been accused of complicity.

    Some would say there are sins of omission as well as commission. The US, EU and others have all called for an end to this war. But they could be doing more to stop the flow of weapons and money that helps keep the fighting going, and to mobilise more concerted action to protect civilians.

    The world stands accused of turning its back on Sudan, despite being its biggest hunger and displacement crisis. But external actors did not start the war, and they cannot simply end it.

    Despite their common cause in a counter-revolutionary coup in 2021, the war started when Burhan and Hemedti fell out over who would have military and political primacy – and the associated economic benefits – in Sudan.

    They’ve already decided the country isn’t big enough for the both of them, so it’s nigh-on impossible to negotiate the usual kind of deal that shares power between foes.

    Burhan is intensely sensitive about the fragile sovereignty of his government, and views external mediation as foreign meddling. He has always insisted that the army can win an outright victory, and now he is encouraged by recent gains. Yet he is a long way from regaining control of the whole country.

    Hemedti, who craves the status that would come from negotiations, makes grandiloquent offers of ceasefires, coupled with promises to respect human rights – all while the RSF continues to murder, rape and loot. Hubris and hypocrisy make poor bases for negotiation.

    A precarious balancing act

    This is also not a war simply being waged between two individuals. Neither the army nor the RSF are coherent or well disciplined – the RSF, in particular, is a messy constellation of armed men, mostly from western Sudan (and, allegedly, further afield). They share a distinctive style of camouflage dress and a sense of long-term exclusion, but are not under close or effective control.

    The army has more formal structures – too many, perhaps – but these are also fragmented. Strong on generals and air firepower but weak on fighting forces, the army is adapting the government’s old playbook of mobilising local militias.

    The war has become several wars, drawing in other armed groups whose alliances with either the army or the RSF are contingent or opportunistic.

    Since independence in 1956, Sudan has mostly been a militarised state, where power was won by force. Those who ruled it feared their fellow soldiers and so created alternative forces, hoping these would back them against potential coups. Some of these groups had distinct social bases in particular regions or ethnic groups.

    This fragmentation had been happening since the 1970s, but it became endemic during the long reign of Sudan’s former president, Omar al-Bashir. Bashir stayed in power for 30 years by dividing possible rivals within the ruling elite, and used the multiplying, competing arms of the “security forces” to fight rebels on the margins.

    What seemed like a powerful, authoritarian system was, in fact, a brutal but precarious balancing act. After Bashir fell in 2019, the transitional government floundered. The soldiers seized power, then the complex rivalries and institutional fragmentation proved unsustainable. The core institutions that held Sudan together have shattered.

    So who, if anyone, can put Sudan back together again? Burhan and Hemedti are in no mood, and may anyway lack the control of their followers needed for any deal to stick.

    Civilian politicians were discredited by the bickering of the transition, and the most prominent of them seem confused between claiming to be a government-in-exile or trying to build a bigger anti-war coalition.

    At present, Sudan faces either the long-term absence of central authority or, more dramatically, an effective division into two or more states, whether or not these are internationally recognised. Some might say we should not mourn this – Sudan was a colonial creation, made by violence and predation. But this is an outcome that may only increase misery and misrule.

    However, there is still resistance amid the ruination. Sudan’s post-Bashir transition to democracy, as envisaged by the UN and others, is long dead. But in some vital ways, the popular revolution that toppled Bashir lives on.

    Grassroots emergency response rooms organise whatever lifesaving support for desperate communities that they can. And women and youth – the revolution’s vanguard – continue to organise, agitate and debate Sudan’s future among themselves, as well as demand a role in making it. They deserve our solidarity.

    Many, both Sudanese and non-Sudanese, refuse to let go of the idea of a better Sudan that has never yet been realised, but just might rise up from these ashes.

    Sharath Srinivasan is a Fellow and Trustee of the Rift Valley Institute.

    Justin Willis 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. Sudan’s brutal war has become many wars, making peace even harder to reach – https://theconversation.com/sudans-brutal-war-has-become-many-wars-making-peace-even-harder-to-reach-240585

    MIL OSI – Global Reports –

    January 23, 2025
  • MIL-OSI Global: Nobel economics prize: how colonial history explains why strong institutions are vital to a country’s prosperity – expert Q&A

    Source: The Conversation – UK – By Renaud Foucart, Senior Lecturer in Economics, Lancaster University Management School, Lancaster University

    This year’s Nobel memorial prize in economics has gone to Daron Acemoglu and Simon Johnson of the Massachusetts Institute of Technology and James Robinson of the University of Chicago for their work on why there are such vast differences in prosperity between nations.

    While announcing the award, Jakob Svensson, the chairman of the economics prize committee, said: “Reducing the huge differences in income between countries is one of our times’ greatest challenges”. The economists’ “groundbreaking research” has given us a “much deeper understanding of the root causes of why countries fail or succeed.”

    The award, which was established several decades after the original Nobel prizes in the 1960s, is technically known as the Sveriges Riksbank prize in economic sciences. The academics will share the award and its 11 million kroner (£810,000) cash prize.

    To explain their work and why it matters, we talked to Renaud Foucart, a senior lecturer in economics at Lancaster University in the UK.

    What did Daron Acemoglu, Simon Johnson and James Robinson win for?

    The three academics won the prize mostly for providing causal evidence of the influence of the quality of a country’s institutions on its economic prosperity.

    At first glance, this may seem like reinventing the wheel. Most people would agree that a country that enforces property rights, limits corruption, and protects both the rule of law and the balance of power, will also be more successful at encouraging its citizens to create wealth, and be better at redistributing it.

    But anyone following the news in Turkey, Hungary, the US or even the UK, will be aware that not everyone agrees. In Hungary for instance, cases of corruption, nepotism, a lack of media pluralism, and threats to the independence of the judiciary have led to a fierce battle with the European Union.

    Rich countries typically have strong institutions. But several (wannabe) leaders are perfectly comfortable with weakening the rule of law. They do not seem to see institutions as the cause of their prosperity, just as something that happens to be correlated.

    In their view, why does the quality of institutions vary across countries?

    Their work starts with something that has clearly not had a direct effect on today’s economic prosperity: living conditions at the start of European colonialism in the 14th century. Their hypothesis is that, the richer and the more inhospitable to outsiders a place was, the more colonial powers were interested in brutally stealing the country’s riches.

    In that case, they built institutions without any regard for the people living there. This led to low quality institutions during the colonial period, that continued through independence and led to bad economic conditions today.

    All of this is because – and this is another domain to which this year’s laureates contributed – institutions create the conditions of their own persistence.

    In contrast, in more hospitable and less developed places, colonialists did not take resources. They instead settled and tried to create wealth. So, it was in their (selfish) interest to build democratic institutions that benefited people living there.

    The researchers then tested their hypothesis by looking at historical data. First, they found a “great reversal” of fortune. Places that were the most urbanised and densely populated in 1500 became the poorest by 1995. Second, they found that places where settlers died quickly from disease and could therefore not stay – while local populations were mostly immune – are also poorer today.

    Looking at the colonial roots of institutions is an attempt to disentangle causes and consequences. It is also perhaps the main reason why the committee would say that even if this year’s laureates did not invent the idea that institutions matter, their contribution is worthy of the highest distinction.

    Some have suggested the work simply argues ‘democracy means economic growth’. Is this true?

    Not in a vacuum. For instance, their work does not tell us that imposing democracy from scratch on a country with otherwise malfunctioning institutions will work. There is no reason for a democratic leader not to become corrupt.

    Institutions are a package. And this is why it is so important to preserve their different aspects today. Weakening even a little bit of the protections the state offers to citizens, workers, entrepreneurs and investors may then lead to a vicious circle where people do not feel safe that they will be defended against corruption or expropriation. And this leads to lower prosperity and more calls for authoritarian rules.

    There may also be outliers. China is clearly trying to push the idea that capitalism without a liberal democracy can be compatible with economic success.

    The growth of China since Deng Xiaoping’s reforms in the 1980s coincides with the introduction of stronger property rights for entrepreneurs and businesses. And, in that sense, it is a textbook version of the power of institutions.

    But it is also true that Deng Xiaoping ordered the crushing by the military of the Tiananmen Square protests for democracy in 1989. China today also has a clearly more authoritarian system than western democracies.

    And China is still much poorer than its democratic counterparts, despite being the world’s second-largest economy. China’s GDP per capita is not even a fifth of that of the US, and it is facing major economic challenges of its own.

    Actually, according to Acemoglu, Xi Jinping’s increasingly authoritarian regime is the reason why China’s economy is “rotting from the head”.

    What trajectory are democratic institutions throughout the world currently on?

    Acemoglu has expressed concern that democratic institutions in the US and Europe are losing support from the population. And, indeed, many democracies do seem to be doubting the importance of protecting their institutions.

    They flirt with giving more power to demagogues who claim it is possible to be successful without a strong set of rules that bind the hands of the rulers. I doubt today’s prize will have the slightest influence on them.

    But if there is one message to take home from the work of this year’s laureates, it is that voters should be cautious not to throw the baby of economic prosperity with the bathwater of the sometimes frustrating rules that sustain it.

    Renaud Foucart 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. Nobel economics prize: how colonial history explains why strong institutions are vital to a country’s prosperity – expert Q&A – https://theconversation.com/nobel-economics-prize-how-colonial-history-explains-why-strong-institutions-are-vital-to-a-countrys-prosperity-expert-qanda-241305

    MIL OSI – Global Reports –

    January 23, 2025
  • MIL-OSI Global: How to make sure the budget secures the investment Britain needs

    Source: The Conversation – UK – By Linda Yueh, Fellow in Economics/Adjunct Professor of Economics, University of Oxford

    Growth won’t happen without greater investment. I Wei Huang/Shutterstock

    Prime Minister Keir Starmer has promised to “rip out the bureaucracy that blocks investment” in the UK. He was speaking at his government’s first international investment summit, an attempt to encourage the finance and business worlds to put more money into the country.

    But the government will need much more investment – by both the private and public sectors – than can be drummed up with one summit and an intent to slash red tape if it is to meet its economic goals. So Labour’s upcoming first budget on October 30 presents a vital opportunity to lay the foundations for an investment boost over the coming years.

    A major, long-term aim is to get the UK’s annual growth back to its pre-2008 banking crisis rate, when it was around 2% a year. The UK has been growing at about half that rate since then.

    This slower economic growth has damaged people’s living standards as well as the tax receipts the government needs to fund public services, particularly since the pressures of the COVID pandemic.

    Slow growth could be turned around by increasing investment in things like infrastructure. The UK has lagged behind comparable economies in this regard – it has had the lowest rate of investment in the G7 group of major economies for 24 of the last 30 years.

    Last year, the UK’s GDP per capita (a measure of the average income) was nearly £11,000 lower than it would have been had the economy continued to grow at its pre-2008 rate.

    Rather unusually, despite the UK’s debt recently reaching 100% of GDP – the highest amount in more than half a century – the usually fiscally conservative International Monetary Fund (IMF) has said the UK should consider focusing on investment. This, it says, could potentially boost GDP growth and thus stabilise the debt-to-GDP ratio.

    And the UK’s spending watchdog, the Office for Budget Responsibility (OBR), believes it is possible to raise economic growth through more investment. The OBR estimates that a sustained 1% of GDP increase in public investment could increase the level of potential national output by just under 0.5% after five years, and around 2.5% in 50 years.

    So, there will undoubtedly be a number of investment measures in the Budget. But how many depends, in part, on whether the chancellor, Rachel Reeves, revises some restrictions on borrowing, known as the fiscal rules. There could be adjustments such as offsetting government debt with its assets, including student loans. Reeves is reportedly looking at this possibility – which could create as much as £50 billion of additional fiscal headroom.




    Read more:
    The chancellor has tied her own hands with her fiscal rules – here’s why she should change them


    She could also re-institute the previous Labour government’s golden rule: only borrow to invest. This could separate out capital investment (spending on things like roads and other infrastructure), which is needed to support long-term growth, from day-to-day spending on public services. It would also increase the transparency of what the borrowing is for, and whether it can deliver growth that can help stabilise the debt-to-GDP ratio.

    These changes would prevent public investment from being cut in order to meet one of the current fiscal rules Reeves is adhering to. That is, that debt must be falling as a percentage of GDP over a rolling five-year period. As it stands, this rule restricts how much Reeves can borrow – even if that is what the country needs to grow economically.

    A change to this rule could help the government fund its two new initiatives to promote public investment: the National Wealth Fund, which requires just over £7 billion over the parliament, and GB Energy, which needs about £8 billion.

    Convincing investors

    Investments in the National Wealth Fund and GB Energy could further raise economic growth by “crowding in” private investment. For example, investing in infrastructure like a road entices private firms to invest too, perhaps in new premises or more staff, because a better transport link will make these firms’ investments more profitable.

    The government’s aim is to bring in three times the public investment in the National Wealth Fund to invest in infrastructure and key sectors. GB Energy likewise intends to bring in private investors to support the green transition that can generate new output and jobs.

    But targeting growth will take more than just finding the money. It also requires a regulatory approach and planning system that generates confidence among private investors to put their money in alongside the government.

    The impending Budget won’t set out all of the details that investors are looking for, but they will expect to see the growth strategy and assess whether it is credible. For instance, successive governments have struggled with planning reform, so investors will be justified in wondering what will be different this time.

    Rachel Reeves could potentially give herself an extra £50 billion to spend if she changes the fiscal rules.
    Fred Duval/Shutterstock

    Investors will also be on the lookout for a more certain regulatory regime over several years. The main impediments to investment tend to be uncertainty, including over regulation and planning, as well as being able to find workers with the right skills. This Budget is an opportunity to set out what the government plans to do in both areas over its five-year parliament.

    One positive signal to investors would be if the Budget sets out a broad definition of “capital”. For physical capital like a factory to be properly used, it requires people (human capital). And we hear a lot about green assets and digital assets, which essentially means that capital can be physical, human or green, as well as digital.

    By outlining its policies around infrastructure and skills, as well as its environmental and digital policies, any proposed growth strategy would be more holistic and likelier to have a positive impact on growth.

    But the difference between a strategy and a great strategy is in its execution. The Budget will almost certainly set out various fiscal policies to support growth. But the ability to deliver this strategy will determine whether it is truly a budget for growth.

    Linda Yueh 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. How to make sure the budget secures the investment Britain needs – https://theconversation.com/how-to-make-sure-the-budget-secures-the-investment-britain-needs-241074

    MIL OSI – Global Reports –

    January 23, 2025
  • MIL-OSI USA: Rep. Cartwright Reintroduces Legislation to Close Controversial Tax Code Loophole

    Source: United States House of Representatives – Congressman Matt Cartwright (17th District of Pennsylvania)

    “I’m proud to reintroduce this legislation in Bill’s honor. The carried interest loophole is yet another way special interests have rigged the system to their advantage, at the expense of everyday taxpayers. Wealthy fund managers shouldn’t pay less taxes than hard working Americans,” said Congressman Cartwright.

    On Friday, U.S. Representative Matt Cartwright (PA-08) reintroduced the Bill Pascrell Ending Tax Giveaway Act, legislation to close the controversial carried interest loophole.

    Carried interest is a form of compensation received by wealthy private equity and hedge fund executives that is taxed well below top wage income rates.

    The bill was originally introduced by the late U.S. Rep. Bill Pascrell Jr. (NJ-09), who represented New Jersey in Congress for more than 27 years before his death on Aug. 21st. Pascrell championed legislation to close the carried interest loophole for years, beginning in the 116th Congress. 

    “Bill was a revered public servant who made tax fairness his top priority and fought to ensure ultra-wealthy Americans benefiting from preferential tax treatments would finally pay their fair share,” said Congressman Cartwright. “I’m proud to reintroduce this legislation in Bill’s honor. The carried interest loophole is yet another way special interests have rigged the system to their advantage, at the expense of everyday taxpayers. Wealthy fund managers shouldn’t pay less taxes than hard working Americans.”

    Multiple organizations signed on to endorse Pascrell’s original legislation.  When it was introduced, the following comments were made:

    “Americans for Tax Fairness strongly endorses this legislation to ensure that private equity, real estate, and hedge fund executives pay the same top tax rate on their income that other working Americans pay on theirs. This egregious loophole has survived thanks to hefty campaign contributions and backroom deals. It’s time to close this loophole once and for all,” said David Kass, Executive Director of Americans for Tax Fairness.

    “There is absolutely no economic or moral justification for the continued existence of the carried interest loophole. Ultra-wealthy private equity and hedge fund managers do not need or deserve preferential tax treatment on income they earn from managing other people’s money. There is no shortage of people willing to work as hedge fund managers. If Congress needs to give a special tax incentive to get people to fill a need, they should have teachers or emergency room nurses pay half the tax rates that everyone else pays. Lawmakers need to show the American people that they have the guts to stand up to Wall Street and pass the Ending Wall Street Tax Giveaway Act to get rid of this egregious, pointless, and outrageous loophole once and for all,” said Morris Pearl, Chair of Patriotic Millionaires.

