Category: Economy

  • MIL-OSI USA: Rhode Island Gets $1.6 Million Small Businesses Opportunity Grant

    Source: United States House of Representatives – Representative Seth Magaziner (RI-02)

    Federal grant will support the state-administered RI Rebounds Technical Assistance Program

    PROVIDENCE, RI – U.S. Senators Jack Reed and Sheldon Whitehouse and Congressmen Seth Magaziner and Gabe Amo announced $1,600,000 in competitive grant funding for the Rhode Island Commerce Corporation to better support small businesses in the construction, transportation, and renewable energy industries through the RI Rebounds Technical Assistance Program. Administered through the State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP) that was reauthorized and expanded by the American Rescue Plan Act, this award will assist underserved and very small businesses in Rhode Island. 

    Rhode Island’s application for this $1.6 million SSBCI grant was chosen from a share of $75 million in federal funding nationwide to provide critical technical assistance to small businesses and entrepreneurs – helping these small companies access financing opportunities.

    This latest grant comes on top of the $61.7 million in federal SSBCI funding Reed and Whitehouse secured last year to promote small business growth and entrepreneurship across the Ocean State.

    “I helped pass the American Rescue Plan Act to deliver pandemic relief to help small businesses stay afloat, recover and grow, and position themselves for long-term success.  This latest round of federal funding will help connect more small businesses with access to capital and other tools to compete, grow, and strengthen Main Street businesses in communities across the state,” said Senator Jack Reed.

    “Our delegation is dedicated to helping Rhode Island’s entrepreneurs create well-paying jobs,” said Senator Sheldon Whitehouse. “This federal investment – made possible by the American Rescue Plan – will provide technical support to small businesses with the goal of growing the local economy.”

    “Behind every small business is an entrepreneur who had the courage to turn their dreams into reality, and we need to keep that spirit alive in Rhode Island,” said Representative Seth Magaziner. “This federal funding will help small businesses receive the technical assistance they need to create good jobs and opportunities for working Rhode Islanders.”

    “After working to help implement President Joe Biden’s American Rescue Plan and its critical provisions that support small businesses, I’m glad to build upon this effort as a member of the Rhode Island’s congressional delegation,” said Congressman Gabe Amo. “Growing a business is never easy, but with this federal funding for Rhode Island Commerce, we’re helping to bring down barriers so that every entrepreneur with a vision and a dream can compete on a level playing field.” 

    “This funding will provide critical technical assistance services to ensure even our state’s smallest entrepreneurs have the resources they need to grow and thrive” said Rhode Island Secretary of Commerce Liz Tanner. “I thank our state’s Congressional delegation and the Biden Administration for their continued support of our small businesses.”

    BACKGROUND

    Signed into law in 2021, the American Rescue Plan Act reauthorized and expanded SSBCI, which provides nearly $10 billion to support small businesses and help them the access the capital they need to invest in job-creating opportunities. SSBCI provides funds to states, the District of Columbia, territories, and Tribal governments to promote entrepreneurship, support small business ownership, and democratize access to capital across the country, including in underserved communities.

    Earlier this year, the Department of Treasury announced that Rhode Island was approved to use $773,624 in SSBCI allocation formula-based technical assistance grant funding to support RI Commerce in providing legal, accounting, and financial advisory services to underserved and very small businesses preparing to apply for support from state and/or federal small business programs, including connecting companies directly with the state’s SSBCI-supported capital programs.

    A fact sheet summarizing the funding that Rhode Island and 13 other states received can be found HERE. 

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation, Shri Amit Shah addresses 119th Annual Session of PHD Chamber of Commerce and Industry in New Delhi as the Chief Guest

    Source: Government of India (2)

    Union Home Minister and Minister of Cooperation, Shri Amit Shah addresses 119th Annual Session of PHD Chamber of Commerce and Industry in New Delhi as the Chief Guest

    Shri Narendra Modi, first as Chief Minister and then as Prime Minister of the country for the third consecutive term, has been winning the trust of people in a democratic way for the last 23 years

    PM Modi is a rare combination of vision, experience and commitment

    PHD Chamber of Commerce and Industry is an important link between industry and the government

    PHD Chamber should implement policies, plans and vision of the government and communicate the pressing issues of industry to the government

    In the last 10 years, Prime Minister Modi has laid the foundation of making India rank one in every field in the World

    PM Modi took the country out of ‘policy paralysis’ and established the politics of performance

    Indian economy, which earlier figured among the ‘Fragile Five’, has emerged as a ‘bright spot’ in the World, under the leadership of PM Modi  

    The public banking system, which was in shambles before 2014, has earned a profit of ₹1.40 lakh crore in FY 2023-24, under the leadership of Prime Minister Modi  

    By abolishing more than 2000 colonial laws and more than 39,000 compliances, Modi government made the lives of people easier

    PM Modi has established a research foundation at a cost of ₹50 thousand crores, which will take India to the top in the field of research in the world in the next 25 years

    Union Home Minister Shri Amit Shah pays tribute to the renowned industrialist Ratan Tata on his demise

    Ratan Tata ji was a respected figure not only in Indian industrial sector but globally as well, he has left behind a legacy which will continue to guide leaders in the industrial sector for a long time

    Ratan Tata ji worked to build a good society by solving all the problems of the country through his trust

    Posted On: 10 OCT 2024 7:04PM by PIB Delhi

    Union Home Minister and Minister of Cooperation, Shri Amit Shah today addressed the 119th Annual Session of PHD Chamber of Commerce and Industry (PHDCCI) in New Delhi as the Chief Guest. The theme of this year’s annual session was Viksit Bharat @ 2047: Marching Towards the Peak of Progress’. Around 1500 business persons, Chartered Accountants, bankers, advocates etc. from the industry participated in the event.

    Union Home Minister Shri Amit Shah began his address with tributes to the renowned industrialist Shri Ratan Tata, who passed away last night in Mumbai. Shri Amit Shah said that Shri Ratan Tata has been a respected figure not only in the Indian industrial sector but globally as well. He took charge of the Tata Group at a time when the group needed several changes, and Ratan Tata patiently transformed all the businesses of his group and working practices. Shri Shah said that even today, the Tata Group stands as a pole star in India’s industrial landscape. He added that Ratan Tata led his industrial group to a prominent position in the country and globally while adhering to integrity and following all the rules and regulations. Shri Shah also said that through his Trust, Ratan Tata made efforts to address the country’s various problems and contribute to building a better society. He said that Shri Ratan Tata’s legacy will continue to guide industry leaders for a long time.

    Union Home Minister said that this year is going to be a decisive one for Indian industry, and it is at such a time that the 119th annual convention of PHD Chamber of Commerce and Industry (PHDCCI) is being organized. He said that today, there seems to be a crisis of trust in countries worldwide. He said that Shri Narendra Modi, first as the Chief Minister and then as the Prime Minister of the country, has continuously been winning the trust of the people democratically for the past 23 years. Shri Shah said that without stability, policies cannot be implemented effectively and security and development cannot be ensured. He added that stability brings continuity in policies, ideas, and development. Shri Shah further said that PM Modi has get this vast country rid of many problems over the past 10 years and he is now leading the nation for the third consecutive time.

    Shri Amit Shah said that today’s theme Viksit Bharat @ 2047: Marching Towards the Peak of Progress’ is very appropriate. He said that Prime Minister Modi has set two major goals before us: India will become a fully developed nation when the country celebrates the centenary of its independence in 2047 and by 2027, India will become the world’s third-largest economy. He said that to achieve these two goals, PM Modi has been working tirelessly for the past 10 years through various policies and programs. Shri Shah emphasized that PM Modi has implemented visionary policies aimed at developing infrastructure in the country, making India a global manufacturing hub, creating an investment-friendly ecosystem, building a skilled work-force, promoting research and development, pioneering India in emerging technologies like advanced computing, and initiating new ventures in fields like deep-sea exploration, the maritime economy, and space. He added that Prime Minister Modi has not only formulated these policies but also made continuous efforts to ensure their implementation.

    Union Home Minister said that PHD Chamber of Commerce and Industry is a bridge between the industry and the Government. He said that in the coming times, PHD Chamber has to implement the policies, plans and vision of the government and convey the problems of the industry to the government. He added that we have achieved a lot in the last 10 years. Infrastructure like the world’s longest highway tunnel, the world’s highest railway bridge, Mumbai’s world-famous Trans-Harbour Link and Kolkata’s underwater metro have been built in the last 10 years. Shri Shah said that in Andaman-Nicobar Islands and Lakshadweep, work has been done to utilize business opportunities and strengthen these islands from a security point of view by bringing connectivity to remote areas through underwater optical fibre.

    Shri Amit Shah said that every Indian took great pride when Indian flag was hoisted at the Shiva Shakti Point on the Moon. Connecting the underdeveloped regions of the country through the SagarMala project, weaving a network of Vande Bharat Express trains to open a new avenue for comfortable travel in the country, advancing in semiconductor manufacturing to meet not only ours but also needs of the entire world, bringing a new revolution in electric vehicles, and increasing FDI to record levels, making India the fourth-largest holder of foreign exchange reserves in the world, are significant achievements for us.

    Union Home Minister said that we are the fastest-growing start-up economy in the world. We have successfully launched the world’s largest digital payment system, which many countries are now adopting. He said that along with this, Prime Minister Modi has introduced the world’s largest grain storage plan based in cooperatives. Shri Shah said that from food security to health security, we have covered all dimensions, and in the past 10 years under PM Modi’s leadership, the foundation has been laid for India to be at the forefront in every field over the next 25 years. He said that when vision, experience, and commitment come together in one individual, and that individual is the Prime Minister, the country benefits immensely, and Shri Narendra Modi is an excellent example of this.

    Shri Amit Shah said that India is a democracy where people decide who should lead the government. He said that without a comparative study, we cannot make a proper evaluation of the work done. He emphasized the need to look at the comparative situation of the country in 2014 and 2024. He stated that before 2014, everyone used to say that our country was suffering from policy paralysis and no policies were being made, but PM Modi ended this policy paralysis, created numerous policies and brought in politics of performance. Shri Shah added that today, there is no sector where a permanent policy hasn’t been formulated. Earlier, India was amongst the “Fragile Five,” but today, the International Monetary Fund (IMF) calls us a “bright spot” in the global economy.

    Union Home Minister and Minister of Cooperation highlighted that under infrastructure development, projects like the Zoji La tunnel, Chenab rail bridge, and the bridge in Assam are there for everyone to see. He said that earlier, India used to have double-digit inflation, but today we are confidently moving toward double-digit growth. He said that for many years, India’s growth rate has been the highest among G20 countries. Shri Shah said that global investors had lost confidence in India, but today India has become a preferred destination for manufacturing. Shri Shah said that in 2021-22, we attracted a record Foreign Direct Investment (FDI) of $85 billion. He said that today we are leading in many sectors like digital payments. Before 2014, scams worth ₹12 lakh crore had taken place, but in the 10 years of the Modi government, even our opponents cannot accuse us of corruption.

    Shri Amit Shah said that during previous government, terrorism, bomb blasts, and Naxalism had become severe issues for the country, but today we can confidently say that whether it’s Kashmir, Left-Wing Extremism affected areas, or the Northeast, we have successfully eliminated terrorism and extremism. He mentioned that in the Ease of Doing Business rankings, India was previously placed at the 142nd position, but today we have risen to the 63rd position. He also highlighted that the entire banking system was in a fragile state, but in 2023-24, government banks earned a profit of ₹1.40 lakh crore. New policies have been introduced in every sector, helping the country move forward.

    Union Home Minister said that if the country wants to progress, it must have a new education policy, and Prime Minister Shri Narendra Modi brought a New Education Policy that has globalized education while incorporating our heritage. He said that initiatives like GST, Digital India, Bharatmala, SagarMala, PM Gati Shakti, and Startup India have propelled the country forward in all directions.

    Shri Amit Shah said that under the leadership of Prime Minister Shri Narendra Modi and the principle of “Minimum Government, Maximum Governance”, 2,000 outdated colonial laws have been abolished, and over 39,000 compliances across various sectors have been eliminated. He highlighted that in the past 10 years, 80 crore people have been receiving 5 kg of free grain per person, houses provided to 4 crore poor, 15 crore households have received piped water, more than 11 crore people have been given free gas connections, and over 12 crore toilets have been built under the leadership of Prime Minister Shri Narendra Modi. Shri Shah said that Prime Minister Modi has alleviated the concerns of millions and transformed India into a market of 130 crore people. He said that when 60 crore people are excluded from the country’s development process, the country can never progress. Today, with 130 crore people engaged in the nation’s development process, our growth rate has surged upward.

    Union Home Minister and Minister of Cooperation said that the Modi government has made significant efforts in the field of research. He said that for the first time, a research foundation has been established with a budget of ₹50,000 crore. He expressed confidence that in the next 25 years, India will be at the forefront of global research. Shri Shah mentioned that Prime Minister Modi has worked extensively across various sectors. In terms of internet users, India ranks second in the world, while it ranks first in global Fintech adoption and smartphone data consumption. He further highlighted that today half of the world’s daily digital transactions take place in India.

    Shri Amit Shah said that Indian industries must now work towards changing both their size and scale. He emphasized the need for companies to go global and that to establish India’s dominance worldwide, our chambers and industries need to make decisive moves.

    *****

    RK/ASH/PR/PS

    (Release ID: 2063932) Visitor Counter : 115

    Read this release in: Hindi

    MIL OSI Asia Pacific News

  • MIL-OSI: Guggenheim Fourth Quarter 2024 High Yield and Bank Loan Outlook: Fed Rate Cuts Are Positive for Leveraged Credit (With a Few Caveats)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 10, 2024 (GLOBE NEWSWIRE) — Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today provided its Fourth Quarter 2024 High Yield and Bank Loan Outlook. Titled “Fed Rate Cuts Are Positive for Leveraged Credit (With a Few Caveats),” the report explores the outlook for high yield corporate bonds and leveraged loans as the Federal Reserve (Fed) cuts interest rates.  

    Among the highlights in the report:

    • The effects of the Fed’s inaugural interest-rate cut and anticipated future cuts have begun to materialize, but the benefit to the credit markets will vary meaningfully by sector and issuer.
    • While overall financial conditions have eased in response to rate cuts, the benefits to credit may be muted, particularly in the high yield corporate bond market, which is likely to absorb higher interest rates for several years as existing low-interest-rate debt gets refinanced.
    • In the near term, the refinancing burden for high yield issuers is manageable, with just 4 percent of the total market maturing in 2025, and 9 percent due in 2026.
    • Leveraged loan borrowers are poised to benefit more directly from the Fed’s easing cycle due to their loans’ floating-rate nature and the continued repricing of contractual spreads lower. 
    • High yield corporate bonds and leveraged loans currently offer attractive yields of 7 percent and 9 percent, respectively. We slightly favor loans, given better implied returns available to those with the expertise to differentiate across credits. 
    • As the Fed continues to ease rates, bank loan yields will decline while high yield corporate yields will likely remain largely unchanged, potentially making the value proposition more balanced.
    • For high yield bonds, the distress ratio has been a good indicator of likely defaults within the next nine–12 months. The relationship for loans is weaker.
    • While both high yield bonds and leveraged loans offer value, investors should prioritize quality, focusing on higher rated issuers and maintaining senior positions in the capital structure. In the current environment, rigorous credit selection is crucial for navigating potential risks and capitalizing on opportunities.

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

    About Guggenheim Investments

    Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, with more than $235 billion1 in total assets across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 235+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

    1. Guggenheim Investments Assets Under Management are as of 6.30.2024 and include leverage of $15.1bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.

    Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. During periods of declining rates, the interest rates on floating rate securities generally reset downward and their value is unlikely to rise to the same extent as comparable fixed rate securities.  High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Investors in asset-backed securities, including mortgage-backed securities and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.

    This material is distributed or presented for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

    This material contains opinions of the author, but not necessarily those of Guggenheim Partners, LLC, or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. No part of this material may be reproduced or referred to in any form, without express written permission of Guggenheim Partners, LLC.

    Media Contact
    Gerard Carney
    Guggenheim Partners
    310.871.9208
    Gerard.Carney@guggenheimpartners.com

    The MIL Network

  • MIL-OSI: Targa Resources Corp. Announces Quarterly Dividend and Timing of Third Quarter 2024 Earnings Webcast

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 10, 2024 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“Targa” or the “Company”) announced its quarterly dividend on common shares with respect to the third quarter of 2024.

    Targa announced today that its board of directors has declared a quarterly cash dividend of $0.75 per common share, or $3.00 per common share on an annualized basis, for the third quarter of 2024. This cash dividend will be paid November 15, 2024 on all outstanding common shares to holders of record as of the close of business on October 31, 2024.

    The Company will report its third quarter 2024 financial results before the market opens for trading on Tuesday, November 5, 2024 and will host a live webcast over the internet at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss its 2024 third quarter financial results.

    Event Information
    Event: Targa Resources Corp. Third Quarter 2024 Earnings Webcast and Presentation
    Date: Tuesday, November 5, 2024
    Time: 11:00 a.m. Eastern Time
    Webcast: www.targaresources.com under “Events and Presentations” or directly at https://edge.media-server.com/mmc/p/yf8cw4hf

    Replay Information 
    A webcast replay will be available at the link above approximately two hours after the conclusion of the event. A quarterly earnings supplement presentation and updated investor presentation will also be available under Events and Presentations in the Investors section of the Company’s website prior to the start of the conference call, or directly at https://www.targaresources.com/investors/events.

    About Targa Resources Corp.

    Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic midstream infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

    Targa is a FORTUNE 500 company and is included in the S&P 500.

    For more information, please visit the Company’s website at http://www.targaresources.com.

    Forward-Looking Statements

    Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding our projected financial performance and capital spending. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics or any other public health crises, commodity price volatility due to ongoing or new global conflicts, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the impact of disruptions in the bank and capital markets, including those resulting from lack of access to liquidity for banking and financial services firms, the timing and success of business development efforts and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    Contact the Company’s investor relations department by email at
    InvestorRelations@targaresources.com or by phone at (713) 584-1133.

