Category: Economy

  • MIL-OSI United Kingdom: First tickets for London’s spectacular New Year’s Eve fireworks celebrations to go on sale

    Source: Mayor of London

    • First batch of tickets for The Mayor of London’s world-famous New Year’s Eve fireworks display will go on sale at midday on Friday 18 October
    • London will welcome in 2025 with spectacular fireworks, lighting and music – showcasing our capital, boosting our economy and providing an incredible global advert for our tourism industry
    • Millions around the world watch the annual celebration, with the BBC’s coverage the most watched TV programme in the UK last year
    • Some ticket prices have increased this year to enhance security and crowd management, although Londoners can secure tickets for a number of viewing areas at the same price as last year

     

    The first tickets for the Mayor of London’s famous New Year’s Eve fireworks display will go on sale at midday on Friday 18 October.

    It will be the first of two batches of tickets to go on sale for the capital’s biggest night of the year, when Londoners and visitors to the capital gather opposite the London Eye to welcome in the new year.

    The eyes of the world will be on the capital as London celebrates 2024 and looks forward to 2025 with a spectacular display of fireworks, lighting and music that begins with the traditional sounds of Big Ben’s chimes.

    The display is shown live to many millions around the world, showcasing our capital, boosting our economy and providing an incredible global advert for our tourism industry. The BBC’s coverage was the most watched TV programme in the UK last year, with many millions more watching on the iPlayer and online.

    The first opportunity to guarantee a place to watch the celebration in person is when tickets go on sale next Friday at midday.

    It is essential to buy a ticket to watch the fireworks in person as those without tickets will not be allowed to enter the viewing areas. Only tickets bought from the authorised outlet Ticketmaster will be accepted. No official tickets will be sold by any other websites and those bought through any other means will not be valid.

    This year some ticket prices have increased to enhance security and crowd management around the event, and cover increasing costs seen across the industry. The impending and important introduction of Martyn’s Law, after the horrific Manchester Arena attack, has also set out important new security measures at major events to help keep people safe which the GLA is implementing.

    Tickets cost between £20 and £50 depending on the viewing area and if they are being bought by someone who lives in London. Londoners will pay £15 less on each ticket booked than those living outside of the capital – meaning that they can secure tickets for a number of viewing areas at the same price as last year.

    There will also be an opportunity to donate to TAP London, a charity dedicated to supporting homeless Londoners.

    Those who are unable to secure a ticket will be able to welcome in the new year in London’s fantastic range of bars, restaurants, pubs and clubs across the capital, or watch the display live on BBC One alongside more than 12m TV viewers.

    City Hall is working closely with a range of partner agencies including the Met Police, TfL, local authorities and the emergency services to deliver the event.

    The Mayor of London, Sadiq Khan, said: “Our New Year’s Eve fireworks celebrations are renowned across the globe, with many millions watching how our capital welcomes in the new year. I’m proud that our spectacular display of fireworks, lighting and music gets better every year, boosting our hospitality and tourism industries and showing why London is the greatest city on Earth. The only way to enjoy this fantastic show in person is to buy a ticket, so I urge anyone wanting to attend to secure their tickets as early as possible.”

     

    Robin Goodchild, Senior General Manager of the lastminute.com London Eye, said: “This New Year’s Eve is incredibly special as we mark both the world entering a quarter of a century since the dawn of the new millennium and kick off a year-long celebration for our 25th anniversary. London’s New Year’s Eve fireworks are internationally acclaimed and we at the lastminute.com London Eye are thrilled to host them as an icon of London’s skyline. We feel especially privileged to once again partner with the Mayor of London to bring this world-renowned show to the people of London and inspire visitors globally to visit our great capital. A dazzling display of colour and storytelling will illuminate the night sky, and for both those watching here in London and for TV audiences around the globe, we are excited to be at the forefront of bringing in 2025.”