    “Private equity and hedge fund executives rig the tax code so they pay less than Black, white, and Brown working people,” said Porter McConnell, Take on Wall Street Campaign Director at Americans for Financial Reform. “Carried interest is the textbook example of Wall Street’s tax cheats. It’s time to pass the Ending Wall Street Tax Giveaway Act and close this outrageous loophole.”

    “For far too long, the carried interest loophole has allowed millionaire Wall Street hedge fund and private equity managers to pay lower tax rates than the working families who carry and continue to build the American economy. CWA is proud to support the Ending Wall Street Tax Giveaway Act, as it levels the playing field by closing that arcane tax loophole and forcing Wall Street to pay their fair share.” said Dan Mauer, Director of Government Affairs for the Communications Workers of America (CWA).

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI Economics: Chamber pulse: Global markets, local landscapes

    Source: International Chamber of Commerce

    Headline: Chamber pulse: Global markets, local landscapes

    The survey at a glance

    200

    Over 200 chambers of commerce surveyed

    96

    Respondents from 96 countries spanning five continents

    90

    Representing 90% of global GPD

    Global business environment, constraints and outlook: The chamber view

    While chambers generally hold a positive view of the current business environment, there are significant regional differences. Negative perceptions are concentrated in countries facing political and economic instability. Nearly half of respondents believe that the global trade environment has hampered business operations.

    At the aggregate level, the main constraints for businesses are

    • shortage of labour or skilled labour,
    • inflation,
    • geopolitical tensions,
    • taxation, and
    • financial problems.

    But the hurdles businesses face tend to vary depending on the region.

    The global outlook remains largely positive. Nevertheless, some regions, notably MENA and South Asia, anticipate a more pessimistic future, with 20% of respondents in these areas expecting a bleak business outlook.

    Artificial intelligence continues to spark debate

    Seven out of 10 respondents see AI as both a risk and an opportunity. The uncertainty around the future prospects of AI is linked to its limited application to certain sectors with high innovation.

    Inflation and limited access to finance still weigh heavily on businesses

    Over 80% of respondents expect inflation to rise, affecting operating costs, wages, supply chains and competitiveness, with concerns especially pronounced in North America and Sub-Saharan Africa.

    The economic environment and tight financial conditions hinder access to finance.

    Businesses and the climate transition: what is at stake?

    Businesses are adapting to climate change policies by adopting green technologies, developing sustainable products, and diversifying energy sources. In South Asia and Sub-Saharan Africa, diversifying energy sources is the primary solution for more than 80% of respondents. In Latin America, Europe and Central Asia, the focus is on developing sustainable products or services.

    The main challenges in addressing climate change centre on how much funding is available and how to implement changes. Opportunities for businesses include gaining a competitive advantage through green practices and creating jobs in green industries.

    To support small- and medium-sized enterprises in the climate transition, chambers insist on the need to provide fiscal support, promote the adoption of digital technologies, and enhance collaboration within supply chains.

    For further information please contact Melanie Laloum, ICC Lead Economist, or Leonardo Barbosa, Lead, ICC WCF Governance and Operations.

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI: SoFi Announces Monthly Distributions on $THTA (12.00%)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 14, 2024 (GLOBE NEWSWIRE) — SoFi, a leading provider of thematic and income ETFs, today announced monthly distributions on the SoFi Enhanced Yield ETF (THTA).

    Distribution as of 10/14/2024

    ETF
    Ticker
    Distribution
    per Share
    Distribution
    Rate *
    30-Day
    SEC Yield**
    Ex-Date Record
    Date
    Payment
    Date
    THTA $0.1904 12.00% 4.04% 10/15/2024 10/15/2024 10/16/2024

    Inception date: 11/15/2023
    Click here to view standardized performance for THTA.

    THTA, launched in partnership with Tidal Investments LLC and ZEGA Financial LLC, seeks current income by combining a strategy of holding U.S. government securities, including U.S. Treasury Bills and U.S. Treasury Bonds, with a “credit spread” option strategy to seek to generate enhanced yield.

    About SoFi
    Our mission is to help people reach financial independence to realize their ambitions. And financial independence doesn’t just mean being rich—it means getting to a point where your money works for the life you want to live. Everything we do is geared toward helping our members get their money right. We’re constantly innovating and building ways to give our members what they need to make that happen.

    About Tidal Investments LLC 
    Formed by ETF industry pioneers and thought leaders, Tidal Investments LLC sets out to revolutionize the way ETFs have historically been developed, launched, marketed, and sold. With a focus on growing AUM, Tidal offers a comprehensive suite of services, proprietary tools, and methodologies designed to bring lasting ideas to market. Tidal is an advocate for ETF innovation. The firm is on a mission to provide issuers with the intelligence and tools needed to efficiently and to effectively launch ETFs and to optimize growth potential in a highly competitive space. For more information, visit https://www.tidalfinancialgroup.com/.  

    ABOUT ZEGA Financial LLC
    Founded in 2011, ZEGA Financial LLC is an SEC-registered investment adviser and investment manager that specializes in derivatives. The firm leverages technology, data, experience, and proprietary strategies to craft products and services for advisors and individual investors. ZEGA Financial helps investors successfully navigate volatile and uncertain markets through innovative hedging strategies. The firm’s founding principles grew out of the bestselling book co-authored by Jay Pestrichelli, ZEGA’s CEO and Co-Founder, entitled “Buy and Hedge, the Five Iron Rules for Investing Over the Long Term.” His book highlights how to bridge the complicated nature of options investing with the needs of the everyday investor.

    Performance is historical and does not guarantee future results. Current performance may be lower or higher than quoted. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end is available above. Returns less than one year are cumulative. Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may only be acquired or redeemed from the fund in creation units. Brokerage commissions will reduce returns. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

    * The Distribution Rate is the annual yield an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions are not guaranteed.

    ** The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended September 30, 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    The Distribution Rate and 30-Day SEC Yield is not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from month to month and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant. The distribution may include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease a fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These distribution rates caused by unusually favorable market conditions may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future. Additional fund risks can be found below.

    Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by clicking here. Please read the prospectus carefully before you invest.

    Investing involves risk. Principal loss is possible.

    Written Options Risk. The Fund will incur a loss as a result of writing (selling) options (also referred to as a short position) if the price of the written option instrument increases in value between the date the Fund writes the option and the date on which the Fund purchases an offsetting position. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in a written call transaction.). Because of the fund’s strategy of coupling written and purchased puts and call options with the same expiration date and different strike prices, the Fund expects that the maximum potential loss for the Fund for any given credit spread is equal to the difference between the strike prices minus any net premium received. Nonetheless, because up to 90% of the Fund’s portfolio may be subject to this risk – the value of an investment in the Fund – could decline significantly and without warning, including to zero.

    Derivatives Risk. Derivatives include instruments and contracts that are based on and valued in relation to one or more underlying securities, financial benchmarks, indices, or other reference obligations or measures of value. Major types of derivatives include options. Depending on how the Fund uses derivatives and the relationship between the market value of the derivative and the underlying instrument, the use of derivatives could increase or decrease the Fund’s exposure to the risks of the underlying instrument. Using derivatives can have a leveraging effect if the Sub-Adviser is unable to set an appropriate spread between two options held by the Fund and increase Fund volatility. In that event, a small investment in derivatives could have a potentially large impact on the Fund’s performance. Derivatives transactions can be highly illiquid and difficult to unwind or value, and changes in the value of a derivative held by the Fund may not correlate with the value of the underlying instrument or the Fund’s other investments. Many of the risks applicable to trading the instruments underlying derivatives are also applicable to derivatives trading. Financial reform laws have changed many aspects of financial regulation applicable to derivatives. Once implemented, new regulations, including margin, clearing, and trade execution requirements, may make derivatives more costly, may limit their availability, may present different risks or may otherwise adversely affect the value or performance of these instruments. The extent and impact of these regulations are not yet fully known and may not be known for some time.

    Interest Rate Risk. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. For example, the price of a security with a one-year duration would be expected to drop by approximately 1% in response to a 1% increase in interest rates. Generally, the longer the maturity and duration of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund’s income. These risks are greater during periods of rising inflation.

    Leveraging Risk. Derivative instruments held by the Fund involve inherent leverage, whereby small cash deposits allow the Fund to hold contracts with greater face value, which may magnify the Fund’s gains or losses. Adverse changes in the value or level of the underlying asset, reference rate or index can result in loss of an amount substantially greater than the amount invested in the derivative. In addition, the use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy redemption obligations.

    Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Non-Diversification Risk. The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund will generally have up to 15 credit spreads at any given time, with up to 25% exposure to a single equity index credit spread. Investment in a limited number of equity indexes exposes the Fund to greater market risk and potential losses than if its assets were diversified among a greater number of indexes.

    Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

    The S&P 500 Index, or Standard & Poor’s 500 Index, is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S. The index actually has 503 components because three of them have two share classes listed.

    SoFi ETFs are distributed by Foreside Fund Services, LLC.

    The MIL Network –

    January 23, 2025
  • MIL-OSI Banking: Fannie Mae Reminds Homeowners, Renters, and Mortgage Servicers of Disaster Relief Options for Those Affected by Hurricane Milton

    Source: Fannie Mae

    WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) is reminding homeowners and renters impacted by natural disasters, including those affected by Hurricane Milton, of available mortgage assistance and disaster relief options. Mortgage servicers also are reminded of options to assist homeowners under Fannie Mae’s guidelines during these circumstances.

    “This is a devastating time for many homeowners and renters impacted by Hurricane Milton, especially as some are still feeling the impacts of Hurricane Helene,” said Cyndi Danko, Senior Vice President and Chief Credit Officer, Single-Family, Fannie Mae. “Once recovery efforts begin, we encourage homeowners experiencing hardship because of the storm(s) to contact their mortgage servicer about payment relief options as soon as possible. Homeowners and renters alike can learn more about disaster relief resources, including personalized support, by contacting Fannie Mae’s free disaster recovery counseling services.” 

    Homeowners and renters should call 855-HERE2HELP (855-437-3243) to access Fannie Mae’s disaster recovery counseling* or visit the Fannie Mae website for more information.

    Under Fannie Mae’s guidelines for single-family mortgages impacted by a disaster:

    • Homeowners may request mortgage assistance by contacting their mortgage servicer (the company listed on their mortgage statement) following a disaster.
    • Homeowners affected by a disaster are often eligible to reduce or suspend their mortgage payments for up to 12 months by entering into a forbearance plan with their mortgage servicer. During this temporary reduction or pause in payments, homeowners will not incur late fees, and foreclosure along with other legal proceedings are suspended.
    • In instances where contact with the homeowner has not been established, mortgage servicers are authorized to offer a forbearance plan for up to 90 days if the servicer believes the home was affected by a disaster.
    • In addition, homeowners on a COVID-19-related forbearance plan who are subsequently impacted by a disaster may still be eligible for assistance and should contact their mortgage servicer to discuss options.

    Homeowners and renters looking for disaster recovery resources may visit the Fannie Mae website to learn more about addressing immediate needs. Fannie Mae also offers help navigating the broader financial effects of a disaster to homeowners and renters through disaster recovery counseling at 855-HERE2HELP (855-437-3243).* Assistance is provided free of charge by U.S. Department of Housing and Urban Development (HUD)-approved housing counselors who are trained disaster-recovery experts that provide:

    • A needs assessment and personalized recovery plan.
    • Help requesting financial relief from the Federal Emergency Management Agency (FEMA), insurance companies, and other sources.
    • Web resources and ongoing guidance for up to 18 months.
    • Services available in multiple languages.

    *Operated by Money Management International/MMI

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI USA: FACT SHEET: Biden-⁠ Harris Administration Continues Recovery Efforts in North Carolina Following Hurricane  Helene

    US Senate News:

    Source: The White House
    Following Hurricane Helene’s devastating impacts across the Southeast and Appalachia, the Biden-Harris Administration continues its robust Federal efforts to help communities recover and rebuild. The storm heavily impacted North Carolina, where the Administration continues to surge resources and assist families, business owners, farmers, and other impacted communities receive the support and assistance they need and deserve.
    Federal disaster assistance for Hurricane Helene survivors has surpassed $474 million – including more than $86 million in housing and other types of assistance for survivors in North Carolina. Survivors can register for assistance at one of three Disaster Recovery Centers in Caldwell, McDowell, and Buncombe Counties, or on disasterassistance.gov, by calling 1-800-621-3362, or via the FEMA app.
    The Department of Defense continues to support search-and-rescue operations, route clearance, and commodities distribution across western North Carolina with 1,500 active-duty troops. The Department of Defense is also employing additional capabilities to assist with increasing situational awareness across the remote terrain of Western North Carolina. The Army Corps of Engineers continues missions supporting debris removal, temporary emergency power installation, infrastructure and water and wastewater assessments, and technical assistance. Over 2,000 North Carolina National Guard personnel along with over 200 Guardsmen from 15 States are conducting response operations in western North Carolina.
    As response efforts continue in North Carolina, more than 1,250 FEMA staff remain on the ground, with more arriving daily. Nearly 400 Urban Search and Rescue personnel remain in the field helping people. These teams have rescued or supported over 3,200 survivors to date.  
    Power has been restored to more than approximately 96 percent of customers, as a result of 10,000 utility personnel working around the clock. Cellular restoration also continues to improve, with more than 93 percent of cellular sites in service. FEMA is boosting response coordination by providing 40 Starlink units to ensure first responders can communicate with each other.
    Commodity distribution, mass feeding, and hydration operations continue in areas of western North Carolina. FEMA continues to send commodity shipments and voluntary organizations are supporting feeding operations with bulk food and water deliveries coming via truck and aircraft. Mobile feeding operations are reaching survivors in heavily impacted areas, including three mass feeding sites in Buncombe, McDowell and Watauga counties. The Salvation Army has 20 mobile feeding units supporting this massive operation and has provided emotional and spiritual care to survivors. To date, the American Red Cross is engaging in targeted distribution of emergency supplies in low-income communities with high levels of minor or affected residential damage.
    Additional recovery efforts in North Carolina include:
    Supporting Infrastructure Recovery
    As part of the robust, whole-of-government response to Hurricane Helene, the U.S. Department of Transportation is supporting response and recovery efforts in impacted communities in North Carolina. DOT personnel are on the ground in multiple locations of the state.
    On October 5, the Department of Transportation’s Federal Highway Administration (FHWA) announced $100 million in Quick Release Emergency Relief funding to support North Carolina. The funding helps pay for the costs of immediate emergency work resulting from Hurricane Helene flood damage. Additional funding will flow to affected communities from the Emergency Relief program.
    FHWA worked closely with North Carolina and other federal agencies to assess infrastructure damage, including supporting hundreds of bridge inspections and other critical infrastructure assessments across the Southeast. On October 8, FHWA Acting Administrator Kristin White visited the region with Governor Roy Cooper, North Carolina Department of Transportation Secretary Joey Hopkins and other federal, state and local officials and got a first-hand look at impacts from the storm and recovery efforts.   
    The Federal Aviation Administration (FAA) continues to work with partners in affected parts of North Carolina and Tennessee, as the national airspace steadily returned to normal operations.
    The FAA Air Traffic Organization Technical Operations Team is on-site and leading communications restoration efforts at air traffic facilities. FAA also supported the North Carolina Air National Guard by providing advisory services at Rutherford County Airport and Avery County Airport.
    The FAA worked with state and local governments, critical infrastructure owners and operators, and first responders to enable drones to support response and recovery. The FAA granted permission to allow Wing to temporarily conduct beyond visual line of sight drone package deliveries for Walmart’s pharmacy in western North Carolina, delivering essential items including prescription medicine, medical supplies, and medical equipment to hard-to-reach locations.
    Additionally, President Biden’s approval of a Presidential Emergency Declaration for North Carolina affords the state a period of emergency regulatory relief from Federal Motor Carrier Safety regulations, including flexibility around driving time for property- and passenger-carrying vehicles. This allows truck drivers to get essential supplies to affected areas in North Carolina. It may also provide opportunities for motorcoach buses to deliver relief teams to response locations and allow for the transport and evacuation of residents.
    On October 10, Environmental Protection Agency (EPA) Administrator Michael Regan joined Governor Cooper, Senator Tillis, Congressman Edwards and local officials to assess federal and state recovery efforts in response to Hurricane Helene. EPA and its state partners have made significant progress bringing drinking water and wastewater systems back online, including restoring service to more than 75 drinking water systems that serve approximately 260,000 people in the Asheville area. EPA is also providing technical assistance and drinking water testing to systems and private drinking water well owners across the Asheville area through their Mobile Drinking Water lab – giving residents clear data and confidence that their water is safe to drink. The lab is capable of testing 100 samples per day. Water utilities and private well owners must request sampling services through their local health departments. EPA will remain on the ground in North Carolina helping area residents as long as their assistance is needed.  
    The Department of Energy’s Energy Response Organization remains activated to respond to storm impacts, and responders remain deployed to FEMA regional response coordination centers. Via the Electricity Sub-Sector Coordinating Council and Oil and Natural Gas Sub-Sector Coordinating Council, the Department of Energy has been coordinating continuously with energy sector partners on the ongoing Hurricane Helene response. As noted above, there are 10,000 line workers supporting power restoration efforts.
    The National Oceanic and Atmospheric Administration continues to support post-disaster imagery flights following Hurricane Helene, already totaling over 68 flight hours during 20 flights, including over western North Carolina. This imagery not only supports FEMA and the broader response community, but the public at large.
    Providing Financial Flexibilities to Homeowners and Taxpayers
    The U.S. Department of Housing and Urban Development (HUD) is providing a 90-day moratorium on foreclosures of mortgages insured by the Federal Housing Administration (FHA) as well as foreclosures of mortgages to Native American borrowers guaranteed under the Section 184 Indian Home Loan Guarantee program. Additionally, affected homeowners that have mortgages through Government-Sponsored Enterprises – including Fannie Mae and Freddie Mac – and the FHA are eligible to suspend their mortgage payments through a forbearance plan for up to 12 months.
    HUD announced $3 million for the State of North Carolina to support people experiencing homelessness in communities impacted by Hurricane Helene. Funding from the Rapid Unsheltered Survivor Housing program will help residents and families who are experiencing or at risk of homelessness and have needs that are not otherwise served or fully met by existing Federal disaster relief programs.
    This summer, HUD launched a new streamlined process for requesting additional flexibility on existing grants after a disaster is declared. Recipients of annual HUD funding – including in North Carolina – may request waivers to unlock and accelerate the use of their funding for disaster response and recovery. With the updated waiver process, HUD is proactively issuing maximum flexibility to communities impacted by disasters. These flexibilities will expedite the recovery process, reduce administrative burden, and allow impacted jurisdictions to quickly tailor programs and activities to address the post disaster needs of their communities. The Disaster Assistance and Recovery Team within HUD’s Office of Housing Counseling continues to conduct focused meetings with housing counseling agencies in each state impacted by these disasters to discuss their unique response and recovery challenges and identify resources available to assist.
    The Internal Revenue Service announced disaster tax relief for all individuals and businesses affected by Hurricane Helene in North Carolina. North Carolina taxpayers now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments.
    Protecting Public Health
    The U.S. Department of Health and Human Services (HHS) declared a Public Health Emergency for North Carolina to address the health impacts of Hurricane Helene. HHS’s Administration for Strategic Preparedness and Response (ASPR) continues to provide medical support for Hurricane Helene, predominantly onsite in North Carolina. These ASPR personnel are deployed to support Hurricane Helene response operations, which include four Disaster Medical Assistance Teams and personnel from a Disaster Mortuary Operational Response Team (DMORT) in North Carolina. ASPR Health and Medical Task Forces and ASPR Disaster Medical Assistance Teams from the National Disaster Medical System are providing 24-hour surge support to three hospitals: Mission Hospital in Asheville, Blue Ridge Regional Hospital in Spruce Pine, and Caldwell Memorial in Lenoir. To date, ASPR teams have seen nearly 1000 patients. ASPR will continue to work with federal, state, and local partners to prioritize medical assistance to other areas affected by Hurricane Helene as required and requested.  
    Supporting Workers and Worker Safety
    Working alongside the Department of Labor, the States of North Carolina has announced that eligible workers can receive federal Disaster Unemployment Assistance to compensate for income lost directly resulting from Hurricane Helene. And, through the Department of Labor’s innovative partnership with the U.S. Postal Service, displaced workers in North Carolina can now go to the post office in any other state and verify their ID for purposes of getting their benefits quickly.
    Supporting Farmers and Agriculture
    The U.S. Department of Agriculture (USDA) has put contingency plans and program flexibilities into place to ensure farmers, foresters and communities are able to get the support they need, such as by extending program signup opportunities, expediting crop insurance payments, and using waivers and emergency procedures to expedite recovery efforts on working lands. USDA’s Food and Nutrition Service has issued flexibilities and waivers for North Carolina to ensure that food and nutritional assistance reaches those in need as soon as possible. In North Carolina, waivers have been issued to increase access to WIC products, replace benefits through Summer EBT, allow the purchase of hot foods through SNAP, and more.
    Additionally, USDA is currently coordinating over 200 staff on the ground in North Carolina, including saw support teams and emergency road clearance teams, to help clear trees and debris, including in Waterville, Marion, Newton, and Weaverville.
    Supporting Students and Student Loan Borrowers
    The Department of Education has offered technical assistance to states and local educational agencies to support recovery efforts and shared critical resources, including those developed by other federal agencies and organizations, to support restoring the teaching and learning environment.
    The Department’s office of Federal Student Aid (FSA) has flexibilities that are automatically available to affected institutions of higher education to help their continued management of the federal student aid programs. These flexibilities help schools if they need to adjust their academic calendars, such as due to unexpected closures, and also help students who may need to take a leave of absence. The flexibilities also help students avoid reductions in their federal aid due to any state or federal disaster assistance provided. FSA will also work with affected institutions that need help on other areas, such as paying credit balances. FSA has communicated with schools located in the areas impacted by Hurricane Helene. Those communications included existing Department guidance about how natural disasters impact schools and their administration of financial aid, resources, and links to FEMA disaster aid information. FSA’s communications also included a way for schools to share more information about the disaster impact on their campus and submit questions about administrative relief and flexibilities.
    The Department is ensuring affected borrowers in areas impacted by the hurricanes can focus on their critical needs without needing to worry about missing their student loan payments. Direct Loan borrowers and federally-serviced FFEL borrowers in the affected area who miss their payments will be automatically placed into a natural disaster forbearance. During forbearance, payments are temporarily postponed or reduced, and interest is still charged. Thanks to regulations issued by the Biden-Harris Administration, months in this forbearance will count toward PSLF and IDR forgiveness. Direct Loan and federally serviced FEEL borrowers are not required to take an action but have the option to call their servicer if they wish to enroll in the forbearance proactively. Perkins loan borrowers should contact their loan holder to request natural disaster forbearance. 
    Continuing to Survey Data
    The Department of the Interior’s U.S. Geological Survey (USGS) continues working to measure river levels and flow, and repair streamgages that transmit critical data. USGS crews continue working to determine the extent of flooding by surveying for high-water marks. These flood-peak data and high-water marks are used to determine flood frequency and are critical in the design of infrastructure and in determining flood plain boundaries. USGS stood up a landslide response team that now includes 32 USGS scientists, 19 of which ware mapping landslides, to provide technical assistance to the North Carolina Geological Survey and Tennessee Geological Survey. Their work includes reconnaissance using satellite imagery, flights, and on-the-ground assessments to map landslides.

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI USA: Remarks by President  Biden on the Response to Hurricane Milton | St. Pete Beach,  FL

    US Senate News:

    Source: The White House
    Residential AreaSt. Pete Beach, Florida
    11:34 A.M. EDT
    THE PRESIDENT:  Hello, folks. 
    I just met a number of the homeowners, been wiped out, and the — everything from the Coast Guard to the fire department.  It’s a hell of a deal.
    I’m here in Florida for the second time in two weeks and — to survey the damage from another catastrophic storm: Hurricane Milton.  Thankfully, the storm’s impact was not as cataclysmic as had — we had predicted.  But on top of two [one] before it, it just keeps s- — seem we got to get — getting worse. 
    And bu- — you know, but for some individuals, it was cataclysmic — all those folks who not only lost their homes but, more importantly, those folks who lost their lives, lost family members, lost all their personal belongings.  Entire neighborhoods were flooded, and millions — millions were without power.
    Earlier this morning, I did an aerial tour of Saint Petersburg and the battered coastline.  I flew over Tropicana Field and — where the Tampa Bays play — Rays play, and the roof was almost completely off.  But thank God not many people were injured.
    I spoke with first responders who’ve been working around the clock.  I also met with small-business owners here and homeowners who’ve taken a real beating — these back-to-back storms.  And they’re heartbroken and exhausted, and their expenses are piling up.
    And I know from experience how devastating it is to lose your home.  Several years ago, my home was struck by lightning.  It didn’t all burn down, but we were out of the home for seven months while it was being repaired.  The thing I was most concerned about was not just the home; it was all those things, all those — all those pictures I saved, my — and my daughter had drawn when she was little, all the — all the family photographs, all the albums, all the things that really matter.  
    Folks, the — the fact is that when you lose your wedding ring and the old photos of your children, family keepsakes, things that can’t be replaced — but sometimes, from my own experience, that’s the part that hurts the most.
    And I’m standing next to the mayor of Pete’s Beach and the Chairwoman Peters.  Both their homes were damaged in Hurricane Milton.  The mayor’s home flooded, family vehicles washed away.  The county chair’s home had experienced significant damage in the past two storms previous.  They just finished rebuilding and settling back in, and now they have to do it all over again.   
    Both their families lost precious personal belongings, but they’ve stepped up not only to look out for themselves but to help other families, help their neighbors.  You know, that’s the resilience of the people of West Florida.
    And I want to thank them and all the public officials who suffered consequential losses because of the storm but who are out there doing things to help other people who had serious losses.  It matters.  The American people should know the sacrifices they’re making.
    You know, they’ve been steadfast partners as well.  We’ve been in frequent contact.
    And it’s in moments like this we come together to take care of each other, not as Democrats or Republicans but as Americans — Americans who need help and Americans who would help you if you were in the same situation.  We are one United States — one Unites States.
    I also came here to talk about all the progress we have made together.  This is a whole-of-government effort, from state and local to FEMA to U.S. Coast Guard, Army Corps of Engineers, the Energy Department, Environmental Protection Agency, Department of Defense, just to name a few.
    FEMA has delivered 1.2 million meals, over 300,000 liters of water, 2 million gallons of fuel.  And so far, we’ve installed 100 satellite terminals to restore communications in impacted areas so families can ton- — contact their loved ones to be sure everything is okay and be able to reach out for help as well.
    Speaking of help, so far, we’ve opened 10 disaster recovery centers in Florida, with more to come, so people can have one stop to meet with officials, get the federal help they’re entitled to that’s available to them, such as direct, immediate financial aid and no [low-]interest payment loans, mortgage relief, and so much more.
    You can also go online to DisasterAssistance.gov — DisasterAssistance.gov — or call 1-800-621-FEMA — F-E-M-A.
    Yesterday, after I signed the major disaster declaration, more than 250,000 Floridians registered for help — 250,000 — the most in sin- — any — a single day ever in the history of this country — 250,000.
    I know you’re concerned about the debris removal, and it’s obvious why.  We’re prioritizing debris removal and working with the state and local partners to clear roads, to get wreckage into — of the two hurricanes off properties, and so more folks can return home and businesses can receive much-needed deliveries of food, fuel, medicine, and other essentials.  That’s a priority for me.
    Power has also been restored to over 2 million people in a matter of days.  And thanks to tens of thousands of power workers from 43 states and Canada working nonstop, even more people will have more power restored soon. 
    Today, I’m proud to announce $612 million to six new cutting-edge projects to support communities impacted by Hurricane Helene and Milton.  That includes $47 million for Gainesville Regional Utilities and another $47 million for Florida Power & Light.
    This funding will not only restore power, but it’ll make the region’s power system stronger and more capable and reduce the frequency and duration of power outages while extreme weather events become more frequent. 
    In fact, we’ve been able to restore power quicker because of critical infrastructure investments were made both when I was vice president and president to harden the grid.  For folks at home, “the grid” means the electrical power system that transmits energy from the — where it’s produced in a power plant to where it’s used in homes and businesses. 
    We’ve been hardening the grid, like b- — like burying transmission lines underground, replacing wood power poles with concrete or composite poles so they don’t snap in the wind.
    Energy Secretary Granholm is here with me today leading this effort, and she’ll tell you more about it and other cutting-edge technologies on the grid in a moment.
    Let me close with this.  I’m here to porsonally — personally say thank you to the brave first responders — and I don’t want to underestimate that — brave first responders, men and women in uniform, utility workers.  (Inaudible) look at the number that showed up from around the country — from Canada — California, Nebraska, all over the country — to come here to help. 
    Men and women in uniform, as I said; health care personnel; neighbors helping neighbors; and so many more people.  This is all a team effort, folks.  You made a big difference.  And it’s saved lives.
    But there’s much more to do, and we’re going to do everything we can to get power back into your homes, not only helping you recover but to help you build back stronger.
    God bless you all.  And may God protect our first responders and protect our troops.
    Now I’m going to turn this over to Secretary Granholm.  Madam Secretary. 
    11:42 A.M. EDT

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI USA: Waller, Thoughts on the Economy and Policy Rules at the Federal Open Market Committee