    Sanjay Lad
    Vice President, Finance & Investor Relations

    William Byers
    Chief Financial Officer

    Jennifer Kneale
    President – Finance and Administration

    The MIL Network

  • MIL-OSI: Maris-Tech is Expanding its Operations in the U.S.

    Source: GlobeNewswire (MIL-OSI)

    Leading Video and AI-based Edge Computing Company Establishes U.S. Subsidiary to Accelerate Growth in the U.S. Defense and Homeland Security Sectors

    Rehovot, Israel, Oct. 10, 2024 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (AI)-based edge computing technology, today announced a major expansion into the U.S. market with the establishment of its new subsidiary, Maris North America Inc. (“Maris North America”).

    The move marks a significant milestone in Maris-Tech’s ongoing global growth and reaffirms the Company’s commitment to delivering cutting-edge solutions for the defense and homeland security (HLS) sectors – both undergoing major growth in the U.S. The HLS market is predicted to be worth US$264.98 billion by 2034 at a CAGR of 6.01% from 2024 to 2034, and the defense market is forecasted to grow by US$169.43 billion at a CAGR of 4.91% between 2023 and 2028.

    Maris North America will serve as the strategic hub for Maris-Tech’s operations across the U.S., further enhancing its ability to deliver localized support and forge new business relationships in North America.

    In line with this expansion, we have entered into consulting agreements with two highly experienced business development, marketing and sales professionals, who we believe will be instrumental in driving growth and capturing new opportunities in the U.S. market. These new consultants bring extensive expertise in the defense and HLS industries, and their contributions will be essential as Maris-Tech continues to build its U.S. customer base.

    “Our decision to establish Maris North America is a significant step in our global expansion strategy,” said Israel Bar, CEO of Maris-Tech. “With the engagement of two industry-leading consultants, we are confident that we can establish a strong foothold in the U.S. defense and homeland security markets. We expect our U.S. presence to boost our sales efforts and enable us to deliver more tailored, localized support to our growing customer base across North America.”

    With its innovative AI-driven video solutions, Maris-Tech continues to deliver high-performance edge computing technology that enhances situational awareness and operational efficiency for customers worldwide.

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israel technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS) and communication industries worldwide. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we are discussing Maris-Tech’s ongoing global growth and specifically growth and new future opportunities in the U.S. market, growth estimations of the HLS and the defense market, that Maris North America will increase sales efforts and further enhance the Company’s ability to deliver localized support and forge new business relationships in North America, that the two new consultants will be instrumental in driving growth and capturing new opportunities in the U.S. market, and that the U.S. presence will be critical as Maris-Tech continues to build its U.S. customer base. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services, including in the United States; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 21, 2024, and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, Chief Financial Officer
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network

  • MIL-OSI: TeraWulf Enters Into Long-Term Ground Lease at Lake Mariner Facility to Attract High-Quality Customers

    Source: GlobeNewswire (MIL-OSI)

    EASTON, Md., Oct. 10, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced a new, long-term ground lease agreement at Lake Mariner (“New Ground Lease”) that supports the Company’s expansion into high-performance computing (HPC) and AI data centers and positions TeraWulf to attract long-term, high-quality customers.

    The New Ground Lease with Somerset Operating Company, LLC (“Somerset”) replaces the original Lake Mariner lease, which was entered into in May 2021 and had ten years remaining. The New Ground Lease has a term of 35 years, with an option to extend for an additional 45 years, and increases the Lake Mariner land area by nearly 50%, expanding from 107 acres to 157 acres. Importantly, the New Ground Lease includes no escalation in annual lease payments on a per acre basis when compared to the original Lake Mariner lease and also grants TeraWulf exclusive access to infrastructure capacity of up to 750 MW, facilitating the Company’s future growth plans and value creation initiatives.

    The New Ground Lease was negotiated and approved by the Audit Committee of the Company’s Board of Directors (the “Committee”), which is comprised of three independent directors. The Committee consulted independent legal counsel and the Company’s financial advisor, as Somerset is owned by the Company’s Chief Executive Officer. The Committee received an opinion from the Company’s financial advisor that the consideration to be received by the Company is fair, from a financial point of view, to the Company.

    The consideration paid to Somerset’s parent company in exchange for Somerset’s termination of the original lease and entering into the New Ground Lease is comprised of 20 million shares of TeraWulf’s common stock and $12 million in cash. Under the terms of the New Lease, Somerset’s parent company will be prohibited from selling 15 million shares for 18 months and the remaining 5 million shares for 12 months. The primarily equity-based structure of the consideration further aligns the interests of TeraWulf’s Chief Executive Officer with the long-term financial and operational goals of the Company and its shareholders.

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at http://www.sec.gov.

    Company Contact:
    Jason Assad
    Director of Corporate Communications
    assad@terawulf.com
    (678) 570-6791

    The MIL Network

  • MIL-OSI: NXP Semiconductors Announces Conference Call to Review Third Quarter 2024 Financial Results 

    Source: GlobeNewswire (MIL-OSI)

    EINDHOVEN, The Netherlands, Oct. 10, 2024 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today announced it will release financial results for the third quarter 2024 after the close of normal trading on the NASDAQ Global Select Market on Monday, November 4, 2024. The company will host a conference call with the financial community on Tuesday, November 5, 2024, at 8:00 a.m. U.S. Eastern Standard Time (EST).

    Earnings Conference Call Details 
    Interested parties may pre-register for the webcast or obtain a user-specific access code to join the live conference call.

    A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call.

    About NXP Semiconductors 

    NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $13.28 billion in 2023. Find out more at http://www.nxp.com.

    For further information, please contact: 

    NXP-CORP 

    The MIL Network

  • MIL-OSI: Allegro MicroSystems to Announce Second Quarter Fiscal 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MANCHESTER, N.H., Oct. 10, 2024 (GLOBE NEWSWIRE) — Allegro MicroSystems, Inc. (Nasdaq: ALGM) today announced it plans to release financial results for its second quarter fiscal 2025 prior to the market open on Thursday, October 31, 2024. Following the press release, Vineet Nargolwala, President and Chief Executive Officer, and Derek D’Antilio, Senior Vice President and Chief Financial Officer, will host a conference call at 8:30 a.m. Eastern Time to discuss the Company’s results and business outlook.

    Analysts and investors are invited to join the conference call using the following information:

    Second Quarter Fiscal Year 2025 Earnings Conference Call
    Date: Thursday, October 31, 2024
    Time: 8:30 a.m. EDT
    Live Webcast Link: Click Here
    Dial-in Participant Registration Link: Click Here

    Advanced registration is required for dial-in participants. Please complete the linked registration form above to receive a dial-in number and dedicated PIN for accessing the conference call. A live and archived audio webcast of the conference call will also be accessible for at least 90 days on the Company’s website at investors.allegromicro.com in the Events & Presentations section.

    About Allegro MicroSystems

    Allegro MicroSystems is a leading global designer, developer, fabless manufacturer and marketer of sensor integrated circuits (“ICs”) and application-specific analog power ICs enabling emerging technologies in the automotive and industrial markets. Allegro’s diverse product portfolio provides efficient and reliable solutions for the electrification of vehicles, automotive ADAS safety features, automation for Industry 4.0 and power saving technologies for data centers and clean energy applications.

    Contact: Jalene Hoover
    VP of IR & Corporate Communications
    Phone: +1 512 751 6526
    jhoover@allegromicro.com

    The MIL Network

  • MIL-OSI: Monarch Private Capital Finances Historic Rehabilitation of New York and New Jersey Telephone Exchange Building

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Oct. 10, 2024 (GLOBE NEWSWIRE) — Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to announce the tax equity closing for the historic rehabilitation tax credit (HTC) equity for the $59 million redevelopment of the New York and New Jersey Telephone Exchange Building. Located at 601-619 Throop Avenue, at the corner of MacDonough Street, in the Stuyvesant Heights neighborhood of Brooklyn, this historic landmark will be transformed into 40 luxury apartments with 1,250 sf of commercial space on the ground and basement levels.

    The project, led by Rivington Company LLC, will restore the Italian Renaissance Revival building, originally designed by Alexander MacKenzie of Eidlitz & MacKenzie in 1905. The redevelopment will preserve the building’s historical significance while offering modern amenities.

    This initiative not only revitalizes a historic landmark but also contributes to the ongoing revival of the Stuyvesant Heights neighborhood. The building’s past includes its role as a telecom hub, facilitating communication for Brooklynites at the turn of the 20th century. Its transformation into luxury apartments marks a new chapter, offering much-needed housing options while preserving its architectural heritage.

    “We are proud to partner with Rivington Company in this impactful project,” said Rick Chukas, Partner, Managing Director of Historic Tax Credits for Monarch Private Capital. “This project, our first rehab in Brooklyn, is a great example of how history can be preserved while meeting modern living needs.”

    “Rivington Company is proud to announce a successful partnership with Monarch to preserve and convert the historic landmark building located in the heart of Stuyvesant Heights into much-needed housing. This collaborative effort not only honors the rich architectural heritage of the neighborhood but also addresses the pressing demand for multifamily housing in this vibrant neighborhood,” said Travis Stabler, Managing Partner at Rivington Company. “Together, we are not only breathing new life into a historic building but also creating homes that will support the diverse needs of our community.”

    For more information on Monarch Private Capital and its impact investment funds, please email Rick Chukas at rchukas@monarchprivate.com.

    About Monarch Private Capital
    Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

    CONTACT

    Jane Rafeedie

    Monarch Private Capital

    jrafeedie@monarchprivate.com

    470-283-8431

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/45f2de0b-4357-4c11-87c6-b1268185f78a

    The MIL Network

  • MIL-OSI: AppFolio, Inc. Announces Date of Third Quarter 2024 Financial Results Conference Call

    Source: GlobeNewswire (MIL-OSI)

    SANTA BARBARA, Calif., Oct. 10, 2024 (GLOBE NEWSWIRE) — AppFolio, Inc. (NASDAQ: APPF) today announced that it will report its third quarter 2024 financial results after the close of the U.S. financial markets on Thursday, October 24, 2024.

    In conjunction with this announcement, AppFolio will host a conference call on Thursday, October 24, 2024, at 5:00 p.m. (Eastern Time), to discuss the company’s financial results and business outlook. A live webcast of the call will be available at https://edge.media-server.com/mmc/p/56effhwx. To access the call by phone, please go to the following link: https://register.vevent.com/register/BI0592d6d11ce14a179afe199e2d07039c, and you will be provided with dial in details. A replay of the webcast will also be available for a limited time on AppFolio’s Investor Relations website at https://ir.appfolioinc.com/news-events/events.

    Disclosure Information
    AppFolio uses and intends to continue to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor AppFolio’s Investor Relations website in addition to following AppFolio’s SEC filings, public conference calls, press releases, and webcasts.

    About AppFolio
    AppFolio is a technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit appfolio.com.

    Investor Contact:
    Lori Barker
    ir@appfolio.com

    The MIL Network

  • MIL-OSI: LM Funding America Inc. Expects Operations to be Unaffected by Hurricane Milton; Headquarters Operating Remotely to Support Community Association Lending Businesses

    Source: GlobeNewswire (MIL-OSI)

    Tampa, FL, Oct. 10, 2024 (GLOBE NEWSWIRE) — LM Funding America Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a cryptocurrency mining and a technology-based specialty finance company, today announced that it expects its Bitcoin mining operations to remain unaffected by Hurricane Milton, thanks to the geographic distribution of its miners. The Company fully anticipates its Bitcoin mining operations will continue without any interruptions or damage.

    Bruce Rodgers, Chairman and CEO of LM Funding, commented, “We’re Tampa based but our miners are not, so we do not expect Hurricane Milton to impact our Bitcoin mining operations.”

    The Company’s Tampa corporate headquarters has transitioned to remote operations to ensure the safety of its employees while maintaining its commitment to serving LM Funding’s community association customers. “We will remain fully operational and continue to accept loan applications from community associations through this challenging time,” Rodgers added.

    LM Funding also expressed its solidarity with local communities likely to be affected by the hurricane, particularly those living in condominiums already feeling the strain of rising insurance costs and the need to fund reserves. The Company’s subsidiaries, LM Funding and Sunshine Lending, are prepared to offer tailored financial products to qualified condominium and homeowner associations that will need to recover following the aftermath of the storm.

    “Our thoughts and prayers are with everyone in the path of Hurricane Milton,” Rodgers said. “We are here to help, and our lending teams are ready to support our customers with the resources they need to rebuild. We are hoping for the best, are prepared for the worst, and focused on what’s next.”

    About LM Funding America, Inc.

    LM Funding America Inc. (Nasdaq: LMFA) is a cryptocurrency mining business that commenced Bitcoin mining operations in September 2022. The Company also operates a technology-based specialty finance company that provides funding to nonprofit community associations (Associations) primarily located in the state of Florida as well as in Washington, Colorado, and Illinois by funding a certain portion of the Associations’ rights to delinquent accounts arising from unpaid Association assessments.

    Forward-Looking Statements

    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project,” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at http://www.sec.gov. These risks and uncertainties include, without limitation, the uncertainty created by entering into and operating in the cryptocurrency mining business, volatility in the cryptocurrency markets, the potential need for additional capital, changes in governmental regulations, and other risks. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

    Contact:

    Crescendo Communications LLC
    Tel: (212) 671-1021
    Email: LMFA@crescendo-ir.com

    The MIL Network

  • MIL-OSI: Beamr to be a Bronze Sponsor at the Demuxed 2024 Conference

    Source: GlobeNewswire (MIL-OSI)

    Herzliya, Israel, Oct. 10, 2024 (GLOBE NEWSWIRE) — Beamr Imaging Ltd. (NASDAQ: BMR), a leader in video optimization and modernization technology and solutions, today announced that it will participate in and be a bronze sponsor at the Demuxed 2024 conference held in San Francisco from October 16-17, 2024, one of the industry’s main conferences for video leaders and professionals.

    At the conference, the Beamr team will engage with key industry leaders and businesses to promote its comprehensive suite of high-performance, GPU-accelerated video pipelines. These services supercharge companies in the broadcasting and streaming industries by reducing video files and live streams up to 4K resolution at 60 frames per second (p60). Beamr also offers automated and accelerated cloud services for Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI) customers alongside on-prem or private cloud services tailored for enterprises, ensuring compliance with regulatory needs, privacy and security.

    To meet with the Beamr video experts team at the Demuxed 2024 conference and learn how GPU-accelerated video processing impacts video businesses and engineers, please use this link.

    Optimized 4Kp60 live streams are ideal for sports broadcasting, realistic visualization in virtual environments and high-quality video productions, all of which typically require extensive and costly resources. With its patented content-adaptive technology that is accelerated by GPUs, Beamr enables high-performance video processing, while reducing the required resources by up to 50%, delivering noticeably higher-quality contribution feeds with available cloud bandwidth.

    Additionally, Beamr services enable seamless upgrades to advanced video formats, such as AV1 (AOMedia Video 1), and are AI-ready, allowing automatic caption and transcription generation for videos, with plans for more features to be released later this year.

    Participation in Demuxed will follow key meetings with video industry professionals and media businesses executives at Oracle CloudWorld 2024, held in Las Vegas, and IBC 2024, held in Amsterdam, both of which Beamr attended last month.

    About Beamr

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

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

    Forward-Looking Statements

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

    Investor Contact:

    investorrelations@beamr.com

    The MIL Network

  • MIL-OSI: Bitget’s Protection Fund in September Sustained Above Initial $300M Commitment Amidst Market Volatility

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 10, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has released the latest valuation of its Protection Fund for September 2024. The fund, an essential safeguard for the exchange and its users, has remained resilient over the past year, maintaining a valuation comfortably above the initial $300 million commitment. As of the end of September, the fund is valued at approximately $428.5 million, marking one of the highest valuations in recent months.

    Despite fluctuations within the broader financial market, the crypto sector continued to experience growing confidence, particularly with Bitcoin’s solid performance throughout the month. The Bitget Protection Fund, which is denominated in Bitcoin and stablecoins, benefited from Bitcoin’s upward trend, further strengthening its valuation. On September 7, the fund recorded its lowest valuation for the month at $350.5 million when Bitcoin prices dipped to $53,923. However, the fund quickly regained value as Bitcoin prices rebounded, closing the month with a substantial valuation of $428.6 million.

    The Bitget Protection Fund is designed to ensure a robust layer of protection for users in the event of unforeseen market disturbances or security threats. This consistent increase in the fund’s valuation shows Bitget’s commitment to maintaining a stable and secure environment for its global users, aligned with its transparent Proof-of-reserves and industry’s second largest protection fund.
    “The sustained growth in the Protection Fund’s valuation, despite market fluctuations shows Bitget’s focus on maintaining user security and trust. As we continue to see positive momentum in the crypto space, Bitget remains dedicated to offering a stable and reliable platform for our global community, ensuring our users’ interests are well-protected,” said Gracy Chen, CEO at Bitget.

    With Bitcoin showing promising signs of continued growth, the Protection Fund remains well-positioned to handle market fluctuations. As the cryptocurrency industry moves forward, Bitget remains dedicated to providing a secure trading platform with a focus on long-term user security and risk management.

    To check Protection fund and its previous snapshots, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading, AI bot and other trading solutions. Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including being the Official Crypto Partner of the World’s Top Professional Football League, LALIGA, in EASTERN, SEA and LATAM, as well as a global partner of Olympic Athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

    For more information, visit: WebsiteTwitterTelegramLinkedInDiscordBitget Wallet
    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/78ebdd73-dbab-4fd3-9b64-6573f00d9613

    https://www.globenewswire.com/NewsRoom/AttachmentNg/19fe0105-2644-4dc4-adea-01f501c7a615

    The MIL Network

  • MIL-OSI Security: Justice Department Secures Over $6.5M from Citadel Federal Credit Union to Address Redlining of Black and Hispanic Communities

    Source: United States Attorneys General 8

    First Redlining Settlement Agreement Against Credit Union in Justice Department History

    The Justice Department announced today that Citadel Federal Credit Union (Citadel) has agreed to pay over $6.5 million to resolve allegations that it engaged in a pattern or practice of lending discrimination by redlining predominantly Black and Hispanic neighborhoods in and around Philadelphia. This landmark agreement is the Justice Department’s first redlining settlement with a credit union, making this a historic achievement for the Combating Redlining Initiative.