    MIL OSI United Kingdom

  • MIL-OSI Economics: ASEAN-China Joint Statement on Facilitating Cooperation in Building a Sustainable and Inclusive Digital Ecosystem

    Source: ASEAN – Association of SouthEast Asian Nations

    We, the Member States of the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China gathered at the 27th ASEAN-China Summit in Vientiane, The Lao People’s Democratic Republic, on 10 October 2024.

    Recognizing that the world is currently undergoing a rapid digital transformation, acknowledge that building an open, secure, inclusive and interoperable digital ecosystem will help accelerate the development of the digital economy, digital society, and digital government, and is therefore of great significance to the economic and social development of all Parties.

    Download the full statement here.
    The post ASEAN-China Joint Statement on Facilitating Cooperation in Building a Sustainable and Inclusive Digital Ecosystem appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI United Nations: Secretary-General’s Opening Remarks at the 14th ASEAN-UN Summit

    Source: United Nations secretary general

     
     
    Mr. Chair, Prime Minister Siphandone, thank you for your warm welcome and congratulations on your leadership of ASEAN this year. 
     
    Distinguished leaders of ASEAN,
     
    Excellencies,
     
    Ladies and gentlemen,
     
    For nearly six decades, the family of South-East Asian countries has blazed a path of collaboration.
     
    Every day, you grow more integrated, dynamic and influential.
     
    And our ASEAN-UN partnership is growing ever stronger, too and it is today a strategic partnership from the UN point of view.
     
    The ASEAN-UN Plan of Action is making important progress across the political, security, economic and cultural fronts.
     
    I am particularly grateful for the important contribution of ASEAN members to our peacekeeping operations.
     
    Allow me to express my total solidarity with the Indonesian delegation. Two Indonesian peacekeepers [serving in Lebanon] were wounded by Israeli fire. We are together with you and the Indonesian people at this time.
     
    I also welcome your work on the preparation of the Community Vision 2045.
     
    This region has always been about looking ahead.
     
    And so is the Pact for the Future, adopted last month at the United Nations.
     
    We need to keep looking ahead.  
     
    Let me point to four key areas. 
     
    First, connectivity — your theme for the year.
     
    We start with a fundamental objective: technology should benefit everyone.
     
    Across Southeast Asia, broadband and mobile internet connectivity has soared. Yet the digital divide persists. 
     
    And a new divide is now with us — an Artificial Intelligence divide. 
     
    Every country must be able to access and benefit from these technologies.
     
    And every country should be at the table when decisions are made about their governance.
     
    The Pact for the Future includes a major breakthrough — the first truly universal agreement on the international governance of Artificial Intelligence that would give every country a seat at the AI table.
     
    It also calls for international partnerships to boost AI capacity building in developing countries.
     
    And it commits governments to establishing an independent international Scientific Panel on AI and initiating a global dialogue on its governance within the United Nations.
     
    Second, finance. 
     
    International financial institutions can no longer provide a global safety net – or offer developing countries the level of support they need.
     
    The Pact for the Future says clearly: we need to accelerate reform of the international financial architecture.
     
    To close the financing gap of the Sustainable Development Goals. 
     
    To ensure that countries can borrow sustainably to invest in their long-term development. 
     
    And to strengthen the voice and representation of developing countries.
     
    This includes calling on G20 countries to lead on an SDG Stimulus of $500 billion a year.
     
    Substantially increasing also the lending capacity of Multilateral Development Banks.
     
    Recycling more Special Drawing Rights.
     
    And restructuring loans for countries drowning in debt.
     
    Third, climate.
     
    ASEAN countries are feeling the brunt of climate chaos – disasters like Super Typhoon Yagi – while the 1.5 degree goal is slipping away.
     
    We need dramatic action to reduce emissions.
     
    The G20 is responsible for 80 per cent of total emissions – they must lead the way.
     
    I welcome the pioneering Just Energy Transition Partnerships in Indonesia and Vietnam.
     
