1. EU law requires Member States to ensure proper waste management, including to prepare for reuse or recycle at least 65%[1] and not landfill more than 10%[2] of their municipal waste by 2035. Incineration with energy recovery can provide appropriate treatment of non-recyclable residual waste[3] by extracting energy and valuable materials, diverting it from landfilling or illegal dumping, and reducing greenhouse gas emissions and other pollution. To align waste infrastructure with the recycling targets, overcapacity in residual waste treatment should be avoided. No information indicates that this incinerator would contribute to incineration overcapacity or cause significant damage to the EU’s environmental objectives.
2. Decisions on the type and location of waste treatment plants are in the competence of the Member States and are part of their waste management plans to implement EU waste legislation, ensuring a high level of environmental protection and the application of the principles of the waste hierarchy, proximity, self-sufficiency and polluter-pays. Without prejudice to the Commission’s role as guardian of the Treaties, Member States are primarily responsible to ensure compliance with EU law, including as regards assessing possible environmental impacts of projects and verifying individual cases of potential breaches of the rules.
3. The waste hierarchy lays down a priority order favoring waste prevention and preparing for re-use, followed by recycling, and only then recovery, including energy recovery, while the least preferred option is disposal, such as incineration without energy recovery and landfilling of waste[4]. The Commission considers that the place of energy recovery in the waste hierarchy is still valid.
[1] Directive 2008/98/EC of the European Parliament and of the Council of 19 November 2008 on waste and repealing certain Directives, OJ L 312, 22.11.2008, p. 3-30, as amended by Directive (EU) 2018/851 of the European Parliament and of the Council of 30 May, OJ L 150, 14.6.2018, p. 109-140.
[2] Council Directive 1999/31/EC of 26 April 1999 on the landfill of waste, OJ L 182, 16.7.1999, p. 1-19, amended by Directive (EU) 2018/850 of the European Parliament and of the Council of 30 May 2018, OJ L 150, 14.6.2018, p. 100-108.
[3] Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions ‘The role of waste-to-energy in the circular economy’, COM(2017) 34 final.
The political guidelines[1] of the President of the Commission announced the development of a water resilience strategy to ensure water resources are properly managed, water scarcity addressed and the competitive innovative edge of the water industry enhanced by a circular economy approach.
The aim, inter alia, is to better support Member States in strengthening their water security, as water is increasingly under stress from uses and climate change.
It will build on ongoing efforts to tackle water scarcity and droughts and enhance drought management, taking into account the impacts of climate change[2], including through a working group on water scarcity and droughts[3], as well as the EU Climate Adaptation Strategy[4].
The Commission has been assessing the severity of droughts[5], drought impacts[6] and future drought risks[7] and offered support to Member States to either establish or improve national and regional drought observatories by leveraging the European Drought Observatory of the Copernicus Emergency Management Service.
The EU is also providing significant support to water resilience investments. Between 2021 and 2027, some EUR 13 billion of Cohesion Policy funds[8] will be invested in water management. Moreover, the Common Agricultural Policy[9] supports more efficient irrigation and measures to render farming more sustainable for ground and surface water.
Horizon Europe[10] also supports research and innovation on water resilience[11], through partnerships, Missions and the Work Programme .
[2] In the context of the implementation of the Water Framework Directive, 2000/60/EC of the European Parliament and of the Council of 23 October 2000 establishing a framework for Community action in the field of water policy, OJ L 327, 22.12.2000, p. 1-73, as amended by Commission Directive 2014/101/EU of 30 October 2014, OJ L 311, 31.10.2014, p. 32-35.
The Kunming-Montreal Biodiversity Framework (GBF), adopted in 2022, aims to drive global biodiversity conservation through 23 targets and four overarching goals. As COP16 approaches in October 2024, the study looks at overall progress in implementation since COP15 and examines the major issues at stake, including a review of the state of implementation at national level, establishing a financial mechanism and adopting a multilateral agreement on digital sequence information. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on the Environment, Public Health and Food Safety (ENVI).
MIAMI, Oct. 14, 2024 (GLOBE NEWSWIRE) — International Money Express, Inc. (NASDAQ: IMXI), also known as Intermex, will release its Third Quarter 2024 earnings before the start of trading on Friday, November 8, 2024. The Intermex management team will be hosting a conference call on the same day at 9:00 am ET.
Interested parties are invited to join the conference and gain firsthand knowledge about Intermex’s financial performance and operational achievements through the following channels:
A live broadcast of the conference call may be accessed via the Investor Relations section of Intermex’s website at https://investors.intermexonline.com/.
To participate in the live conference call via telephone, please register HERE. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.
Following the conference call, an archived webcast of the call will be available for one year on Intermex’s website at https://investors.intermexonline.com/.
About International Money Express, Inc. Founded in 1994, Intermex applies proprietary technology enabling consumers to send money from the United States, Canada, Spain, Italy, the United Kingdom, and Germany to more than 60 countries. The Company provides the digital movement of money through a network of agent retailers in the United States, Canada, Spain, Italy, the United Kingdom and Germany; Company-operated stores; our mobile app; and the Company’s websites. Transactions are fulfilled and paid through thousands of retail and bank locations around the world. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, London, England, and Madrid, Spain. For more information about Intermex, please visit http://www.intermexonline.com.
Investor Relations: Alex Sadowski Investor Relations Coordinator Tel: 305-671-8000 IR@intermexusa.com
Headline: Governor Cooper Proclaims October as Cybersecurity Awareness Month and Reminds North Carolinians to Beware of Hurricane-Related Scams
Governor Cooper Proclaims October as Cybersecurity Awareness Month and Reminds North Carolinians to Beware of Hurricane-Related Scams mseets
Governor Roy Cooper has proclaimed October as Cybersecurity Awareness Month in North Carolina to recognize the ongoing importance of online safety, especially in the wake of Hurricane Helene, which brought historic devastation to the state.
“Storms like Helene offer prime opportunities for cybercriminals looking to take advantage of others during a crisis situation when they may have their guard down,” Governor Cooper said. “Every North Carolinian must remain vigilant about staying safe online and protecting their personal information.”
Scammers can pose as official representatives of disaster aid organizations or charities and use phishing emails, social media messages, texts and phone calls to obtain personal and financial information and access devices and networks that hold sensitive data. Be careful with any messages that include hurricane-related subject lines, attachments or hyperlinks.
“Our department continues to emphasize the importance of cybersecurity education and awareness,” said N.C. Department of Information Technology Secretary and State Chief Information Officer Jim Weaver. “We are committed to ensuring that everyone can access the internet safely and guard against cyberthreats, which can happen to anyone at any time.”
Here are some ways you can protect yourself, your family and your workplace from online threats:
Recognize, resist and delete phishing attempts. Do not click links or open attachments in suspicious messages. Always double check web and email addresses to make sure they are legitimate. If you think the message could be real, look up another way to contact the company or person directly to verify.
Avoid sharing personal information. Don’t send sensitive information such as passwords, account numbers and Social Security Numbers over email, text or chat.
Make passwords long, random and unique. Strong passwords should be at least 16 characters and include a random string of mixed-case letters, numbers and symbols. Use a different strong password for each account. Password managers can generate strong passwords and remember them for you.
Enable multifactor authentication for every account or app that offers it. Multifactor authentication requires you to enter more information than just a password, such as a text code or fingerprint.
Update software. Make sure your devices are running the latest version of operating systems, software and web browsers. When notified about updates, be sure to install them as soon as possible or turn on automatic updates to install updates without any input as soon as they are available.
The N.C. Department of Information Technology, along with other state, local and federal partners, works to protect North Carolina’s government IT systems, data and assets against cyberthreats.
In addition, NCDIT’s Division of Broadband and Digital Equity has launched a series of grant programs that have awarded $44 million to date to ensure North Carolinians can access and afford high-speed internet, obtain digital devices and safely and effectively navigate today’s digital world.
NCDIT will share tips and information on social media using hashtags #SecureOurWorld and #CyberSecureNC throughout the month. More information about online safety is available at it.nc.gov/CyberSecureNC.
Ensure that every citizen of India has access to safe, reliable and highly quality products and services: Shri Pralhad Joshi Enhancing public awareness about standards is essential for empowering the consumers: Shri Joshi
One nation, one standard to ensure coherence and synergy among stakeholders working towards unified standards framework: Shri Joshi
Bureau of Indian Standards commemorates World Standards Day
Posted On: 14 OCT 2024 3:17PM by PIB Delhi
Union Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy, Shri Pralhad Joshi during his keynote address on World Standards Day in New Delhi today said that Bureau of Indian Standards (BIS) should ensure that every citizen of India has access to safe, reliable and highly quality products and services. He said the well-being of consumers depend on the access to quality products while the growth and profitability of the industry is directly linked to the demand for these high-quality goods. This is a holistic approach acknowledging the interdependence of the consumers and producers fostering the robust quality ecosystem, he said.
Shri Joshi emphasised PM Shri Narendra Modi’s vision for the country to be recognised for its best quality and for India to strive to make itself synonymous with the world standards. He said that the BIS should focus on quality as India’s economy is rapidly growing along with its contribution in global trade. He stressed that the BIS has a huge role to play in enriching economic growth, enhancing the ‘Made in India’ label and establishing Brand Bharat at a global level.
The Minister said that under the guidance of Hon’ble PM, the new BIS Act of 2016 will further strengthen ease of doing business and will provide a fillip to the ‘Make in India’ campaign. Praising the BIS for their relentless efforts in standardisation of products, Shri Joshi said that today more than 22,300 standards are in force and 94% of Indian standards are being harmonised with ISO and ISE standards. Shri Joshi mentioned that today 174 QCOs of 732 products have been notified for compulsory BIS certification, while till 2014 there were only 14 Quality Control Orders (QCOs) of 106 products.
The Union Minister said that enhancing public awareness about standards is essential for empowering the consumers. The Minister said that the challenge for the government is to generate widespread interest and awareness among citizens in the standards programmes being undertaken by BIS. We have to set a standard where awareness is created among consumers to verify ISI and BIS certification before buying any product, that is the challenge for us, he said.