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

    “This redlining settlement marks the Justice Department’s very first resolution involving a credit union, making clear our intent to hold all types of lenders accountable for their role in modern-day redlining,” said Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division. “There are well over 4,600 credit unions across America, all subject to federal laws that prohibit redlining and lending discrimination. Redlining and other forms of lending discrimination harm communities of color and families by denying them an equal opportunity to access credit, attain the dream of homeownership and build generational wealth. This settlement will expand investment in Black and Hispanic communities, particularly in Philadelphia, and increase opportunities for homeownership and financial stability. Residents of communities harmed by unlawful redlining will finally be able to access credit services from Citadel in their own neighborhoods, including at the new branches required by the settlement.”

    “For generations, Philadelphia’s communities of color have lacked equal access to the credit needed for homeownership. We know that redlining has a devastating impact on a family’s finances and future, and results in economic and other inequalities that plague our communities for decades,” said U.S. Attorney Jacqueline C. Romero for the Eastern District of Pennsylvania. “We also know the transformational change that can occur when credit is made available to underserved residents, and particularly when lenders, like Citadel, establish branch locations in these neighborhoods.”

    The Justice Department’s complaint, which was filed today in the Eastern District of Pennsylvania, alleges that, from at least 2017 through 2021, Citadel failed to provide mortgage lending services to majority-Black and Hispanic neighborhoods in and around Philadelphia and discouraged people seeking credit in those communities from obtaining home loans. Citadel’s home mortgage lending was focused disproportionately on white areas around Greater Philadelphia. Peer lenders generated mortgage applications in predominately Black and Hispanic neighborhoods at nearly three times the rate of Citadel and originated mortgage loans in these areas at more than three times the rate of Citadel.

    The complaint further alleges that Citadel’s branches are located almost exclusively in majority-White neighborhoods, with no branches in Philadelphia, which contains more than 75% of the majority-Black and Hispanic neighborhoods and 34% of the total population in Citadel’s market area.

    Under the proposed consent order, which is subject to court approval, Citadel has agreed to invest $6.52 million to increase credit opportunities for communities of color in and around Philadelphia. Specifically, Citadel will:

    • Invest at least $6 million in a loan subsidy fund to increase access to home mortgage, home improvement and home refinance loans for residents of majority-Black and Hispanic neighborhoods in Philadelphia;
    • Spend at least $250,000 on community partnerships to provide services related to credit, consumer financial education, homeownership and foreclosure prevention for residents of predominantly Black and Hispanic neighborhoods in Citadel’s market area;
    • Spend at least $270,000 for advertising, outreach, consumer financial education and credit counseling focused on predominantly Black and Hispanic neighborhoods in Philadelphia;
    • Open three new branches in predominantly Black and Hispanic neighborhoods in Philadelphia; and
    • Hire a community lending officer who will oversee the continued development of lending in communities of color.

    Citadel also agreed to retain independent consultants to enhance its fair lending program and better meet the communities’ needs for mortgage credit. The credit union will conduct a community credit needs assessment, evaluate its fair lending compliance management systems, and conduct staff trainings.

    With assets of approximately $6 billion, Citadel is headquartered in Pennsylvania and operates 24 branches in its market area of Greater Philadelphia, which includes Bucks, Chester, Delaware, Lancaster, Montgomery and Philadelphia Counties. Citadel is the second largest credit union in the region and has over 263,000 members. Citadel cooperated with the Justice Department’s investigation.

    In October 2021, Attorney General Merrick B. Garland and Assistant Attorney General Clarke launched the Justice Department’s Combating Redlining Initiative, a coordinated enforcement effort to address this persistent form of discrimination against communities of color. Since 2021, the department has announced 14 redlining resolutions and secured over $144 million in relief for communities of color that have been the victims of lending discrimination across the country. In March, Assistant Attorney General Clarke presented remarks to America’s Credit Unions’ Governmental Affairs Conference regarding the unique issues raised by redlining in the credit union industry.

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

    MIL Security OSI

  • MIL-OSI USA: Golden introduces bill to designate Bradley museum as National Museum of Forestry and Logging History

    Source: United States House of Representatives – Congressman Jared Golden (ME-02)

    WASHINGTON — Congressman Jared Golden (ME-02) today introduced legislation that would designate the Maine Forest and Logging Museum (MFLM), located in Bradley, as the National Museum of Forestry and Logging History.

    “The forest economy has played an important part in the American story, and Mainers are one of the biggest reasons why,” Golden said. “This national designation would pay tribute to those vital contributions while reaffirming Maine’s continued role as stewards and innovators of the industry.”

    “The Maine Forest and Logging Museum, a special place in the woods known by many as “Leonard’s Mills,” embodies the Great North Wood’s heart and soul by showcasing the natural beauty of our state’s Northern Forest. And by providing invaluable outreach and educational opportunities, we are proudly planting the seeds to grow careers in forestry stewardship and ensure our sustainable forests benefit both material needs and environmental responsibilities,” Mike Wetherbee, president of the Maine Forest and Logging Museum’s board of directors said. “We are so very grateful to Congressman Golden for helping us work to earn this prestigious status and look forward to many more years of sharing Maine’s amazing forestry and logging heritage with the world.

    MFLM was incorporated in 1960 to celebrate Maine’s forest heritage. Originally envisioned to preserve forest industry artifacts and documents, plans evolved into the creation of a living history site complete with working machinery and a community of volunteer reenactors. Today, MFLM owns more than 450 acres around Blackman Stream in Bradley and frequently hosts school groups, visitors and interactive public programs.  

    Maine’s forest economy employs more than 14,000 Mainers and generates more than $5 billion in sales. Maine’s 17.7 million acres of forest covers 89% of the state — the highest percentage in the country.

    Industry and community leaders praised the move:

     “The Maine Forest and Logging Museum is so important to Maine’s rich history of forestry and logging,” Shawn Bugbee, Roads and Infrastructure Manager for Seven Islands Land Company said. “Through the preservation and restoration of tools combined with the knowledge the volunteers bring to the Museum, those who visit get an authentic understanding of how forestry and logging was done by our ancestors. One of the most awe-inspiring things I have ever witnessed has been watching the steam powered Lombard Log Hauler operate in person — and this move will help more people get that same experience.”

    “The Maine Forest and Logging Museum is a testament to the resourcefulness and ingenuity of people involved in Maine’s rich timber industry,” Keith Kanoti, forest manager for the University of Maine said. “The combination ofworking equipment, infrastructure and the natural beauty of the museum grounds site is unsurpassed and truly deserving of national status.”

    “There’s a strong connection between the forest products industry and our modern society, and the Maine Forest and Logging Museum helps us all celebrate it,” Joe Phaneuf, executive director and publisher of the Northeastern Loggers Association said. “The story of the forest products is one worth telling, and this national designation will strengthen that mission.”

    “This museum doesn’t just honor Maine’s past: It stands as a national treasure,” Breanna Wing, director and producer of Axe Women: The Modern Lumberjill said. “At a time when our landscapes are rapidly developing, the Museum is a haven that keeps important history alive —  teaching future generations about the resilience of our ancestors, whose grit and innovation through harsh winters built for the growth we see today. This national designation will amplify the importance of understanding and protecting the natural world, for both our material and spiritual well-being.”

    “Leonard’s Mills has long been a special place in Maine for people to visit and learn about the history and heritage of forestry,” Rick Robertson, president and CEO of Dennis Food Service said. “I have taken my kids there when they were younger in year’s past as an opportunity to learn about the mill. It was a great way to learn about the beginnings of thisimportant industry as well as the ingenuity of our past. A visitor of any age will certainly be able to learn something from this treasure in the state of Maine, and elevating it as the National Museum of Forestry and Logging History will help so many people do just that.”

    Full text of Golden’s legislation can be found here.

     

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    MIL OSI USA News

  • MIL-OSI USA: SBA to Help Pennsylvania Businesses Affected by Drought

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) announced today that federal Economic Injury Disaster Loans (EIDLs) are available in Pennsylvania for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with economic losses from drought that began on Sept. 24.

    The declaration includes the primary county of Greene, and the adjacent counties of Fayette and Washington in Pennsylvania, and Marshall, Monongalia and Wetzel in West Virginia.  

    “Working capital loans from the SBA are essential to eligible small businesses when the Secretary of Agriculture declares a disaster due to farmers’ crop losses,” said Francisco Sánchez, Jr., associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “These loans help sustain rural economies when a disaster occurs.”

    Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.  Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions. 

    The loan amount can be up to $2 million with interest rates of 4% for small businesses and  
    3.25% for private nonprofit organizations, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition. Eligibility is based on the size of the applicant, type of activity and its financial resources. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits. 

    For information and to apply online visit SBA.gov/disaster. Applicants may also call the SBA’s Customer Service Center at (800) 6592955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    Submit completed loan applications to SBA no later than June 2, 2025. 

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov. 

    MIL OSI USA News

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Commend New Zealand’s Promotion of Gender Equality, Ask about Initiatives to Address Violence against Women and Discrimination against Māori Women and Girls

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today considered the ninth periodic report of New Zealand, with Committee Experts praising the State’s achievements in promoting gender equality and raising questions about initiatives to address high levels of violence against women and discrimination against Māori women and girls, and reports of reduced funding for those initiatives.

    In the dialogue, several Committee Experts commended New Zealand’s efforts promoting gender equality.  One Expert welcomed that the State party had achieved gender parity in Parliament recently, while another Expert congratulated the State party on ranking fourth in the Global Gender Gap Index.

    Natasha Stott Despoja, Committee Expert and Rapporteur for New Zealand, said the rates of violence against women and girls in New Zealand were alarming. She also expressed concern about reports of reduced funding for initiatives to prevent violence against women.

    Another Committee Expert said Māori women and girls continued to face disproportionate levels of discrimination.  The Committee was alarmed by austerity measures which weakened efforts to fight discrimination in many Government bodies, including the disestablishment of the Māori Health Authority.  How would the State party promote the rights of indigenous peoples?

    Saunoamaali’i Dr Karanina Sumeo, Acting Chief Human Rights Commissioner of New Zealand, said that although Māori women and girls continued to experience various inequalities, the Government was reviewing the role of the Māori Tribunal and had stopped all efforts to implement the United Nations Declaration on the Rights of Indigenous Peoples.  The Government needed to implement the Declaration, she said.

    Introducing the report, Kellie Coombes, Secretary for Women and Chief Executive of the Ministry for Women of New Zealand and head of the delegation, said New Zealand’s women leaders had held the role of Prime Minister for 16 out of the last 27 years.  In October 2022, women Members of Parliament gained an equal share of seats in the New Zealand House of Representatives, making the State one of only six countries in the world to have achieved gender equality in Parliament.

    The delegation added that the Government had implemented temporary special measures to improve women’s representation in political bodies and the defence force.  A woman had been appointed as the leader of the New Zealand Army in September 2024. New Zealand also held back funding from sporting bodies that did not have a certain level of female representation on their boards.

    Emma Powell, Chief Executive of the Interdepartmental Executive Board for the Elimination of Family Violence and Sexual Violence of New Zealand, said the National Strategy for the Elimination of Family Violence and Sexual Violence guided efforts to address the underlying social conditions and norms that led to family violence and sexual violence.  The State party aimed to reduce the number of annual crimes against women by 11,000 in the next two years.  For 2024, ministers had agreed not to cut the budget devoted to combatting family and sexual violence.

    Paula Rawiri, Deputy Secretary of Policy at Te Puni Kōkiri (Ministry for Māori Development) of New Zealand, said New Zealand was working to ensure that it was a nation where Māori women and girls could thrive.  The Ministry for Māori Development would soon publish reports on disparities in justice, health, education, employment and socio-economic wellbeing.  This body of work would yield valuable insights on legislative and policy levers to combat intersecting forms of discrimination against Māori women and girls.

    In closing remarks, Ms. Coombes said New Zealand had made good progress toward gender equality and the empowerment of women and girls, underpinned by its commitment to the Convention.  There was more work to be done, and the Committee’s concluding observations would help the State party to achieve its goals.

    Ana Peláez Narváez, Committee Chair, in concluding remarks, thanked the delegation for the constructive dialogue, which had allowed the Committee to better understand the situation of women and girls in the State party.  The Committee called on the State party to implement its recommendations for the benefit of all women and girls in New Zealand.

    The delegation of New Zealand consisted of representatives from the Executive Board for the Elimination of Family Violence and Sexual Violence; Te Puni Kōkiri (Ministry of Māori Development); Ministry for Women; and the Permanent Mission of New Zealand to the United Nations Office at Geneva.

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

    The Committee will next meet in public at 3 p.m. on Monday, 14 October to hold a meeting with non-governmental organizations and national human rights institutes from Chile, Canada, Japan and Cuba, whose reports will be reviewed next week.

     

    Report

     

    The Committee has before it the ninth periodic report of New Zealand (CEDAW/C/NZL/9).

    Presentation of Report

    KELLIE COOMBES, Secretary for Women and Chief Executive of the Ministry for Women of New Zealand and head of the delegation, said New Zealand strongly valued diversity and took pride in promoting human rights and equal treatment for all people.  It was the first country where women gained the right to vote and had a strong record of women’s political leadership.  In September, the State marked the one hundred and thirty-first anniversary of women’s suffrage.  Women leaders had held the role of Prime Minister for 16 out of the last 27 years. In October 2022, women Members of Parliament gained an equal share of seats in the New Zealand House of Representatives, making the State one of only six countries in the world to have achieved gender equality in Parliament.  New Zealand ranked fourth out of 146 nations on the World Economic Forum Global Gender Gap Index.

    Since the last report was submitted, New Zealand had had a change of Government.  The new Government’s key focus areas included rebuilding the economy, restoring law and order, and delivering better public services.  It was committed to the protection of the human rights of all women and girls in New Zealand, the promotion of gender equality, upholding women’s safety and wellbeing, protecting women and girls from all forms of violence, and reducing gender inequities in health.  Through deliberate action, the public service gender pay gap had fallen from 12.2 per cent in 2018 to 7.1 per cent in 2023, its lowest level. Work was now progressing alongside New Zealand businesses to develop a gender pay gap calculation tool.

    Work towards improving health outcomes for women and girls included the extension of free breast cancer screening for women aged 70-74, which would mean around 120,000 more women would be eligible for screening every two years.  The introduction last year of a world-leading self-test for cervical screening had seen more than 80 per cent of women being tested take up this option.  In 2023, for the fourth consecutive year, women’s representation on public sector boards reached 50 per cent or above, with women now holding 53.9 per cent of these roles.  Women were also better represented in board chair roles, reaching 46.2 per cent – a significant increase from 41.9 per cent in 2022. 

    Māori and ethnic diversity of public sector boards had also continued to increase since data collection for ethnicity began in 2019. The Global Women and the Champions for Change Group had achieved at least 40 per cent representation of women at board level.  Women’s representation on councils was the highest it had ever been, at nearly 46 per cent at the 2022 elections.  The online safety organization “Netsafe” was developing an online toolkit for workplaces to protect women in leadership positions from harassment and abuse.

    Women’s participation in the New Zealand labour force had steadily increased, from 54.3 per cent in 1991 to 67.4 per cent in June 2024. The women’s employment rate was currently at 64.5 per cent, remaining the fifth highest since measurement began in 1986.  Families in New Zealand had been negatively impacted by rising living costs.  Recent initiatives to support working parents included a six per cent increase in paid parental leave, and the introduction of the “FamilyBoost” payment to help families meet the cost of early childhood education.  The Government had also committed to prioritising a bill to allow parents to share parental leave as they see fit and introduce a three-day stay policy to ensure mothers and babies were entitled by law to 72 hours post-partum care.

    Health outcomes were improving overall for women in New Zealand and women had a longer life expectancy than men.  However, women spent more years in poor health than men with more medical interventions for conditions experienced across their lifetime. Health challenges were bigger for many groups of women and girls, including wāhine Māori (Māori women), Pacific women, rural women and disabled women.

    The State party was committed to gender equality in New Zealand for all women and girls.  Despite significant progress, challenges remained, and the Government needed to continue to build on the progress it had made to improve outcomes for all women and girls.

    EMMA POWELL, Chief Executive of the Interdepartmental Executive Board for the Elimination of Family Violence and Sexual Violence of New Zealand, said New Zealand had high and concerning rates of family violence and sexual violence.  Women were three times as likely as men to experience intimate partner violence. One in three women experienced sexual assault in their lifetime. In December 2021, the National Strategy for the Elimination of Family Violence and Sexual Violence was launched. It guided the efforts of the Government, indigenous peoples, communities and specialist sectors to address the underlying social conditions and norms that led to family violence and sexual violence. 

    The first action plan to implement the strategy, spanning 2021-2023, was now complete, and from its 40 actions progress had been made across a range of areas, including the development and implementation of new family violence workforce capability frameworks and training, and expanded community-led responses to violence.  The next action plan would be published by the end of the year.  It would prioritise improving multi-agency responses, and strengthening the evaluation of what worked to support investment, further equipping workforces to respond to victims of violence.

    PAULA RAWIRI, Deputy Secretary of Policy at Te Puni Kōkiri (Ministry for Māori Development) of New Zealand, said that after a period of nationwide mourning of the recent passing of Kingi Tuheitia Pōtatau Te Wherowhero IIV, a beacon of implicit reverence for indigenous women had appeared through the anointment of a young Māori queen.  New Zealand was driving a transformational journey of advancement for Māori women and girls, working to ensure that New Zealand was a nation where Māori women and girls could thrive.  The Ministry for Māori Development had implemented research arising from the Mana Wāhine Kaupapa Inquiry on systemic discrimination, deprivation and inequities experienced by Māori women as a result of Treaty of Waitangi breaches by the Crown.  An initial tranche of reports would shortly be published on the representation of Māori women in public sector decision-making roles and disparities in justice, health, education, employment and socio-economic wellbeing.  This body of work would yield valuable insights on legislative and policy levers to combat intersecting forms of discrimination against Māori women and girls. 