    Source: US State of New York Federal Reserve

    Thank you, Athanasios, and thank you for the opportunity to be part of this very worthy celebration.1 In support of the theme of this conference, I do have some thoughts on the Shadow Open Market Committee’s contributions to the policy debate, in particular its advocacy for policy rules. But before I get to that, I am going to exercise the keynote speaker’s freedom to talk about whatever I want. To that end, I want to take a few minutes to offer my views on the economic outlook and its implications for monetary policy. So let me start there, and afterward I will discuss the role that policy rules play in my decision making and in the deliberations of the Federal Open Market Committee (FOMC).
    In the three weeks or so since the most recent FOMC meeting, data we have received has been uneven, as it sometimes has been over the past year. I continue to judge that the U.S. economy is on a solid footing, with employment near the FOMC’s maximum employment objective and inflation in the vicinity of our target, even though the latest inflation data was disappointing.
    Real gross domestic product (GDP) grew at a 2.2 percent annual rate in the first half of 2024, and I expect it to grow a bit faster in the third quarter. The Blue Chip consensus of private sector forecasters predicts 2.3 percent, while the Atlanta Fed’s GDPNow model, based on up-to-the moment data, is predicting real growth of 3.2 percent.
    Earlier, there were concerns that GDP in the first half of this year was overstating the strength of the economy, since gross domestic income (GDI) was estimated to have grown a mere 1.3 percent in the first half of this year, suggesting a big downward revision to GDP was coming. But revisions received after our most recent FOMC meeting showed the opposite—GDI growth was revised up substantially to 3.2 percent. This change in turn led to an upward revision in the personal saving rate of about 2 percentage points in the second quarter, leaving it at 5.2 percent in June. This revision suggests that household resources for future consumption are actually in good shape, although data and anecdotal evidence suggests lower-income groups are struggling. These revisions suggest that the economy is much stronger than previously thought, with little indication of a major slowdown in economic activity.
    That outlook is supported by consumer spending that has been and continues to be strong. Though the growth in personal consumption expenditures (PCE) has moderated since the second half of 2023, it has continued at an average pace of close to 2.5 percent so far this year. Also, my business contacts believe that there is considerable pent-up demand for durable goods, home improvements, and other big-ticket items, demand that built up due to high interest rates for credit cards and home equity loans. Now that rates have started to come down and are expected to come down more, consumers will be eager to make those purchases. For business spending, purchasing managers for manufacturers describe ongoing weakness in that sector, but those for the large majority of businesses outside of manufacturing continue to report a solid expansion of activity.
    Now let’s talk about the labor market. Only a couple months ago, it appeared that the labor market was cooling too quickly. Low numbers for job creation and a jump in the unemployment rate from 4.1 percent in June to 4.3 percent in July raised risks that the labor market was deteriorating. To remind you of how bad the markets viewed the July data, some Fed watchers were calling for an emergency FOMC meeting to discuss a rate cut. While the unemployment rate ticked down in August, job growth was once again well below expectations. Many were arguing that the labor market was on the verge of a serious deterioration and that the Fed was behind the curve even after a 50 basis point cut in the policy rate at the September FOMC meeting.
    Then we got the September employment report. Job creation in September was unexpectedly strong at 254,000 and the unemployment rate fell back down to 4.1 percent, which is where it was in June. The report also showed big upward revisions to payroll gains for the previous two months. Together, the message was loud and clear: While job creation has moderated and the unemployment rate has risen over the past year, the labor market remains quite healthy.
    Along with other new data on the labor market, the evidence is that labor supply and demand have come into balance. The number of job vacancies, a sign of strength in the labor market, has fallen gradually since the beginning of the year. The ratio of vacancies to unemployed is at 1.2, about the level in 2019, which was a pretty strong labor market. To put this number into perspective, recent research has shown that this ratio has been above 1 only three times since 1960.2 The quits rate, another sign of labor market strength, has fallen lower than it was in 2019, a decrease which partly reflects that the hiring rate has fallen as labor supply and demand have come into better balance.
    In sum, based on payrolls, the unemployment rate and job revisions, there has been a very gradual moderation in labor demand relative to supply, but not a deterioration. The stability of the labor market, as reflected in these two measures as well as the other metrics I mentioned, bolsters my confidence that we can achieve further progress toward the FOMC’s inflation goal while supporting a healthy labor market that adds jobs and boosts wages and living standards for workers.
    I will be looking for more evidence to support this outlook in the weeks and months to come. But, unfortunately, it won’t be easy to interpret the October jobs report to be released just before the next FOMC meeting. This report will most likely show a significant but temporary loss of jobs from the two recent hurricanes and the strike at Boeing. I expect these factors may reduce employment growth by more than 100,000 this month, and there may be a small effect on the unemployment rate, but I’m not sure it will be that visible. Since the jobs report will come during the usual blackout period for policymakers commenting on the economy, you won’t have any of us trying to put this low reading into perspective, though I hope others will.
    Looking ahead, I expect payroll gains to moderate from their current pace but continue at a solid rate. The unemployment rate may drift a bit higher but is likely to remain quite low in historical terms. While I believe the labor market is on a solid footing, I will continue to watch the full range of data for signs of weakness.
    Meanwhile, inflation, after showing considerable progress for several months toward the FOMC’s 2 percent target, likely moved up in September. The consumer price index grew 0.2 percent over the past month, 2.1 percent over the past three months, 1.6 percent over six months and 2.4 percent in the past year. Oil prices fell over most of the summer but then more recently have surged. Excluding energy and also food prices that likewise tend to be volatile, and just as it did in August, core CPI inflation printed at 0.3 percent in September and 3.3 percent over the past year.
    Private-sector forecasts are predicting that PCE inflation, the FOMC’s preferred measure, will also move up in September. Core PCE prices are expected to have risen around 0.25 percent last month. While not a welcome development, if the monthly core PCE inflation number comes in around this level, over the last 5 months it is still running very close to 2 percent on an annualized basis. We have made a lot of progress on inflation over the course of the last year and half, but that progress has clearly been uneven—at times it feels like being on a rollercoaster. Whether or not this month’s inflation reading is just noise or if it signals ongoing increases, is yet to be seen. I will be watching the data carefully to see how persistent this recent uptick is.
    The FOMC’s inflation goal is an average of 2 percent over the longer run and there are some good reasons to think that price increases will be modest going forward. I am hearing reports from firms that their pricing power seems to have waned as consumers have become more sensitive to price changes. There has also been a steady slowing in the growth of labor compensation. It is true that average hourly earnings growth in September ticked up to 4 percent over the past year. And though it might seem like wage increases of 4 percent a year would put upward pressure on inflation that is near 2 percent, that might not be true if one considers productivity, which has grown at an average annual rate of 2.9 percent for the past five quarters. Some of this strength was making up for productivity that shrank due to the pandemic, but the longer it continues—up 2.5 percent for the second quarter—the better productivity supports wage growth of 4 percent, or even higher, without driving up inflation. All that said, I will be watching all the data related to inflation closely.
    With the labor market in rough balance, employment near its maximum level, and inflation generally running close to our target over the past several months, I want to do what I can as a policymaker to keep the economy on this path. For me, the central question is how much and how fast to reduce the target for the federal funds rate, which I believe is currently set at a restrictive level. To help answer questions like this, I often look at various monetary policy rules to assess the appropriate setting of policy. Policy rules have long been of serious interest to the Shadow Open Market Committee. So before I turn to my views on the future path of policy, I thought I would talk about monetary policy rules versus discretion and begin with some background about the use of rules at the FOMC.
    For a brief overview of the history of the advent of rules at the Board, I have been directed to the second chapter of The Taylor Rule and the Transformation of Monetary Policy written by George Kahn, and I have also consulted the memories of longtime members of the Board staff.3 Rules came along in the 1990s as the Fed was moving away from monetary targeting, focusing more on interest-rate policy, and taking its first major steps toward increased transparency. There was immediate interest in Taylor-type rules among Fed staff, and even some contributions of research.4 There was a presentation to the FOMC on rules in 1995, and that was the same year that John Taylor’s Bay Area colleague, Janet Yellen, was apparently the first policymaker to mention the Taylor rule at an FOMC meeting. While FOMC decisions mimicked a Taylor rule much of the time under Chairman Alan Greenspan, he was famously an advocate of “constructive ambiguity” in communication, and he and other central bankers since have resisted the suggestion that decisions could be handed over to strict rules. Today, of course, a number of rules-based analyses are included in the material submitted to policymakers ahead of every FOMC meeting, and we publish the policy prescriptions of different rules as part of the Board’s semi-annual Monetary Policy Report. Rules have become part of the furniture in modern policymaking.
    As everyone here knows, but for the benefit of other listeners, Taylor rules relate the level of the policy interest rate to a limited number of other economic variables, most often including the deviation of inflation from a target value and a measure of resource use in the economy relative to some long-run trend.5 There are numerous forms of the Taylor rule, but they generally fall into two categories.
    The first of these, an inertial rule, has the property that the policy rate changes only slowly over time. I tend to think of it as an approach that captures the reaction function of a policymaker in a stable economy where the forces that would tend to change the economy and policy build over time. When change does occur, a gradual response may give policymakers time to assess the true state of the economy and the possible effects of their decision. One example I can use is the steadfastness of policymakers in the latter part of 2023, when inflation fell more rapidly than was widely expected, and again in early 2024, when it briefly escalated. The FOMC did not change course either time, an approach validated by inertial rules.
    A non-inertial rule, on the other hand, allows and in fact calls for relatively quick adjustments to policy. The guidance from these rules is more useful when there is a turning point in the economy, and policymakers need to stay ahead of events. One saw these non-inertial rules prescribe a sharper rise in the policy rate above the effective lower bound starting in 2021 as inflation began climbing above the FOMC’s 2 percent target. Non-inertial rules are also more useful in the face of major shocks to the economy such as the 2008 financial crisis and the start of the pandemic.
    The great promise of rules is that they provide a simple and reliable guide to policy, but what should one do when different rules recommend different policy actions given the same economic conditions? Right now, inertial rules tell us to move slowly in reducing policy rates toward a neutral stance that neither restricts nor stimulates the economy. On the other hand, non-inertial rules tell us to cut the policy rate more aggressively, subject to the caveat that one is certain of the values of all the ‘star’ variables: U*, Y* and r*. I think the answer is that while rules are valuable in helping analyze policy options, they have limitations. Among these are the limits of the data considered, which is typically narrower than the range of data that policymakers use to make decisions, and also the fact that simple policy rules do not take into account risk management, which is often a critical consideration in policy decisions. So, while policy rules serve as a good check on discretionary policy, there are times when discretion is needed. As a result, I prefer to think of them as “policy rules of thumb”.
    Turning to my view for the path for policy, let me discuss three scenarios that I have had in mind to manage the risks of upcoming decisions in the medium term.
    The first scenario is one where the overall strong economic developments that I have described today continue, with inflation nearing the FOMC’s target and the unemployment rate moving up only slightly. This scenario implies to me that we can proceed with moving policy toward a neutral stance at a deliberate pace. This path would be based on the judgment that the risks to both sides of our dual mandate are balanced. In this circumstance, our job is to keep inflation near 2 percent and not slow the economy unnecessarily.
    Another scenario, less likely in light of recent data, is that inflation falls materially below 2 percent for some time, and/or the labor market significantly deteriorates. The message here is that demand is falling, the FOMC may suddenly be behind the curve, and that message would argue for moving to neutral more quickly by front-loading cuts to the policy rate.
    The third scenario applies if inflation unexpectedly escalates either because of stronger-than-expected consumer demand or wage pressure, or because of some shock to supply that pushes up inflation. As we learned in the recovery from the pandemic recession, when demand was stronger and supply weaker than initially expected, such surprises do occur. In this circumstance, as long as the labor market isn’t deteriorating, we can pause rate cuts until progress resumes and uncertainty diminishes.
    Most recently, we have seen upward revisions to GDI, an increase in job vacancies, high GDP growth forecasts, a strong jobs report and a hotter than expected CPI report. This data is signaling that the economy may not be slowing as much as desired. While we do not want to overreact to this data or look through it, I view the totality of the data as saying monetary policy should proceed with more caution on the pace of rate cuts than was needed at the September meeting. I will be watching to see whether data, due out before our next meeting, on inflation, the labor market and economic activity confirms or undercuts my inclination to be more cautious about loosening monetary policy.
    Whatever happens in the near term, my baseline still calls for reducing the policy rate gradually over the next year. The median rate for FOMC participants at the end of 2025 is 3.4 percent, so most of my colleagues likewise expect to reduce policy over the next year. There is less certainty about the final destination. The median estimated longer-run level of the federal funds rate in the Committee’s Summary of Economic Projections (SEP) is 2.9 percent, but with quite a wide dispersion, ranging from 2.4 percent to 3.8 percent. While much attention is given to the size of cuts over the next meeting or two, I think the larger message of the SEP is that there is a considerable extent of policy accommodation to remove, and if the economy continues in its current sweet spot, this will happen gradually.
    Thank you again, for the opportunity to be part of today’s conference, and for allowing me to share some thoughts, relevant to monetary policy rules and my day job back in Washington. The Shadow Committee has elevated the public debate about monetary policy. May you continue to play that role for many years to come.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Open Market Committee. Return to text
    2. See Pierpaolo Benigno and Gauti B. Eggertsson (2024), “Revisiting the Phillips and Beveridge Curves: Insights from the 2020s Inflation Surge (PDF),” paper presented at “Reassessing the Effectiveness and Transmission of Monetary Policy,” a symposium sponsored by the Federal Reserve Bank of Kansas City, held in Jackson Hole, Wyo., August 23. Return to text
    3. See Evan F. Koenig, Robert Leeson, and George A. Kahn, eds. (2012), The Taylor Rule and the Transformation of Monetary Policy (Stanford, Calif.: Hoover Institution Press). I was assisted in this brief history by Board economists James Clouse and Edward Nelson. Return to text
    4. See Dale W. Henderson and Warwick J. McKibbin (1993), “A Comparison of Some Basic Monetary Policy Regimes for Open Economies: Implications of Different Degrees of Instrument Adjustment and Wage Persistence,” Carnegie-Rochester Conference Series on Public Policy, vol. 39 (December), pp. 221–317). This paper was also published in the International Finance Discussion Papers series and is available on the Board’s website at https://www.federalreserve.gov/pubs/ifdp/1993/458/ifdp458.pdf. Return to text
    5. For a variety of Taylor rules and their implication for policy, see the Monetary Policy Report, available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/publications/mpr_default.htm. Return to text

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI Australia: Targeted sanctions in response to Iran’s destabilising actions

    Source: Australian Government – Minister of Foreign Affairs

    The Australian Government is imposing targeted financial sanctions and travel bans on five Iranian individuals contributing to Iran’s missile program.

    Iran’s missile program poses a material threat to regional and international security.

    Iran’s 1 October launch of over 180 ballistic missiles against Israel was a dangerous escalation that increased the risk of a wider regional war.

    Iran’s proxies continue to launch daily attacks across the region, using missiles and other military equipment provided by Iran. Iran’s delivery of ballistic missiles to Russia last month to aid its war against Ukraine further demonstrates Iran’s destabilising role.

    Today’s sanctions target two Directors and a senior official in Iran’s Aerospace Industries Organization, the Director of the Shahid Bagheri Industrial Group, and the Commercial Director of the Shahid Hemmat Industrial Group.

    With these listings, the Albanese Government has now sanctioned 200 Iran-linked individuals and entities across multiple sanctions frameworks, including almost 100 individuals and entities with links to the Islamic Revolutionary Guard Corps.

    These sanctions are being imposed alongside those of international partners, including the United States and United Kingdom.

    Australia will continue to hold Iran to account for its reckless and destabilising actions.

    For further information on Australia’s sanctions settings, please visit the Australia and sanctions page on the Department of Foreign Affairs and Trade website.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Asia-Pac: Income-Tax Department Conducts TDS Outreach Programme at RINL, Visakhapatnam Steel Plant

    Source: Government of India (2)

    Posted On: 14 OCT 2024 5:11PM by PIB Delhi

    The Income-tax Department under the aegis of the Joint Commissioner of Income tax, TDS Circle, Visakhapatnam has conducted “TDS OUTREACH PROGRAMME” at RINL, the corporate entity of Visakhapatnam Steel Plant, today (14.10.2024).

    The program was chaired by Shri K Prasad, IRS, Joint Commissioner of Income tax, TDS Circle, Visakhapatnam in which other dignitaries Shri Ijjada Madhusudhana Rao, IRS, Dy. Commissioner of Income-tax, TDS circle Visakhapatnam, several senior officials of RINL and Income Tax department also participated.

    Addressing the senior officials of RINL, Shri K Prasad, IRS, Joint Commissioner of Income tax ,TDS Circle, Visakhapatnam explained the recent developments taken place in the Income-tax Department with regard to TDS starting from digitalization process undergone in the Department, gathering of financial information which reflects in pre-filled returns, collection of data through annual information system, filing of appeals, etc., all at the convenience of taxpayers without visiting any income-tax office. Sri K Prasad, IRS, Joint Commissioner of Income tax, TDS Circle, Visakhapatnam said that RINL has a strong foundation and plays a vital part in the financial growth of the nation.

    The program was conducted to reach officers/employees of RINL, the corporate entity of Visakhapatnam steel plant to create awareness about TDS provisions and compliances, genuine claim of IT deduction/exemptions and for issuing the advisory to their staff members and to create awareness about tax compliance, taxpayer services, recent developments in the Income-tax Department, flagship schemes taken up by the Department, etc.

    Later, senior officials of the Income Tax department clarified the doubts raised by the participants of the program in the matters related to Income-tax.

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    MG/SK

    (Release ID: 2064695) Visitor Counter : 73

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: Government’s Support Fuels Transformation of Bioenergy Ecosystem in India: Petroleum Minister Hardeep Singh Puri

    Source: Government of India (2)

    Government’s Support Fuels Transformation of Bioenergy Ecosystem in India: Petroleum Minister Hardeep Singh Puri

    Minister Puri addresses 12th Edition of the CII Bioenergy Summit

    Posted On: 14 OCT 2024 5:13PM by PIB Delhi

    At the 12th Edition of the CII Bioenergy Summit today, Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, underscored India’s remarkable progress in bioenergy, aligning with the summit’s theme, “Fuelling the Future – Securing India’s Green Growth Goals.” Shri Puri highlighted the success of India’s ethanol blending initiative, which has seen the blending percentage rise from 1.53% in 2014 to a projected 15% by 2024. Encouraged by these results, the government has advanced its target for 20% blending to 2025, reinforcing its commitment to sustainable energy. He further revealed that discussions have already started to develop a roadmap for the future, post the attainment of the 20% blending target. This roadmap will guide the country’s next steps in its pursuit of energy sustainability and self-reliance.

    Shri Hardeep Singh Puri commended Prime Minister Shri Narendra Modi’s leadership in transforming India’s bioenergy ecosystem since 2014. He emphasized the crucial role of market dynamics, technology advancements, and supportive government policies in driving this transformation and enhancing sustainability in the energy sector.

    The Minister shared impressive outcomes of the ethanol program, revealing that from 2014 to August 2024, it has generated foreign exchange savings of ₹1,06,072 crore, reduced CO2 emissions by 544 lakh metric tons, and achieved crude oil substitution of 181 lakh metric tons. Payments to distillers by OMCs have reached ₹1,50,097 crore. Furthermore, he said, farmers have been paid ₹90,059 crore, empowering them from being Annadata to being Urjadata. Additionally, he mentioned about the government’s ambitious targets for Sustainable Aviation Fuel (SAF), aiming for 1% blending in 2027 and 2% in 2028, positioning India as a leader in bio-mobility.

    At the event, Shri Hardeep Singh Puri emphasized India’s robust economic growth, predicting it will drive 25% of global energy demand over the next two decades. He noted that bioenergy will be crucial in meeting this demand while advancing climate goals and rural development. Currently valued at US$44 billion (as per Wood Mckenzie), the Minister said that the bioenergy market is projected to grow to US$125 billion by 2050. If global net-zero targets are achieved, this figure could surge to US$500 billion.

    Underscoring India’s agricultural strength and its vast biomass potential as critical elements in the country’s transition to clean energy, Shri Puri said that the country recognized as an agricultural powerhouse, is a leading producer of rice, wheat, cotton, sugar, and various horticultural and dairy products. He said that the country has more than 750 million metric tonnes of available biomass, with about two-thirds being used for domestic purposes such as cattle feed and compost fertilizer.  According to a report by PWC, he noted, 32% of India’s total primary energy consumption is derived from biomass, and over 70% of Indians rely on it for energy across the value chain.