    By next year, every country must produce new NDCs aligned with limiting the global temperature rise to 1.5 degrees Celsius.
     
    Developed countries must keep their promises to double adaptation finance.
     
    And we need to see significant contributions to the new Loss and Damage Fund.
     
    Every person must be covered by an alert system by 2027, through the United Nations’ Early Warnings for All Initiative. 
     
    We must secure also an ambitious outcome on finance at COP29.
     
    Fourth and finally, peace.
     
    I recognize your constructive role in continuing to pursue dialogue and peaceful means of resolving disputes from the Korean Peninsula to the South China Sea. 
    And I salute you for doing so in full respect of the UN Charter and international law – including the UN Convention on the Law of the Sea.
     
    Meanwhile, Myanmar remains on an increasingly complex path.
     
    Violence is growing.
     
    The humanitarian situation is spiralling.
     
    One-third of the population is in dire need of humanitarian assistance.  Millions have been forced to flee their homes. 
     
    Seven years after the forced mass displacement of the Rohingya, durable solutions seem a distant reality.
     
    I support strengthened cooperation between the UN Special Envoy and the ASEAN Chair on innovative ways to promote a Myanmar-led process, including through the effective and comprehensive implementation of the ASEAN Five-Point Consensus and beyond.
     
    The people of Myanmar need peace. And I call on all countries to leverage their influence towards an inclusive political solution to the conflict and deliver the peaceful future that the people of Myanmar deserve.
     
    Excellencies,
     
    ASEAN exemplifies community and cooperation.
     
    You are far more than the sum of your parts.
     
    In a world with growing geopolitical divides, with dramatic impacts on peace and security and sustainable development, ASEAN is a bridge-builder and a messenger for peace.
     
    Peace that is more necessary than ever, when we see the immense suffering of the people in Gaza, now extended to Lebanon, not forgetting Ukraine, Sudan, Myanmar and so many others.
     
    Allow me to tell you that the level of death and destruction in Gaza is something that has no comparison in any other situation I have seen since I became Secretary-General.
     
    I am extremely grateful for your constant efforts to keep our world together.
     
    You play a key role in shaping a world that is prosperous, inclusive and sustainable with respect for human rights at its heart.
     
    And you can always count on my full support and that of the United Nations in this essential effort.
     
    Thank you.
     

    MIL OSI United Nations News

  • MIL-OSI Africa: Secretary-General’s Opening Remarks at the 14th ASEAN-UN Summit

    Source: United Nations – English

    strong> 
     
    Mr. Chair, Prime Minister Siphandone, thank you for your warm welcome and congratulations on your leadership of ASEAN this year. 
     
    Distinguished leaders of ASEAN,
     
    Excellencies,
     
    Ladies and gentlemen,
     
    For nearly six decades, the family of South-East Asian countries has blazed a path of collaboration.
     
    Every day, you grow more integrated, dynamic and influential.
     
    And our ASEAN-UN partnership is growing ever stronger, too and it is today a strategic partnership from the UN point of view.
     
    The ASEAN-UN Plan of Action is making important progress across the political, security, economic and cultural fronts.
     
    I am particularly grateful for the important contribution of ASEAN members to our peacekeeping operations.
     
    Allow me to express my total solidarity with the Indonesian delegation. Two Indonesian peacekeepers [serving in Lebanon] were wounded by Israeli fire. We are together with you and the Indonesian people at this time.
     
    I also welcome your work on the preparation of the Community Vision 2045.
     
    This region has always been about looking ahead.
     
    And so is the Pact for the Future, adopted last month at the United Nations.
     
    We need to keep looking ahead.  
     
    Let me point to four key areas. 
     
    First, connectivity — your theme for the year.
     
    We start with a fundamental objective: technology should benefit everyone.
     
    Across Southeast Asia, broadband and mobile internet connectivity has soared. Yet the digital divide persists. 
     
    And a new divide is now with us — an Artificial Intelligence divide. 
     