Shri Joshi said that India, currently being the fifth largest economy in the world, should focus on improving standards as they serve as the backbone of the society, ensuring the safety, quality and trust in the product and the service. Standards work as catalysts for technical development, industrial growth and well-being of the society. They facilitate both domestic and international trade contributing both for economic growth and environmental sustainability, he noted.
Shri Joshi said that for businesses, standards improve processes, systems, reduce waste and customer satisfaction supported through the compatibility with other markets while for consumers standards ensure reliability, consistency and safety of the products and interoperability.
During his address, he also applauded other standard development organisations (SDOs) like Food Safety and Standards Authority of India (FSSAI), Telecommunication Engineering Centre (TEC) and Bureau of Energy Efficiency (BEE) operating across sectors. He further stated that the concept of one nation and one standard becomes paramount ensuring the coherence and synergy among stakeholders working towards the unified standards framework.
During the event, Shri Joshi launched BIS Care App 3.0. BIS CARE app is a one stop utility platform to empower consumers. It not only provides means to verify genuineness of BIS certified products and Hallmarked Jewelries, but it also facilitates lodging of complaints against sub-standard products and misuse of BIS Standard Marks. The brand-new upgrade of BIS CARE App to version 3.0 comes with a new set of features specifically aiming to increase visibility of relevant information for stakeholders pertaining to Standards and Certification.
Shri Joshi also launched a film on the Standards Promotion Activities of BIS along with a Quality Quest Game for consumers to enhance their knowledge on quality. To mark World Standards Day, he released Reference Handbooks to disseminate information regarding important national standards and also comic books developed by BIS to be distributed to Standards Clubs across the country.
The event was also graced by the Union Minister of State, Shri B.L. Verma, alongside Secretary of Department of Consumer Affairs, Government of India, Smt. Nidhi Khare, Additional Secretary, Shri Bharat Khera, Director General of BIS, Shri Pramod Kumar Tiwari. Key stakeholders from government, industry, and academia were also present on the occasion.
Deputy Governor Xuan Changneng attended the Second BRICS Finance Ministers and Central Bank Governors Meeting of the year, which was held in Moscow on October 11, 2024. The meeting discussed issues including Global Monetary and Financial System and international financial cooperations.
PALMETTO, Fla.—Today, Governor Ron DeSantis announced the award of $9.5 million to SeaPort Manatee to jumpstart its recovery and help repair impacted infrastructure following significant damage caused by Hurricane Milton. SeaPort Manatee is the primary deep-water seaport in Southwest Florida. It receives fuel, fruits and vegetables, appliances, construction materials, and wood for distribution across Southwest Florida and the Southeast.
Following Hurricane Milton, initial damage assessments indicated potential losses of $225 million at SeaPort Manatee. While many of the port’s losses are insured, some components are not. Damage to the port includes the loss of 10 out of 13 on-site warehouses, 3 of the ten port-owned docking facilities, and widespread damage to port offices.
“This action to get SeaPort Manatee back to full operations will benefit the people of Florida, ensure the hardening of our infrastructure for future disasters, and ensure normal life is resumed for Floridians as soon as possible,” said Governor Ron DeSantis. “Taking action to address these impacts now is imperative to keep Florida on the road to recovery.”
This investment will include:
$5.5 million for emergency berth repairs and dredging in state waters;
$3.5 million for immediate security needs and access control; and,
$500,000 to support planning activities for fortifying port infrastructure.
In addition to this funding, Governor DeSantis directed several state agencies to step in and assist the port to expedite recovery efforts. The Florida Department of Transportation (FDOT) will provide subject matter experts and skilled workers, the Florida Department of Environmental Protection (DEP) will expedite all permits for the immediate rebuild of port infrastructure, and the Florida Division of Emergency Management (FDEM) will provide support in navigating the FEMA award process. The Florida National Guard will also provide personnel to reestablish perimeter security and assist in repairing the port fence.
“With the major impact that seaports have on our state’s economy and the quality of life for our residents, it’s critical that we ensure our seaports are open and fully operational, particularly SeaPort Manatee given the significant damage they sustained following Hurricane Milton,” said FDOT Secretary Jared W. Perdue, P.E. “Thank you to Governor Ron DeSantis, our state agency partners, and all our seaport partners as we work together to ensure Florida’s seaports stay open for business.”
For every state dollar invested in seaport infrastructure, the expected return on investment for the state is seven dollars in state and local taxes. In 2023, SeaPort Manatee supported 42,094 U.S. jobs, generated $275 million in state and local taxes, and contributed $7.3 billion in economic value to the U.S. economy.
Headline: Disaster Recovery Center Opens in Watauga County
Disaster Recovery Center Opens in Watauga County
RALEIGH, N.C. – A Disaster Recovery Center is opening Tuesday, Oct. 15 in Boone (Watauga County) to assist North Carolina survivors who experienced loss from Helene.
The Watauga County DRC is located at:
Appalachian Enterprise Center 130 Poplar Grove Connector Boone, N.C. 28607 Open: 8 a.m. – 7 p.m., Monday through Sunday
A Disaster Recovery Center (DRC) is a one-stop shop where survivors can meet face-to-face with FEMA representatives, apply for FEMA assistance, receive referrals to local assistance in their area, apply with the U.S. Small Business Administration (SBA) for low-interest disaster loans and much more.
FEMA financial assistance may include money for basic home repairs, personal property losses or other uninsured, disaster-related needs, such as childcare, transportation, medical needs, funeral or dental expenses.
Centers are already open in Asheville, Lenoir, Marion and Sylva. To find those center locations go to fema.gov/drcor text “DRC” and a Zip Code to 43362. Additional recovery centers will be opening soon. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology.
Homeowners and renters in 27 North Carolina counties and tribal members of the Eastern Band of Cherokee Indians can visit any open center, including locations in other states. No appointment is needed.
It is not necessary to go to a center to apply for FEMA assistance. The fastest way to apply is online at DisasterAssistance.gov or via the FEMA app. You may also call 800-621-3362. If you use a relay service, such as video relay, captioned telephone or other service, give FEMA your number for that service.
For the latest information about North Carolina recovery, visit Hurricane Helene | NC DPS or fema.gov/disaster/4827. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.
HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE:PSX) announced today that its subsidiary, Phillips 66 Limited, has entered into a definitive agreement to sell its 49 percent non-operated equity interest in Coop Mineraloel AG (“CMA”) to its Swiss joint venture partner. It will receive cash of 1.06 billion Swiss francs (approximately $1.24 billion) consisting of a 1 billion Swiss franc sales price (approximately $1.17 billion) and an assumed dividend of 60 million Swiss francs (approximately $70 million) for financial year 2024 to be paid at or prior to closing. The sales price is subject to adjustment based on the amount of the dividend.
“This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures,” said Mark Lashier, chairman and CEO of Phillips 66. “As we manage our portfolio, we will continue to evaluate monetization of assets that no longer fit our long-term strategy.”
CMA operates 324 retail sites and petrol stations across Switzerland.
Proceeds from the sale will support the strategic priorities of Phillips 66, including returns to shareholders.
The transaction is subject to approval by the Swiss Competition Commission. It is expected to close in the first quarter of 2025.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements within the meaning of the federal securities laws with respect to the sale of Phillips 66’s 49 percent non-operated equity interest in Coop Mineraloel AG. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: any delay in, or inability to obtain, necessary regulatory approvals, including from the Swiss Competition Commission; changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition or conversion that we may pursue; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Source: United States House of Representatives – Congresswoman Erin Houchin (Indiana 09)
Washington, D.C. — Recently, Congresswoman Erin Houchin (IN-9) and Congressman Josh Gottheimer (NJ-5) introduced the Task Force to End Financial Abuse Act, a bipartisan effort to address the growing issue of coerced debt and financial exploitation. The proposed task force aims to develop a comprehensive approach to combat financial abuse, protect victims, and prevent future incidents.
Coerced debt occurs when one individual in an abusive relationship accumulates debt in their partner’s name without their knowledge or consent. This form of financial abuse can leave victims trapped with ruined credit, overwhelming debt, and limited financial options, even after escaping an abusive situation.
“Addressing coerced debt requires a coordinated effort that goes beyond just tackling financial exploitation; it touches on abuse, consumer protection, and the ability to live free from financial control,” said Congresswoman Houchin. “The Task Force to End Financial Abuse Act will provide a roadmap to better understand the scope of this problem and develop real solutions to help victims break free and rebuild their lives.”
“Far too many survivors are trapped in abusive relationships where their spouse or significant other has run up the bills on credit cards or auto loans – often without their knowledge. As a result, they face destroyed credit, substantial payment expectations, debt collection, and even, bankruptcy. Financial abuse is often the last chain that binds a survivor to their abuser. This new Interagency Task Force on Financial Abuse will bring together relevant federal agencies and external stakeholders to address this crisis head on,” said Congressman Gottheimer. “When we protect survivors from financial abuse, we don’t just restore their credit — we restore their freedom and their future.”
The Task Force to End Financial Abuse Act represents a critical step toward breaking the cycle of financial control that affects so many victims of domestic abuse. Congresswoman Houchin and Congressman Gottheimer are committed to advancing this legislation, ensuring that survivors have the support they need and preventing future financial abuse.
NEW YORK, Oct. 14, 2024 (GLOBE NEWSWIRE) — Kaltura, Inc. (Nasdaq: KLTR), the video experience cloud, today announced it will release its third quarter financial results for the period ended September 30, 2024, before market open on Wednesday, November 6, 2024.
Kaltura will host a conference call to review its third quarter 2024 financial results and discuss its financial outlook.