    India’s position as a major biofuel producer and consumer has been strengthened through coordinated policies, political support, and abundant feedstocks, said Shri Hardeep Singh Puri. He noted that the International Energy Agency (IEA) forecasts a growth potential of 3.5 to 5 times for biofuels by 2050 due to Net Zero targets, presenting a substantial opportunity for India. The Global Biofuels Alliance (GBA) aims to facilitate knowledge sharing, technological advancement, and policy development, unlocking a $500 billion opportunity in biofuels and accelerating global adoption through technology transfer. He said that the government initiatives, such as the Indian Solar Alliance (ISA) and GBA, aim to accelerate the transition to cleaner energy sources, reduce import dependency, save foreign exchange, promote a circular economy, and move toward a self-reliant energy future.

    The Minister also referred to different incentives introduced by government to support ethanol production.

    Shri Puri also highlighted India’s collaboration with Brazil, emphasizing the importance of joint efforts in sustainable bioenergy and biofuels to enhance energy security and reduce carbon emissions, particularly in hard-to-decarbonize sectors like aviation and shipping.

    In his concluding remarks, Shri Hardeep Singh Puri emphasized that the responsibility for fuelling India’s green growth extends beyond the government to include industry leaders, researchers, innovators, and citizens. He urged all stakeholders to collaborate boldly to establish a sustainable bioenergy sector that meets energy needs and sets a global standard.

    *****

    MN

    (Release ID: 2064696) Visitor Counter : 63

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: Shri Manohar Lal addresses Brainstorming Session on the Indian Power Sector Scenario 2047

    Source: Government of India (2)

    Shri Manohar Lal addresses Brainstorming Session on the Indian Power Sector Scenario 2047

    All Power Sector Stakeholders to collaborate to achieve 2,100GW by 2047: Shri Manohar Lal

    Need to quickly shift towards a more diverse and cleaner energy mix: Shri Shripad Yesso Naik

    National Electricity Plan (Transmission) launched; targets achieving 500GW of renewable energy installed capacity by 2030 and over 600 GW by 2032

    Posted On: 14 OCT 2024 5:18PM by PIB Delhi

    Union Minister Shri Manohar Lal addressed Brainstorming Session on the Indian Power Sector Scenario 2047 in New Delhi today.

    At the two-day Brainstorming Session on the Indian Power Sector Scenario 2047  Union Minister for Power and Housing & Urban Affairs, Shri Manohar Lal, outlined the government’s strategy to meet the country’s burgeoning energy needs while transitioning to cleaner sources of power.

    “By 2047, we anticipate our power demand to reach 708 gigawatts. To meet this, we need to increase our capacity by four times, i.e. 2,100 gigawatts,” Union Minister Manohar Lal stated, highlighting the scale of the challenge ahead. “This is not just about increasing capacity; it’s about reimagining our entire energy landscape.”

    The Union Minister emphasised the critical role of renewable energy in India’s future power mix. “We have set an ambitious target of 500 GW of non-fossil energy capacity by 2030, effectively doubling our current capacity,” he said. This push towards green energy aligns with India’s commitment to reducing carbon emissions by one billion tonnes by 2030 and achieving net-zero emissions by 2070.

    Shri Manohar Lal praised the CEA for its pivotal role in shaping the sector’s future, citing the National Electricity Plan, which was launched at the session. “This plan will provide crucial guidance to state governments and investors, fostering a collaborative approach to sector development,” he noted.

    The National Electricity Plan (Transmission), developed in consultation with various stakeholders, outlines a comprehensive strategy to achieve the government’s energy transition goals. It details the transmission infrastructure required to support 500 gigawatts of renewable energy capacity by 2030, increasing to over 600 gigawatts by 2032. The plan incorporates innovative elements such as the integration of 10 gigawatts of offshore wind farms, 47 gigawatts of battery energy storage systems, and 30 GW of pumped storage plants. It also addresses the power needs of green hydrogen and green ammonia manufacturing hubs, and includes cross-border interconnections. With a planned addition of 190,000 circuit kilometres of transmission lines and 1,270 GPA of transformation capacity over the next decade, the plan presents an investment opportunity of over 9 lakh crore rupees in the transmission sector.

    The minister also addressed the challenges of integrating variable renewable energy sources into the grid, emphasising the need for advanced storage solutions. “We are exploring innovative technologies in pump storage facilities and battery storage to ensure 24/7 power availability to our citizens,” the Union Minster explained.

    Recognising the transformative impact of rapid urbanisation and industrialisation on power demand, the government is focusing on grid infrastructure expansion and upgradation. The Union Minister stressed the importance of creating a skilled workforce to support this modernisation, stating, “We must develop a workforce capable of meeting the demands of a 21st-century energy system.”

    On occasion, Minister of State for Power and New & Renewable Energy, Shri Shripad Yesso Naik, emphasised the need for meticulous planning to align the power sector with emerging priorities. He called for a swift transition towards a diverse and cleaner energy mix, driven by ambitious sustainability targets. “Significant investment will be needed in renewable technologies, energy storage solutions and grid modernisation,” Shri Naik stated. He highlighted the pivotal role of the Central Electricity Authority in shaping the sector’s transformation, noting its wide-ranging responsibilities from formulating national electricity plans to setting technical standards.  MoS stressed the importance of developing new skills, regulatory frameworks, and market structures to manage the evolving energy landscape, asserting that “electricity is not just a commodity, but a catalyst for growth, development and a sustainable future.”

    Among other speakers at the inaugural session, Shri Pankaj Agarwal, Secretary, Ministry of Power, outlined India’s roadmap for a modern, energy-efficient power sector, emphasizing India’s critical role in the vision of ONE SUN, ONE WORLD, ONE GRID for a sustainable future.

    He underscored the multifaceted nature of energy security, stating that it encompasses three critical elements: affordability, adequacy coupled with reliability, and sustainability. He further alluded to the recent G20 New Delhi Leaders’ Declaration, highlighting the ambitious targets set for the sector. “The G20 members have resolved to triple renewable energy capacity and double the rate of improvement in energy efficiency,” he noted. Looking ahead to COP29, the Secretary added, “We anticipate a requirement for a sixfold increase in storage capacity.” He also underlined the need for a comprehensive planning framework to meet demand optimally and securely while calling for the flexibilisation of Power Purchase Agreements and reduced power costs for consumers.

    Ms. Debashree Mukherjee, Secretary, Department of Water Resources, River Development & Ganga Rejuvenation, highlighted the critical link between water and power in driving India’s economic growth. She emphasized the need for sustainable energy solutions and the close collaboration between CEA and Central Water Commission in hydropower development for 2047.

    Shri Prashant Kumar Singh, Secretary, Ministry of New and Renewable Energy, highlighted India’s ambitious strides in renewable energy, focusing on solar, wind, and innovative green initiatives to power Viksit Bharat.

    Shri R.V. Shahi, Former Secretary, Ministry of Power highlighted the crucial role of financial planning and policy-making in India’s power sector growth and the steps needed for Viksit Bharat by 2047”.

    Shri Ghanshyam Prasad, Chairperson, CEA, presented a comprehensive roadmap for the power sector’s evolution, tracing its growth from a mere 1 GW peak demand at independence to now targeting to four times the capacity to 2053 GW by 2047. This ambitious plan includes a significant shift towards renewable energy, with targets of 1,200 gigawatts of solar and over 400 gigawatts of wind power by 2047. A key focus is on hydro pump storage plants, with capacity expected to surge from the current 4.7 gigawatts to 116 gigawatts. The plan addresses critical areas such as flexible operation of thermal and nuclear plants, skill development, research and development, financing for energy transition, and innovative solutions in transmission and distribution. He emphasised the need for a collaborative approach among all stakeholders to achieve the vision of a world-class Indian power sector by 2047, coinciding with the country’s centenary of independence.

    Shri Subhrakant Panda, Immediate Past President, FICCI and and Managing Director, Indian Metals & Ferro Alloys, said, “India’s power sector, now surplus with 450+ GW capacity, presents vast opportunities in the transition to clean energy by 2070. The expanding renewable energy sector offers promising growth prospects. Enhancing local manufacturing and R&D investment will open new avenues for innovation and industry development; while improving ease of business, extending ISTS waivers, and strengthening the transmission and power evacuation system will further boost sector growth, creating numerous opportunities for investors and businesses.”

    The conclave is being organised in collaboration with a broad range of stakeholders, including FICCI and CBIP, who serve as the programme partners, among a host of other organisations, reflecting its industry-wide significance. 

    The CEA has unveiled its vision for the power sector’s development through 2047, emphasising sustainable growth, technological innovation, and meeting the challenges of a rapidly expanding economy.

    ******

    JN/ Sushil Kumar

    (Release ID: 2064702) Visitor Counter : 48

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI United Nations: Civil Society Organizations Brief the Committee on the Elimination of Discrimination against Women on the Situation of Women in Chile, Canada, Japan, Cuba and Benin

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women was this afternoon briefed by representatives of civil society organizations on the situation of women’s rights in Chile, Canada, Japan, Cuba and Benin, whose reports will be considered during the second and third weeks of the session.

    In relation to Chile, speakers raised concerns regarding gender-based violence, abortion, and the treatment of trans people.

    Those speaking on Canada raised topics including the treatment of indigenous women and girls, femicide, and harassment of migrant workers. 

    On Japan, speakers addressed the selective surname system, Japan’s military sexual slavery, and women’s pensions.

    Speakers for Cuba raised issues including legislation on femicide, women in poverty, and the treatment of lesbians. 

    In relation to Benin, speakers addressed human trafficking, attacks on lesbian, gay, bisexual, intersex, queer and transgender people, and discrimination of sex workers. 

    The National Rights Institute of Chile and the Children’s Rights Ombudsperson of Chile spoke on Chile, as did the following non-governmental organizations: Corporation of Opportunity and Jointly Action Opcion – OPCION; Federación Luterana Mundial; and CIMUNIDIS – Círculo Emancipados de Mujeres y Niñas con Discapacidad de Chile.

    The following non-governmental organizations spoke on Canada: Union of BC Indian Chiefs; South Asian Legal Clinic of Ontario and Colour of Poverty – Colour of Change; Justice for Girls and Just Planet; Cecile Kazatchkine, on behalf of HIV Legal Network, Barbra Schlifer Commemorative Clinic; Bout du monde; Amnesty International Canada; Aysha Khan, on behalf of International Human Rights Program (IHRP) at the University of Toronto Faculty of Law, Global Human Rights Clinic (GHRC) at the University of Chicago Law School, and a coalition of almost 50 organizations; Development Alternatives with Women for a New Era (DAWN); International Physicians for the Prevention of Nuclear War Canada (IPPNWC); and Amnesty International Canada. 

    The following non-governmental organizations spoke on Japan: Family Association of the Missing Persons Probably Related to the DPRK; Association to Preserve the Family Bond; People’s Alliance for Protection of Imperial Lineage by Paternal Male Succession to the Imperial Throne; Global Alliance for Anti-Discrimination (GAAD); JNNC (Japan NGO Network for CEDAW); JFBA (Japan Federation of Bar Associations); Be the Change Okinawa, and on behalf of Action Okinawa, Ginowan Churamizu Kai (Clean Water Protection Committee), AIPR, and ACSILs; Warriors Japan; Lawyers and DV Thrivers against Violence and Abuse Japan (LVAJ) and Safe Parents Japan (SPJ); Women’s Political Empowerment; Women’s Active Museum on War and Peace (WAM): and Development Alternatives with Women for a New Era (DAWN) and Pacific Network on Globalisation (PANG).

    The following non-governmental organizations spoke on Cuba: Red de Juristas por los Derechos Sexuales, Unión Nacional de Juristas de Cuba, Asociación Cubana de las Naciones Unidas, Museo Virtual de la Memoria contra la violencia basada en Género Iniciativa para la Investigación y la Incidencia; Cuido 60; Red de Mujeres Lesbianas y Bisexuales; CUBALEX; Justicia 11J; FMC; Prisoners Defenders; Mesa de Diálogo de la Juventud Cubana; and Observatorio de Género de Alas Tensas y Museo de la Disidencia en Cuba.

    The following non-governmental organizations spoke on Benin: Right here Right Now 2 and CFMPDH; Synergie Trans Bénin; Association Solidarité; Changement Social Bénin; and Plurielles.

    The Committee on the Elimination of Discrimination against Women’s eighty-ninth session is being held from 7 to 25 October.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 10 a.m. on Tuesday, 15 October, to  consider the eighth periodic report of Chile (CEDAW/C/CHL/8).

    Opening Remarks by the Committee Chair

    ANA PELÁEZ NARVÁEZ, Committee Chairperson, said this was the second opportunity during the session for non-governmental organizations to provide information on States parties that were having their reports reviewed during the second and third weeks of the session, namely Chile, Canada, Japan, Cuba and Benin.

    Statements by Non-Governmental Organizations 

    Chile

    Non-governmental organizations speaking on Chile said sexual violations had increased drastically between 2019 and 2023.  Protection measures continued to be deficient.  It was concerning that violence against girls and adolescents was increasing. As of June 2023, there were 42 pregnant women and 100 children living with their mothers in prison systems. There needed to be a cultural change in the community, whereby gender-based violence was no longer acceptable. There needed to be a comprehensive sexual education law to ensure rights for women and adolescents.  The abortion regime based on legal grounds was insufficient and there were barriers to accessing contraceptives in primary health care.  Warnings had been issued about six defective contraceptive pills with no steps taken to investigate or provide reparations to those affected.  In Chile, around 800,000 migrant women faced violence and hate speech, especially those with irregular migration status.  The humanitarian visa for migrants was not implemented well in practice. 

    Since 2019, there had been a Constitutional Legal Reform Act, establishing the State’s duty to fight gender equality.  The State’s anti-discrimination law had been in congress for five years and was in danger of being rejected.  Chile had yet to fulfil its obligation to repeal laws discriminating against married women or subordinating them to their husbands.  The comprehensive law on violence against women did not include protection measures for women in penitentiary institutions who had suffered violence.  Violence against trans-people had increased by 145 per cent, and trans-femicide was not recognised as a crime.  The State showed no willingness to address issues faced by trans-people.  Women and girls with disabilities in Chile experienced discrimination.  A report by the Office of the High Commissioner found that there were 163 suspicious deaths in short-stay mental health facilities.  There had been reports of electro-shock therapy on girls with disabilities. 

    Canada

    Speakers on Canada said there were genocidal consequences for indigenous women and girls in the country.  These violations were tied to colonial policies. In its 2015 inquiry, the Committee found that indigenous women and girls suffered from the worst socio-economic conditions, as well as systemic racism and violence, which manifested as pervasive poverty, lack of access to housing, high rates of child apprehension, and disproportionate criminalisation.  The Committee had found that sex discrimination in Canada’s Indian Act was a root of violence, marginalising women and their descendants, excluding them from their lands, cultures and communities, and disentitling them to full personhood.  The 2019 National Inquiry into Missing and Murdered Indigenous Women and Girls issued 231 Calls for Justice.  To-date, only two were complete, and more than half had not been started. Colonialism and the legacy of Residential Schools continued to impact indigenous girls’ access to education. Racialised communities faced oppression in Canada, with Black femicide and forced sterilisations of Black and indigenous women erased due to data gaps and under-reporting. 

    Canada was failing to take serious action on gender-based violence.  Femicides were increasing, with a woman killed every 2.5 days.  But this was not taken into account in the national action plan. Survivors of gender-based violence needed stronger protections and support services.  Law enforcement and judicial officers must receive proper training on these violence dynamics.  Canada needed to ensure survivors were not criminalised for self-defence, and strengthen protections against coercive control and litigation abuse.  In Canada, women who used drugs and indigenous women were disproportionately impacted by HIV/AIDS and faced increased risk of violence and barriers to healthcare.  Migrant workers and migrant sex workers in Canada faced significant oppression due to restrictive work permits, increasing their vulnerability to workplace abuse, harassment and sexual violence. Canada must remove these restrictions, decriminalise these groups, and establish policies that ensured safe working conditions.

    Canada was also implicated in exploitative deep-sea mining, as Canadian companies sought financial gains through predatory partnerships with some Pacific Island States.  These companies must be investigated.  Pacific women and Canadian indigenous women deeply opposed these projects, as they threatened the ocean and marine life.  Canadian resource extraction projects had also increased violence in Ecuador against indigenous women, which would be exacerbated by a proposed free trade agreement.

    Japan

    Speakers on Japan raised issues including objecting to separate surnames after marriages, which could destroy family unity and have negative impacts on children.  The immediate adoption of a selective surname system for married couples was needed.  The ruling party’s promotion of expanding the use of maiden names did not address gender discrimination.  Half of single-mother households lived in relative poverty, as 70 per cent of them did not receive child support and were unable to escape poverty, due to the significant wage gap between men and women. 