    Every country must be able to access and benefit from these technologies.
     
    And every country should be at the table when decisions are made about their governance.
     
    The Pact for the Future includes a major breakthrough — the first truly universal agreement on the international governance of Artificial Intelligence that would give every country a seat at the AI table.
     
    It also calls for international partnerships to boost AI capacity building in developing countries.
     
    And it commits governments to establishing an independent international Scientific Panel on AI and initiating a global dialogue on its governance within the United Nations.
     
    Second, finance. 
     
    International financial institutions can no longer provide a global safety net – or offer developing countries the level of support they need.
     
    The Pact for the Future says clearly: we need to accelerate reform of the international financial architecture.
     
    To close the financing gap of the Sustainable Development Goals. 
     
    To ensure that countries can borrow sustainably to invest in their long-term development. 
     
    And to strengthen the voice and representation of developing countries.
     
    This includes calling on G20 countries to lead on an SDG Stimulus of $500 billion a year.
     
    Substantially increasing also the lending capacity of Multilateral Development Banks.
     
    Recycling more Special Drawing Rights.
     
    And restructuring loans for countries drowning in debt.
     
    Third, climate.
     
    ASEAN countries are feeling the brunt of climate chaos – disasters like Super Typhoon Yagi – while the 1.5 degree goal is slipping away.
     
    We need dramatic action to reduce emissions.
     
    The G20 is responsible for 80 per cent of total emissions – they must lead the way.
     
    I welcome the pioneering Just Energy Transition Partnerships in Indonesia and Vietnam.
     
    By next year, every country must produce new NDCs aligned with limiting the global temperature rise to 1.5 degrees Celsius.
     
    Developed countries must keep their promises to double adaptation finance.
     
    And we need to see significant contributions to the new Loss and Damage Fund.
     
    Every person must be covered by an alert system by 2027, through the United Nations’ Early Warnings for All Initiative. 
     
    We must secure also an ambitious outcome on finance at COP29.
     
    Fourth and finally, peace.
     
    I recognize your constructive role in continuing to pursue dialogue and peaceful means of resolving disputes from the Korean Peninsula to the South China Sea. 
    And I salute you for doing so in full respect of the UN Charter and international law – including the UN Convention on the Law of the Sea.
     
    Meanwhile, Myanmar remains on an increasingly complex path.
     
    Violence is growing.
     
    The humanitarian situation is spiralling.
     
    One-third of the population is in dire need of humanitarian assistance.  Millions have been forced to flee their homes. 
     
    Seven years after the forced mass displacement of the Rohingya, durable solutions seem a distant reality.
     
    I support strengthened cooperation between the UN Special Envoy and the ASEAN Chair on innovative ways to promote a Myanmar-led process, including through the effective and comprehensive implementation of the ASEAN Five-Point Consensus and beyond.
     
    The people of Myanmar need peace. And I call on all countries to leverage their influence towards an inclusive political solution to the conflict and deliver the peaceful future that the people of Myanmar deserve.
     
    Excellencies,
     
    ASEAN exemplifies community and cooperation.
     
    You are far more than the sum of your parts.
     
    In a world with growing geopolitical divides, with dramatic impacts on peace and security and sustainable development, ASEAN is a bridge-builder and a messenger for peace.
     
    Peace that is more necessary than ever, when we see the immense suffering of the people in Gaza, now extended to Lebanon, not forgetting Ukraine, Sudan, Myanmar and so many others.
     
    Allow me to tell you that the level of death and destruction in Gaza is something that has no comparison in any other situation I have seen since I became Secretary-General.
     
    I am extremely grateful for your constant efforts to keep our world together.
     
    You play a key role in shaping a world that is prosperous, inclusive and sustainable with respect for human rights at its heart.
     
    And you can always count on my full support and that of the United Nations in this essential effort.
     
    Thank you.
     