About Kaltura Kaltura’s mission is to power any video experience for any organization. Our Video Experience Cloud offers live, real-time, and on-demand video products for enterprises of all industries, as well as specialized industry solutions, currently for educational institutions and for media and telecom companies. Underlying our products and solutions is a broad set of Media Services that are also used by other cloud platforms and companies to power video experiences and workflows for their own products. Kaltura’s Video Experience Cloud is used by leading brands reaching millions of users, at home, at school and at work, for communication, collaboration, training, marketing, sales, customer care, teaching, learning, virtual events, and entertainment experiences. For more information, visit http://www.corp.kaltura.com.
Investor Contacts: Kaltura, Inc. John Doherty Chief Financial Officer IR@Kaltura.com
Sapphire Investor Relations, LLC Erica Mannion and Michael Funari IR@Kaltura.com +1 617 542 6180
President Joe Biden delivers remarks on the effects of Hurricane Milton on Oct. 10, 2024, in Washington, D.C. Anna Moneymaker/Getty Images
Rumors and lies about government responses to natural disasters are not new. Politics, misinformation and blame-shifting have long surrounded government response efforts.
When Hurricane Harvey hit Houston in 2017, for example, rumors and misinformation both originated from and were spread by government, news and individual user accounts on social media. And after Hurricane Sandy in 2012, rumors about the storm were so widespread that even CNN’s live coverage of the event was inaccurate.
Those rumors don’t usually come from former presidents. Yet in the wake of hurricanes Helene and Milton, former President Donald Trump spread falsehoods about the federal government’s response to the disaster. Misinformation on the topic became so widespread that the Federal Emergency Management Agency, known as FEMA, set up a webpage to debunk the rumors spawned by Trump.
President Joe Biden responded angrily, calling the falsehoods that Trump and his followers spread “reckless, irresponsible” and “disturbing.” He also suggested Trump’s claims undermined the rescue and recovery work being done by local, state and federal authorities.
Disaster relief often becomes political because so many people are affected – and because there is a lot of media coverage surrounding hurricanes, floods and other major weather events. Additionally, relief requires a lot of money and coordination by high-profile elected officials.
The rhetoric around federal emergency management is made only more complicated because most people do not know that much about the federal law that governs disaster relief. Indeed, even state and local officials find navigating the details of the law and accompanying regulations difficult.
And finally, the law’s design and the timing of hurricane season can lead to politicization. Elected officials – politicians – are always involved in coordinating government response efforts, adding a layer of politics to disaster relief. The fact that hurricane and election seasons coincide only heightens the politics of such relief.
Former President Donald Trump saying falsely that the Biden administration “stole a billion dollars” meant for disaster relief and used it to help immigrants.
Explaining government responses to natural disasters
The Disaster Relief Act of 1974, as amended and now known as the Stafford Act, is the law that governs how the federal government responds to natural disasters and other emergencies.
But the act does not guarantee federal assistance to the communities affected by hurricanes or other natural disasters.
Instead, the governor of an affected state or the chief executive of an affected tribal government must ask the president for a disaster declaration. The request can be made before or after a storm hits but must show that the disaster is of such a severity and magnitude that the state, local or tribal governments cannot respond on their own.
Responding to such requests, Biden issued declarations covering eight states before and after Helene. He also issued a declaration for the Seminole Tribe and the state of Florida in response to Milton.
After the president issues a declaration, the federal government can begin to assist state, local and tribal governments. This includes coordinating all disaster relief assistance – from evacuations to recovery – provided by federal agencies, private organizations such as the Red Cross, and state and local governments.
Federal assistance can be financial or logistical. It covers everything from help repairing roads and restoring utility services to providing assistance and services, such as temporary housing, legal services and crisis counseling, to the people who have been affected by the disaster.
The number of federal agencies and employees involved in disaster relief is astounding. For example, thousands of federal personnel from FEMA, the Coast Guard, Army Corps of Engineers, Environmental Protection Agency and the departments of Defense, Energy, Health and Human Services, Housing and Urban Development, and Transportation are helping respond to Helene and Milton.
Several state and local officials also play key roles after a disaster declaration. Each state’s governor or tribe’s chief executive serves as the leading official for coordination of state and federal efforts. That person also designates an officer to serve as a liaison between the federal government and the state or tribe. And in each affected community, a local elected official leads the response on the ground. This is usually a city or town’s mayor.
Federalism in action
Implementation of the Stafford Act requires cooperative, healthy relationships between the president, federal agencies and state, local and tribal governments.
When done well, government disaster response is a prime example of what’s called “federalism” in action. Federalism involves the sharing of power between the national and state governments. The framers of the United States Constitution created this system of shared power so that the national government could solve coordination and capacity problems among the states, and the state governments could respond to the nuances of local circumstances.
In response to state government requests in the wake of Hurricane Helene, for example, Biden directed federal efforts to help those most affected. The federal government’s response has so far included working with over 450 state and local officials to ensure that those affected by the hurricane have everything from housing assistance to financial support for medical and funeral expenses.
Politics in the mix
The very things that the framers designed the federalist constitutional system to do, however, can create opportunities for political manipulation. The Stafford Act creates a system of emergency management that is highly decentralized and responsive to local needs.
But that decentralization also means that, because of their different perspectives, the officials involved in disaster response prioritize different things, which can lead to conflict.
For example, various officials involved in the response to Hurricane Helene have advocated for federal resources such as money and personnel to go toward restoring utilities, law enforcement, fire, health, communications and transportation services. How can the national government possibly choose between all of these necessary services?
Everything is made more complicated because, as studies have shown, on average, the officials in charge of making such decisions – elected officials and their appointees – have less experience in government than the career civil servants who work on a daily basis with the people affected by natural disasters.
As a result, the Stafford Act’s decision to place elected officials and their appointees in charge of emergency management could reduce the quality of government response.
Members of the FEMA Urban Search and Rescue task force search a flood-damaged area in Asheville, N.C., in the aftermath of Hurricane Helene on Oct. 4, 2024. Mario Tama/Getty Images
Debating size and role of government
Elected officials’ different political leanings add another wrinkle. Debates over disaster response often reflect larger political debates such as those over the size and role of government.
The history of the Stafford Act provides an illustrative example. Traditionally, disaster relief was the responsibility of state and local government. But a series of natural disasters, including the Alaska earthquake in 1964 and hurricanes Betsy in 1965 and Camille in 1969, were so large in scale that the federal government had to step in and help.
In the aftermath of Camille, accusations of racial discrimination in the relief process and partisan squabbling over who was to blame for the ineffectiveness of the government’s response to the disaster mounted. Media and congressional attention on government mismanagement of the relief effort created a window for the expansion of the federal government’s role in the process and ultimately led to the passage of the first version of the Stafford Act.
Fast-forward 35 years and many of the same issues – racial discrimination, government mismanagement and politicization of relief – arose in 2005 in the aftermath of Hurricane Katrina in New Orleans. Media and congressional attention led to legislation that amended the Stafford Act and restructured FEMA and how the federal government responds to state and tribal requests for assistance.
Trump’s lies are from the same playbook – false claims about money being diverted to migrants and that relief efforts are being used only to help areas where Democrats live.
Yet the devastation left by Helene and Milton do raise questions about local and federal coordination in preparation for and response to natural disasters and has led to calls for Congress to pass reforms to improve equity, efficiency and effectiveness in government responses to natural disasters. Whether this reform is possible in such a contentious political climate remains an open question.
Jennifer L. Selin has received funding and/or support for her research on the executive branch from the Administrative Conference of the United States. The views in this piece are those of the author and do not represent the position of the Administrative Conference or the federal government.
The 2024 Nobel Prize in Economics has been awarded to three US-based economists who examined the advantages of democracy and the rule of law, and why they are strong in some countries and not others.
Daron Acemoglu is a Turkish-American economist at the Massachusetts Institute of Technology, Simon Johnson is a British economist at the Massachusetts Institute of Technology and James Robinson is a British-American economist at the University of Chicago.
The citation awards the prize “for studies of how institutions are formed and affect prosperity”, making it an award for research into politics and sociology as much as economics.
At a time when democracy appears to be losing support, the Nobel committee has rewarded work that demonstrates that, on average, democratic countries governed by the rule of law have wealthier citizens.
The committee says the richest 20% of the world’s countries are now around 30 times richer than the poorest 20%. Moreover, the income gap is persistent; although the poorest countries have become richer, they are not catching up with the most prosperous.
Acemoglu, Johnson and Robinson have connected this difference to differences in institutions, and they find this derives from differences in the behaviour of European colonisers in different parts of the world centuries ago.
The denser the indigenous population, the greater the resistance that could be expected and the fewer European settlers moved there. On the other hand, the large indigenous population – once defeated – ofered lucrative opportunities for cheap labour.
This meant the institutions focused on benefiting a small elite at the expense of the wider population. There were no elections and limited political rights.
In the places that were more sparsely populated and offered less resistance, more colonisers settled and established inclusive institutions that incentivised hard work and led to demands for political rights.
The committee says, paradoxically, this means the parts of the colonised world that were the most prosperous around 500 years ago are now relatively poor. Prosperity was greater in Mexico under the Aztecs than it was at the same time in the part of North America that is now called Canada and the United States.
More so than in previous years, this year’s winners have written for the public as well as the profession. Acemoglu and Robinson are probably best known for their 2013 best-seller Why Nations Fail: The Origins of Power, Prosperity and Poverty.(It has pictures and no equations.)
In May this year Acemoglu wrote about artificial intelligence, putting forward the controversial position that its effects on productivity would be “nontrivial but modest”, which is another way of saying “tiny”. Its effect on wellbeing might be even smaller and it was unlikely to reduce inequality.
Royal Swedish Academy of Sciences.
This year’s award makes the cohort of Nobel winners a little less US-dominated.
Although all three are currently working at American universities, Acemoglu is from Turkey and the others are British. There is even an Australian link. Robinson taught economics at The University of Melbourne between 1992 and 1995.
Winning the prize is life-changing for more reasons than the 11 million Swedish kroner (about $A 1.5 million) the winners share. As Nobel winners, they will have a higher profile. Their opinions will be accorded more respect by most but not all.