    The Ministry had also developed a series of national strategies, which were driving better outcomes and equality for Māori women and girls across fields such as justice, child protection, living with disabilities, access to technology, housing and education.  It was working to ensure greater representation of Māori women in public sector decision-making roles and within Māori communities. Māori women, girls and families continued to carry the burden of socio-economic inequity.  There was much more to do but when Māori society thrived, New Zealand society also thrived.

    SAUNOAMAALI’I DR KARANINA SUMEO, Acting Chief Human Rights Commissioner of New Zealand, said the Human Rights Commission had “A” status accreditation under the Paris Principles.  Māori women and girls continued to experience various inequalities. The Government was reviewing the role of the Māori Tribunal and had stopped all efforts to implement the United Nations Declaration on the Rights of Indigenous Peoples.  The Government needed to implement the Declaration and provide mental health support for Māori women and girls.  There had been a recent reduction in funding for responses to gender-based violence. 

    This year, a report from a Royal Commission of Inquiry revealed cases of torture of women and girls in New Zealand institutions. The State party needed to implement the Inquiry’s recommendations and develop legislation to reduce online harm against women.  The social security system disadvantaged women and could lead to their financial entrapment.  In 2023, one in eight children lived in poverty in New Zealand and gender and ethnic pay gaps persisted.  For every one dollar a New Zealand man earned, Māori and Pacific women earned less than 70 cents.  The Government lacked urgency to address this issue.  Workplace harassment was also affecting women.  The Government needed to reinstate the Fair Payment Agreement Act and ensure the right to equal work for all genders and persons with disabilities.

    Questions by a Committee Expert 

    NATASHA STOTT DESPOJA, Committee Expert and Rapporteur for New Zealand, said that New Zealand had long been a global leader in national development, both with regard to its labour force, being the first country to introduce minimum wage, and with regard to gender equality, being the first country in the world to afford women with the right to vote.  She commended the progress that had been made toward ensuring women in rural communities had access to abortion through the national establishment of the abortion telehealth service.  However, there were concerns around the Government’s reinterpretation of the Treaty of Waitangi and the removal of several equity measures, including the Māori health authority, and removal of State support for the United Nations Declaration on the Rights of Indigenous Peoples.  Māori women and girls had reported feeling unhoused, unnoticed and unsafe.  What progress had been made in protecting their rights, and in implementing the recommendations issued by the Royal Commission of Inquiry into abuse of Māori women and girls in institutions?

    The Committee noted recent steps taken to address family and sexual violence, including the 2018 passing of the Family Violence Act, the Sexual Violence Legislation Act in 2021, and the launch of the National Strategy and Action Plan to Eliminate Family Violence and Sexual Violence in 2022.  However, the rates of violence against women and girls in New Zealand were alarming.  Women were disproportionately at risk of facing violence.  Ms. Stott Despoja expressed concern about reports of reduced funding for initiatives to prevent violence against women, and the cessation of a safety-focused regulatory review of online services and platforms before it was completed.  What had been the impact of the 2019 Christchurch mosque shooting on women and girls?  Were women and girls of Muslim faith facing increased social hostility in the public space?

    It was welcome that the Convention and New Zealand’s reports had been published on the Ministry for Women’s website.  Did the State party plan to publish these in Pacific languages? There was a concerning lack of specific mentions of gender within New Zealand’s Human Rights Act.  What steps had been taken to amend the Act to include specific prohibitions of discrimination on the grounds of gender identity, gender expression, and sex characteristics?  It was also concerning that legal aid funding for cultural reports had been removed.  Around 67 per cent of women in prison in New Zealand were Māori.  Did the State party have a replacement strategy for these reports? How many times had gender-discrimination cases been brought before the courts in the last five years, and how many times had the Convention been invoked?

    Responses by the Delegation

    The delegation said the New Zealand Law Commission was reviewing whether the Human Rights Act adequately protected transgender people and people with diverse sexual characteristics.  The Government would consider any recommendations made when the review was completed in 2025.  In September this year, the Government launched a Human Rights Monitor, which recorded and tracked recommendations from the United Nations treaty bodies. The Government would consider the recommendation to publish information related to the Convention in Pacific languages. 

    Recently, New Zealand had changed the threshold for persons who could receive legal aid, increasing access for marginalised women and girls, including Māori and Pacific women and girls.  There had been six court cases since 2018 that had referred to the Convention.

    The Ministry for Women had developed a working relationship with the New Zealand Islamic Council since the Christchurch shooting and was working to support Muslim women and girls in the community, including to reach leadership positions.  The Government had launched an impactful campaign that sought to challenge perceptions of this group.

    New Zealand was committed to the United Nations Declaration on the Rights of Indigenous Peoples and the Treaty of Waitangi, and the positive outcomes that both sought for the Māori community.  The Government had decided to focus on meeting targets in nine key areas, aiming to support families at community level, so as to implement the Declaration.  Recent policy changes had affected the Māori community.  The Government would work together with Māori organizations to address concerns related to these changes.

    Questions by Committee Experts 

    One Committee Expert congratulated New Zealand for ratifying all nine of the United Nations human rights treaties.  New Zealand’s first national action plan on women, peace and security concluded in 2019.  The Committee hoped that the next iteration of the plan would include measures addressing security both internally and externally.  Could more information on New Zealand’s feminist diplomacy be provided? The omission of language as grounds for discrimination in State legislation needed to be revisited.  It was welcome that the 2023 budget included a gender lens.  Did the budget address intersectional discrimination against women with disabilities?

    It was welcome that there were six Supreme Court judgements on the Convention. Did the Māori Tribunal apply the Convention in its decision making?  Data was part of the Māori knowledge system, and the way that the digital domain was governed had implications in this regard.  The Government had reportedly failed to protect Māori from online risks, including related to the protection of their data.  How would the Government protect and support access to data for Māori women?

    Another Committee Expert said that New Zealand had made history in the nineteenth century by being the first country to allow women to vote.  It was welcome that the State party had achieved gender parity in Parliament recently.  Māori women and girls continued to face disproportionate levels of discrimination. The current Government had disestablished the Māori Health Authority.  The Committee was also alarmed by austerity measures which weakened efforts to fight discrimination in many Government bodies.  What temporary special measures was the State party planning to achieve full gender parity in political representation?  How would the State party address gaps created by budget cuts in the protection of the rights of women and girls?  How would the State party increase Māori representation in local governments and promote the rights of indigenous peoples domestically and internationally?

    Responses by the Delegation

    The delegation said New Zealand continued to progress work aligned to its national action plan on women, peace and security.  It was developing a second national action plan, but no decisions had been made yet.  The State had co-hosted a women, peace and security summit in Samoa in 2019, which had launched a gender defence network that included defence forces from countries in the region.  New Zealand had also supported gender mainstreaming in Fiji and the development of the State’s first women, peace and security action plan.  There was also a gender focal point network within the defence force.  The New Zealand police provided support in eight Pacific nations to strengthen the frontline response to gender-based violence.

    New Zealand supported women’s leadership, and equitable access to health and education in the Pacific.  In 2021, it launched a gender action plan to ensure that its official development assistance incorporated a gender lens.  At least 60 per cent of official development assistance focused on promoting gender equality.  The State party published an annual report of official development assistance, which outlined spending on policies promoting gender equality.

    The State party had ministries supporting Pacific peoples and persons with disabilities.  It had developed databases of women in leadership positions.  The Ministry for Women had developed a tool that supported Government bodies to implement a gender perspective.

    The State party ensured the independence of the judiciary.  Judges and members of the judiciary received training that encouraged them to operate in a gender responsive manner.

    The Government had implemented temporary special measures to improve women’s representation in political bodies and the defence force.  A woman had been appointed as the leader of the New Zealand Army in September 2024.  New Zealand held back funding from sporting bodies that did not have a certain level of female representation on their boards.  Women currently held 31 per cent of board-level roles in private companies. The Government was considering policies to accelerate progress in this area.  New Zealand was encouraging women and girls to pursue careers in science, technology, engineering and maths fields, and was working to address online harassment of women in leadership through its “Netsafe” programme.

    New Zealand was advocating for issues, including reproductive health and rights, equal pay for equal work, and women’s participation within the United Nations human rights mechanisms.  The State had also worked to strengthen language on gender equality and women’s empowerment in General Assembly resolutions.

    Funding for the Ministry for Women had recently been reduced by around seven per cent. It continued to work to fulfil its mandate with this budget.  The Ministry worked collaboratively with other Government bodies to achieve results for the communities they represented.

    Questions by Committee Experts 

    NATASHA STOTT DESPOJA, Committee Expert and Rapporteur for New Zealand, asked whether the 2024 budget had gender budgeting.  Was the Government planning a national action plan on the rights of women and girls?

    A Committee Expert congratulated the State party on ranking fourth in the Global Gender Gap Index and for its efforts to reduce harmful gender stereotyping.  However, some stereotypes against women remained prevalent.  What measures were in place to address these?  The high level of violence against women and girls was alarming.  Domestic violence rates had increased over the last five years.  How was the Government responding to this?  How did it protect women who left violent partners? Two-thirds of family violence incidents were not reported to the police.  Was the Government considering restorative justice models to address family and sexual violence, and raising awareness on economic harm as a form of family violence?

    There had been an increase in gender-based abuse on online platforms, yet funding for reducing online harm had been reduced.  Would the State party review laws to increase accountability and transparency for online companies?  The Committee welcomed a new bill that would make stalking a crime.  What was the timeline for its implementation?

    The Crimes Act of 1961 was amended in 2016 to address trafficking in persons for various purposes, including forced labour.  How many traffickers had been penalised for sex trafficking over the reporting period?  The Government had implemented legislation to address modern slavery, but had this year disbanded the modern slavery leadership group.  How was the Government addressing modern slavery?  The State party fully decriminalised prostitution in 2003.  What had been the positive and negative implications of this legal measure?

    The Government had also rolled back protections for migrant workers in work visa and seasonal employment schemes.  Employers were now allowed to increase accommodation costs, and visa applications for migrants’ spouses and children were no longer supported.  Did the State party intend to ratify the International Labour Organization Convention 190 on workplace violence?

    Responses by the Delegation

    The delegation said gender budgeting was not included in the 2024 budget due to time constraints after the formation of the new Government.  However, agencies reported on the implications of budgeting for women.  The Ministry for Women was not currently prioritising the development of a national action plan on the rights of women and girls.

    Sport played an important role in countering gender stereotypes.  The 2023 Women’s World Cup, which was co-hosted by New Zealand, had increased the profile of women’s sports and athletes. The Broadcasting Standards Authority monitored portrayals of women and girls in the media and had issued guidance on their representation.

    New Zealand’s Crime and Victims Survey showed that there had been an increase in family violence and sexual assault in the last two years.  The State party aimed to further strengthen data collection on these crimes and reduce the number of annual crimes against women by 11,000 in the next two years.  The National Strategy on Family and Sexual Violence had been renewed and the Government was developing a new set of actions under the strategy.  For 2024, ministers had agreed not to cut the budget devoted to combatting family and sexual violence.  Judicial and police training programmes had clear curricula addressing family and sexual violence and capacity building efforts were ongoing.

    Work was underway to recognise stalking as a crime and the bill on stalking was expected to pass by the end of this year.  Economic harm against women and girls was pervasive in New Zealand. The Government would strengthen awareness raising campaigns on this issue, targeting vulnerable groups.

    New Zealand’s policy was to not ratify international conventions until domestic law aligned with them.  The State party would consider aligning domestic legislation with International Labour Organization Convention 190 before ratifying it.  Employers were allowed to recruit seasonal migrant workers in sectors where there were staff shortages.  They were required to pay for half of workers’ airfares, provide quality accommodation for employees, and respect their rights.

    Work on addressing trafficking in persons was ongoing.  In the last 12 months, there had been 17 certified instances of trafficking identified, but there had been no convictions secured related to people trafficking over the reporting period.  The action plan against forced labour, people trafficking and slavery was in place until 2025.  There had been various policies and laws implemented to prevent trafficking and exploitation of migrants under the action plan.  Training in trafficking in persons had been provided for 400 frontline border officials, and fora on combatting trafficking in persons were held annually.

    The Prostitution Reform Act of 2003 decriminalised prostitution, aiming to protect sex workers’ rights.  There was an issue with section 19 of the Act, which prohibited foreign nationals from engaging in sex work.  This section aimed to protect migrants from exploitation but could have a negative impact on migrant workers.  Changes to this legislation would require careful consultation with stakeholders. On balance, the Act was a positive advancement for sex workers’ rights in New Zealand, but the State party would continue to assess how it was implemented.

    Questions by Committee Experts

    A Committee Expert asked about the causes of the recent rise in gender-based violence.  The Expect welcomed the State’s efforts to prevent underage marriage.  What these made any achievements?  Was the Government working to identify underage and forced marriages that went under the radar?

    Another Committee Expert welcomed efforts by the State party to promote women’s participation in sports and address sexual and family violence.  What work was the State party doing with perpetrators of sexual violence?  How many complaints were reported of discrimination against intersex persons each year?

    Responses by the Delegation

    The delegation said the cost-of-living crisis had exacerbated the situation of vulnerable families, potentially leading to an increase in rates of violence. There was also a high rate of revictimisation, indicating that some State responses lacked effectiveness. The State party was working with civil society to address this issue.

    Coerced marriage was illegal in New Zealand.  A Family Court judge needed to provide permission for young people aged 16 or 17 to marry.  The police’s policy on forced and underaged marriages had been updated to address a wider range of coerced unions.  Sexual offenders were required to participate in 50 hours of counselling sessions.  The Government was changing the design of rehabilitation programmes to counter reoffending and implementing awareness raising programmes promoting positive masculinity.  The Ministry of Māori Development was involved in community-led efforts to address sexual and family violence against Māori women.

     

    Questions by Committee Experts

    One Committee Expert said New Zealand had made remarkable steps in promoting gender balance.  The Inter-Parliamentary Union ranked New Zealand at fifteenth worldwide in women’s representation in political bodies.  However, the representation of women in Parliament had recently decreased from the 2022 peak.  Some political parties had implemented quotas of 50 per cent female representation, but not all had.  Only 29 per cent of the managerial positions of private companies were held by women. Did the State party plan to introduce gender quotas for all political parties?  What initiatives were in place to support women politicians and women in the foreign service?  What was the representation of women in the judiciary?

    Another Committee Expert said that since 2006, persons born in New Zealand were not automatically entitled to New Zealand nationality; at least one parent needed to now be a New Zealand or Australian citizen for the child to receive nationality.  What was the status of the bill to repeal this legislation and were there measures to address the harm it had caused, including for Western Samoan persons? The process for granting citizenship for stateless persons was too long and did not have a deadline.  Would the State party consider ratifying the 1954 Convention relating to the status of stateless persons?

    Responses by the Delegation

    The delegation said that in 2022, the Government announced funding for intersex healthcare, including peer support and training for practitioners.  The Government promoted a human rights-based approach to intersex health.  There was a lack of data on intersex healthcare, but work was underway to collect such data by 2027.

    New Zealand had a Harmful Digital Communications Act that addressed online stalking and posting images without consent.  Complaints related to online abuse could be sent to the Online Safety Authority “NetSafe”, which could bring cases to courts as necessary.  The Authority was pushing back strongly against online abuse.

    The issue of gender quotas within political parties was a matter for the parties themselves.  There was a push to make Parliament more family friendly.  Parliamentary recess periods were being aligned with school holidays and there was a play area on Parliament grounds.  Several women parliamentarians were balancing work and childcare.  The share of women in the judiciary was 53 per cent.

    Questions by Committee Experts 

    NATASHA STOTT DESPOJA, Committee Expert and Rapporteur for New Zealand, asked if there would be further legal amendments to ensure intersex persons had the same protection as males and females.

    Another Committee Expert commended New Zealand’s progress in women’s education, including its endorsement and implementation of the Safe Schools Declaration, and provision of educational support to pregnant teenagers and Māori girls. Around 34 per cent of women with disabilities had received no education and there was a lack of teaching aides for children with disabilities.  How would the State party address these issues? 

    Indigenous and poor children lacked access to internet services.  How would the State party facilitate online learning for poor and indigenous women?  There continued to be high levels of bullying of marginalised children in schools.  How would the State party address impunity for bullying in schools?  The Government had recently cut funding for the school lunches programme by over 100 million United States dollars.  Did the State party intend to revive this funding?  How was the State party facilitating the teaching of indigenous and Pacific languages in schools?

    One Committee Expert said New Zealand had progressive traditions that had been reflected in its achievements in women’s employment and representation in managerial positions.  What measures were being developed to support migrant women and Pacific Islander women to access employment, particularly in the private sector?  Was the State party using new technologies to analyse the employment market and barriers to it? 

    There was reportedly a high level of workplace violence; 38 per cent of women had suffered such violence.  The State party had not ratified International Labour Organization conventions related to workplace violence.  How many complaints had been submitted to the Human Rights Commission on workplace harassment?  What progress had been made in the plan to combat workplace harassment?  Had the State party considered measures to support working mothers, such as a four-day working week?  Were women able to access employment in fast-growing technology sectors?

    Responses by the Delegation

    The delegation said the Law Commission had published an issues paper on legislation on intersex persons.  Consideration of this paper would address increased protection for intersex persons.

    New Zealand was committed to ensuring that education was accessible and inclusive for all students, including women and girls.  School boards needed to ensure that schools were safe, inclusive places for all students and staff and that students could receive the highest standard of education.  There were measures in place to strengthen the learning support system for children with disabilities, including measures to increase teachers’ ability to meet the needs of all learners. 