    MIL OSI Africa

  • MIL-OSI Banking: Basel Committee publishes G20 progress report on the 2023 banking turmoil and liquidity risk

    Source: Bank for International Settlements

    • Basel Committee provides update to G20 Finance Ministers and Central Bank Governors on its analytical work of the 2023 banking turmoil.
    • Report summarises empirical analysis on liquidity risk dynamics observed during the turmoil.
    • Committee will continue work to strengthen supervisory effectiveness and assess whether specific features of the Basel Framework performed as intended.

    The Basel Committee on Banking Supervision is today publishing a progress report to the G20 Finance Ministers and Central Bank Governors on its analytical work of the 2023 banking turmoil. The report, requested by the G20 Brazilian Presidency, provides an update on the Committee’s analytical work on liquidity risk dynamics observed during the turmoil. It builds on the Committee’s stocktake report published in October 2023.

    The progress report includes updated empirical analysis on the liquidity outflow rates experienced by distressed banks during the turmoil and assesses the materiality of liquidity risk factors that are not explicitly covered by the Basel III Liquidity Coverage Ratio (LCR). The report also analyses the impact of the accounting treatment and valuation of liquid assets eligible to meet the LCR and other potential impediments to banks’ ability and willingness to draw down their liquidity buffer. It also assesses the use and role of supervisory monitoring tools and other stress indicators.

    Drawing on the findings of this progress report, the Committee is continuing to pursue a series of follow-up initiatives related to the turmoil, including:

    • prioritising work to strengthen supervisory effectiveness and identify issues that could merit additional guidance at a global level; and
    • pursuing additional follow-up analytical work based on empirical evidence to assess whether specific features of the Basel Framework, such as liquidity risk and interest rate risk in the banking book, performed as intended during the turmoil and assess the need to explore policy options over the medium term.

    This follow-up work is fully in line with the imperative of implementing the Basel III standards in a full and consistent manner, and as soon as possible. 


    Note to editors

    The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee has no formal supranational authority, and its decisions have no legal force. Rather, the Committee relies on its members’ commitments to achieve its mandate. The Group of Central Bank Governors and Heads of Supervision is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Erik Thedéen, Governor of Sveriges Riksbank. 

    More information about the Basel Committee is available here.

    MIL OSI Global Banks

  • MIL-OSI Asia-Pac: President Lai hosts luncheon for Japanese Diet delegation visiting on 2024 National Day

    Source: Republic of China Taiwan

    President Lai hosts luncheon for Japanese Diet delegation visiting on 2024 National Day
    President Lai hosts luncheon for Japanese Diet delegation visiting on 2024 National Day
    2024-10-10