The new winners might get the same treatment. Johnson has critiqued Trump’s proposal to raise tariffs. Acemoglu has called Trump “a threat to democracy”.
John Hawkins 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.
A new study emphasises the need for tailored approaches that balance migration’s economic and social complexities.
As global migration intensifies, the question of how to integrate migrants while supporting cultural diversity, economic stability and a cohesive society is a central challenge for policymakers.
A new paper published in the Journal of Political Economy: Microeconomics by University of Auckland researchers Dr Chanelle Duley and Professor Prasanna Gai offers insights into how policymakers can better support migrants and society as a whole.
The researchers explored historical and contemporary nation-building efforts and developed a novel model to help understand the impacts of two approaches: assimilation and biculturalism.
Assimilation policies, like promoting a single language or streamlining education, have for many years, been seen as a way to foster unity. These policies can help people communicate more efficiently and reduce friction, allowing societies to function smoothly.
However, assimilation often comes with a cost for minority groups, who may feel pressured to give up their cultural identity to fit in. The authors refer to this as ‘lock-in’ costs, where individuals lose something valuable, such as language or customs, in exchange for social and economic benefits.
Meanwhile, biculturalism aims to celebrate and protect the distinct identities of different groups. Examples of this approach include recognising minority languages or supporting Indigenous rights.
While this strategy allows cultural groups to thrive, the study points out that it can complicate cooperation between different communities, potentially affecting social cohesion and productivity.
So, which approach is best?
According to Duley and Gai, it depends on the specific makeup of a society and the degree of cultural distance between groups.
They say the ease with which different cultural groups can interact and the size of the cultural gap between them matters when it comes to deciding what mix of policies will work best.
In countries where one cultural group is dominant, assimilation might seem like the simplest way to create a unified national identity. However, in more diverse societies, bicultural policies could help ease tensions by ensuring minority groups have space to maintain their traditions while still being part of the broader community.
The authors argue for more nuanced and context-sensitive nation-building strategies that account for the welfare of minority groups and avoid the long-term social and cultural costs of extreme assimilation.
“There isn’t a one-size-fits-all solution for nation-building,” says Duley. “Policymakers need to evaluate the specific cultural context, including the size of minority groups and the degree of cultural differences to try to find the right balance between assimilation and biculturalism.”
The study also highlights the role of political imperatives. Politicians, who typically seek to appeal to the majority, usually favour more aggressive assimilation policies. But if the aim is to maximise overall societal welfare, more moderate forms of assimilation or bicultural policies that protect minority groups may be better placed to foster national cohesion.
Are you really ready to give that puppy a furr-ever home?
Potential dog owners should think twice before getting a puppy to make sure they can financially provide for the animal, and ensure it is safe, well-socialised, trained, and mentally stimulated.
The New Zealand Veterinary Association Te Pae Kīrehe (NZVA) strongly advocates for people having animals in loving homes, saying pet ownership is an enriching and rewarding experience, but it is a decision that should be never rushed. The comments follow the release of Auckland Council’s latest Animal Management Annual Report, which outlines a rise in dog-related incidents between 1 July 2023 to 30 June 2024.
The report found welfare-related complaints increased by 80 per cent; there was a 14 per cent increase in dog attacks on people; a 19 per cent increase in attacks on other animals; a 19 per cent increase in the number of high-risk dogs; and a 19 per cent increase in roaming complaints.
NZVA Head of Veterinary Services (Companion Animal) Sally Cory said the rising figures could be an indication of dog owners experiencing increased financial hardship but the issues also came down to responsible dog ownership. “Having a pet comes with great responsibility, and is never a decision to be taken lightly,” she said. “People need to weigh up whether they can financially support the animal throughout its life. This involves providing preventative healthcare, such as regular check-ups and vaccinations, ensuring de-sexing is carried out at a recommended time, and that early socialisation and training is prioritised. Dogs require not only a financial investment but an investment in time to ensure that they behave appropriately for their families and wider communities.”
The report showed animal management staff responded to 37,558 requests during the year, up 13 per cent; fewer people were registering their dogs; and the number of roaming or uncontrolled dogs continued to increase. Sadly, the rate of impounded dogs claimed by their owners sat at just 43 per cent. Animal shelter staff have also noticed increased numbers of impounded dogs presenting with challenging behaviour and failing to pass behavioural temperament tests. This determines if the dog is suitable for rehoming.
NZVA Companion Animal Veterinarians (CAV) President Becky Murphy said potential dog owners must also give considerable thought to the type of dog they choose and make sure it fits in with their lifestyle and expectations. “We must not forget that dogs have natural behaviours, for example chasing, guarding, and hunting, and humans often try to make them fit into moulds that suit our lives,” she said. “This can result in normal, innate dog behaviours being perceived as behavioural issues. Owners need to make sure they do adequate research into dog breeds before selection, and provide their dog with a safe, mentally stimulating, and enriching home environment to ensure they are happy, healthy, and under effective control at all times.”
Sally adds that it is important dogs are de-sexed (if owners are not intending to breed from them), registered, and microchipped, and young children are always supervised around them.
Under New Zealand law, dog owners must comply with minimum standards for animal care and management set out in the New Zealand Animal Welfare (Dogs), Code of Welfare 2010, as well as the requirements of their local city or district council.
NZVA’s Dog OwnershipGuidelines
Before getting a dog, consider how much time they will take, what they will cost, how big they will get, and if they fit into your lifestyle and living environment.
Adequate quantities of nutritious food, clean water, and appropriate shelter should be provided for the dog over its lifespan.
Regular health checkups and appropriate exercise should be provided.
The dog should be registered and microchipped.
Dogs not intended for breeding should be de-sexed.
Emergency action planning and alternate care arrangements should be made, should unforeseen circumstances arise.
Dogs should be well socialised early, walked on a lead, and waste should not be left in public spaces.
Over the past year, the Biden-Harris Administration has continued to take action to fight hatred and violence against Muslim and Arab communities. Members of these communities, including Palestinian Americans, have been murdered or wounded in hate-fueled attacks; shot and subjected to other assaults as they simply walked down streets; bullied at schools, including by having their religious head coverings ripped off; and denied jobs, harassed, or demoted at work merely because of their faith or ethnicity.
President Biden and Vice President Harris are leading efforts to bring about much-needed change and have repeatedly condemned such violence, discrimination, and bias. These efforts are part of a larger Administration initiative to counter hate in all its forms, to keep every community safe, to promote equal justice, and to afford all Americans a fair shot at success. For generations, Muslim and Arab Americans have contributed to the enrichment and prosperity of our nation through their public, military, and community service, in addition to many other invaluable contributions. And like all Americans, they are entitled to the promise and opportunities of our great nation.
Today, the Biden-Harris Administration is highlighting some actions taken as part of its forthcoming National Strategy to Counter Islamophobia and Hatred Against Arabs in the United States, including important steps to address daily concerns regarding safety and discrimination, as well as issues related to travel. The Administration will continue to lead a whole-of-government and a whole-of society effort to counter hate.
Completed executive branch actions that are part of the forthcoming Strategy include:
Improving Safety and Security
The Department of Homeland Security (DHS), the Federal Bureau of Investigation (FBI) and the National Counterterrorism Center (NCTC) have completed an unclassified assessment on violent threats facing Muslim and Arab communities in the United States. The assessment will be published this week, and is the first of what will be an annual assessment by these agencies regarding threats facing these communities.
Since 2021, DOJ has awarded over $100 million in grants to law enforcement and prosecution agencies, community-based organizations, and civil rights groups to address hate crimes through outreach, investigations, prosecutions, community awareness and preparedness, reporting, hotlines, and victim services. This figure includes nearly $30 million in grants announced last month.
DOJ continues to support law enforcement agencies’ transition to the National Incident-Based Reporting System (NIBRS). Beginning in January 2021, NIBRS became the national standard for law enforcement crime data reporting in the United States and the transition to NIBRS represented a significant improvement in how reported crime is measured and estimated by the federal government. Since 2015, DOJ’s Bureau of Justice Assistance and the FBI have provided more than $150 million to law enforcement agencies and state Uniform Crime Programs to support their transitions to NIBRS.
The DOJ Civil Rights Division continues to prosecute Islamophobic and other hate crimes, including hate crimes directed at students on campus. Last week, a New Jersey man pleaded guilty to a federal hate crime for breaking into the Center for Islamic Life at Rutgers University in New Brunswick, New Jersey, during the Eid-al-Fitr holiday and damaging and destroying religious artifacts because of the Islamic faith of those associated with the facility.
DOJ’s United Against Hate initiative, led by all 94 United States Attorneys’ Offices (USAOs), combats unlawful acts of hate by teaching community members how to identify, report, and help prevent hate crimes and by building trust between law enforcement and communities. To date, at least 45 USAOs have engaged directly with Muslim communities.
Attorney General Garand directed the Federal Bureau of Investigation (FBI) and all 94 USAOs across the country to work with local law enforcement and community leaders to protect communities from hate-fueled violence in the last year and recently reaffirmed DOJ’s commitment to combat the disturbing rise in the volume and frequency of threats against Muslim, Arab, and Palestinian as well as Jewish communities here in the United States. DOJ created a webpage aimed at raising awareness of resources for addressing these threats, and it will continue to publicize its efforts.
During the September 2024 Protecting Places of Worship Week of Action, the DHS Center for Faith-Based and Neighborhood Partnerships and White House Office of Faith-Based and Neighborhood Partnerships hosted workshops to encourage partnerships to take collective action against hate-based violence, including Islamophobic violence and hate crimes against Arabs. This emphasis included promotion of a guide to applying for Nonprofit Security Grant Program funding.
DHS hasannounced that it will distribute $210 million in Nonprofit Security Grant Program funds as the second tranche of additional funding the Biden-Harris Administration secured to protect faith-based institutions and nonprofit organizations against targeted attacks. This funding opportunity will be made available in late October.
Tackling Discrimination and Bias
The U.S. Office of Personnel Management has published the Workplace Rights Federal Toolkit, a compilation of resources for employees of the federal government regarding their workplace rights, including information about their rights to nondiscrimination and religious accommodation.