    The Ministry of Education’s digital technologies programme aimed to increase students’ access to digital technology for learning and their digital literacy. The rural broadband initiative had significantly increased access to the internet in rural areas.  When the programme was completed in 2025, more than 99 per cent of rural areas would have access to the internet.  More than 650 Māori communities had gained access to the internet through the programme. 

    Data on bullying indicated that students with disabilities, poor students and lesbian, gay, bisexual, transgender and intersex students were disproportionately affected by it.  Bullying prevention and response work by the Bullying Prevention Advisory Group aimed to foster safe and inclusive environments in schools.  The Department of Internal Affairs had developed resources that helped children and parents to stay safe online.  The school lunches programme was still in place, though its funding had been reduced.

    Education legislation included provisions that called on the Crown to respect Māori persons’ education rights.  The Government had committed to a Māori education action plan that promoted their identity, culture, language and rights as indigenous peoples, and fostered educational environments free from racism.  Barriers to implementing this plan included the lack of teachers in rural areas.

    In August 2024, the employment action plan was launched, which aimed to promote access to employment for marginalised groups, including women.  The State party was developing a voluntary calculation tool for the gender wage gap.  It would consider whether to make the tool mandatory in the future.  Over 100 businesses had already published their gender pay gaps online as part of the initiative.

    In 2023, changes were made to the legal system to help women to seek justice when they experienced workplace harassment.  The deadline for filing a complaint was extended from 90 days to one year.  Grievances related to workplace harassment could be raised with mediation bodies, the Employment Relations Authority, or courts if required.  The Government provided 26 weeks of paid parental leave for workers of either gender.  Pay was equal to workers’ normal pay up to a threshold of 700 New Zealand dollars, and leave could be shared between both parents.

    Questions by Committee Experts 

    A Committee Expert said it was remarkable that the Government provided free period products to students.  Was the State party considering making education in indigenous languages compulsory in all schools across the State?

    Another Committee Expert said New Zealand had a shortage of nurses due to the aging of society and the demands of the profession.  There was also a shortage of midwives.  The wages of these professions were not following inflation. What measures were in place to increase the number of nurses and midwives, particularly in rural areas? What measures were in place to protect persons with disabilities from sterilisation procedures being implemented on them without their free, prior and informed consent?

    Abortion services had been made legal and available for most women, but there was a lack of training on abortion for rural health workers, limiting access in rural areas.  How was the State party ensuring access to abortion services in rural areas and preventing stigmatisation of persons who sought abortions?  What measures were in place to speed up the diagnosis of endometriosis? How would the State party prevent cervical and uterus cancer in Māori women and implement the Committee’s general recommendation 39 on indigenous health?

    NATASHA STOTT DESPOJA, Committee Expert and Rapporteur for New Zealand, said women made up 90 per cent of COVID-19 pandemic-related redundancies in 2020. Marginalised women had disproportionately high levels of poverty and women obtained an average of 25 per cent less superannuation than their male counterparts.  How was the State party addressing this?  The 2023 budget had included funds for free early childcare for two-year-old children.  Had these funds been invested as planned in 2024?

    Responses by the Delegation

    The delegation said education providers were required to provide Māori language education to all students who wished to receive it.  Making such education compulsory would require extensive consultations with stakeholders.

    The health workforce plan for 2023 and 2024 aimed to address challenges in the workforce and attract more healthcare staff.  Support funding was provided to former midwives to encourage them to return to the profession.  Support was also being provided to nursing and midwifery students to help them to access work, with additional support being provided to Māori and Pacific students. The State party had exceeded its targets for recruiting Māori and Pacific nurses.

    It was illegal for sterilisations to be performed without consent.  Persons with disabilities had the right to informed consent regarding such procedures and the right to refuse medical treatment. The Health and Disability Commissioner received and worked to resolve complaints related to health services. In 2024, the Ministry of Health had implemented a programme to respond to the needs of persons with disabilities and promote supported decision making.

    Medical practitioners were provided with training on abortion care and contraception.  Self-screening technologies were being implemented to increase cancer screenings. The Māori Health Authority’s role had been brought within the Health New Zealand agency.  The Authority had provided health services tailored to Māori, including Māori women.  Health New Zealand would continue with this mandate, aiming to provide faster and higher quality health services, including cancer screening, for Māori women.

    The 2024 budget included a partial refund for early childhood education fees. The first allotment of these funds had recently been distributed to families.  Families could access 20 free hours of early childhood education per week once their children turned three.

    New Zealand had a high level of occupational segregation, which led to the COVID-19 pandemic disproportionately impacting women in the tourism and hospitality sector.  Support payments were provided to persons impacted by the pandemic.

    Questions by Committee Experts 

    ANA PELÁEZ NARVÁEZ, Committee Chair, said that the 1979 law on sterilisation allowed parents and guardians to make a decision on sterilisation on behalf of persons with disabilities in their care.  Was this law still being applied?

    A Committee Expert asked how women could lead data governance.  What mental health services would be made available to rural women farmers, who were disproportionately affected by climate change? Was the State party implementing relevant international conventions on climate change?

    Would the State party follow the Bangkok Rules in its treatment of women prisoners?  What legal services were available for migrant women who were victims of harmful practices?  Forty per cent of women with disabilities experienced intimate partner violence. How was the State party addressing this?

    Another Committee Expert asked about measures implemented to address issues in the family court system, including measures with a gender lens.  There was a shortage of family law legal aid providers, especially in rural areas.  How was this being addressed?  What child support payments had been ordered for fathers in the past 10 years?  Had payments decreased?  How did the State party train family court mediators on parental alienation?  How were family members protected from violent fathers?  Was the State party investigating discriminatory inheritance practices?

    Responses by the Delegation

    The delegation said the Ministry of Health was focused on delivering better outcomes for women living in rural communities.  It was working to increase awareness of telehealth services and improve transport and accommodation assistance for rural people seeking healthcare.

    The State party had implemented measures to increase access to healthcare, including maternal healthcare, for women in prisons and had invested in employment, re-education and training programmes for those women.  The Bangkok Rules were reflected in the State’s 2004 and 2005 legislation on correctional facilities.

    New Zealand had victims support services and legal aid services that were available for migrants.  In 2025, the Government planned to conduct a review of its legal aid services. Migrants, including temporary migrants, who were victims of family violence could apply for a special residency visa that fast-tracked access to New Zealand citizenship.  The State party would engage with stakeholders to assess how harmful practices were affecting migrant women.

    The State party would continue to increase the reach of training for family court staff.  Resources had been updated to increase the accessibility of family courts for children and young people.  There were bills before parliament that aimed to protect women from abuse in courts and that removed the mandatory two-year period for resolving family disputes. Judges were compelled to take note of family violence when considering guardianship of children, and to incorporate child witness statements when assessing family violence.  The Government continued to pursue improvements in legislation related to family courts.

    Concluding Remarks 

    KELLIE COOMBES, Secretary for Women and Chief Executive of the Ministry for Women of New Zealand and head of the delegation, said the Committee’s questions and reflections showed the time and energy it had invested into analysing the situation of women and girls in New Zealand.  New Zealand had made good progress toward gender equality and the empowerment of women and girls, underpinned by its commitment to the Convention.  There was more work to be done, and the Committee’s concluding observations would help the State party to achieve its goals.  The dialogue with the Committee had been positive, constructive and engaging.

    ANA PELÁEZ NARVÁEZ, Committee Chair, thanked the delegation for the constructive dialogue, which had allowed the Committee to better understand the situation of women and girls in the State party.  The Committee called on the State party to implement its recommendations for the benefit of all women and girls in New Zealand.

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

     

    CEDAW24.026E

    MIL OSI United Nations News

  • MIL-OSI Asia-Pac: Become cultural ambassadors of the country, urges Union Culture and Tourism Minister Shri Gajendra Singh Shekhawat

    Source: Government of India (2)

    Become cultural ambassadors of the country, urges Union Culture and Tourism Minister Shri Gajendra Singh Shekhawat

    Union Culture and Tourism Minister addresses students at Viksit Bharat Ambassador-Yuva Connect programme at DY Patil Deemed To Be University

    Posted On: 10 OCT 2024 4:30PM by PIB Mumbai

    Mumbai, 10 October 2024

     

    Union Minister for Culture and Tourism Shri Gajendra Singh Shekhawat urged the youth of the country to become cultural ambassadors of the country. Shri Shekhawat was speaking at the Viksit Bharat Ambassador Yuva Connect programme at DY Patil Deemed To Be University, in Navi Mumbai today. Shri Shekhawat said that India is a point of attraction for huge number of global tourists. In this connection, he asked the youth and student community to be the bearers and protectors of the country’s culture, traditions and values.

    Speaking on the occasion, Union Culture and Tourism Minister Shri Shekhawat said youth of the country will be builders of Viksit Bharat and in the future, people living in a developed India will give today’s youth credit for bringing about Viksit Bharat. He urged them to fulfill the dreams of the country’s revered freedom fighters who sacrificed themselves for making India independent from colonial rulers. The Union Minister said that now is the time and opportunity to contribute towards nation building with the aim to bring about Viksit Bharat in 2047, which then will be a true homage to our freedom fighters.

    Shri Shekhawat stated that the Central Government, under the leadership of PM Narendra Modi, in the last years had adopted the strategy of ‘Reform, Perform, Transform’ that brought about a change in the lives of many citizens. This strategy led to initiatives for Banking the Unbanked and start of the world’s largest financial inclusion, Funding the unfunded, Public Distribution System, Skilling the Unskilled, One Nation One Market for Agricultural Produce and Insuring the uninsured. In the last ten years, the country has also seen development and transformation of infrastructure at a huge scale. The Government has also stressed on digitization and digital payments which has become a precedence for many other countries.  The emphasis on Digital India also led to implementation of the biggest vaccination drive in the country during COVID-19. Stating these, Shri Shekhawat said, today India is the third largest economy in the world and the youth of the country have largely contributed towards taking the country forward. 

    Union Culture and Tourism Minister Shri Shekhawat said that self-sufficiency or ‘aatmanirbharta’ is the way forward. In this context, the Minister stated the thrust ‘Aatmanirbhar Bharat’ has been felt in many sectors, like the defence manufacturing sector. Tejas aircrafts are highly sought after by many countries, he added. Shri Shekhawat said India’s success story has been brought about by speed and scale of development, zero tolerance towards corruption and traditional values of the country. 

    Shri Gajendra Singh Shekhawat also interacted with the student achievers on the occasion. Dr. Vijay D. Patil, Chancellor and President of DY Patil Deemed To Be University, Dr. Shivani V. Patil, Pro Vice Chancellor and Vice President of DY Patil Deemed To Be University, Vice Chancellor Smt. Vandana Mishra and NYKS Director (Maharashtra and Goa) Shri Prakash Kumar Manure were present amongst the dignitaries on the occasion.  

     

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    PIB Mumbai | SC/ DR

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Inviting Comments on Draft National Sports Governance Bill, 2024

    Source: Government of India

    Ministry of Youth Affairs and Sports

    Inviting Comments on Draft National Sports Governance Bill, 2024

    Posted On: 10 OCT 2024 5:35PM by PIB Delhi

    Ministry of Youth Affairs and Sports has put in public domain the Draft National Sports Governance Bill, 2024 for inviting comments/suggestions of general public and the stakeholders, as part of pre-legislative consultation process.

    The Bill aims to

    • Provide for the development and promotion of sports, welfare measures for sportspersons, ethical practices in sports through good governance practices;
    • Establish institutional capacity and prudential standards for the governance of sports federations that are based on basic universal principles of good governance, ethics and fair play of the Olympic and sports movement, the Olympic Charter, the Paralympic Charter, international best practices and established legal standards;
    • Establish measures for the resolution of sports grievances and sports disputes in a unified, equitable and effective manner

    Following are the salient features of the Bill:

    1. Establishment of Sports Regulatory Board of India, which will act as central regulatory authority responsible for granting recognition to National Sports Federations (NSFs) and ensuring compliance with governance, financial, and ethical standards. It will have flexibility and autonomy in regulating governance of sports in the country. No fix formula is provided in how NSF will be recognised.
    2. Structure of IOA/PCI/NSF: The bill prescribes a governance structure in alignment with the international policies and keeping in view the national interest. It restricts the sizes of the EC to 15 members and make the leadership positions open to the citizens with usual terms and conditions. NSFs have been encouraged to put a salaried professional full time management in place headed by a CEO. NSFs to ensure that all constituent units follow good governance practices as prescribed. The recognised bodies will be governed on the lines of Olympic Charter, Paralympic Charter and Regulations established by concerned International Federations.
    3. Mandatory Ethical and Governance Standards: The bill introduces mandatory provisions for ethical governance in sports federations, with the establishment of Ethics Commissions and Dispute Resolution Commissions at the NOC, NPC, and NSF levels. These measures ensure adherence to integrity, transparency, and fairness in administration and decision-making processes. The bill ensures the governance of sports federations, aligning with the Olympic and Paralympic charters and international best practices, creating a globally acceptable governance framework critical for hosting international events like the Olympics.
    4. Athletes Commissions: This bill mandates the formation of Athletes Commissions in NOC, NPC, and all NSFs, ensuring that athletes are represented and have a platform to raise concerns, participate in decision-making, and contribute to policy formulation. This athlete-centred approach enhances India’s standing in international forums and makes the country more athlete-friendly for global events. Provision of additional funding to the Athlete Commissions by the Government.
    5. Athlete Representation in Executive Committees: The bill ensures that 10% of the voting members in the General Body of the NOC, NPC, and NSFs are sportspersons of outstanding merit (SOMs) who are elected by the Athletes Commission. At least two of these SOM representatives (one male and one female) must serve on the Executive Committee.
    6. Safe Sports Policy: A “Safe Sport Policy” is introduced, focusing on the protection of athletes, especially minors and women, from harassment and abuse and strict adherence to the Protection of Women from Sexual Harassment Act (POSH) Act, 2013. This is a critical step toward creating a safe environment for sportspersons.
    7. National Sports Promotion Organisations (NSPOs): Bill establishes guidelines for the recognition and regulation of NSPOs that promote sports governance, athlete support, and development. This strengthens institutional capacities and offers an expanded role for NGOs and private organizations.
    8. Appellate Sports Tribunal: A dedicated Appellate Sports Tribunal will handle all sports-related disputes in India, reducing reliance on civil courts and ensuring faster resolution of grievances. It will reduce multiplicity of court cases and will have a single window system and will provide faster, cheaper and easier resolution of disputes.
    9. Ad-hoc Normalisation Committees: In case of non-compliance or suspension of sports federations, the Bill allows the Sports Regulatory Board to form ad-hoc normalization committees to administer these bodies temporarily in consultation with international federations, ensuring continuity in sports governance.
    10. Strict Compliance with Global Anti-Doping and Ethical Standards: The Bill underscores the importance of ethical behaviour in sports, with anti-doping measures, stringent compliance with international rules, and strict penalties for violations, positioning India as a clean and fair host for the Olympics. All the bodies have to formulate their Code of Ethics in accordance with the IOC Code of Ethics and Law of Land.
    11. Public Accountability and Transparency: By subjecting the NOC, NPC, and NSFs to the Right to Information (RTI) Act (with specific exclusions for performance and medical data), the Bill enhances transparency, ensuring sports governance is accountable to the public.
    12. Promotion of Inclusivity and Gender Representation: The Bill mandates gender representation in Executive Committees and other governing bodies, ensuring that at least 30% of the members are female, which aligns with global trends in gender equality and inclusivity in sports.
    13. Sports Election Panel: IOA/PCI/NSFs to engage electoral officers for conduct of free and fair elections from an Sports Election Panel. The Panel will comprise of officials who have had extensive experience in conduct of the elections in the country.
    14. Restriction on use of national name and insignia: Only recognised sports bodies will be allowed the use of Indian Flag or national names. Contravention will lead to fine and punishment which can go upto one year or Rs 10 lakhs or both.

    Stakeholders and general public have been requested to send suggestions/comments to the Ministry preferably by email at email id draft.sportsbill[at]gov[dot]in by 25.10.2024.

    Draft National Sports Governance Bill 2024 can be accessed at  https://yas.nic.in/sports/draft-national-sports-governance-bill-2024-inviting-comments-suggestions-general-public-and.

    ****

    Himanshu Pathak

    (Release ID: 2063882)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: INDIAN NAVY SIGNS MoU WITH BAJAJ ALLIANZ LIFE INSURANCE FOR PROVIDING INSURANCE TO NAVAL CIVILIANS

    Source: Government of India (2)

    Posted On: 10 OCT 2024 5:39PM by PIB Delhi

    Indian Navy is committed to excellence, innovation, adaptability and enhanced functional efficiency in HR management of Civilian Personnel and one of the key objectives to achieve this goal is fostering a culture of inclusivity and inculcating strong sense of belongingness by instituting various welfare measures.

    2024 has been declared ‘Year of Naval Civilians’ by Indian Navy (https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2001395) in order to provide thrust to new initiatives and effectively improve the overall work environment for Naval Civilians. Welfare measures to enhance quality of life is a major focus area in the Year of Naval Civilians.                                                                                                             

    One of the key concerns for Naval Civilians is monetary relief to the family of Civilian employees in case of untimely death of the incumbent in service. It is of utmost importance to have life insurance to financially support the bereaved family.

    IN has accordingly entered into an MoU with Bajaj Allianz Life Insurance Company for offering diverse product portfolio including Term Insurance to Naval Civilians at affordable premiums with various options. The insurance can be availed by Naval Civilians on a voluntary basis. This will help in providing instant financial relief in case of the death of the incumbent or any other eventuality as covered under insurance policy.

    Highlighting the importance of the occasion as part activities of the ‘Year of Naval Civilians’, VAdm Sanjay Bhalla, Chief of Personnel appreciated the life insurance solutions offered by Bajaj Allianz Life, which have been specially tailored to meet the needs of IN Civilian personnel. He reiterated IN’s commitment towards welfare of Naval Civilians and families.