    The issue of Japan’s military sexual slavery had been raised 30 years ago before the Committee in 1994. Measures taken by the State were not victim-centred, and therefore failed.  The Government of Japan was called on to recognise that the “comfort women” issue remained unresolved and to fully implement the previous Committee recommendations.  The Status of Forces Agreement between Japan and the United States should be revised to eliminate violence against women linked to United States’ military bases in Okinawa and elsewhere.  There had been seven cases of gender-based violence against women and girls by the United States’ military within the past 11 months.  Since 1954, over 210,000 crimes and accidents by the military had occurred.  There needed to be comprehensive actions taken to end the culture of impunity. Japan needed to accept that the “comfort women” system was one of sexual slavery, and that it had a legal responsibility to provide reparations to all victims. 

    The ratification of the Optional Protocol should be expedited, and there should be a comprehensive anti-discrimination law.  Japan was also urged to create a permanent gender equality committee, to monitor the implementation of the Convention’s concluding observations.  There was an urgent need for the establishment of an independent, national human rights institution in line with the Paris Principles. It was crucial to eliminate low wages and pensions for women due to the gender wage gap, non-regular employment, and unpaid work.  The Japanese Government was also urged to rescue all abductees from the Democratic People’s Republic of Korea.  The Committee was urged to recommend that Japan stop dumping radioactive wastewater in the Pacific Ocean and take immediate steps towards safely disposing the waste on land. 

    Cuba

    Those speaking on Cuba said Cuban women were calling for a robust legislative change of gender-based violence. The State needed to work to coordinate actors on gender issues.  The State should systematically assess the impact of legislation and public policies on gender equality.  The Committee was urged to pay special attention to the devastating impacts of the embargo which had a detrimental impact on women’s organizations. 

    There was a comprehensive law against gender-based violence, but the act of femicide should be defined.  The rate of femicide was occurring in Cuba more than 10 times that which was occurring in Spain.  Cuba had serious deficiencies in the reparation system of gender-based violence.  The legislation should be reformed to establish provisional payments which provided immediate support, particularly to women of African descent or those with low income.  The State should strengthen mechanisms for the prevention and punishment of gender-based violence, and redouble efforts to deconstruct gender stereotypes. 

    Poverty in Cuba today had the face of a woman, particularly that of an Afro-descendent, elderly woman.  Social rights had been cut by the State and women were further exposed to food insecurity and poverty.  The health care system lacked regulations to protect lesbians from phobic treatment.  There needed to be training and awareness raising for health professionals to provide care, free of stigma and phobia. 

    Benin

    Organizations speaking on Benin said women were economically and sexually exploited in Benin as part of human trafficking.  Legislation on this was vague.  Benin was a country of origin, transit and destination of women and children for human trafficking.  It was recommended that the definition of procuring be outlined in the Criminal Code. 

    In Benin, lesbian, gay, bisexual, intersex, queer and transgender people underwent verbal, physical and sexual attacks. Discrimination undergone by these women worsened their economic positioning.  No specific healthcare programme took these people into account, despite their vulnerability.  Lesbian women were not seen as key members of the population.  Religious beliefs and fear of side effects prohibited access to abortion, despite it being decriminalised in 2020.   It was recommended that Benin set up mobile clinics all over the country to facilitate access to sexual and reproductive services. Safe abortion should be accessible without the need for authorisation from a third party. 

    Sex workers continued to be discriminated against in Benin.  The only existing instruments were oppressive in nature.  The national health development plan excluded the healthcare of sex workers.  Today, some services did not cover the medicine for sexually transmitted diseases for sex workers.   If a sex worker underwent an act of violence, victims were required to submit a medical certificate which came at a cost that was prohibitive for these women. 

    Questions by Committee Experts

    A Committee Expert said since there had been a reshuffle in the cabinet in Japan, what was the status of the Gender Ministry?  Who was heading it?  Was there a COVID-19 response plan that covered gender-based violence?  On Canada, was female genital mutilation still an issue?  What was the gravity of the occurrence of femicide? 

    Another Expert asked if the Japanese organizations had information around restricted access to abortion, including that permission was required from a spouse or partner?  Could information on the lack of sexual reproductive education for young people be provided?

    An Expert asked Cuba what services were available for persons deprived of liberty, which were not available to lesbian, gay, bisexual, transgender and intersex persons?  What were the rules related to internal migration in Cuba? 

    A Committee Expert asked Chile if the benefits of the Judicial Academy, which aimed to avoid bias and victimisation of women, were being reaped? 

    Another Expert asked Benin about the medical forms for victims of gender-based violence; were these free? What had the Government done to make birth registration free?  Was there a law on legal aid?  If so, what crimes or rights violations qualified for legal aid?  Was there a court to handle family disputes? 

    An Expert asked Cuba whether the labour law included issues of sexual harassment?

    Another Expert asked Canada how many recommendations by the Truth and Reconciliation Commission had been met?

    A Committee Expert asked Cuba about the situation of human rights defenders who were women?  In Chile, following the 2017 reform, was abortion still practiced illegally?  Could more information be provided about the extractive and mining industries and their impact on women and communities? 

    An Expert asked Cuba for information around issues pertaining to education? 

    A Committee Expert asked how challenging it was to be a female politician in Benin?

    Statements by the National Human Rights Institution of Chile and the Children’s Rights Ombudsman of Chile

    CONSUELO CONTRERAS LARGO, National Director, National Human Rights Institute of Chile, began by referring to gender-based violence.  According to figures from the National Service for Women and Gender Equity, in the last 10 years, there had been 423 femicides in Chile, with figures per year that fluctuated between 34 and 46 femicides.  In 2024, there were already 29 femicides.  In the last two years, there had been a sharp increase in attempted femicides.  In its 2018 and 2021 Annual Reports, the Institution indicated statistical difficulties in recognising violence that affected women in different contexts, since the State did not disaggregate the information into characterisation variables. Consequently, the treatment of violence against women was addressed in a uniform manner, which homogenised the situation of discrimination and violence, preventing the design of public policies capable of responding to different needs.  The State should implement disaggregation of data, particularly for rural women, women with disabilities, and other groups. 

    The Programme for the Comprehensive Prevention of Violence against Women had a budget which was 2.38 per cent of the budget of the ministerial portfolio, which was limited considering the magnitude of the task.  For the 2024 budget, the authorities announced a growth of 5.2 per cent, as part of their programmatic redesign.  The institution remained concerned at the main task defined in the programme.  The programme did not involve any kind of follow-up and it was not possible to discern if those who received the training continued to develop prevention activities. The programme also did not have a territorial focus without taking into account the different realities of women. It was concerning that the courts did not recognise the identity of trans-women in their sentences, according to current gender identity law. 

    The regulatory framework for violence against women had been bolstered.  On 4 March 2020, law no. 21,212 came into force, which redefined and expanded the concept of femicide in Chile.  On 9 May 2023, law 21,565 was published, which established a regime of protection and comprehensive reparation in favour of victims of femicide and their families; and on 14 June, law 21,675 came into force, which established measures to prevent, punish and eradicate violence against women, based on their gender.  There were other legal bodies that had been approved and had entered into force in the country.  Draft bills were moving slowly through the legislature.   Discussions were underway on the bill to reform conjugal partnership and the bill to combat discrimination.  In 2019, a bill was presented that sought to establish the mandatory nature of comprehensive sex education in schools.  This draft was rejected in October 2020 and archived, with no plans for it to be brough back into legislation. 

    As of August 2024, the National Human Rights Institution had registered 19 complaints for human trafficking. During a visit to border regions, the Institute was able to verify the low number of resources of the police units destined to combat trafficking in persons.  The Institute had established the duty of the executive branch to develop and implement a public policy to combat trafficking in persons.  It should also continuously and systematically monitor and evaluate the implementation of new legislation through data collection and analysis and research on internal and cross-border trafficking. 

    ANUAR QUESILLE VERA, Children’s Rights Ombudsperson of Chile, underscored that sexual violence against children and adolescents continued to be one of the most urgent and complex challenges facing the country.  Despite efforts and progress in other areas, the data showed that girls and adolescents continued to be the main victims of this problem.  Between January and June 2024, the Public Prosecutor’s Office of Chile reported a total of 25,352 victims entered into its registries for sexual crimes, of which 59.40 per cent were females under 18.  The State addressed sexual exploitation in a disconnected way, with gaps in areas of prevention, criminal prosecution, punishment and reparation for victims.  It was alarming that, despite the growing incidence of this phenomenon, the State had not prioritised this problem in a systemic manner, which reflected in the limitations faced by the different services and institutions.

    The fate of children in the care of the State was concerning.  There were also new challenges in relation to the security of digital environments. Online platforms and digital spaces had become fertile grounds for the perpetration of sexual violence and abuse. Comprehensive regulation that protected children and adolescents in these spaces was essential.  In view of these challenges, since the beginning of 2024, the Children’s Ombudsman’s Office had urged the Government to adhere to the Council of Europe’s Lanzarote Convention, which was seen as a key tool to protect children and adolescents against sexual exploitation and abuse. Unfortunately, no significant progress had been reported in this regard. 

    In terms of sexual and reproductive rights, the limited perspective on the progressive autonomy, ownership of rights, and agency of girls and adolescents continued to affect their access to the benefits of the law on abortion.    Adolescents were mostly seeking abortion due to being raped.  The Committee was called on to prioritise legislative strengthening and intersectoral coordination of State institutions, with a focus on increasing resources and adequate training to respond effectively to the challenges posed.

    Questions by Committee Experts

    A Committee Expert asked if the Ombudsperson had any specific information on early marriage, which continued to be a problem?

    Another Expert asked if light could be shed on the issue of comprehensive sexual education in Chile? What were the obstacles?  What should the Committee look at to allow adolescents to access this information? 

    An Expert asked if there were any statistics on how many women who had suffered rape in Chile had then resorted to abortion, and how often was this denied? 

    A Committee Expert asked about the pension gap in Chile? 

    Another Committee Expert asked about the anti-discrimination bill which was presented to amend the Constitution in regard to multiple discrimination?  What were the social and political drivers which did not allow this bill to pass? 

    An Expert asked about global supply chains which were growing in importance in Chile, which was exporting agricultural products to neighbouring countries.  Had any gender-based violence been identified in the supply chains? 

    Responses by the National Human Rights Institution of Chile and the Children’s Rights Ombudsman of Chile

    In response, JUAN ENRIQUE PI, International Adviser, said the Anti-Discrimination Act did not reform the Constitution; the Constitution of 1980 still prevailed.  There seemed to be no movement to further prohibit discrimination. In 2020, there had been an attempt to bring about an act on comprehensive education, to prevent sexual violence against girls and boys.  However, this bill was rejected by a majority and had been shelved.  There was currently no bill in Chile to address sex education in schools.  There was no initiative under discussion. 

    ANUAR QUESILLE VERA, Children’s Rights Ombudsperson of Chile, said Chile had raised the age of marriage to 18.  However, one of the key problems being faced by the country had to do with informal unions in rural areas.  It was difficult to obtain figures on these. 

    JAVIERA SCHWEITZER GONZÁLEZ, International Affairs Coordinator, said when it came to the law on abortion, there was an information gap.  Almost 99 per cent of cases of young girls and adolescents undergoing abortion did have some support.  When it came to conscientious objection, this was of particular concern.  There was no protocol providing for a lack of equipment and there were no available teams. Civil society said the law enforced did not cover training and guidelines and the rights which should protect medical teams.  Furthermore, in the case of rape, few people went to health centres because of revictimisation.  Some headway had been made in comprehensive sex education, however, there were restrictions in terms of its effective implementation.  There had been a drop in the number of teenage pregnancies, but this was due to a use of contraceptives and not comprehensive sexual education. Teenagers had also identified a gap in comprehensive sexual education. 

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CEDAW24.027E

    MIL OSI United Nations News –

    January 23, 2025
  • MIL-Evening Report: Lessons for the next pandemic: where did Australia go right and wrong in responding to COVID?

    Source: The Conversation (Au and NZ) – By Adrian Esterman, Professor of Biostatistics and Epidemiology, University of South Australia

    Igor Corovic/Shutterstock

    With COVID still classified as an ongoing pandemic, it’s difficult to contemplate the next one. But we need to be prepared. We’ve seen several pandemics in recent decades and it’s fair to expect we’ll see more.

    For the final part in a series of articles on the next pandemic, we’ve asked a range of experts what Australia got right and wrong it its response to COVID. Here they share their thoughts on the country’s COVID response – and what we can learn for the next pandemic.


    Quarantine

    The federal government mandated 14 days of quarantine for all international arrivals between March 2020 and November 2021. During that period, 452,550 people passed through the system.

    The states and Northern Territory were given just 48 hours to set up their quarantine systems. The states chose hotel quarantine, while the Northern Territory repurposed an old miner’s camp, Howard Springs, which had individual cabins with outdoor verandas. The ACT had very few international arrivals, while Tasmania only had hotel quarantine for domestic travellers.

    During the first 15 months of the program, at least 22 breaches occurred in five states (New South Wales, Victoria, Queensland, Western Australia and South Australia). An inquiry into Victoria’s hotel quarantine found the lack of warning and planning to set up the complex system resulted in breaches that caused Victoria’s second COVID wave of 2020, leading to almost 800 deaths. A breach at Sydney airport led to the introduction of the Delta variant into Australia.

    In the next pandemic, mistakes from COVID need to be avoided. They included failure to protect hotel residents and staff from airborne transmission through ventilation and mask usage. Protocols need to be consistent across the country, such as the type of security staff used, N95 masks for staff and testing frequency.

    These protocols need to be included in a national pandemic preparedness plan, which is frequently reviewed and tested through simulations. This did not occur with the pre-COVID preparedness plan.

    Dedicated quarantine centres like Howard Springs already exist in Victoria and Queensland. Ideally, they should be constructed in every jurisdiction.

    Michael Toole


    Treatments

    Scientists had to move quickly after COVID was discovered to find effective treatments.

    Many COVID treatments involved repurposing existing drugs designed for other viruses. For example, the HIV drug ritonavir is a key element of the antiviral Paxlovid, while remdesivir was originally developed to treat hepatitis C.

    At the outset of the pandemic, there was a lot of uncertainty about COVID treatment among Australian health professionals. To keep up with the rapidly developing science, the National Clinical Evidence Taskforce was established in March 2020. We were involved in its COVID response with more than 250 clinicians, consumers and researchers.

    Unusually for evidence-based guidelines, which are often updated only every five years or so, the taskforce’s guidelines were designed to be “living” – updated as new research became available. In April 2020 we released the first guidelines for care of people with COVID, and over the next three years these were updated more than 100 times.

    While health-care professionals always had access to up-to-date guidance on COVID treatments, this same information was not as accessible for the public. This may partly explain why many people turned to unproven treatments. The taskforce’s benefits could have been increased with funding to help the community understand COVID treatments.

    COVID drugs faced other obstacles too. For example, changes to the virus itself meant some treatments became less effective as new variants emerged. Meanwhile, provision of antiviral treatments has not been equitable across the country.

    COVID drugs have had important, though not game-changing, impacts. Ultimately, effective vaccines played a much greater role in shifting the course of the pandemic. But we might not be so fortunate next time.

    In any future pandemic it will be crucial to have a clear pathway for rapid, reliable methods to develop and evaluate new treatments, disseminate that research to clinicians, policymakers and the public, and ensure all Australians can access the treatments they need.

    Steven McGloughlin and Tari Turner, Monash University


    Vaccine rollout

    COVID vaccines were developed in record time, but rolling them out quickly and seamlessly proved to be a challenge. In Australia, there were several missteps along the way.

    First, there was poor preparation and execution. Detailed planning was not finalised until after the rollout had begun.

    Then the federal government had overly ambitious targets. For example, the goal of vaccinating four million people by the end of March 2021 fell drastically short, with less than one-fifth of that number actually vaccinated by that time.

    There were also supply issues, with the European Union blocking some deliveries to Australia.

    Unfortunately, the government was heavily reliant on the AstraZeneca vaccine, which was found, in rare cases, to lead to blood clots in younger people.

    Despite all this, Australia ultimately achieved high vaccination rates. By the end of December 2021, more than 94% of the population aged 16 and over had received at least one dose.

    This was a significant public health achievement and saved thousands of lives.

    But over the past couple of years, Australia’s initially strong vaccine uptake has been waning.

    The Australian Technical Advisory Group on Immunisation recommends booster doses for vulnerable groups annually or twice annually. However, only 30% of people aged 75 and over (for whom a booster is recommended every six months) have had a booster dose in the past six months.

    There are several lessons to be learned from the COVID vaccine rollout for any future pandemic, though it’s not entirely clear whether they are being heeded.

    For example, several manufacturers have developed updated COVID vaccines based on the JN.1 subvariant. But reports indicate the government will only be purchasing the Pfizer JN.1 booster. This doesn’t seem like the best approach to shore up vaccine supply.

    Adrian Esterman, University of South Australia


    Mode of transmission

    Nearly five years since SARS-CoV-2 (the virus that causes COVID) first emerged, we now know airborne transmission plays a far greater role than we originally thought.