The Department of Labor sent a letter to American Job Centers and other public workforce entities reminding them about their legal obligations to enforce prohibitions on discrimination based on actual or perceived religion, shared ancestry, or ethnic characteristics — including Islamophobia, Antisemitism, and related forms of discrimination – in federally funded activities and programs. The letter also included a fact sheet with examples of these forms of discrimination in the workforce development system.
DOJ issued a fact sheet titled Confronting Discrimination Based on Religion in Schools: A Resource for Students and Families, which discusses scenarios involving students’ rights to pray and wear religious attire in schools.
ED’s Office for Civil Rights (OCR) issued a Fact Sheet on Harassment based on Race, Color, or National Origin on School Campuses, reminding schools of their federal civil rights obligations under Title VI of the Civil Rights Act of 1964 (Title VI) to take prompt and effective action to respond to harassment that creates a hostile environment. ED OCR continues to investigate and resolve claims of shared ancestry discrimination under Title VI at schools. For example, ED OCR recently entered into a resolution agreement with the Ann Arbor Public Schools in Michigan to address concerns about a hostile environment for students based on shared Muslim/Arab Palestinian ancestry.
The Department of Housing and Urban Development (HUD) issued a letter to the over 200 federally-funded Fair Housing Initiatives Programs and Fair Housing Assistance Programs on how to identify and counter Islamophobia, Antisemitism, and related forms of bias and discrimination in housing. Also, HUD created a webpage on protections against housing discrimination on the basis of religion, shared ancestry, or ethnic characteristics, which include the Fair Housing Act of 1968 and Title VI of the Civil Rights Act of 1964.
The Department of Transportation (DOT) provided a number of resources related to travelers’ rights and opportunities to file a complaint when there may be an instance of discrimination by airlines or recipients of federal funding, including discrimination on the basis of religion or national origin. The Passengers’ Right to Fly Free from Discrimination is a guide designed to explain DOT’s role in protecting aviation passengers from unlawful discrimination. Similarly, the Guidance for Airline Personnel on Non-discrimination in Air Travel assists airline personnel in understanding their legal obligations not to discriminate against passengers. For example, this guidance notes that it is impermissible to remove a passenger from a flight simply because he is holding a book that appears to be a Quran.
DOJ sent a letter to state, county, and municipal officials reminding them of the obligation of public officials to comply with the land use provisions of the Religious Land Use and Institutionalized Persons Act (RLUIPA) and to inform them about documents issued by DOJ that may be of assistance to them in applying this federal civil rights law. RLUIPA is a federal law that protects people and religious institutions from discriminatory and overly burdensome land use regulations. For example, DOJ recently filed a complaint and consent decree in United States v. Hendricks County, settling allegations that Hendricks County violated RLUIPA and the Fair Housing Act by twice unlawfully denying zoning approval to an Islamic educational organization that sought to develop a religious seminary, school, and housing on land in Hendricks County.
Some Americans, including many Muslims and Arabs, have documented how financial institutions use de-risking, a practice to terminate or restrict business relationships indiscriminately with broad categories of clients rather than analyzing and managing the risks of clients in a targeted manner. To help address de-risking, the U.S. Treasury Department has published its National De-Risking Strategy. The Treasury Department also has issued a proposed rule to improve the effectiveness of how banks manage potential risks associated with anti-money laundering and counter-financing of terrorism in a risk-based manner, while avoiding one-size-fits-all approaches that can lead to financial institutions declining to provide financial services to entire categories of customers.
Addressing Issues Related to Travel
On January 20, 2021, President Biden rescinded the previous administration’s discriminatory Muslim Ban, which included many Arab countries and was inconsistent with our nation’s foundation of religious freedom for all. At President Biden’s direction, the U.S. Department of State conducted a review of visa applications and has taken various corrective actions to process applications that were impacted by the prior travel ban, including reconsidering previously denied applications and implementing a one-time fee credit for certain applicants.
The issue volume was 900 CFAs with a yield of 22% per annum. The issuer of the CFAs was SELF SOFT PRODUCTION LLC, a company specializing in the creation of asset tokenization platforms and acting as the administrator of the investment art marketplace MyInvest.Art.
Sergey Kharinov, Managing Director for Digital Assets at Moscow Exchange:
“The issuance of digital financial assets for art objects is an important stage in the development of financial technologies and the spread of securitization mechanisms into new business segments. In the long term, this will allow investors to be provided with a wide variety of financial products that will expand the possibilities for diversifying their investments.”
Vladimir Shabason, founder of the MyInvest.Art platform:
“This is the first successful tokenization of a contemporary art piece in Russia, and we are proud that our team made this step possible. We are confident that this project opens a new era of investment in contemporary art, making it accessible to a wide range of investors. We plan to offer investors new products that will allow them to earn on the growth in the value of works of art.”
On August 3, 2023, the Moscow Exchange Group received licenses from the Bank of Russia to operate as an information system operator (NPO JSC NSD) and a digital financial asset exchange operator (PJSC Moscow Exchange).
Moscow Exchange is the largest Russian exchange, the only multifunctional platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Group includes a central depository, as well as a clearing center that performs the functions of a central counterparty in the markets, which allows Moscow Exchange to provide clients with a full cycle of trading and post-trading services.
Contact information for media 7 (495) 363-3232PR@moex.com
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.
MILES AXLE Translation. Region: Russian Federation –
Source: Central Bank of Russia –
Most of the participants in the discussion conceptually supported the need to stimulate the market of affordable loans for citizens and businesses. They also believe that microfinance organizations (MFOs) should exclude negative practices that lead to indebtedness of citizens.
Public discussions Bank of Russia reporton promising areas of development of the MFI market for 2025–2027 were discussed with representatives of MFIs, self-regulatory organizations, the scientific and expert community, as well as State Duma deputies. The regulator processed more than 100 proposals and questions from market participants.
Following the consultations, the Bank of Russia plans to implement the measures proposed in the report to protect citizens as a matter of priority. This includes the introduction of the “one loan per hand until repayment” rule and the establishment of a cooling-off period, when a new loan can be obtained no earlier than three days after a person has repaid the previous debt to the MFI. In addition, the regulator intends to reduce the maximum overpayment on consumer loans from 130 to 100% of the debt amount.
A comprehensive review of legislation and regulations will take place over three years. The Bank of Russia will take into account the proposals and comments received during public consultations when developing the regulation.
Preview photo: Funtap / Shutterstock / Fotodom
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.
MILES AXLE Translation. Region: Russian Federation –
Source: Central Bank of Russia (2) –
1, 2, 3, 4, 5, 6 and 8 January – New Year holidays;
January 7 – Christmas;
February 23 – Defender of the Fatherland Day;
March 8 – International Women’s Day;
May 1 – Spring and Labor Day;
May 9 – Victory Day;
June 12 – Russia Day;
November 4 is National Unity Day.
List of additional days off in 2025:
May 2 – Friday;
May 8 – Thursday;
June 13 – Friday;
November 3 – Monday;
December 31st – Wednesday.
List of additional working days in 2025:
November 1st – Saturday.
Information on the conduct of trades and settlements on the domestic financial market of the Russian Federation during the holidays of 2025 will be announced additionally.
1, 2, 3, 4, 5, 6 and 8 January – New Year holidays;
January 7 – Christmas;
February 23 – Defender of the Fatherland Day;
March 8 – International Women’s Day;
May 1 – Spring and Labor Day;
May 9 – Victory Day;
June 12 – Russia Day;
November 4 is National Unity Day.
List of additional days off in 2024:
April 29, 30 – Monday, Tuesday;
May 10 – Friday;
December 30, 31 – Monday, Tuesday.
List of additional working days in 2024:
April 27 – Saturday;
November 2 – Saturday;
December 28 – Saturday.
Information on trading and settlements on the domestic financial market of the Russian Federation during the holidays of 2024 will be announced additionally.
1, 2, 3, 4, 5, 6 and 8 January – New Year holidays;
January 7 – Christmas;
February 23 – Defender of the Fatherland Day;
March 8 – International Women’s Day;
May 1 – Spring and Labor Day;
May 9 – Victory Day;
June 12 – Russia Day;
November 4 is National Unity Day.
List of additional days off in 2023:
February 24 – Friday;
May 8 – Monday;
November 6th – Monday.
Information on trading and settlements on the domestic financial market of the Russian Federation during the holidays of 2023 will be announced additionally.
1, 2, 3, 4, 5, 6 and 8 January – New Year holidays;
January 7 – Christmas;
February 23 – Defender of the Fatherland Day;
March 8 – International Women’s Day;
May 1 – Spring and Labor Day;
May 2 is a day off;
May 9 – Victory Day;
June 12 – Russia Day;
June 13 is a day off;
November 4 is National Unity Day.
List of additional days off in 2022:
March 7 – Monday;
May 3 – Tuesday;
May 10 – Tuesday.
List of additional working days in 2022:
March 5th – Saturday.
Information on trading and settlements on the domestic financial market of the Russian Federation during the holidays of 2022 will be announced additionally.
1, 2, 3, 4, 5, 6 and 8 January – New Year holidays;
January 7 – Christmas;
February 23 – Defender of the Fatherland Day;
March 8 – International Women’s Day;
May 1 – Spring and Labor Day;
May 3 is a day off;
May 9 – Victory Day;
May 10 is a day off;
June 12 – Russia Day;
June 14 is a day off;
November 4 is National Unity Day.
List of additional days off in 2021:
February 22 – Monday;
November 5 – Friday;
December 31st – Friday.
List of additional working days in 2021:
February 20 – Saturday.
Information on trading and settlements on the domestic financial market of the Russian Federation during the holidays of 2021 will be announced additionally.
dated 12/14/2020 No. IN-01-19/172
1, 2, 3, 4, 5, 6 and 8 January – New Year holidays;
January 7 – Christmas;
February 23 – Defender of the Fatherland Day;
February 24 is a day off;
March 8 – International Women’s Day;
March 9 is a day off;
May 1 – Spring and Labor Day;
May 9 – Victory Day;
May 11 is a day off;
June 12 – Russia Day;
November 4 is National Unity Day.