    _________________________________________________________________

    VM/SPS                                                                                                         201/24

    (Release ID: 2063886) Visitor Counter : 57

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Joint Statement on Strengthening ASEAN-India Comprehensive Strategic Partnership for Peace, Stability and Prosperity in the Region in the context of the ASEAN Outlook on the Indo-Pacific (AOIP) with the support of India’s Act East Policy (AEP)

    Source: Government of India (2)

    Posted On: 10 OCT 2024 5:41PM by PIB Delhi

    WE, the Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic of India, gathered on the occasion of the 21st ASEAN-India Summit on 10 October 2024 in Vientiane, Lao PDR;

    REAFFIRMING our commitment to promote the ASEAN-India Comprehensive Strategic Partnership, guided by the fundamental principles, shared values and norms that have steered the ASEAN-India Dialogue Relations since its establishment in 1992, including those enunciated in the Vision Statement of ASEAN-India Commemorative Summit (2012), the Delhi Declaration of the ASEAN-India Commemorative Summit to mark the 25th Anniversary of ASEAN-India Dialogue Relations (2018), the ASEAN-India Joint Statement on Cooperation on the ASEAN Outlook on the Indo-Pacific for Peace, Stability, and Prosperity in the Region (2021), the Joint Statement on ASEAN-India Comprehensive Strategic Partnership (2022), the ASEAN-India Joint Statement on Maritime Cooperation (2023) and ASEAN-India Joint Leaders’ Statement on Strengthening Food Security and Nutrition in Response to Crises (2023);

    WELCOMING the Decade of Act East Policy of India, where ASEAN is at the heart and of utmost priority, which has contributed to advancing ASEAN-India relations through cooperation in areas of political-security, economic, cultural and people-to-people relations;

    ACKNOWLEDGING the deep civilisational linkages and cross-cultural exchanges, facilitated through both land and maritime routes between Southeast Asia and India, encompassing the various seas and oceans of the Indo-Pacific, providing a strong foundation for the ASEAN-India Comprehensive Strategic Partnership;

    WELCOMING the activities and initiatives held in the year 2024 on the occasion of the decade of Act East Policy to further strengthen the ASEAN-India Comprehensive Strategic Partnership;

    RECOGNISING India’s support for ASEAN Centrality and unity in the evolving regional architecture and its commitment to work closely through ASEAN-led mechanisms and fora including the ASEAN-India Summit, East Asia Summit (EAS), Post Ministerial Conference with India (PMC+1), ASEAN Regional Forum (ARF), ASEAN Defence Ministers’ Meeting Plus (ADMM-Plus) and Expanded ASEAN Maritime Forum (EAMF) as well as support to ASEAN integration and the ASEAN Community building process including Master Plan for ASEAN Connectivity (MPAC) 2025, Initiative for ASEAN Integration (IAI) and ASEAN Outlook on the Indo-Pacific (AOIP);

    NOTING the United Nations General Assembly (UNGA) Resolution A/RES/78/69 which emphasises, in the Preamble, the universal and unified character of the 1982 United Nations Convention on the Law of the Sea (UNCLOS), and reaffirms that the Convention sets out the legal framework within which all activities in the oceans and seas must be carried out and is of strategic importance as the basis for national, regional and global action and cooperation in the marine sector, and that its integrity needs to be maintained;

    APPRECIATING efforts towards implementation of the ASEAN-India Joint Statement on Cooperation on the ASEAN Outlook on the Indo-Pacific for Peace, Stability, and Prosperity in the Region through trust and confidence based on shared democratic values, strong belief in sovereignty and territorial integrity, and a shared commitment to the rule of law and the principles of the UN Charter;

    REAFFIRMING our commitment to upholding multilateralism, the purposes and principles enshrined in the UN Charter and respect for international law, while recognising ASEAN’s rising global relevance and unique convening power amid the emerging multipolar global architecture and noting the growing and active role of India in major international economic and political affairs.

    Do hereby declare to

    1. Reaffirm the importance of maintaining and promoting peace, stability, maritime safety and security, freedom of navigation and overflight in the region, and other lawful uses of the seas, including unimpeded lawful maritime commerce and to promote peaceful resolutions of disputes, in accordance with universally recognised principles of international law, including the 1982 UNCLOS, and the relevant standards and recommended practices by the International Civil Aviation Organization (ICAO) and the International Maritime Organization (IMO). In this regard, we support the full and effective implementation of the Declaration on the Conduct of the Parties in the South China Sea (DOC) in its entirety and look forward to the early conclusion of an effective and substantive Code of Conduct in the South China Sea (COC) that is in accordance with international law, including the 1982 UNCLOS;

    2. Build on ongoing collaboration in defense and security within the framework of ASEAN Defence Ministers’ Meeting (ADMM) Plus, including the first ASEAN-India Maritime Exercise (AIME) in 2023 and co-chairmanship of the ADMM-Plus Experts’ Working Group on Counter-Terrorism (2024-2027), as well as noting the two initiatives announced at the ASEAN-India Defence Ministers’ Informal Meeting in 2022;

    3. Strengthen cooperation in maritime security, counter-terrorism, cybersecurity, military medicine, transnational crime, defence industry, humanitarian assistance and disaster relief, peacekeeping and demining operations and confidence building measures. This will be achieved through the exchange of visits, joint military exercise, maritime exercise, port calls by naval ships and defence scholarships;

    4. Advance the implementation of ASEAN-India Joint Statement on Maritime Cooperation and continue to cooperate on areas such as maritime security, blue economy, sustainable fisheries, marine environmental protection, marine biodiversity, and climate change issues, among others;

    5. Promote and work towards the strengthening of multilateralism through the UN and the multilateral processes to address global concerns, pursue shared goals and complementary initiatives, and promote sustainable development for the benefit of our peoples;

    6. Build on the ASEAN-India Joint Statement on Cooperation on the AOIP for Peace, Stability, and Prosperity in the Region by advancing cooperation between the AOIP and the Indo-Pacific Oceans Initiative (IPOI);

    7. Expedite the review of the ASEAN-India Trade in Goods Agreement (AITIGA) to make it more effective, user-friendly, simple, and trade-facilitative for businesses and relevant to the current global trading practices and promote mutually beneficial arrangements and strengthen economic cooperation between ASEAN and India;

    8. Promote diverse, secure, transparent and resilient supply chains while exchanging information on identifying and proactively addressing potential risks in supply chains in areas of mutual interest to promote sustainable development;

    9. Cooperate on emerging technologies including Artificial Intelligence (AI), Blockchain technology, Internet of Things (IoT), Robotics, Quantum Computing, 6-G technology, building and strengthening of startups ecosystem with special emphasis on digital connectivity and financial technology;

    10. Welcome the launch of the ASEAN-India Fund for Digital Future to support joint activities;

    11. Cooperate to unlock the full potential of safe, secure, responsible, trustworthy AI by promoting international cooperation and further discussions on international governance for AI, considering that the rapid progress of AI has the potential for prosperity and expansion of the global digital economy. We should endeavor to leverage AI for public good by solving challenges in a responsible, inclusive and human-centric manner while protecting people’s rights and safety;

    12. Note the proposal to celebrate the year 2025 as the ASEAN-India Year of Tourism to further strengthen people-to-people ties while recognising the crucial role of tourism in promoting sustainable socioeconomic development and economic prosperity, and as one of the vehicles for achieving the SDGs. In this endeavour, we support the implementation of the ASEAN-India Tourism Cooperation Work Plan 2023-2027, and to explore deeper cooperation to support joint programs for tourism education, training and research to build capacity and ensure a high-quality tourism industry. We also encourage the expansion of business networks among travel stakeholders, the practice of sustainable and responsible tourism, as well as the exchange of tourism trends and information. In addition, we support the enhancement of crisis communications, promotion of tourism investment opportunities, as well as development and joint promotion of niche markets, cruise tourism and tourism standards;

    13. Strengthen health systems by enhancing collaboration on public health including, inter alia, in the areas of research and development (R&D), public health emergency preparedness, training of healthcare professionals, medical technology, pharmaceuticals, vaccine security and self-reliance, vaccine development and production, as well as general and traditional medicine;

    14. Enhance cooperation in the field of environment, including biodiversity and climate change as well as explore cooperation in the field of energy security, including cooperation on clean, renewable, and low-carbon energy in line with the ASEAN Plan of Action for Energy Cooperation 2021-2025 and India’s renewable energy priorities, as well as other national models and priorities such as bio-circular-green development;

    15. Promote disaster and climate resilience of infrastructure systems through knowledge sharing and best practices, capacity building and technical assistance, which can be pursued such as through the framework of Coalition of Disaster Resilient Infrastructure (CDRI) as well as the proposed Memorandum of Intent (MOI) between ASEAN Coordinating Centre for Humanitarian Assistance on Disaster Management (AHA Center) and National Disaster Management Agency (NDMA) of India;

    16. Enhance connectivity between ASEAN and India in line with the “Connecting the Connectivities” approach, by exploring synergies between the Master Plan on ASEAN Connectivity (MPAC) 2025 and its successor document, the ASEAN Connectivity Strategic Plan (ACSP) and India’s connectivity initiatives in the region under India’s Act East Policy and Security and Growth for All in the Region (SAGAR) vision to ensure seamless connectivity in the Indo-Pacific by collaborating for quality, sustainable and resilient infrastructure and enhancing cooperation in transport in land, air, and maritime domains including through the early completion and operationalisation of the India-Myanmar-Thailand (IMT) Trilateral Highway while looking forward to its eastward extension to Lao PDR, Cambodia and Viet Nam;

    17. Stressing the importance of strengthening multilateralism and comprehensive reform of the multilateral global governance architecture, including the United Nations and international financial architecture, international financial institutions, and multilateral development banks, to make them fit for purpose, democratic, equitable, representative and responsive to the current global realities and the needs and aspirations of the Global South;

    18. Call for an inclusive and balanced international agenda, that responds to the concerns and priorities of the Global South, recognising that the principle of ‘Common but Differentiated Responsibilities and Respective Capabilities’ (CBDR-RC) within the United Nations Framework Convention on Climate Change (UNFCCC) applies to all relevant global challenges;

    19. Explore potential synergies with sub-regional frameworks, such as the Indian Ocean Rim Association (IORA) the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT), Singapore-Johor-Riau (SIJORI) Growth Triangle, Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA), and Mekong sub-regional cooperation frameworks, including Mekong-Ganga Cooperation (MGC) and Ayeyawady Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS), and to support ASEAN and India’s efforts in promoting equitable development by aligning sub-regional growth with the comprehensive, mutual growth and development of ASEAN and India;

    20. Continue to work together on regional and global issues of common concern while endeavouring to strengthen our partnership through the ASEAN-India Comprehensive Strategic Partnership.

    ***

    MJPS/SR/SKS

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: ASEAN-India Joint Statement on Advancing Digital Transformation

    Source: Government of India (2)

    Posted On: 10 OCT 2024 5:42PM by PIB Delhi

    WE, the Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic of India, on the occasion of the 21st ASEAN-India Summit on 10 October 2024 in Vientiane, Lao PDR;

    REAFFIRMING our commitment to promote the ASEAN-India Comprehensive Strategic Partnership, guided by the fundamental principles, shared values and norms that have steered the ASEAN-India Dialogue Relations since its establishment in 1992, including those enunciated in the Vision Statement of ASEAN-India Commemorative Summit (2012), the Delhi Declaration of the ASEAN-India Commemorative Summit to mark the 25th Anniversary of ASEAN-India Dialogue Relations (2018), the ASEAN-India Joint Statement on Cooperation on the ASEAN Outlook on the Indo-Pacific for Peace, Stability, and Prosperity in the Region (2021), the Joint Statement on ASEAN-India Comprehensive Strategic Partnership (2022), the ASEAN- India Joint Statement on Maritime Cooperation (2023) and ASEAN-India Joint Leaders’ Statement on Strengthening Food Security and Nutrition in Response to Crises (2023);

    RECOGNISING the significant role of digital public infrastructure (DPI) in catalysing digital transformation and promoting inclusivity, efficiency, and innovation in public service delivery; connecting individuals, communities, industries, organizations and countries across geographies, taking into account different domestic and international contexts;

    RECOGNISING that technology can enable rapid transformations for bridging the existing digital divides in the region and accelerate progress for inclusive and sustainable development while promoting region’s economic integration;

    APPRECIATING the contribution made by India towards implementation of ASEAN Digital Masterplan 2025 (ADM 2025) and noteworthy achievements of cooperation activities in the successive ASEAN-India Digital Work Plans including through knowledge sharing and capacity building programmes and the establishment of Centers of Excellence in Software Development and Training in CLMV (Cambodia, Laos, Myanmar & Vietnam) countries;

    ACKNOWLEDGING the leadership and significant advancements made by India in developing and implementing successful DPI initiatives, which have resulted in substantial social and economic benefits;

    ACKNOWLEDGING the development of the ASEAN Digital Masterplan 2026-2030 (ADM 2030), to build upon the accomplishments of the ADM 2025, which aims to expedite digital transformation across ASEAN, to facilitate the seamless transition into the next phase of digital advancement by 2030, in line with the common goals of ASEAN Community Vision 2045.

    APPRECIATING India for setting up the ASEAN-India Fund for Digital Future focusing on cooperation in digital transformation in ASEAN countries;

    Do hereby declare to strengthen cooperation in:

    1. Digital Public Infrastructure

    1.1 We acknowledge the opportunities for collaboration, with the mutual consent of ASEAN Member States and India, to share knowledge, experiences, and best practices in the development, implementation, and governance of DPI by utilizing various kinds of platforms to promote DPI development across the region;

    1.2 We recognise potential opportunities for joint initiatives and projects that leverage DPI for regional development and integration;

    1.3 We shall explore collaboration to leverage DPI across sectors in addressing diverse challenges such as education, healthcare, agriculture, and climate action.

    2. Financial Technology

    2.1 We recognise that Financial Technology (FinTech) and innovation as vital drivers for the bilateral economic partnership:

    2.2 We aim to:

    a. Explore potential collaboration of cross-border linkages between payment systems in ASEAN and India through innovative digital solutions enabling digital service delivery available in India and ASEAN.

    b. Explore partnerships between national agencies for fintech innovations and support digital solutions, including digital financial solutions.

    3. Cybersecurity

    3.1 We recognize that cooperation in cybersecurity is a crucial part of our Comprehensive Strategic Partnership.

    3.2 We welcome the establishment of the ASEAN India Track 1 Cyber Policy Dialogue and look forward to its first meeting in October this year;

    3.3 We intend to expand our cyber security cooperation to support digital economy. As we gradually move towards growing digital economies, we shall endeavour to ensure the security and resilience of digital infrastructure and services;

    4. Artificial Intelligence (AI)

    4.1 We support collaboration the development of necessary knowledge, skills, infrastructure, risk management frameworks and policies to effectively and responsibly leverage AI technologies and applications to harness the potential of AI advancements.

    4.2 We recognize that access to AI technologies including, but not limited to, computing, data-sets and foundational models is key to achieving sustainable development through AI. Therefore, we shall collaborate for democratisation of AI resources for social good in accordance with respective national laws, rules and regulations.

    4.3 We recognize that AI is changing job landscapes rapidly and there is a need for upskilling and reskilling the workforce. We support collaboration in capacity building on AI education initiatives, develop Al-focused vocational training programs, and create platforms for knowledge exchange to prepare the workforce for the future job market.

    4.4 We welcome collaboration to develop studies on governance, standards and tools to support and assess the achievement of fairness, robustness, equitable access and other mutually agreed principles of responsible AI to promote trustworthiness in artificial intelligence systems.

    5. Capacity Building and Knowledge Sharing

    5.1. We shall use the existing frameworks including the ASEAN India Digital Ministers’ Meeting for regular exchanges, workshops, seminars, training programs and other capacity building exercises focusing on relevant topics aimed at facilitating digital transformation;

    5.2. We support sharing knowledge about our respective digital solutions including DPI for mutual study and adaptation to our needs.

    6. Sustainable Financing and Investment

    6.1. While initially the activities shall be financed under ASEAN India Fund for Digital Future, being launched this year, we shall explore mechanisms for financing digital initiatives, including through public-private partnerships, international funding, and innovative financing models.

    7. Implementation Mechanism

    7.1. Task the relevant bodies of ASEAN-India to follow-up and implement this Joint Statement, in order to ensure cooperation between ASEAN and India for the advancement of digital transformation.

    ***

    MJPS/SR/SKS

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    MIL OSI Asia Pacific News

  • MIL-OSI Security: Eighteen Individuals and Entities Charged in International Operation Targeting Widespread Fraud and Manipulation in the Cryptocurrency Markets

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    First-ever criminal charges against financial services firms for market manipulation and “wash trading” in the cryptocurrency industry

    BOSTON – Eighteen individuals and entities have been charged for widespread fraud and manipulation in the cryptocurrency markets. Charges were unsealed in Boston against the leaders of four cryptocurrency companies, four cryptocurrency financial services firms (known as “market makers”) and employees at those firms.

    Four defendants have pleaded guilty, another defendant has agreed to plead guilty, and authorities apprehended three other defendants in Texas, the United Kingdom and Portugal this week. More than $25 million in cryptocurrency has been seized and multiple trading bots responsible for millions of dollars’ worth of wash trades for approximately 60 different cryptocurrencies have been deactivated.

    According to the charging documents, the defendants who created cryptocurrency companies made false statements about their cryptocurrencies (“tokens”) and executed sham trades in those tokens (“wash trades”) to create the appearance of trading activity that would make the tokens look like good investments. These deceptive tactics allegedly attracted new investors and purchasers, which resulted in an increase in the tokens’ trading prices. The defendants are then alleged to have sold their tokens at the artificially inflated prices, a fraud commonly known as a “pump and dump.” The largest of these cryptocurrency companies, Saitama, at one point had a multi-billion-dollar market value.

    The cryptocurrency companies also allegedly hired financial services firms ( “market makers”) to wash trade their tokens in exchange for payment. As one market maker defendant, who has agreed to plead guilty, described the practice to a prospective client: the “objective on the secondary markets” is to find “other buyers from the community, people you don’t know about or don’t care about” because “we have to make [the other buyers] lose money in order to make profit.”