    In contrast, the risk of SARS-CoV-2 being transmitted via surfaces is likely to be low, and perhaps effectively non-existent in many situations.

    Early in the pandemic, the role contaminated surfaces and inanimate objects played in COVID transmission was overestimated. The main reason we got this wrong, at least initially, was that in the absence of any direct experience with SARS-CoV-2, we extrapolated what we believed to be true for other respiratory viruses. This was understandable, but it proved to be inadequate for predicting how SARS-CoV-2 would behave.

    One of the main consequences of overestimating the role of surface transmission was that it resulted in a lot of unnecessary anxiety and the adoption of what can only be viewed in retrospect as over-the-top cleaning practices. Remember the teams of people who walked the streets wiping down traffic light poles? How about the concern over reusable coffee cups?

    Considerable resources that could have been better invested elsewhere were directed towards disinfecting surfaces. This also potentially distracted our focus from other preventive measures that were likely to have been more effective, such as wearing masks.

    We now understand COVID spreads predominantly through the air.
    Kate Trifo/Pexels

    The focus on surface transmission was amplified by a number of studies published early in the pandemic that documented the survival of SARS-CoV-2 for long periods on surfaces. However, these were conducted in the lab with little similarity to real-world conditions. In particular, the amounts of virus placed on surfaces were greater than what people would likely encounter outside the lab. This inflated viral survival times and therefore the perception of risk.

    The emphasis on surface transmission early in the pandemic ultimately proved to be a miscalculation. It highlights the challenges in understanding how a new virus spreads.

    Hassan Vally, Deakin University


    National unity

    Initially, Commonwealth, state and territory leaders were relatively united in their response to the COVID pandemic. The establishment of the National Cabinet in March 2020 indicated a commitment to consensus-based public health policy. Meanwhile, different jurisdictions came together to deliver a range of measures aimed at supporting businesses and workers affected by COVID restrictions.

    But as the pandemic continued, tensions gave way to deeper ideological fractures between jurisdictions and individuals. The issues of vaccine mandates, border closures and lockdowns all created fragmentation between governments, and among experts.

    The blame game began between and within jurisdictions. For example, the politicisation of quarantine regulations on cruise ships revealed disunity. School closures, on which the Commonwealth and state and territory governments took different positions, also generated controversy.

    These and other instances of polarisation undermined the intent of the newly established National Cabinet.

    The COVID pandemic showed us that disunity across the country threatens the collective work needed for an effective response in the face of emergencies.

    The COVID response inquiry, due to release its results soon, will hopefully help us work toward national uniform legislation that may benefit Australia in the event of any future pandemics.

    This doesn’t necessarily mean identical legislation across the country – this won’t always be appropriate. But a cohesive, long-term approach is crucial to ensure the best outcomes for the Australian federation in its entirety.

    Guzyal Hill and Kim M Caudwell, Charles Darwin University


    This article is part of a series on the next pandemic.

    Adrian Esterman receives funding from the NHMRC, MRFF and ARC.

    Michael Toole receives funding from the National Health and Medical Research Council.

    Steven McGloughlin works with the Australian Living Evidence Collaboration and is a consultant for the World Health Organisation Health Emergencies Program.

    Tari Turner receives funding from MRFF; NHMRC; the Victorian, WA and Commonwealth governments; and philanthropy.

    Guzyal Hill, Hassan Vally, and Kim M Caudwell 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. Lessons for the next pandemic: where did Australia go right and wrong in responding to COVID? – https://theconversation.com/lessons-for-the-next-pandemic-where-did-australia-go-right-and-wrong-in-responding-to-covid-239819

    MIL OSI Analysis – EveningReport.nz –

    January 23, 2025
  • MIL-Evening Report: The government spent twice what it needed to on economic support during COVID, modelling shows

    Source: The Conversation (Au and NZ) – By Chris Murphy, Visiting Fellow, Economics (modelling), Australian National University

    ChristieCooper/Shutterstock

    The independent inquiry into the government’s COVID response is due to report on October 25.

    As part of its investigation into the government’s economic responses, I briefed it on the findings of my economic modelling, using the sort of model I helped design for the Australian Treasury and consulting firms including Econtech and Independent Economics, specially customised for this study.

    I found that government responses such as JobKeeper and the Jobseeker Supplement were initially successful. They reduced the peak rate of unemployment by two percentage points, or by more if we count workers who are stood down as employed.

    But they lingered too long, ultimately providing $2 of compensation for every $1 of private income lost to COVID.

    Government support was essential

    Some parts of the economy were deeply affected by the COVID shutdowns which began in early 2020, others much less so.

    It is widely accepted that the best response to that (unusual) circumstance is to replace the income those workers and businesses lose. This means, for example, when movie theatres close, the government should replace the incomes of their workers.

    This has two benefits. The first is to allow movie theatre workers to maintain their normal spending, stopping the downturn spreading to unrestricted industries. The second is to ensure movie theatre workers don’t have to bear an unfair share of the cost of measures put in place to protect everyone’s health.

    Around one sixth of the Australian economy was severely restricted by government measures in the early months of COVID.

    This made measures such as JobKeeper, the Boosting Cash Flow for Employers program and the JobSeeker Supplement appropriate.

    Too much support for some, too little for others

    The government spent $144 billion on these three programs, and my modelling finds the total was about right to compensate for the early losses of income.
    But the pattern of compensation was wide of the mark, with a mix of overcompensation and undercompensation.

    JobKeeper was designed to guarantee workers a minimum income rather than compensate them for lost income. This meant typical full-time workers were undercompensated while typical part-time workers were overcompensated.

    For businesses, the compensation for lost profits depended on workers being active, which meant the firms that lost the most because they had suspended their entire operations got no compensation for losing their entire profits even though some of their expenses continued.

    Better programs were put in place in 2021 when the Delta wave of COVID struck. A COVID disaster payment more accurately compensated workers for lost hours, and programs such as NSW JobSaver more accurately targeted lost profits.

    Extra support for the entire economy wasn’t needed

    In principle, well-designed compensation for the parts of the economy that were actually shut down would have been enough to support the rest of the economy, but despite this, the government also announced broader supports aimed at the entire economy.

    Among them were bringing forward the so-called Stage 2 tax cuts and allowing businesses to immediately expense equipment.

    These general stimulus measures almost doubled the size of stimulus from $219 billion to $428 billion. Besides being large and unnecessary, most of the general stimulus was delivered late, after the worst of the pandemic was over.

    How it could have been done better

    I have modelled what could have happened if the government had only spent on the health measures that were clearly warranted and had limited its compensation to income actually lost at the time it was lost.

    This so-called shorter stimulus scenario also includes a more usual response to economic recovery by the Reserve Bank in which it began lifting interest rates one year earlier, in May 2021 instead of May 2022.

    In the shorter stimulus scenario, the Reserve Bank’s cash rate would by now be 2.85% instead of 4.35% because of lower inflation. Equally, in two or three years interest rates are similar in both scenarios once the economy has stabilised.



    Australia’s unemployment rate would be higher than it is now at about 5.1% instead of 4.2% as it glides towards a sustainable equilibrium rather than having been pushed below it.

    This glide path keeps inflation lower by avoiding a boom and bust and results in the same endpoint for unemployment.



    Inflation would have peaked much lower at about 5% instead of about 7%.

    About 1.4% percentage points of the reduction would have been due to better fiscal (spending and taxing) policy and about 0.7 points due to better management of interest rates.



    In addition, the government would have saved about $209 billion in avoidable spending and government debt.

    Nevertheless, even if the government had limited its response to the more targeted measures modelled in the shorter stimulus scenario, inflation would have reached 5% and interest rates and government debt would have still climbed, but by less.

    Hindsight can help

    The government’s responses to COVID were developed quickly at a time when no one knew what was going to happen, which makes some overcompensation understandable.

    But this doesn’t mean we shouldn’t examine what happened in order to work out how it could have been done better.

    Australia will be hit by future pandemics and pandemic-like crises, which means it’s important to learn from our mistakes. Next time the government should concentrate on replacing income where and when it is lost.

    Chris Murphy assisted the COVID-19 Response Inquiry.

    – ref. The government spent twice what it needed to on economic support during COVID, modelling shows – https://theconversation.com/the-government-spent-twice-what-it-needed-to-on-economic-support-during-covid-modelling-shows-240999

    MIL OSI Analysis – EveningReport.nz –

    January 23, 2025
  • MIL-OSI: EBM Avenue LLC: A New Eco-Friendly Approach to DeFi and Crypto Adoption

    Source: GlobeNewswire (MIL-OSI)

    Kingstown, St. Vincent and The Grenadines, Oct. 14, 2024 (GLOBE NEWSWIRE) —  EBM Avenue LLC, a groundbreaking blockchain startup, has officially launched with a steadfast commitment to eco-friendly and sustainable practices within the cryptocurrency industry. As a proud supporter and ally of the United Nations Global Compact (UNGC), EBM Avenue seeks to integrate the principles of sustainability, innovation, and transparency into its operations, setting a new benchmark for responsible business practices in the decentralized finance sector.

    Innovative DeFi Solutions for a Greener Tomorrow

    Rather than engaging in traditional cryptocurrency mining, which is often criticized for its high energy consumption and environmental impact, EBM Avenue is focused on offering decentralized finance (DeFi) solutions. These include crypto discounts, staking rewards, and interest-free crypto loans, all designed to promote financial inclusivity while supporting environmentally conscious practices. By leveraging renewable energy sources and implementing sustainable blockchain technologies, EBM Avenue distinguishes itself from conventional operations, paving the way for a more sustainable future in the crypto space.

    Commitment to Global Sustainability Goals

    EBM Avenue’s dedication to the principles of the United Nations Global Compact (UNGC) and its support for the 17 Sustainable Development Goals (SDGs) reflects its broader focus on ethical business practices. These include commitments to human rights, anti-corruption measures, and fostering global economic inclusion. By aligning its operations with these global priorities, EBM Avenue aims to inspire others in the cryptocurrency space to adopt sustainable models, contributing to a greener and more responsible future for blockchain technology.

    Leadership and Vision

    “With the rising concerns about the environmental impact of cryptocurrency mining, EBM Avenue is dedicated to setting a new standard for sustainability in the industry,” said Chand B. Shaik, CEO of EBM Avenue LLC. “Our goal is to foster the adoption of cryptocurrency in a way that aligns with global environmental priorities, making a positive impact on both finance and the planet.”

    Under the visionary leadership of Chand B. Shaik, EBM Avenue is poised to revolutionize the cryptocurrency industry by demonstrating that financial innovation and environmental responsibility can go hand in hand. The company’s strategic initiatives are designed to not only enhance the value of digital assets but also to ensure that these advancements contribute positively to the global community.

    Building a Community and Expanding Reach

    In addition to its innovative financial solutions, EBM Avenue is committed to building a strong community and expanding its reach through strategic digital engagement. The company has just established their social media presence on platforms like Twitter, where it will be actively engaging with followers and sharing the updates on its initiatives. EBM Avenue has also applied for verified organization status, underscoring its commitment to transparency and credibility from the very start.

    Furthermore, EBM Avenue has also launched a business page on Facebook to foster community interaction and broaden its audience. These platforms serve as vital channels for EBM Avenue to connect with stakeholders, share insights, and promote its mission of sustainable cryptocurrency practices.

    Join the Movement

    EBM Avenue’s journey is just beginning, and the company is eager to welcome partners, investors, and community members who share its vision for a sustainable future. By participating in EBM Avenue’s innovative DeFi solutions, stakeholders can contribute to a movement that prioritizes both financial growth and environmental stewardship.

    For more information about EBM Avenue and its mission, please visit Website: https://ebmavenue.io or stay updated on X: https://x.com/ebmavenuellc or join the conversation on Facebook https://facebook.com/ebmavenuellc and Telegram https://t.me/ebmavenuellc  

    About EBM Avenue LLC

    EBM Avenue LLC is a pioneering web3 startup dedicated to integrating sustainability, innovation, and transparency into the cryptocurrency industry. As a supporter and ally of the United Nations Global Compact, EBM Avenue is committed to promoting eco-friendly practices and supporting the 17 Sustainable Development Goals. Through its decentralized finance solutions, EBM Avenue aims to revolutionize the industry and inspire a more responsible approach to digital finance.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining can involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

    January 23, 2025
  • MIL-OSI: UXLINK Governance Tokens Secure Listings on Major Exchanges, Cementing Its Position as a Leading Web3 Asset

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 14, 2024 (GLOBE NEWSWIRE) — UXLINK is pleased to announce that its governance tokens are now listed on top-tier exchanges, including OKX, BYBIT, and UPBIT, with a current daily trading volume exceeding $200 million. These listings are a critical step in enhancing liquidity, visibility, and accessibility for the UXLINK community.

    “Being listed on these renowned exchanges is a testament to UXLINK’s credibility and the growing confidence of the broader Web3 market in our platform,” said Sean, Founder, at UXLINK. “Our focus on legitimacy, compliance, and transparency sets us apart from many projects whose momentum wanes post-ICO. UXLINK, however, has consistently strengthened its market cap and business operations, reaching new heights.”

    A High-Standard, Trusted Asset

    The compliance and transparency of UXLINK’s business model have made it a preferred choice for compliant exchanges and institutional investors. Unlike many projects that peak during their ICO phase, UXLINK has managed to sustain growth and attract continuous community support, reinforcing its reputation as a reliable and robust investment option.

    With this achievement, UXLINK governance tokens will now be more accessible to a broader audience, empowering more users and investors to participate in the platform’s growth.

    For trading details and to learn more about UXLINK’s governance tokens, visit http://www.uxlink.io.

    About UXLINK:

    UXLINK is the world’s largest Web3 social platform and infrastructure provider, connecting a wide array of ecosystem partners and users through a seamless and interactive digital experience. By leveraging blockchain technology, UXLINK aims to redefine social networking, ensuring a secure, transparent, and rewarding environment for its global community.

    Contact Details:

    UXLINK: https://www.uxlink.io/
    Twitter: https://twitter.com/UXLINKofficial
    Telegram: https://t.me/uxlinkofficial, https://t.me/uxlinkofficial2
    CMC: https://coinmarketcap.com/currencies/uxlink/  

    Contact Information:

    UXLINK
    admin@uxlink.io

    Media Contact:

    Rachita Chettri
    MediaX Agency
    contact@mediax.agency

    Disclaimer: This content is provided by “UXLINK”. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3869cae3-6525-488c-ad2e-c0d2d8202857

    The MIL Network –

    January 23, 2025
  • MIL-OSI Asia-Pac: Union Minister Nitin Gadkari Addresses 12th CII Bioenergy Summit in Delhi

    Source: Government of India

    Union Minister Nitin Gadkari Addresses 12th CII Bioenergy Summit in Delhi

    Sh. Gadkari Highlights Ethanol Advancements: Ethanol Blending Reaches 15% in 2024

    Union Minister Sh. Gadkari Urges Swift Action to Reduce ₹22 Lakh Crore Fossil Fuel Import Cost

    Biofuel is key to India’s energy self-reliance, boosting the agricultural economy, and ensuring prosperity for our farmers: Sh. Nitin Gadkari

    Posted On: 14 OCT 2024 6:33PM by PIB Delhi

    Union Minister for Road Transport and Highways Shri Nitin Gadkari, today reaffirmed the government’s commitment to advancing ethanol blending and biofuel initiatives at the 12th CII Bioenergy Summit 2024, themed “Fuelling the Future – Securing India’s Green Growth Goals”. The event took place in New Delhi.

    Highlighting the success of ethanol blending in India, Shri Gadkari noted that ethanol blending in petrol has surged from 1.53% in 2014 to 15% in 2024, with a target to reach 20% by 2025. Research is underway to explore blending 15% ethanol in diesel as well, as part of the government’s strategy to reduce fossil fuel dependency.

    Speaking on the occasion, Union Minister emphasized the creation of an ethanol ecosystem, which includes the establishment of 400 ethanol pumps by Indian Oil Corporation in four states—Karnataka, Tamil Nadu, Uttar Pradesh, and Maharashtra. Discussions with leading automakers ongoing, with plans to launch flex-engine cars that run on ethanol. Similarly prominent manufacturers of two-wheelers are preparing to launch ethanol-powered bikes once the infrastructure is ready, he added.

    “We are fast-tracking efforts to increase ethanol production and distribution in these four key states,” said Shri Gadkari. He further added that these initiatives align with India’s broader biofuel goals, positioning the country as a leader in sustainable energy solutions.

    Shri Gadkari also discussed the importance of leveraging waste-to-energy technologies, especially in the production of bio-CNG from rice straw, which has proven viable across 475 projects, with over 40 already operational in states like Punjab, Haryana, Western Uttar Pradesh, and Karnataka. The conversion ratio of rice straw to CNG stands at approximately 5:1 in tonnes. Union Minister called for further research into efficient biomass sources and cost-effective transportation of biomass.