List of additional days off in 2020:
May 4 – Monday;
May 5th – Tuesday.
dated 12/14/2020 No. IN-01-19/172
dated 12/19/2019 No. IN-01-19/95
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.
DENVER, Oct. 14, 2024 (GLOBE NEWSWIRE) — ArrowMark Financial Corp., (NASDAQ: BANX) (“ArrowMark Financial”), today announced that BANX’s estimated and unaudited Net Asset Value (“NAV”) as of September 30, 2024, was $21.73.
This estimated NAV is not a comprehensive statement of our financial condition or results for the month ended September 30, 2024.
About ArrowMark Financial Corp. ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under the symbol “BANX.” Its investment objective is to provide shareholders with current income. BANX pursues its objective by investing primarily in regulatory capital securities of financial institutions. BANX is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com, or contact Destra at 877.855.3434 or by email at BANX@destracapital.com.
Disclaimer and Risk Factors: There is no assurance that ArrowMark Financial will achieve its investment objective. ArrowMark Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of ArrowMark Financial may not be appropriate for all investors. Investors should review and consider carefully ArrowMark Financial’s investment objective, risks, charges and expenses. Past performance does not guarantee future results.
The Annual Report, Semi-Annual Report and other regulatory filings of the Company with the SEC are accessible on the SEC’s website at http://www.sec.gov and on the BANX’s website at ir.arrowmarkfinancialcorp.com.
The Albanese government has announced a first step in what it says is a crackdown on excessive card surcharges and threatened a ban on surcharges for debit cards from early 2026.
In the latest of its cost-of-living measures, the government will provide $2.1 million for the Australian Competition and Consumer Commission “to tackle excessive surcharges”.
The government also says it is prepared to ban debit card surcharges from January 1 2026, subject to further work by the Reserve Bank and “safeguards to ensure both small businesses and consumers can benefit from lower costs”.
The government is not considering a ban on credit card surcharges, although the ACCC scrutiny will cover both debit and credit cards.
The bank is reviewing merchant card payment costs and surcharging. Its first consultation paper will be released on Tuesday.
The government said in a statement: “the declining use of cash and the rise of electronic payments means that more Australians are getting slugged by surcharges, even when they use their own money”.
“The RBA’s review is an important step to reduce the costs small businesses face when processing payments. We want to ease costs for consumers without added costs for small businesses, or unintended consequences for the broader economy,” the statement from the prime minister, treasurer and assistant treasurer said.
Funding for the ACCC “will enable the consumer watchdog to crack down on illegal and unfair surcharging practices and increase education and compliance activities”.
The Reserve Bank required card providers such as Visa and Mastercard to remove their no‐surcharge rules in 2003 allowing retailers to directly pass on the costs of accepting card payments.
With the spread of payments by card, surcharges have become ubiquitous.
In a parliamentary hearing in August the head of the National Australia Bank Andrew Irvine complained about having to pay a 10% surcharge when he bought a cup of coffee in Sydney.
He told an inquiry it was “outrageous”, saying he didn’t like “the lack of transparency and lack of consistency”.
The ACCC regulates surcharges and can require merchants prove a surcharge is justified. It can take merchants to court to enforce the regulations governing surcharges, and has done so. But many charges are still higher than they are supposed to be.
The European Union bans surcharges.
Treasurer Jim Chalmers said: “Consumers shouldn’t be punished for using cards or digital payments, and at the same time, small businesses shouldn’t have to pay hefty fees just to get paid themselves”.
The total cost to Australian consumers of surcharges is disputed – the RBA review will look at the likely cost.
Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
NREL Empowers Next Generation of Globally Minded Scientists To Solve Global Energy Challenges
In the afterglow of the 2024 Olympic and Paralympic Games, it is worth remembering that athletic feats are not the only endeavors that resonate across international borders.
Shifting to clean energy means addressing some of the most difficult technical challenges the world has faced—making collaboration key. It means investing in our future leaders and providing them opportunities to encounter new ideas, develop new skills, and become globally aware scientists.
“Tackling the global threat of climate change will require a unified global effort, yet effective international collaboration remains as challenging as it is important,” said Steven Hayden, National Renewable Energy Laboratory (NREL) microscopist and postdoctoral-researcher liaison. “Diversity is a critical human strength. By exposing our postdocs—tomorrow’s leaders—to a variety of worldviews and collaborative methods, we foster the global community necessary to secure our collective future.”
At NREL, investing in postdocs and early-career researchers as global leaders starts by supporting them in attending international convenings, conferences, and summer schools. These are venues where they build professional networks, discover job opportunities, exchange ideas, and act as NREL ambassadors to the global energy research community.
This summer, NREL postdocs and early-career staff participated in multiple events around the globe, including in Italy, Indonesia, Singapore, and stateside in Golden, Colorado, just down the road from NREL’s South Table Mountain Campus. In some cases, postdocs were competitively selected to attend.
In Indonesia, RD20, an initiative among Group of 20 (G20) countries and regions to strengthen international collaborations among leading energy-research institutes, hosted its second annual summer school in summer 2024.
Jacob Cordell (left) and Alex Hill (right) pose in front of an Indonesian presidential palace, Bogor Palace, at the Bogor Botanical Gardens, which they visited during the 2024 RD20 summer school. Photo from Alex Hill, NREL
“This is an opportunity for graduate students, postdocs, and early-career researchers to get exposure to and even get involved with international research and development collaboration,” said NREL Associate Laboratory Director Bill Tumas, who sits on the RD20 action committee. “These events enable the next generation of our scientific workforce to gain an appreciation for the diversity of solutions and approaches for clean energy technologies.”
Four NREL postdocs and early-career researchers participated in the RD20 organization’s summer school in 2024. The next summer school will be held at NREL in 2025.
“We do world-class research, but going to the summer school made me realize that an integral piece of world-class research is interacting with the world,” said NREL postdoc Alex Hill, reflecting on his experience at the RD20 summer school. “I think that is something I want to try to take forward in my research: How can I engage community stakeholders more in the day-to-day operations of what I do?”
Postdoc Diego Soetrisno, another RD20 summer school participant, said that the opportunity reinforced the value of contextualizing one’s own fundamental research amid an ongoing global exchange of ideas.
“I did my Ph.D. doing really fundamental work, but there’s a gap between my fundamental work and context with the larger picture,” Soetrisno said. “This summer school experience has given me more understanding of the really large picture of decarbonization technology. But it is also trying to bring my work in context with other people’s work. Without that communication, my work would not be able to really influence other people.”
Below are short descriptions and lists of participants in international convenings this summer. Congrats to this year’s participants!
Barga, Italy—Electronic Processes in Organic Materials Gordon Research Conference
The Electronic Processes in Organic Materials Gordon Research Conference focused on advancing the frontiers of science by having participants present cutting-edge and unpublished research, prioritizing time for discussion after each talk, and fostering informal interactions among scientists of all career stages.
NREL participants:
Nick Hight-Huf, postdoctoral researcher
Bryon Larson, researcher
Max O’Connor, graduate student
Garry Rumbles, senior research fellow.
South Tangerang, Indonesia—RD20 Summer School
Photo from Alex Hill, NREL
The2024 RD20 summer schoolwas titled “Diversity of Knowledge on Decarbonization in Just Energy Transition Mechanism,” providing an opportunity for young researchers from G20 countries to deepen their knowledge and skills in the field of decarbonization. Event themes were broad, ranging from life-cycle assessments, circular economy, and smart grids to biomass resources, energy storage, and hydrogen production and utilization.
NREL participants:
Anthony Burrell, research advisor
Birdie Carpenter, researcher
Jacob Cordell, analyst
Randy Cortright, research advisor
Alex Hill, postdoctoral researcher
Prashant Saini, postdoctoral researcher
Diego Soetrisno, postdoctoral researcher
Bill Tumas, associate laboratory director.
Golden, Colorado, USA—International School for Materials for Energy and Sustainability 2024
Photo from Dave Ginley, NREL
The International School for Materials for Energy and Sustainability 2024—another annual event—brought together Ph.D. students and postdocs to review and actively discuss/debate state-of-the-art and future perspectives for materials as they can be applied to energy generation and storage for a sustainable global energy infrastructure.
NREL participants:
Zachary Binger, postdoctoral researcher
Sakshi Gautam, former NREL postdoctoral researcher
Source: United States House of Representatives – Congresswoman Norma Torres (35th District of California)
October 14, 2024
Torres is the only Member of Congress to introduce legislation that would replace Columbus Day with Indigenous Peoples’ Day
Washington D.C. –Today, Congresswoman Norma J. Torres, a member of the Congressional Native American Caucus, commemorates Indigenous Peoples’ Day with her bill, H.R. 5822 of the bicameral Indigenous Peoples’ Day Act alongside Representatives Suzanne Bonamici (OR-01), Sharice Davids (KS-03), and Suzan DelBene (WA-01), and Senators Martin Heinrich (D-NM) and Ben Ray Luján (D-NM), this legislation would would designate Indigenous Peoples’ Day as a legal public holiday and replace the term ‘‘Columbus Day’’ with the term ‘‘Indigenous Peoples’ Day.’’
“It has been a year since the Indigenous Peoples’ Day Act was reintroduced, and our nation needs to recognize and work towards addressing the deep-seated historical injustices and suffering experienced by the natives across the country,” said Congresswoman Norma Torres. “The Indigenous Peoples’ Day Act seeks to honor the enduring presence of the tribes that inhabited the Americas long before the arrival of Western explorers. By establishing Indigenous Peoples’ Day as a federal holiday, we can take a meaningful step towards acknowledging the complexities of our nation’s history and celebrating the rich traditions and culture of all Indigenous communities who are an integral part of the United States history. It is time for my colleagues in the House and Senate to unite in passing this critical legislation, ensuring that we pay tribute to the cultures and significant contributions of Indigenous peoples to our nation.”