    Three market makers—ZM Quant, CLS Global and MyTrade—along with their employees are charged with allegedly wash trading and/or conspiring to wash trade on behalf of NexFundAI, a cryptocurrency company and token created at the direction of law enforcement as part of the government’s investigation. A fourth market maker, Gotbit, its CEO, and two of its directors are also charged for perpetrating a similar scheme.

    Specifics regarding the defendants and conduct are detailed in Attachment A below.

    “This investigation, the first of its kind, identified numerous fraudsters in the cryptocurrency industry. Wash trading has long been outlawed in the financial markets, and cryptocurrency is no exception. These are cases where an innovative technology – cryptocurrency – met a century old scheme – the pump and dump. The message today is, if you make false statements to trick investors, that’s fraud. Period. Our Office will aggressively pursue fraud, including in the cryptocurrency industry,” said Acting United States Attorney Joshua Levy. “These charges are also a stark reminder of how vigilant online investors must be and that doing your homework before diving into the digital frontier is critical. People considering making investments in the cryptocurrency industry should understand how these scams work so that they can protect themselves.”

    “What the FBI uncovered in this case is essentially a new twist to old-school financial crime. ‘Operation Token Mirrors’ targeted nefarious token developers, promoters, and market makers in the crypto space. What we uncovered has resulted in charges against the leadership of four cryptocurrency companies, and four crypto ‘market makers’ and their employees who are accused of spearheading a sophisticated trading scheme that allegedly bilked honest investors out of millions of dollars,” said Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “The FBI took the unprecedented step of creating its very own cryptocurrency token and company to identify, disrupt, and bring these alleged fraudsters to justice.”

    If you bought or sold any of the tokens referenced below, please fill out this form.

    The Securities & Exchange Commission has filed civil complaints alleging violations of the securities laws in relation to the conduct at Gotbit, CLS, ZM Quant, Saitama and Robo Inu. Valuable assistance was provided by the Federal Bureau of Investigation’s Legal Attachés (Madrid and London), Portugal’s Policia Judiciaria European Network of Fugitive Active Search Team (ENFAST), the United Kingdom’s National Crime Agency’s National Extradition Unit, the Internal Revenue Service Criminal Investigation, Boston Field Office and the Criminal Division’s Computer Crime and Intellectual Property Section, National Cryptocurrency Enforcement Team.

    Acting United States Attorney Joshua S. Levy and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement. Assistant U.S. Attorneys Christopher J. Markham and David M. Holcomb of the Securities, Financial & Cyber Fraud Unit are prosecuting the cases.  

    The details contained in the charging documents are allegations. The defendants are presumed to be innocent unless and until proven guilty beyond a reasonable doubt in the court of law.  

    ###

    ATTACHMENT A

    The following individuals and entities have been charged in U.S. District Court in Boston, Mass.:

    Aleksei Andriunin, Fedor Kedrov, Qawi Jalili, Gotbit Consulting LLC (Gotbit) According to court documents, Gotbit was a well-known “market maker” in the cryptocurrency industry. Aleksei Andriunin, 26, of Russia and Portugal, was Gotbit’s Chief Executive Officer and Founder. Andriunin was arrested on Oct. 8, 2024 in Portugal and awaits extradition. Fedor Kedrov, of Russia, was Gotbit’s Director of Market Making. Qawi Jalili, of Russia was Gotbit’s Director of Sales. Gotbit, Kedrov and Jalili are each charged with wire fraud and conspiracy to commit market manipulation and wire fraud. Andriunin is also charged in a separate criminal complaint with wire fraud, conspiracy to commit market manipulation and wire fraud and conspiracy to commit money laundering.

    It is alleged that between 2018 and 2024, Gotbit provided market manipulation and wash trading services to several cryptocurrency companies, including companies located in the United States. Gotbit allegedly made wash trades worth millions of dollars on behalf of clients and received tens of millions of dollars in proceeds for these illicit services. In a 2019 interview published online, Andriunin allegedly described how he developed a code to wash trade and artificially inflate cryptocurrency trading volume. Andriunin allegedly kept track of Gotbit’s market manipulation, including with spreadsheets that compared “Created Volume” from wash trades with naturally occurring “Market Volume.” Gotbit’s employees, including Jalili and Kedrov, allegedly described these wash trading tactics to prospective clients and how to avoid detection. Jalili and Kedrov also allegedly provided these services to multiple cryptocurrencies, including the Saitama and Robo Inu cryptocurrencies.

    Riqui Liu, Baijun Ou, ZM Quant Investment LTD (ZM Quant) ZM Quant was a “market maker” in the cryptocurrency industry that allegedly advertised illicit market manipulation services to clients. Riqui Liu, 26, of the United Kingdom and Hong Kong, was an employee of ZM Quant. Baijun Ou, 32, of Hong Kong, was also an employee of ZM Quant. ZM Quant, Liu and Ou are each charged in a superseding indictment with wire fraud and conspiracy to commit market manipulation and wire fraud.

    According to court documents, ZM Quant allegedly advertised a “trading bot” that could “create volume.” ZM Quant employees allegedly discussed these illicit services with clients through Telegram messages and during video teleconferences. For example, as alleged in the charging documents, during a video teleconference in March 2024, Liu and Ou described how ZM Quant would trade “maybe ten times per minute or twenty times a minute” to “increase the trading volume” and “pump the price.” Liu and Ou also described how ZM Quant allegedly used multiple trading wallets to avoid having the trading look “fake.” It is further alleged that ZM Quant provided market manipulation services for multiple cryptocurrency companies, including Saitama and NexFundAI.

    Andrey Zhorzhes, CLS Global FZC, LLC (CLS) CLS was a “market maker” in the cryptocurrency industry that allegedly advertised illicit market manipulation services to its clients. Andrey Zhorzhes, of the United Arab Emirates, was an employee of CLS. Both CLS and Zhorzhes are charged in an indictment with wire fraud and conspiracy to commit market manipulation and wire fraud.

    It is alleged that Zhorzhes described to a prospective client how CLS’s algorithm generated trading volume on multiple cryptocurrency exchanges, as follows: 

    • “We have an algorithm that . . . basically does self-trades, buying and selling.”
    • “The idea of volume generation is . . . so the token looks organic and looks live and people get interested in trading it.”
    • “It’s very hard to track. . ..We’ve been doing that for many clients.”
    • “I know that it’s wash trading and I know people might not be happy about it.”

    Zhorzhes and other CLS traders allegedly provided these market manipulation services for NexFundAI.

    Liu Zhou, MyTrade MM – MyTrade MM was another “market maker” in the cryptocurrency industry that advertised illicit market manipulation services to its clients, including “pump and dump” consulting services and “wash trades” facilitated by “bots.” Liu Zhou, 39, of China and Canada, was the founder of MyTrade MM. Zhou is charged and has agreed to plead guilty to conspiracy to commit market manipulation and wire fraud.

    MyTrade MM’s clients had access to a dashboard on MyTrade MM’s website through which clients specified the desired amount of daily wash trades on identified cryptocurrency exchanges. MyTrade MM’s dashboard described the service as “Volume Support” and allowed for millions in wash trades per day for each client cryptocurrency, for example:

    In conversations with purported promoters of NexFundAI, Zhou allegedly described MyTrade MM as superior to “CLS” and “Gotbit” because those market makers “keep clients in the dark” and “control the pump and dump,” which means “they can do inside trading easily.” Zhou allegedly also described the various purposes for wash trading, including showing “continuous trading activity every hour”; generating large enough trading volumes for cryptocurrency exchanges to waive listing fees; and executing “pump and dumps.” According to court documents, Zhou further described that the “objective on the secondary markets” was to find “other buyers from the community, people you don’t know about or don’t care about” because “we have to make [the other buyers] lose money in order to make profit.”

    Manpreet Kohli, Haroon Mohsini, Nam Tran, Max Hernandez, Russell Armand, Vy Pham, Saitama LLC (Saitama) – Saitama was a cryptocurrency company, originally incorporated in Massachusetts in August 2021.

    Manpreet Kohli, 43, of the United Kingdom, was the CEO of Saitama. Kohli was arrested in the United Kingdom on Oct. 7, 2024 and is awaiting extradition. Haroon Mohsini, 37, of Texas, also worked at Saitama. Mohsini was arrested on Oct. 7, 2024 in the Southern District of Texas. Nam Tran, 32, of Vietnam, worked at Saitama and is currently in Vietnam. Kohli, Mohsini and Tran are each charged in a superseding indictment with wire fraud, market manipulation, and conspiracy to commit wire fraud, commit market manipulation and conduct an unlicensed money transmitting business. Max Hernandez, 36, of Massachusetts, and Russell Armand, 42, of Texas, also worked at Saitama and are charged separately and have both pleaded guilty to market manipulation and conspiracy to commit wire fraud and to operate an unlicensed money transmitting business. Vy Pham, 32, of California, is also charged for conduct at a different cryptocurrency company but, as part of that guilty plea, admitted to certain conduct involving Saitama.

    Saitama allegedly purported to create a series of products that could be used with its token and, at its peak, boasted a market value of $7.5 billion. Saitama’s leadership allegedly made a variety of false public statements, including that Saitama’s business plan had been reviewed by regulators, that its leadership was not selling the Saitama tokens they owned and that the Saitama token was coded in a way that prevented market manipulation. According to charging documents, in reality Saitama’s leadership was actively manipulating the market for the Saitama token and secretly selling their Saitama tokens for tens of millions in profits.

    Saitama’s market manipulation campaign allegedly began in or about July 2021, when leadership coordinated a series of small purchases spread across multiple cryptocurrency wallets. These trades were coordinated on Telegram, where Armand allegedly explained that the goal was to “create an illusion of massive buys and new holders” to “incite ppl [people] to buy 
    more…W[e] want list of small buys to look like it’s mor[e] buyers. That’s the idea.” Saitama’s leadership allegedly confirmed their purchases to one another, discussed how they were successfully getting others to purchase the Saitama cryptocurrency and exchanged “pump it” memes and GIFs:

    Thereafter, the Saitama leadership allegedly paid several market makers to wash trade the Saitama cryptocurrency on cryptocurrency exchanges, including BitMart, LBank and XT.com. The market makers that Saitama paid allegedly included ZM Quant and Gotbit.

    Robo Inu Finance (Robo Inu) – Robo Inu was a cryptocurrency company and token that Vy Pham created after she left Saitama in 2021. Pham has been charged and agreed to plead guilty to conspiracy to commit market manipulation, to commit wire fraud and to operate an unlicensed money transmitting business. Pham founded and promoted Robo Inu from the United States. Like Saitama, Robo Inu allegedly purported to create a series of products that could be used with its cryptocurrency. Beginning in or about 2022, Robo Inu allegedly paid Gotbit to artificially inflate the trading volume of the Robo Inu token through wash trades on cryptocurrency exchanges such as Bitmart.

    Michael Thompson, VZZN – VZZN was a cryptocurrency company and token that Armand created after he left Saitama in 2023. Michael Thompson, 50, of Virginia, also worked at VZZN. As with Armand, Thompson is charged and pleaded guilty to conspiracy to commit market manipulation. VZZN allegedly purported to be a video streaming service that could be used with the VZZN token. While promoting that service, Armand and Thompson allegedly also made misleading public statements about VZZN and artificially inflated the trading volume of the VZZN token through wash trades.

    Bradley Beatty, Lillian Finance LLC (Lillian Finance) – Lillian Finance was a cryptocurrency company and token founded by Bradley Beatty, 48, of Florida. Beatty is charged in an indictment with wire fraud. Lillian Finance allegedly purported to use blockchain technology in the healthcare industry and to use a portion of proceeds generated from token sales for charitable purposes. Beatty allegedly made a series of false statements about Lillian Finance to attract investors, for example, that he was a defense contractor and that he had addressed Congress on the topic of cryptocurrency. Thereafter, it is alleged that Beatty generated hundreds of thousands of dollars in proceeds from retail sales of the Lillian Finance token and misappropriated a portion of Lillian Finance’s profits that were supposed to be used for charity.

    The charge of market manipulation provides for a sentence of up to 20 years in prison, up to three years of supervised release, a fine of up to $5 million or twice the gross gain or loss from the offense and forfeiture. The charge of wire fraud provides for a sentence of up to 20 years in prison, up to three years of supervised release, a fine of up to $250,000 or twice the gross gain or loss from the offense, restitution and forfeiture. The charge of conspiracy to commit wire fraud, market manipulation and/or to conduct an unlicensed money transmitting business provides for a sentence of up to five years in prison, up to three years of supervised release, a fine of up to $250,000 to twice the gross gain or loss from the offense, restitution and forfeiture. The charge of conspiracy to commit money laundering provides for a sentence of up to 20 years in prison, three years of supervised release, a fine of $500,000, or twice the value of the criminally derived property, whichever is greater, and forfeiture. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    ###

    MIL Security OSI

  • MIL-OSI Europe: President Meloni meets with President Zelensky of Ukraine

    Source: Government of Italy (English)

    10 Ottobre 2024

    The President of the Council of Ministers, Giorgia Meloni, met with the President of Ukraine, Volodymyr Zelensky, at Villa Doria Pamphilj in Rome this evening.

    The meeting provided an opportunity to discuss the situation on the ground and Ukraine’s most immediate military, financial and humanitarian needs as well as the forthcoming diplomatic initiatives and the pathway to bring an end to the conflict. The President of the Council of Ministers reaffirmed Italy’s support, also as G7 Presidency, for Ukraine’s legitimate defence and for the Ukrainian people. This comprehensive support will continue at both bilateral and multilateral level in order to put Kyiv in the best position possible to build a just and lasting peace.
        
    Italy will continue to do its part also in the future reconstruction of Ukraine and in this regard the President of the Council of Ministers announced the dates for the next Ukraine Recovery Conference, which will be held in Rome on 10 and 11 July 2025.

    [Press statements]

    MIL OSI Europe News

  • MIL-OSI Russia: Jordan — IMF Staff Conclude Article IV Discussions and Reach Staff Level Agreement on the Second Review under the Extended Fund Facility

    Source: IMF – News in Russian

    October 10, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • IMF staff and the Jordanian authorities have reached a staff level agreement on the second review under the Extended Fund Facility (EFF). All commitments for the second review under the program have been met, demonstrating the authorities’ steadfast commitment to sound macro-economic policies and continued progress on reforms.
    • Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds caused by the intensifying conflict in the region. Jordan’s economy is expected to grow by 2.3 percent in 2024 and 2.5 percent in 2025. However, strong and timely international support remains important to help Jordan face the external headwinds, and to continue to shoulder the cost of hosting a large number of Syrian refugees.
    • Bringing the Jordanian economy onto a higher growth trajectory is essential to create more jobs and raise prosperity. This requires accelerating structural reforms, while maintaining macro-economic stability, and making significant progress in implementing the authorities’ Economic Modernization Vision.

    Amman: A staff team from the International Monetary Fund (IMF), led by Ron van Rooden, visited Amman during September 30–October 10, 2024, for discussions on the 2024 Article IV consultation and the second review under the arrangement under the IMF’s Extended Fund Facility (EFF), which was approved by the IMF’s Executive Board on January 10, 2024 (Press Release).

    At the conclusion of the mission, Mr. van Rooden issued the following statement:

    “We are pleased to announce that the IMF team and the Jordanian authorities reached a staff-level agreement on the second review of the authorities’ economic reform program supported by the EFF arrangement, approved in January of this year. Program performance continues to be strong, despite a challenging external environment. All quantitative performance criteria and structural benchmarks for the second review were met and steady progress is being made toward achieving the program’s overall objectives, including good progress toward meeting benchmarks for future reviews. The agreement is subject to approval by the IMF’s management and the Executive Board. The completion of this review will make another SDR 97.784 million (about US$131 million) available, out of the previously approved program size of SDR 926.370 million (about US$1.2 billion).  

    “Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds caused by the intensifying conflict in the region. This resilience is the result of the authorities’ continued pursuit of sound macro-economic policies and reform progress. The recent upgrades to Jordan’s credit ratings, the first in over 20 years, testify to the credibility of the authorities’ economic policies.

    “Nonetheless, as the conflict continues and widens, it is having a larger impact on Jordan’s economy than anticipated at the outset of the program. The economy is projected to grow by 2.3 percent this year, with weaker domestic demand offset by a stronger performance in net exports. Growth is projected at 2.5 percent for 2025. Inflation remains low, at 2 percent, thanks to the Central Bank of Jordan’s (CBJ) firm commitment to monetary stability and safeguarding the exchange rate peg. The financial sector remains healthy and well capitalized. The current account deficit is projected to narrow to 4.4 percent of GDP this year, helping to further build the CBJ’s reserve buffers, and to widen slightly to 4.7 percent of GDP in 2025.

    “Government revenues have been adversely affected this year by the weaker domestic demand, as well as a sharper-than-expected drop in the prices of key export commodities. The authorities have taken strong actions to offset the revenue shortfall to contain this year’s central government budget deficit. With this, the authorities are committed to limit this year’s central government primary deficit (excluding grants and transfers to public utilities) to 2.9 percent of GDP, up slightly from 2.7 percent of GDP in 2023. Together with measures taken to limit the operational losses of the utility companies and continued surpluses of the social security system, the overall general government primary deficit (excluding grants) is expected to remain broadly unchanged this year, at 1.3 percent of GDP, compared to 1.4 percent in 2023, and public debt to be contained at just over 90 percent of GDP by end-2024.

    “The authorities are firmly committed to continue to implement sound macro-economic policies to maintain stability and to advance structural reforms needed to further strengthen the resilience of Jordan’s economy and to improve people’s living standards, as envisaged also in their Economic Modernization Vision. Notably, fiscal policy aims to reduce public debt to 80 percent of GDP by 2028 to ensure fiscal sustainability, by advancing a gradual fiscal consolidation, including limiting the central government primary deficit (excluding grants and transfers to the public utilities) to 2 percent of GDP in 2025. With further efforts to improve the finances of the public utilities and continued surpluses of the social security system, the overall general government primary deficit (excluding grants) will be reduced by 1.1 percent of GDP to 0.2 percent of GDP. The CBJ’s monetary policy will continue to be underpinned by its firm commitment to the exchange rate peg to the US dollar and to maintain low inflation, and the CBJ stands ready to undertake policy adjustments as necessary to credibly safeguard monetary and financial stability.