    On October 10, President Lai Ching-te hosted a luncheon for a delegation from the Japanese Diet visiting to take part in the 2024 National Day Celebration of the Republic of China (Taiwan). In remarks at the event, President Lai thanked the government of Japan for strongly supporting Taiwan, and expressed hope that, under the leadership of Prime Minister Ishiba Shigeru, the Taiwan-Japan friendship can be further consolidated, cooperation can be even closer, and people-to-people exchanges will grow increasingly frequent.
    A translation of President Lai’s remarks follows:
    I would like to thank former Japanese House of Councillors President Santo Akiko for leading a delegation to Taiwan to celebrate the birthday of the Republic of China (Taiwan). We specially arranged a luncheon at the Presidential Office to welcome and express our gratitude to our best friends from Japan.
    Taiwan and Japan stand side by side in the face of all events, including joyful events, natural disasters, and sad moments. This demonstrates the unwavering friendship between Taiwan and Japan. I especially appreciate that you have taken the time to visit Taiwan in the midst of parliamentary re-elections in Japan, one of the busiest periods in politics.
    I hope that after you return home, you can convey Taiwan’s gratitude to former Prime Minister Kishida Fumio and his administration for their strong support of Taiwan during his tenure, and for emphasizing that peace and stability in the Taiwan Strait are a critical component of global peace and prosperity. I believe such support has meant a lot to Taiwan’s people.
    I wish that, under the leadership of Prime Minister Ishiba, Japan will prosper, your economy will flourish, and the Japanese people will enjoy even greater well-being. I also hope that the Taiwan-Japan friendship can be further consolidated, cooperation can be even closer, and people-to-people exchanges will grow increasingly frequent.
    House of Councillors Member Santo then delivered remarks, thanking President Lai for taking time out of his busy Double Tenth National Day schedule to host a luncheon for her delegation, and gave assurances that after returning to Japan, she would convey the president’s greetings to former Prime Minister Kishida and current Prime Minister Ishiba.
    Ms. Santo mentioned that, just as President Lai had said, Japan’s Liberal Democratic Party recently elected its new president, Ishiba Shigeru, as the new prime minister and formed a new cabinet, and the House of Representatives is soon to hold a general election, so every day brings many political tasks. Nevertheless, to further enhance the robust ties between Taiwan and Japan, she said, no matter how busy they are, they would never miss the chance to travel to Taiwan to take part in the National Day Celebration and meet with a wide range of friends. She also extended condolences for the damage caused by Typhoon Krathon the week before, and expressed hope that those affected by the typhoon could return to a peaceful life as soon as possible.
    Ms. Santo stated that regardless of how the internal political situation may change in Japan, the friendship between Taiwan and Japan will always remain unchanged. The two sides will continue maintaining close ties, cooperating, and promoting prosperity and peace in the Indo-Pacific region. To spur further development of Taiwan-Japan relations, she said, the Japan-ROC Diet Members’ Consultative Council organized a delegation to Taiwan this past May, and took the opportunity to form research groups on Taiwan’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, strengthening exchanges for women legislators from Taiwan and Japan, encouraging local-level exchanges, and the Taiwan Relations Act. Ms. Santo expressed hope that these efforts will help in planning the future directions of Taiwan-Japan relations and gradually lead to concrete results.
    Ms. Santo stated that Japan will continue to enhance its friendship with Taiwan, join with Taiwan in defending democracy and freedom, and move forward hand in hand with Taiwan, maintaining a focus on peace.
    Also in attendance were Japanese House of Councillors Members Yamamoto Junzo, Takinami Hirofumi, Wada Masamune, and Umemura Mizuho, as well as Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    MIL OSI Asia Pacific News

  • MIL-OSI: Konsolidator completes private placement

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no 16-2024

    Søborg, October 16, 2024

    Konsolidator completes private placement

    In company announcement no. 15-2024, Konsolidator A/S (“Konsolidator”) announced the resolution by the Board of Directors to issue up to 573,979 new shares in a private placement. The new shares have been subscribed for by existing investors.

    Konsolidator announces the completion of the private placement as all 573,979 new shares have been subscribed for and the total subscription amount of DKK 2.2m has been received by Konsolidator.

    The new shares and the related capital increase will be registered at the Danish Business Authority today, following which the company has a registered share capital of nominal DKK 909,388. The share capital will consist of 22,734,700 shares, each with a nominal value of DKK 0.04. Each share carries one vote, corresponding to a total of 22,734,700 votes.

    The new shares represent approximately 2.6% of Konsolidator’s share capital before the capital increase and 2.6% of Konsolidator’s share capital after the capital increase.

    The new shares are expected to be admitted to trading on Nasdaq First North Growth Market Denmark on October 15, 2024 under the ISIN code of Konsolidator’s existing shares, DK0061113511.

    Following registration of the capital increase, the authorization in section 3.1.8 of the articles of association for the Board of Directors to issue shares without pre-emption rights has been reduced to a nominal value of DKK 156,089.68.

    The updated articles of association are available at http://www.konsolidator.com/investor/.