“Recognizing Indigenous Peoples’ Day is an essential step toward honoring the accomplishments and strength of Tribal Nations across New Mexico and the country,” said Senator Luján, a member of the Senate Committee on Indian Affairs. “I’m proud to lead this effort to officially designate Indigenous Peoples’ Day and am hopeful that Congress will follow in New Mexico’s footsteps and recognize the holiday federally. Throughout history, Native people have played a vital role in our society and shaping our nation’s history – from serving in the military, educating our children, to boosting our economy – and it is well past time to celebrate their contributions. I look forward to working with my colleagues to pass this bill and honor all the triumphs of our Tribal communities.”
“On Indigenous Peoples’ Day we recognize the immense contributions Indigenous communities have made throughout our country’s history and before its founding,” said Congresswoman Suzanne Bonamici. “We also must acknowledge the many injustices that continue to affect Indigenous communities today. I’m pleased to join my colleagues in this important effort to establish Indigenous Peoples’ Day as a federal holiday.”
“Indigenous People’s Day is not only a time to acknowledge the centuries of discrimination that Native peoples have experienced, but an opportunity to celebrate how much Indigenous peoples’ rich cultures have contributed to our nation’s history,” said Representative Sharice L. Davids. “As one of the first Native American women elected to Congress and a proud member of the Ho-Chunk Nation, I am proud to join my colleagues in calling for the national celebration of Indigenous Peoples’ Day.”
“Indigenous Peoples’ Day is an opportunity for us to unite in celebration of the rich tapestry of tribal nations, their diverse cultures, and the important contributions they have made to our communities,” said Congresswoman Suzan DelBene. “Cementing this observance also acknowledges the current and historical injustices Indigenous communities face and renews our commitment to preserving their rights as we work toward a more inclusive and equitable society.”
“As President of the Navajo Nation, I am proud to support Congresswoman Torre’s and Senator Heinrich’s efforts to pass the Indigenous Peoples’ Day Act. Indigenous Peoples’ Day is an opportunity for all of us to come together to honor the rich histories, cultures and contributions of Indigenous communities across the country. It is a day to reflect on the resilience of our people, and to promote understanding and respect for our heritage. By recognizing Indigenous Peoples’ Day, we celebrate our past and pave the way for a future built on mutual respect and collaboration. This is a day for education, reflection and unity as we work toward healing and progress.” – Dr. Buu Nygren, President of the Navajo Nation
When it comes to investing and planning your financial future, are you more willing to trust a person or a computer?
This isn’t a hypothetical question any more.
Big banks and investment firms are using artificial intelligence (AI) to help make financial predictions and give advice to clients.
Morgan Stanley uses AI to mitigate the potential biases of its financial analysts when it comes to stock market predictions. And one of the world’s biggest investment banks, Goldman Sachs, recently announced it was trialling the use of AI to help write computer code, though the bank declined to say which division it was being used in. Other companies are using AI to predict which stocks might go up or down.
But do people actually trust these AI advisers with their money?
Our new research examines this question. We found it really depends on who you are and your prior knowledge of AI and how it works.
Despite the growing sophistication of artificial intelligence, investors prefer human expertise when it comes to stock market predictions, according to a new study.
Trust differences
To examine the question of trust when it comes to using AI for investment, we asked 3,600 people in the United States to imagine they were getting advice about the stock market.
In these imagined scenarios, some people got advice from human experts. Others got advice from AI. And some got advice from humans working together with AI.
In general, people were less likely to follow advice if they knew AI was involved in making it. They seemed to trust the human experts more.
But the distrust of AI wasn’t universal. Some groups of people were more open to AI advice than others.
For example, women were more likely to trust AI advice than men (by 7.5%). People who knew more about AI were more willing to listen to the advice it provided (by 10.1%). And politics mattered – people who supported the Democratic Party were more open to AI advice than others (by 7.3%).
We also found people were more likely to trust simpler AI methods.
When we told our research participants the AI was using something called “ordinary least squares” (a basic mathematics technique in which a straight line is used to estimate the relationship between two variables), they were more likely to trust it than when we said it was using “deep learning” (a more complex AI method).
This might be because people tend to trust things they understand. Much like how a person might trust a simple calculator more than a complex scientific instrument they have never seen before.
Trust in the future of finance
As AI becomes more common in the financial world, companies will need to find ways to improve levels of trust.
This might involve teaching people more about how the AI systems work, being clear about when and how AI is being used, and finding the right balance between human experts and AI.
Furthermore, we need to tailor how AI advice is presented to different groups of people and show how well AI performs over time compared to human experts.
The future of finance might involve a lot more AI, but only if people learn to trust it. It’s a bit like learning to trust self-driving cars. The technology might be great, but if people don’t feel comfortable using it, it won’t catch on.
Our research shows that building this trust isn’t just about making better AI. It’s about understanding how people think and feel about AI. It’s about bridging the gap between what AI can do and what people believe it can do.
As we move forward, we’ll need to keep studying how people react to AI in finance. We’ll need to find ways to make AI not just a powerful tool, but a trusted advisor that people feel comfortable relying on for important financial decisions.
The world of finance is changing fast, and AI is a big part of that change. But in the end, it’s still people who decide where to put their money. Understanding how to build trust between humans and AI will be key to shaping the future of finance.
Gertjan Verdickt 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.
October 14 2024 – Gold prices are on track to reach historic levels in the first quarter of 2025, predicts the CEO of one of the world’s largest independent financial advisory and asset management organizations.
The bullish prediction from deVere Group’s Nigel Green is driven by a confluence of factors reshaping global markets.
He says: “As central banks continue aggressive buying, the US Federal Reserve cuts interest rates, and geopolitical tensions persist, the precious metal is primed for a bullish surge that could shatter previous records.”
Central banks around the world are accelerating their gold purchases at a pace not seen in decades. This trend, which initially gained momentum following the start of the Russia-Ukraine war, has broadened, with many countries shifting away from US dollar-denominated assets.
“Gold buying has now surged to nearly three times the level it was before 2022, and the outlook suggests continued strong demand into 2025,” notes the deVere CEO.
“This wave of buying is not just about portfolio diversification—it’s a strategic move to mitigate risks. Countries, especially those wary of US financial sanctions, are increasingly turning to gold to shield their reserves from political and economic pressures.
“China, for instance, has been a key player in this trend. In 2023, China’s central bank added to its gold holdings for 10 consecutive months, underscoring the nation’s intention to reduce its reliance on the dollar amidst growing geopolitical tensions with the West.
“This buying intensity continued well into 2024, with net purchases of 290 tonnes recorded in the first quarter of 2024 – the fourth strongest quarter of purchases since the buying streak began in 2022.”
Similarly, Turkey, Singapore, Brazil and India have also ramped up their gold reserves, driven by their need to safeguard against currency volatility and potential sanctions.
The US Federal Reserve’s shift from its aggressive interest rate hiking cycle toward rate cuts is another pivotal factor that will likely fuel a rally in gold.
“Higher interest rates make gold less attractive as it doesn’t generate yield. However, with rates poised to fall, the tables are turning. Lower rates can often reduce the appeal of yield-bearing assets, drawing some investors – both retail and institutional – back into the gold market.”
In today’s fragile global landscape, gold’s role as a portfolio hedge remains as vital as ever.
The potential for geopolitical shocks—including escalating trade wars, sanctions, and heightened global tensions—continues to loom large.
“Gold offers unparalleled protection in such scenarios, especially as concerns grow around issues such as Fed independence, global debt sustainability, and financial sanctions,” affirms Nigel Green.
“One scenario that could send gold prices soaring is an escalation in financial sanctions comparable to the surge seen since 2021. Another potential trigger could be worsening debt fears in the US.”
He concludes, “Against this backdrop, and should the current momentum be maintained, we could see new all-time price highs for gold in the first quarter of 2025.”
deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of offices around the world, more than 80,000 clients, and $12bn under advisement.
SINGAPORE, Oct. 14, 2024 (GLOBE NEWSWIRE) — UXLINK, the world’s largest Web3 social platform and infrastructure provider, has unveiled its strategic roadmap to expand its user base to 1 billion through a series of high-impact initiatives. This ambitious plan includes integrating its Social Growth Layer infrastructure with major communication platforms such as Telegram, WhatsApp, Line, KakaoTalk, and WeChat, making Web3 socialization more accessible and inclusive.
“Our goal is to create a unified social experience across all major platforms while leveraging the benefits of blockchain technology,” said Sean, Founder at UXLINK. “By bridging the gap between traditional social networks and the decentralized world, UXLINK is poised to become the first choice for Web3 socialization and user engagement.”
Key Milestones in the Roadmap
Phase One: Integrate with core social platforms to establish a seamless Web3 social graph.
Phase Two: Deploy applications on Line and KakaoTalk to achieve high-quality user growth and expand the platform’s footprint in Asia.
Phase Three: Implement modular Web3 socialization upgrades, enabling a one-stop account system and social service ecosystem.
UXLINK’s roadmap is focused on creating a scalable, secure, and user-centric social platform that will support a diverse range of applications and services.
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.
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.
When Tony Blair came to power in 1997 as the first Labour prime minister in a generation, his government became associated with the phrase “we’re all middle class now”.
In the second part of Know Your Place: what happened to class in British politics, a podcast series from The Conversation Documentaries, we look back at a century of class in British politics to understand why Blair’s decision to move Labour away from the working class was such a watershed moment.
The British Labour party was created in 1900 by trade unionists who wanted to give a voice to working class people. At the time, the class structure was rigid and only property-owning men over the age of 21 could vote.
But the rupture of the first world war ushered in universal adult suffrage, and with it, says Mark Garnett, senior lecturer in politics at Lancaster University, a feeling among opponents of the Labour party that it would eventually become the main electoral force. He says:
When we get to the middle part of the 20th century, being a supporter of the Labour party was something that one inherited almost … it would certainly be very peculiar if you were a very conscious member of the working class who didn’t also see yourself as a Labour party supporter.