    “The authorities are determined to step up the pace of structural reforms to achieve stronger growth and generate more jobs, which is particularly important given that unemployment remains high, particularly among the youth and women. Reforms will focus on improving the business environment, to attract more investment, by enhancing competition and labor market flexibility, while further strengthening the social safety net. Efforts will also focus on streamlining regulation and digitalization of government services, including tax and customs administration.  

    “The staff team is grateful to the authorities for the candid and constructive discussions. The team met with Prime Minister Hassan, Minister of Finance Shibli, Minister of Planning and International Cooperation Toukan, Minister of Economic Affairs Shehadeh, Governor of the Central Bank of Jordan Al-Sharkas; and other Ministers and senior government and CBJ officials.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/10/pr-24366-jordan-imf-staff-conclude-aiv-discussions-and-reach-sla-on-2nd-rev-under-eff

    MIL OSI

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  • MIL-OSI Canada: Prime Minister Justin Trudeau meets with ASEAN Secretary General Dr. Kao Kim Hourn

    Source: Government of Canada – Prime Minister

    Today, Prime Minister Justin Trudeau met with the Secretary General of the Association of Southeast Asian Nations (ASEAN), Dr. Kao Kim Hourn, on the margins of the ASEAN Summit.

    As the first Canadian Prime Minister to attend three ASEAN Leaders Summits, Prime Minister Trudeau discussed the growing ties between Canada and ASEAN with Secretary General Hourn, highlighting the ASEAN-Canada Strategic Partnership, launched in 2023, and Canada’s Indo-Pacific Strategy, released in 2022.

    The leaders welcomed deepening co-operation on a number of mutual priority areas, including trade and investment, climate change, food security, and the digital economy. They also discussed progress on ongoing Canada-ASEAN free trade negotiations.

    Prime Minister Trudeau and Secretary General Hourn agreed to remain in close contact.

    Associated Links

    MIL OSI Canada News

  • MIL-OSI Global: R v. Kloubakov: Supreme Court of Canada ignores sex workers in case on sex work

    Source: The Conversation – Canada – By Vincent Wong, Assistant Professor of Law, University of Windsor

    The Supreme Court of Canada will soon hear a case, R v. Kloubakov, in which two men charged with financially benefiting from sex work are claiming the charges violate their Charter rights.

    The accused worked as drivers for sex workers in Calgary. A court in Alberta found them guilty of benefiting financially from prostitution and being parties to procuring women into the sex trade. They argue that Canada’s sex work laws criminalize people who work with sex workers in non-exploitative situations, and are therefore unconstitutional.

    While the appellants in this case are not sex workers themselves, the outcome greatly impacts sex workers and their rights because it could, among other things, undermine their security and ability to put in place safety measures. Migrants arrested under these laws also face the prospect of loss of status, detention and deportation.

    Nevertheless, the Supreme Court has chosen to exclude a national coalition of 23 sex worker organizations, the Canadian Alliance for Sex Work Law Reform (CASWLR), and two organizations that work with migrant sex workers (the Migrant Workers Alliance for Change and the Canadian Association of Refugee Lawyers.

    The court has concluded their views are irrelevant to the case at hand. This exclusion rehearses Canada’s longer history of excluding those connected with sex work based on race, gender and immigration status.

    Canada’s sex work law

    This case centres on the procurement and material benefits provisions in Canada’s criminal code. They are part of the Protection of Communities and Exploited Persons Act (PCEPA), which was passed in 2014 after the Supreme Court struck down previous provisions targeting sex work.

    PCEPA criminalizes “everyone who procures a person to offer or provide sexual services” and anyone “who receives a financial or other material benefit” from sex work, with certain exceptions.

    The law assumes that sex workers are victims and ignores their agency and labour. While being a sex worker is not directly made an offence, the law criminalizes the purchase of sexual services and thus renders illegal all commercial transactions for sex. Activists have argued that doing so has driven sex work further underground. Sex workers, and those wishing to purchase sexual services, must avoid police for fear of detection, apprehension and in the case of migrant women, deportation.

    Going underground means sex workers are at amplified risk of exploitation and physical harm because they have reduced bargaining power and cannot use safety measures, such as hiring third parties or implementing certain vetting and safety protocols in the spaces they would like to use, for fear of attracting the attention of police.

    CASWLR argues that the law’s criminalization of sex workers and third parties replicates and even exacerbates the harms of the former laws that the Court found violated sex workers’ Charter rights to security of the person.

    As a sex worker-led umbrella organization, CASWLR members have lived expertise and intimate knowledge of how these laws still harm sex workers in ways that can crucially inform the question of whether the laws are constitutional.

    Migrant sex workers

    Aside from direct criminalization, migrant sex workers may face additional and distinct consequences under immigration laws if they are charged, convicted or merely under criminal investigation. Migrant sex workers could lose their status in Canada, be detained and deported and be barred from re-entering the country. Further, it is not just sex workers themselves who are affected. Migrant third parties and their family members’ immigration status and future could be imperilled as well.

    These potential consequences may drive migrant sex workers to do their work in unsafe conditions to avoid detection by police and immigration enforcement. Sex workers are effectively forced into these precarious conditions because of the existing laws.

    In our view, loss of immigration status and deportation for engaging in non-exploitative, consensual activity are consequences of the current law that are not justified under the Charter because of the risks of violence and other harms that arise from avoiding detection.

    The Court, however, has decided it will not be considering this aspect at all and has excluded the only two organizations that work with migrant sex workers. The Court did grant intervener status to some organizations who will do a reasonable job in detailing some of the harms of the laws. However, none are sex worker-led and none represent migrant sex workers who may experience additional harms.

    The Supreme Court denied intervener status to these organizations because they perceived their interventions as providing new information that would unduly expand the case. Denying standing to these organizations, however, has the ultimate effect of not hearing from those directly impacted by the laws being examined.

    Courts are meant to consider the wider implications of how laws are interpreted, implemented and the potential ways they affect others. This is particularly important in constitutional challenges where it is both foreseeable and expected that legal decisions will have widely ranging effects on multiple groups.

    History of migrant exclusion

    Unfortunately, this exclusion is tied to the history of discrimination and stigmatization of Asian migrant sex workers, ostensibly for their own protection. Though many Canadians may have heard of Canada’s law that restricted Chinese immigration, including the infamous Head Tax, many may not know that it explicitly barred “any Chinese woman who is known to be a prostitute.”

    This law took influence from the very first immigration ban in the United States, the 1875 Page Act. This law barred the immigration of women from “any Oriental country” if they were “imported for the purposes of prostitution.” The exclusion and policing of Asian sex workers was justified by ideas of carceral humanitarianism, which proposes that exclusion and policing are a necessary way of protecting people from being trafficked.

    These so-called safety measures did not achieve either goal — in the past or present. Migrant sex workers who are directly targeted and harmed by the law were never directly asked what they desired or whether they needed saving.

    We see these long-standing patterns at work again today with the Supreme Court’s exclusion of migrant sex workers (and other sex workers) in R v. Kloubakov. The court is demonstrating that it has clearly not learned from history.

    When courts deny those most impacted by the law a hearing, they do not take into account all of the considerations they should. Cases can take years to reach the Supreme Court. When courts do take up the task to review law, it should welcome those directly affected by it, particularly when there are groups that have been traditionally marginalized from political and legal power.

    For courts to be effective, they must hear from those who can best explain how their rights are violated and excluded from the discussion. Trust in our justice system and our laws are diminished when those directly harmed by it have no say and no recourse.

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

    ref. R v. Kloubakov: Supreme Court of Canada ignores sex workers in case on sex work – https://theconversation.com/r-v-kloubakov-supreme-court-of-canada-ignores-sex-workers-in-case-on-sex-work-240417

    MIL OSI – Global Reports

  • MIL-OSI USA: To Celebrate Hispanic Heritage Month, Reed Leads Tour of Latino-Owned Small Businesses

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    CENTRAL FALLS, RI – In an effort to highlight the Ocean State’s vibrant Latino culture, restaurants, and small businesses, U.S. Senator Jack Reed today teamed up with the City of Central Falls and the Rhode Island Hispanic Chamber of Commerce to celebrate Hispanic Heritage Month and lead a special walking tour along Broad Street in Central Falls.
    The theme of this year’s Hispanic Heritage Month is “Pioneers of Change: Shaping the Future Together.” Hispanic Heritage Month is observed annually from September 15 to October 15.  It is a time to appreciate and celebrate the colorful cultures, rich histories, and diversity of the nation’s Hispanic population whose ancestors came from Spain, Mexico, the Caribbean, and Central and South America.
    The special walking tour: “Un recorrido por los negocios hispanos que impulsan y elevan a nuestras comunidades” (“A tour of hispanic businesses that fuel and uplift our communities”), featured several small businesses, both new and long-standing establishments, and amplified ventures that are helping power the local economy forward while also giving back to their neighbors.
    “The theme of this year’s Hispanic Heritage Month is about shaping the future.  As we saw during today’s walking tour, Mayor Rivera, the Rhode Island Hispanic Chamber of Commerce, and Central Falls’ diverse small business community have embodied that theme through their actions, advocacy, and commitment to their neighbors,” said Senator Reed.  “I will continue to stand with Rhode Island’s vibrant and diverse Hispanic and Latino communities to ensure that the future of our state remains strong, prosperous, and welcoming to all who want to plant their roots here.”
    “Central Falls celebrates the rich cultural contributions of our Latino and Hispanic communities and is home to many Latino-owned small businesses that make our city vibrant,” said Central Falls Mayor Maria Rivera.  “Thank you, Senator Reed, for your incredible partnership and support for Latino communities across Rhode Island, and to the Hispanic Chamber of Commerce for ensuring these businesses have the resources they need to succeed.”
    At the beginning of the tour, Senator Reed joined Mayor Rivera, Oscar Mejias, and members of the community for lunch at La Hacienda Restaurant, a family-owned restaurant dishing out authentic Salvadoran Mexican cuisine. The group then visited a host of local businesses that help the community celebrate together, eat together, and join together.
    The tour included stops at Krystal’s Flower Shop, a small business providing specialty floral arrangements and decorations for celebrations and ceremonies; Esperanza Convenience Store; Tony’s Shoe Service; Rossell’s Beauty Salon, a community institution that has been a fixture on Broad Street for nearly 30 years; and Elsy Nutrition, a family-owned small business promoting the importance of good nutrition.
    Hispanic or Latino residents now make up 18 percent of Rhode Island’s population, up from 12.4 percent in 2010, according to the latest numbers from the U.S. Census Bureau.  The Ocean State has long been home to thriving Colombian, Dominican, Guatemalan, Puerto Rican, and Mexican communities among others, each with its own unique traditions and identities within the Hispanic community that all contribute to Rhode Island’s shared culture and heritage.

    MIL OSI USA News

  • MIL-OSI USA: Reed Teams Up with AARP & RI State Police for Elder Fraud Prevention Summit

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    EAST PROVIDENCE, RI – Older adults are a growing population in Rhode Island, and a growing target for criminals seeking to scam them out of their hard-earned savings.
    In an effort to protect older Americans from financial exploitation and the proliferation of evolving scams, U.S. Senator Jack Reed today teamed up with AARP Rhode Island and the Rhode Island State Police’s Financial Crimes Unit for an Elder Fraud Prevention Summit at the East Providence Senior Center.  The presentation and Q&A session focused on a range of fraud and scams that criminals are using to target older adults and included tips for detection, prevention, and advice on how to report and recover if you or a loved one is victimized.
    According to the Federal Bureau of Investigation (FBI), elder fraud complaints rose by 14 percent in 2023, and losses grew by 11 percent. The report found that elder fraud resulted in losses of over $3.4 billion in 2023, including $7.4 million lost by Rhode Islanders over age sixty due to scams.
    Senator Reed says public education and outreach is needed to lower that number, which is likely underreported because many victims are too embarrassed to notify the authorities or don’t know where to turn.  He credited AARP, the Rhode Island State Police, and local TV stations and the news media for helping to raise awareness and enable older Americans protect themselves, recognize telltale signs of scams, reduce victimization, and combat the financial exploitation.
    “Two of the most important things people can do to protect themselves against fraud is to stay informed and have open lines of communication with trusted sources.  And if you do get scammed, report it to the authorities right away so they can help you.  Criminals targeting older Americans try to scare victims and create a false sense of urgency.  Know the signs, stay informed, and never be embarrassed if you ever get caught up in a scam.  The criminals are master manipulators and with Artificial Intelligence and new technology, anyone can get scammed.  Brilliant people of all ages and from all walks of life have been victimized.  The one thing most victims have in common is: They didn’t tell anyone else what was happening.  Don’t let it happen to you.  Be forewarned and help stop these crimes by reporting them.  Local, state, and federal law enforcement are working together to go after the bad guys and bring them to justice,” said Senator Reed.
    To help older Rhode Islanders stay informed about evolving scams and equip them with tools to stop the latest fraud techniques, AARP offers a free Fraud Watch Network’s Watchdog Alert, a twice monthly notification that lets users know about the latest trending scams and how to spot and avoid them. It’s also easy to share with friends and family.
    AARP Rhode Island’s State Director Catherine Taylor stated: “There’s a false narrative that older people are gullible or forgetful. That’s not true. If you are the victim of a scam, it’s not your fault. The fact is many of these scams are being perpetrated by usually offshore criminals who are well organized, well resourced, and highly skilled. And they have a playbook with three common elements: make unexpected contact, yield high emotion, and create a sense of urgency. AARP Rhode Island has a host of resources, information and support that equip older Rhode Islanders to fight back against the crime of fraud.”
    Nationwide, the FBI reports that tech support scams were the most widely reported type of scam last year.  The top five varieties of scams include: personal data breaches, confidence and romance scams, non-payment or non-delivery scams, and investment scams. Investment scams were the costliest type of elder fraud.
    The Rhode Island State Police offers an Identity Theft, Fraud & Scams resource page with detailed tips on detecting and preventing a range of financial crimes. 
    “Romance scams, investment scams, pop-up scams on computers, and others are all things we’ve seen in Rhode Island. Although they may differ in tactics, the goal is the same: to take your money,” said Lieutenant Richard Ptaszek, head of Rhode Island State Police Financial Crimes Unit. “To help prevent scams, you must take your time, think about the request being made, trust your judgement and follow up with a trusted source.”
    If fraud occurs, please help the authorities track and prosecute it by reporting it to both the local police and using the Federal Trade Commission’s online reporting portal: https://reportfraud.ftc.gov  Last year, Rhode Islanders reported 11,906 fraud complaints to the FTC.
    To reach the Rhode Island State Police’s Financial Crimes Unit directly, call: (401) 764-5179.
    The U.S. Department of Justice also has a toll-free National Elder Fraud Hotline available to help at: 1-833 FRAUD-11 (1-833-372-8311).  The hotline is staffed during business hours by caseworkers trained in elder abuse and offers translation services for non-English speakers.
    The presentation focused on combatting several types of schemes that the FBI says are among the most prevalent today, including:
    Tech support scam: Criminals pose as technology support representatives and offer to fix non-existent computer issues. The scammers gain remote access to victims’ devices and sensitive information.
    Grandparent scam: A type of confidence scam where criminals pose as a relative—usually a child or grandchild—claiming to be in immediate financial need.
    Government impersonation scam: Criminals pose as government employees and threaten to arrest or prosecute victims unless they agree to provide funds or other payments.
    Sweepstakes/charity/lottery scam: Criminals claim to work for legitimate charitable organizations to gain victims’ trust. Or they claim their targets have won a foreign lottery or sweepstake, which they can collect for a “fee.”
    Home repair scam: Criminals appear in person and charge homeowners in advance for home improvement services that they never provide.
    Romance scam: Criminals pose as interested romantic partners on social media or dating websites to capitalize on their elderly victims’ desire to find companions.
    TV/radio scam: Criminals target potential victims using illegitimate advertisements about legitimate services, such as reverse mortgages or credit repair.
    Family/caregiver scam: Relatives or acquaintances of the elderly victims take advantage of them or otherwise get their money.
    In many of these scams, the criminal impersonates someone else and tricks the victim over the phone or email, claiming there’s an issue with their bank account and they must make a crypto investment in order to resolve the problem. The scammer instructs the target to convert cash to cryptocurrency and upload it to an unsecured account that the scammer can access. 
    No legitimate entity will contact you over the phone and urge you to pay with crypto currency, gift cards, or precious metals.  Any time someone does this, hang up or cut off contact and report the incident.
    For more information, visit Senator Reed’s scam prevention page: https://www.reed.senate.gov/seniorscams

    MIL OSI USA News

  • MIL-OSI China: China, ASEAN issue joint statement on conclusion of FTA upgrade negotiations

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 10 — Leaders from China and the Association of Southeast Asian Nations (ASEAN) on Thursday announced the substantial conclusion of Version 3.0 China-ASEAN Free Trade Area (FTA) upgrade negotiations and issued a joint statement, according to China’s Ministry of Commerce.

    The statement covers existing areas of the China-ASEAN FTA agreement as well as emerging areas that have great cooperation potential, including the digital economy, the green economy and supply chain interconnectivity, the ministry said.

    It said that the conclusion of the negotiations demonstrates the unswerving commitment of both sides to protecting a rules-based trading environment, deepening economic integration and pragmatic cooperation in a complex global environment, and accelerating post-pandemic economic recovery.

    Both China and ASEAN have confirmed that they will accelerate work involving legal reviews and domestic procedures to promote the signature of the 3.0 upgrade protocol in 2025, the ministry said.

    The construction of the China-ASEAN Free Trade Area was completed in 2010, and Version 3.0 China-ASEAN FTA negotiations began in November 2022.

    MIL OSI China News