    Addressing the environmental challenge of stubble burning in Punjab and Haryana, Shri Gadkari praised Indian Oil’s Panipat plant, which is converting agricultural waste (parali) into biomass. “At present, we are able to process one-fifth of the parali, but with proper planning, we can significantly reduce the seasonal air pollution caused by stubble burning,” he said.

    Research by the Central Road Research Institute (CRRI) on bio-bitumen production also promises to reduce India’s dependence on imported bitumen, further contributing to the country’s green growth agenda.

    Shri Nitin Gadkari stressed the urgency of reducing India’s annual fossil fuel import worth ₹22 lakh crore, particularly amidst global geopolitical uncertainties. “Biofuel is key to India’s energy self-reliance, boosting the agricultural economy, and ensuring prosperity for our farmers,” he said.

    He concluded by emphasizing the transformative potential of the biofuel sector in expanding the role of farmers from “Annadata” (food-giver) to “Urjadata” (energy-giver), “Indhandata” (fuel-giver), and ultimately, “Hydrogen-Data” (Hydrogen-giver). The Minister congratulated CII on organising the summit.

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    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: Minister Scindia Inaugurates Global Standards Symposium (GSS) 2024: sets the stage for the World Telecommunication Standardization Assembly (WTSA) 2024

    Source: Government of India

    Minister Scindia Inaugurates Global Standards Symposium (GSS) 2024: sets the stage for the World Telecommunication Standardization Assembly (WTSA) 2024

    ‘We must ensure innovation thrives not in isolation, but in harmony’: Jyotiraditya M. Scindia, Union Minister of Communications

    ‘GSS will explore how standards can help to expand digital inclusion and foster trust in the digital economy’: Doreen Bogdan-Martin, Secretary-General of the ITU

    Posted On: 14 OCT 2024 6:48PM by PIB Delhi

    The Fifth Global Standards Symposium (GSS-24) was inaugurated by Mr. Jyotiraditya M. Scindia, Minister of Communications and Development of North Eastern Region, at the Bharat Mandapam, New Delhi this morning, marking a historic event for the Asia-Pacific region. This landmark symposium, organized by the International Telecommunication Union (ITU), brought together about 1500 leading policymakers and experts including global ministers from across the globe to discuss the future of digital transformation and the critical role of international standards in enabling the next wave of emerging technologies. GSS 24 is sets the agenda for the WTSA 2024, which is being hosted for the first time in India and a first for all of the Asia-Pacific.

    Speaking at the inaugural session, Union Minister Jyotiraditya M. Scindia, said, “innovation with thrive not in isolation but in harmony.” The Union Minister also spoke about India’s success with new technology as it rolled out 5G across 36 states and union territories within a span of just 22 months, covering 98 percent of all the districts and its Global Stack – Unified Payment Interface, Aadhar card system and the Digi Locker which stores about 6.75 billion documents serving 300 million users. The roll out of 5G is expected to inject 450 billion dollars into the economy by 2040, minister added.

     

    Emphasising India’s role as a global hub for telecommunications and digital innovation, Mr Scindia said, “This historic gathering signifies a pivotal moment for India. We will be driving the future of global standards, ensuring connectivity for all and showcasing our tech prowess”.

    On the subject of challenges posed by new age-technologies, the Minister emphasised, ‘’For AI to serve as a force for good, we must address concerns related to privacy, bias, and transparency. Its deployment must be guided by ethical considerations and robust regulatory frameworks’’.

    The inaugural session was attended by Mr. Jyotiraditya M. Scindia, Minister of Communications and Development of North Eastern Region, India, Ms. Doreen Bogdan-Martin, Secretary -General ITU, Mr. Seizo Onoe, Director, Telecommunication Standardisation Bureau, ITU, Dr. Neeraj Mittal, Secretary, Department of Telecommunications, India.

    Dr. Raj Kumar Upadhyay, CEO and Chairman Project Board at Centre for Development of Telematics chaired the GSS-24.

    Doreen Bogdan-Martin, Secretary-General of the ITU emphasized the critical role of standards in the current global context, “At the highest levels of global governance, standards are top of mind. They are more than mere technical specifications; they foster interoperability, promise innovation, and crucially, can serve as safeguards, ensuring that technology, including artificial intelligence, is developed and deployed responsibly.”

    Dr Neeraj Mittal, Secretary of the Department of Telecommunications (DoT), India, highlighted the symposium’s significance in shaping the future of telecommunications. Stating that “the work we do here will decide the future of telecom”, Dr Mittal emphasized India’s commitment to leading the standardization path forward, focusing on “interoperability, scalability, and security”.

    Dr Rajkumar Upadhyay, CEO of the Centre for Development of Telematics (C-DOT), chaired the event and delivered address on the future of digital transformation. He emphasized the critical role of today’s discussions in shaping tomorrow’s technological landscape, stating, “What we make today will define how AI serves our humanity. Our discussions are more than just conversations; they are building blocks of our shared digital future.”

    ITU-GSS will set the stage for the World Telecommunication Standardization Assembly (WTSA), taking place from 15 to 24 October 2024 in New Delhi, India. This event, organized by the International Telecommunication Union (ITU) and hosted by Department of Telecommunication (DoT) will be held for the first time in India and the Asia-Pacific.

    <><><>

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    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: RE sector set to dominate Indian power industry in the coming years: MNRE Secretary Shri Prashant Kumar Singh

    Source: Government of India

    Posted On: 14 OCT 2024 8:30PM by PIB Delhi

    The renewable energy sector is set to dominate the Indian power industry in the coming years, stated Shri Prashant Kumar Singh, Secretary of the Ministry of New and Renewable Energy. He was speaking at the Brainstorming Conclave organized by the Central Electricity Authority on the Indian Power Sector Scenario by 2047 in New Delhi. He mentioned that RE capacity, which was 76 GW in 2014, is now almost 210 GW, and achieving 500 GW by 2030 is within reach.

    Shri Prashant Kumar Singh highlighted that a major part of this growth in RE will come from the solar sector. Solar capacity has surged from a mere 2.6 GW in 2014 to an impressive 91 GW today, with projections indicating it could reach close to 300 GW by 2030. Initiatives such as PM Surya Ghar and PM KUSUM are driving this demand, complemented by rapid advancements in manufacturing capabilities. Solar power module manufacturing, which stood at 2 GW in 2014, has surged to 60 GW and is expected to surpass 100 GW by 2030.

    He also highlighted the excellent growth of the solar cell manufacturing sector from 1 GW in 2014 to an estimated 8-10 GW today. By the end of March 2025, it is projected to reach 20 GW, with a target of over 70 GW by 2030. Between 2014 and 2023, investments in the RE sector have totalled ₹8.5 lakh crore. At the recent ReInvest event of MNRE, financial institutions, including public sector banks, pledged ₹25 lakh crore in support of RE projects through 2030.

    Secretary Shri P.K. Singh also emphasized the importance of initiatives such as the Production-Linked Incentive (PLI) scheme and the Green Hydrogen Mission in the RE sector. He urged the industry to collaborate on advancing the Green Hydrogen sector in the country. India has set a target of 7.7 metric tonnes of green hydrogen by 2030, alongside establishing 15 GW of electrolyser capacity. Shri Singh also noted advancements in research and development, highlighting the National Physical Laboratory’s development of a reference solar cell—a significant milestone for the sector.

    The Brainstorming Conclave by the Central Electricity Authority on the Indian Power Sector Scenario by 2047 was inaugurated today by Union Minister of Power Shri Manohar Lal Khattar in New Delhi. Union Minister of State for Power & New and Renewable Energy Shri Shripad Y. Naik also addressed the event. The conclave involves policymakers, government leaders, ministers, senior officials from Central and State Governments, industry experts, distinguished guests, and other stakeholders. The event aims to provide a unique platform for knowledge exchange, networking, and collaboration towards a sustainable and resilient power sector.

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    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: Audiovisual Co-production Agreement between India and Colombia; To Boost Co-Production and Strengthen Cultural Ties

    Source: Government of India (2)

    Audiovisual Co-production Agreement between India and Colombia; To Boost Co-Production and Strengthen Cultural Ties

    Colombia becomes the 17th country to sign such agreement with India

    Posted On: 14 OCT 2024 8:33PM by PIB Delhi

    The Audiovisual Co-production Agreement between India and Colombia will be signed on 15.10.2024 at 4PM at the National Media Centre, New Delhi. 

    The signatories representing India and Colombia will be Dr. L. Murugan, Hon’ble Minister of State for Information & Broadcasting and His Excellency Mr. Jorge Enrique Rojas Rodriguez, Vice Minister of Foreign Affairs of the Republic of Colombia respectively.

    About the agreement

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

    Currently, India has co-production treaties with 16 countries, resulting in 29 projects over the last five years. Colombia is the 17th country with which India is signing a Co-Production Agreement.

    ****

    Dharmendra Tewari/Kshitij Singha

    (Release ID: 2064830) Visitor Counter : 141

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Europe: Rwanda: EIB Global Backs Akagera Vaccine Development

    Source: European Investment Bank

    EIB

    • €2 million support unlocks early-stage development of vaccine manufacturing.
    • Investment to accelerate development of vaccines against tuberculosis, HIV, Ebola and other diseases

    Early-stage vaccine development in Rwanda by Akagera Medicines Africa Limited will be supported by €2 million financing from the European Investment Bank (EIB Global). The new backing will accelerate research and development as well as manufacturing of new vaccines to treat infectious diseases including tuberculosis, HIV, Lassa fever, and Ebola.

    The new financing will also be used to strengthen technical skills and expertise of Rwanda based teams to support home-grown discovery, manufacturing, and development of vaccine delivery systems within Rwanda.

    The latest health financing from the EIB Global is part of the wider EU Global Gateway initiative for Africa and is designed to unlock crucial investment to improve access to public healthcare. EIB Global supports high impact investment to enhance healthcare and pharmaceutical manufacturing across Africa, strengthen health resilience on the continent, and support equitable access to healthcare in Africa.

    Africa bears the highest disease burden globally and more home-grown or continent based solutions need to be supported. Vaccination is a critical activity to ensure and guide investments in universal health and has a crucial role to play in achieving 14 of the 17 United Nations Sustainable Development Goals.

    Akagera Medicines, Africa was established in Rwanda in July 2022 to develop the pharmaceutical sector in Rwanda and elsewhere in Africa. The company is majority-owned by the Republic of Rwanda through the Rwanda Social Security Board (RSSB).

    Speaking at the World Health Summit in Berlin, Germany, where the financing announcement was made, Michael Fairbanks, Chief Executive Officer of Akagera Medicines said: “We are a public private partnership and enjoy the support of Coalition for Epidemic Preparedness Innovations (CEPI) in Norway, the Gates Foundation, and the National Institute of Health in Washington. With the significant support of the European Investment Bank, we are now a clinical company and moving faster to build human capacity and specialized infrastructure in Africa to support vaccine development. “

    RSSB CEO, Regis Rugemanshuro said: “European Investment Bank’s financial support to Akagera Medicines represents an important contribution to the realization of Rwanda’s vision to become a biotech hub, and to the vision of Africa becoming self-reliant in vaccine and medicine manufacturing. RSSB is looking forward to deepening partnerships with EIB and other international institutions to build resilient healthcare ecosystems in Rwanda and in Africa.”

    EIB Vice President, Thomas Ostros said: “The partnership with Akagera demonstrates the European Investment Bank’s close cooperation with public and private partners to accelerate development of innovative solutions for combating deadly diseases and scaling up healthcare financing and delivery. The EIB is committed to further strengthening our partnership with local and international players, to scale up investment and support innovative technology together.”

    EU Ambassador to Rwanda Belen Calvo Uyarra, said: “Through Global Gateway, the EU is focused on advancing equitable access to health products and local manufacturing in Africa. This investment by EIB with Akagera Medicines marks another important milestone on this journey.”

    The financing to Akagera complements other EU initiatives in Rwanda and the region under the Global Gateway Flagship – Manufacturing and Access to Vaccines, Medicines and Health Technologies (MAV+), which focus mainly on supporting the necessary ecosystem for vaccine manufacturing.

    This is supported by the EU-Africa Infrastructure Trust Fund (EU-AITF), established to increase investment in infrastructure in Sub-Saharan Africa dedicated to projects in Africa with the aim of reducing poverty and fostering economic growth in the region.

    Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices around the world.

    About Akagera:

    Akagera Medicines develops novel liposomal formulations of drugs to treat tuberculosis, RSV, influenza, avian flu, and HIV. The clinical stage company was founded in 2018 in Kigali, Rwanda. It is well-funded, majority-owned by the people of Rwanda through the Rwanda Social Security Board (RSSB), registered as a Delaware corporation, and has laboratories in Boston and San Francisco. Akagera registered a 100%-owned subsidiary in Kigali in 2022 to do manufacturing and clinical trials. Founding board members include Ambassador Dr. Albrecht Conze, Dr. Paul Farmer, and Dr. Donald Kaberuka. Dr. Daryl Drummond and Dr. Dimitri Kirpotin are cofounders who translate their successful delivery system from oncology to infectious diseases.

    EIB Global Backs Akagera Vaccine Development in Rwanda
    EIB Global Backs Akagera Vaccine Development in Rwanda
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    EIB Global Backs Akagera Vaccine Development in Rwanda
    EIB Global Backs Akagera Vaccine Development in Rwanda
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    EIB Global Backs Akagera Vaccine Development in Rwanda
    EIB Global Backs Akagera Vaccine Development in Rwanda
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    EIB Global Backs Akagera Vaccine Development in Rwanda
    EIB Global Backs Akagera Vaccine Development in Rwanda
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    MIL OSI Europe News –

    January 23, 2025
  • MIL-OSI Europe: Press release – Ukraine: Trade Committee endorses financial support backed by Russian assets

    Source: European Parliament

    MEPs in the Trade Committee voted on Monday to support a loan of up to €35 billion to Ukraine as the EU’s contribution to the G7’s support initiative.

    The Trade Committee voted by 31 in favour, 4 against and no abstentions on the Commission proposal to support Ukraine with an exceptional Macro-Financial Assistance (MFA) loan of up to €35 billion. This is the EU’s contribution under the G7’s initiative to support Ukraine with up to $50 billion (approximately €45 billion) to address Ukraine’s urgent financing needs in the face of Russia’s brutal war of aggression.

    The repayment of this exceptional MFA loan and of the loans from other G7 countries will come from the extraordinary revenues made from immobilised Russian Central Bank assets, and enabled by the Ukraine Loan Cooperation Mechanism, newly established under the Commission’s proposal.

    The future revenues from frozen Russian assets, as well as possible contributions from EU member states and other countries, are set to be made available to Ukraine through the mechanism in order to assist the country in repaying the exceptional MFA loan, as well as loans from other G7 partners considered as eligible by the Commission. These funds will only be used for servicing and repaying eligible loans and the MFA loan.

    The new MFA loan is undesignated, allowing Ukraine to allocate the funds as it deems appropriate. The management and control systems outlined in the Ukraine Plan, along with specific measures to prevent fraud and other irregularities, will also apply to the MFA loan. The new MFA funds will be made available by the end of 2024, and disbursed until the end of 2025. The MFA loan is conditional upon Ukraine’s continued commitment to uphold effective democratic mechanisms, respect human rights, and further policy conditions to be set out in a memorandum of understanding.

    Quote

    ”Using profits from immobilised Russian assets sends a clear signal that the burden of rebuilding Ukraine must be shouldered by those responsible for its destruction, namely Russia. The new macro-financial assistance and loan cooperation mechanism supports Ukraine to maintain important basic functions in society. Making Russia pay is an important step. Ukraine is not only fighting for its own existence and freedom, but also ours. This proposal underscores the EU’s unwavering commitment to Ukraine’s sovereignty and economic resilience,” rapporteur Karin Karlsbro (Renew, SE) said.

    Next steps

    Parliament is expected to vote on the proposal during its 21-24 October session. The Council endorsed the proposal last week, and it plans to adopt the regulation by written procedure after Parliament’s vote. The regulation is expected to enter into force on the day after its publication in the Official Journal of the EU.

    Background

    In September, the Commission announced a €35 billion EU loan for Ukraine as part of a plan by G7 partners to issue loans of up to $50 billion (€45 billion). Future revenues coming from the frozen Russian state assets would finance the loans. Approximately 210 billion euros assets from the Central Bank of Russia are held in the EU and have been frozen under sanctions imposed over Moscow’s invasion of Ukraine in February 2022. EU governments decided to set aside the extraordinary revenues from these assets, and use them to support both military efforts and reconstruction in Ukraine. Setting up the Ukraine Loan Cooperation Mechanism underlines the EU’s continued support to Ukraine.

    MIL OSI Europe News –

    January 23, 2025
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