After the second world war and the election of Clement Attlee as Labour prime minister, class still looked firmly cemented into British political allegiances, as Martin Farr, senior lecturer in contemporary British history at Newcastle University explains.
The most dramatic illustration of class I can give you is in the 1951 general election: 98% of voters voted Conservative or Labour. No other parties mattered.
Thatcher’s greatest achievement
For Farr, the political and economic turmoil of the 1970s, ending in the winter of discontent under the Labour government of James Callaghan, marked the beginning of the end of this political arrangement, paving the way for the election of Margaret Thatcher as Conservative prime minister.
Margaret Thatcher said that her greatest achievement was Tony Blair. The Thatcher years created a different sort of Labour Party … which necessarily wasn’t the party of trade unions to the same extent because there were weaker trade unions and fewer trade unionists.
After 17 years of Conservative rule, Blair’s election in 1997 brought Labour back into power. But its attitude toward its working class base had changed.
Tim Bale, professor of politics at Queen Mary University of London, says Blair’s advisers realised that the working class in Britain was shrinking and that, unlike the past, Labour couldn’t put together a winning electoral coalition based purely on working-class voters. But he also says they wanted to build a cross-class coalition.
They spent more time rhetorically appealing to the middle-class votes and thought the working-class vote will look after itself as long as they got the economy and public services right. And perhaps they should have done more … to appeal to both sides of that electoral coalition, that cross-class coalition that they hoped to build.
For more analysis, listen to the full episode of Know Your Place: what happened to class in British politics on The Conversation Documentaries, which also includes interviews with the former Labour MPs Reg Race and David Hanson, who is now a member of the House of Lords and minister of state for the Home Office.
A transcript is available on Apple Podcasts.
Know Your Place: what happened to class in British politics is produced and mixed by Anouk Millet for The Conversation. It’s supported by the National Centre for Social Research.
Listen to The Conversation Documentaries via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here.
Tim Bale has previously received funding for research on the Conservative Party and party members from the Leverhulme Trust and from the Economic and Social Research Council. Martin Farr and and Mark Garnett 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. Know Your Place: what happened to class in British politics is supported by the National Centre for Social Research.
Tito Mboweni, former South African Reserve Bank Governor, Minister of Finance, and Minister of Labour was arguably one of the country’s most consequential economic policymakers and drove several significant economic
reforms.
He began his career in government as Minister of Labour in President Nelson Mandela’s 1994 administration. As the first Minister of Labour in the new democratic South Africa, he took several steps to improve the relationship between business and labour.
Among these were major legislative reforms, including the Basic Conditions of Employment Act, Labour Relations Act, Mines Health Safety Act and the NEDLAC Act, designed to improve cooperation between different “constituencies” – labour, business, and government.
He was appointed as the Eighth Governor of the South African Reserve Bank in
1999. In this role he introduced inflation targeting and presided over the first monetary policy committee meetings. This substantially modernised the Bank’s approach. For instance, Mboweni introduced a monetary policy statement outlining the reasons for the Bank’s decisions. These were televised, bringing new transparency to the conduct of monetary policy. Before this, the bank’s targeted monetary policy aggregates, and its communications, were made through printed documents.
Monetary Policy Forums took monetary policy to many parts of the country, bringing a new openness and engagement between the Bank and ordinary South Africans.
He held the position of Governor until 2009. But his legacy endures. The South African Reserve Bank is highly regarded across the world, with an inflation rate that is firmly within the target range and well-anchored inflation expectations.
As finance minister
Shortly after Cyril Ramaphosa was inaugurated as President of the Republic of South Africa in 2018, the then Finance Minister Nhlanhla Nene resigned. The President appointed Mboweni as Minister of Finance in October 2018.
Mboweni made three consequential decisions in South Africa’s economic policy
trajectory.
The first was the decision, in 2019, to freeze government wages from 2020. He was alarmed by the rapid and unsustainable increase in government wages. Together with slowing economic growth, this led to a fiscal position that was deteriorating at an alarming pace. The wage freeze ultimately started the slow return to the fiscal rectitude that had been the hallmark of the period of government before Jacob Zuma became president in 2009.
The second, also in 2019, was the publication of a paper on economic growth. It was known officially as “Economic transformation, inclusive growth, and competitiveness: Towards an Economic Strategy for South Africa”.
Other recommendations of the paper are being followed, including those for rail, telecommunications and ports.
The third was the introduction of a comprehensive response to the COVID-19 pandemic. This included a significant expansion of the grants system, with a Social Relief of Distress grant pegged at R350 per person per month. Research by the NIDS-CRAM initiative, led by Dr Nic Spaull of Stellenbosch University, has highlighted how the grant positively affected millions of people’s lives.
Enduring legacy
It is difficult to think of any other economic policymaker who has left such an enduring legacy.
Stellenbosch University awarded him an honorary doctorate in 2010 and appointed him Professor Extraordinary of Economics from 2002 to 2005 . He was a frequent participant at Bureau for Economic Research conferences. There, his engaging speaking style made him a popular drawcard.
His love of red wine and engaging conversation made him a popular visitor at the university. In 2010, he spent time at the Stellenbosch Institute for Advanced Studies as part of a research group working on the global financial crisis and its consequences for democracy.
This is an edited version of a tribute published by the Bureau for Economic Research, Stellenbosch University.
Roy Havemann is a senior economist at the Bureau for Economic Research where he leads the Impumelelo Economic Growth Lab. He was previously at the National Treasury where, amongst other things, he was Tito Mboweni’s speechwriter.
It is sad to write about Tito Mboweni in the past tense.
Tito Titus Mboweni, who was born on 16 March 1959 in Tzaneen, a town in South Africa in what was then the Transvaal, passed away after a short illness in Johannesburg on 12 October 2024.
After the announcement of his death, tributes poured in for this South African leader. Many have been touched by his legacy in politics, business, governance and the economy of South Africa.
While not without some shortcomings, his career from being a freedom fighter to becoming a trusted and popular public figure serves as an enduring example to others in leadership.
Political and public service was a second part of his career.
After the democratic elections of 1994, Mboweni served as minister of labour in the first cabinet of Nelson Mandela. In a surprise announcement in 1998, Mboweni was appointed as an advisor to the then governor of the South African Reserve Bank, Chris Stals. This was to prepare Mboweni for appointment as governor after the retirement of Stals.
Mboweni could not move directly into the position as governor, as section 4(2)(a) of the South African Reserve Bank Act states that the “governor shall be a person of tested banking experience”.
By serving as an advisor to Stals for a little over a year, Mboweni met this legal requirement. He was appointed as the eighth governor of the central bank on 8 August 1999.
At the time there were concerns about his commitment to the continuation of a policy of controlling inflation, ushered in successfully by Stals in the preceding decade. But Mboweni soon showed his commitment to the continued control of inflation.
He replaced the previous structure used for monetary policy decisions by Stals by establishing the Monetary Policy Committee in October 1999. This was in preparation for the adoption of inflation targeting as a policy objective for the bank.
After his retirement from the Reserve Bank, Mboweni commenced with the next stages of his career: a successful stint in business, which was interrupted by his return to politics. He served as minister of finance from 9 October 2018 to 5 August 2021. In this role he made it very clear that South Africa had to adopt a more prudent fiscal policy to avoid a too rapid growth in government debt. But this viewpoint made him unpopular with many cabinet and ANC colleagues, trade unions and others.
Once he left politics, Mboweni resumed his career in business. He also served the South African community in different ways. He held a number of appointments as honorary professor and was also a patron of the arts. He was also well-known for his enthusiasm for cooking, which he often posted about on social media.
Challenges
Mboweni had to withstand political pressure on the issue of the role of the Reserve Bank. He was exemplary in his protection of the autonomy and independence of bank, which is set out in sections 223 to 225 of the South African Constitution.
Politicians favour lower interest rates, particularly during election periods. But Mboweni was not afraid of being unpopular. He was steadfast in protecting the autonomy and independence of the South African Reserve Bank. Mboweni also led the central bank during the global financial crisis of 2008 . South Africa was one of the countries that did not suffer a banking crisis or collapse during that period.
Achievements
Mboweni’s single biggest achievement was his successful transition from an ANC freedom fighter in exile to his roles as senior politician, central bank governor and businessman.
His successful adoption of a policy of inflation targeting despite opposition was also a major achievement. Under Mboweni’s leadership the South African Reserve Bank showed critics that South Africa can make a continuous commitment to a low rate of inflation.
Other than establishing the Monetary Policy Committee, Mboweni also played a major role in bringing monetary policy closer to the people. Under his leadership, the bank was one of the first central banks in the world to announce monetary policy decisions about interest rates at a media conference. He also introduced the central bank’s Monetary Policy Forums, where the public can engage the senior leadership of the central bank on monetary policy.
Shortcomings
Mboweni had many successes in business, central banking and politics. He also a few shortcomings. One was that he did not insist on the readoption of the lower inflation target (3%-5%) announced in 2001, that was later abandoned. A lower inflation target some 20 years ago would have anchored South Africa’s inflation rate and inflation expectations on a lower trajectory.
It is difficult to judge whether Mboweni’s somewhat untimely (though not necessarily unexpected) resignation as finance minister can also be regarded as a failure. However, a finance minister can only function optimally with the support of the head of state. Such support was clearly lacking.
Legacy
Mboweni leaves a legacy of a successful transformation from a freedom fighter to a businessman, central banker and politician. If more former freedom fighters made this successful transition, South Africa’s prospects would look considerably better.
Another legacy is honesty and integrity. Mboweni was never embroiled in scandals or questionable business dealings. If other ANC cadres could follow this example, South Africa would also offer a better future for all its citizens.
As an NRF-rated researcher, Jannie Rossouw received research funding from the NRF. He serves as independent non-executive Board member of Finbond Mutual Bank, Noordelike Helpmekaar Study Fund and Satsanga Fintech Holdings.