    Contacts

    Certified Adviser

    About Konsolidator
    Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

    Attachment

    The MIL Network

  • MIL-OSI United Kingdom: Housing boost for North East communities as Combined Authority deepens strategic ties with Homes England

    Source: United Kingdom – Government Statements

    Housing ambitions to support people across the North East boosted by Strategic Place Partnership between local leaders and national agency

    Credit: North East Combined Authority

    North East Combined Authority (NECA) and Homes England, the government’s housing and regeneration agency, have signed a Strategic Place Partnership that will support the region to realise its housing ambitions.

    Teams from NECA and the Agency will work together for the long-term to unlock locally-led plans to create new homes within thriving places for people across the region.

    This includes drawing on Homes England expertise and resources, including land, legal powers and funding, underpinned by the development of a shared business plan aligned to local priorities

    The agreement deepens existing local-national partnership working between NECA, North East local authorities and the Agency, with funding and expertise already supporting a range of projects including Forth Yards in Newcastle3 and West Park in Sunderland4.

    Mayor of the North East Kim McGuinness said:

    Everyone in the North East deserves a place they are proud to call home, and that is why I have made housing a key plank of my plans as Mayor. Indeed, this announcement follows closely from the news we have invested £4.5m to support the regeneration of Horden in East Durham5.

    Signing the Strategic Place Partnership with Homes England will allow us to take some of our biggest brownfield sites and turn them from eyesores into the homes and communities people need.

    It’s an opportunity to turbocharge development across the region by working with the Agency and our local authorities to create new homes that are affordable, energy efficient, and where people can thrive.

    Homes England Chief Executive Peter Denton said:

    A strategic place partnership isn’t a ceremonial bit of paper. It signals a long-term commitment where regional and national teams work together for the benefit of communities, to achieve the visions of local leaders who understand what people local to the area want and need to thrive.

    My colleagues and I are excited to deepen our ties with the combined authority to help accelerate progress. We are united by a passion to get things done in the right way, in the right places, to help ensure successful, sustainable regeneration and more affordable, quality home for thousands of people in the North East.

    The Agency is proud to be supporting NECA to achieve its housing vision through the SPP, with similar partnerships in place with regional authorities including South Yorkshire, West Yorkshire, the West Midlands and Greater Manchester.

    ENDS

    Notes to editors

    About Homes England

    Homes England is the government’s homes and regeneration agency. We drive the creation of more high-quality homes and thriving places so that everyone – no matter their background – has a place to live and thrive. We work in partnership with thousands of public and private bodies including local authorities, home builders, developers, affordable housing providers, commercial real estate companies  and financial institutions to make this happen. For more information visit: Homes England – GOV.UK (www.gov.uk)

    About North East Combined Authority

    The North East Combined Authority (North East CA) was formed on 7 May 2024. It is led by Elected Mayor Kim McGuinness and the Cabinet and covers the seven local authority areas of County Durham, Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside and Sunderland.  For more information visit http://www.northeast-ca.gov.uk

    Homes England acquires Quayside West as part of wider Newcastle regeneration – GOV.UK (www.gov.uk)

    Sunderland residents set to benefit from new homes after fresh investment supports city centre regeneration plans – GOV.UK (www.gov.uk)

    Mayor makes first steps to deliver new generation of social housing with County Durham investment (northeast-ca.gov.uk)

    Attached pictures caption: Mayor of the North East Kim McGuinness and Homes England Chief Executive Peter Denton launched a new partnership agreement between the organisations during a visit to the Newcastle Training Hub for bricklaying and groundworker apprenticeships.

    Contact information

    For further information, imagery or interview requests please contact media@HomesEngland.gov.uk or 0207 874 8262.

    Updates to this page

    Published 11 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Russia: Students of the State University of Management visited the Russian Ecological Forum

    MILES AXLE Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    Students of the State University of Management attended the main event in the field of circular economy – the Youth Day of the Russian Environmental Forum (REF).

    Representatives of the government apparatus, industry specialists and entrepreneurs gathered at one site.

    The main topics of the forum in 2024 are extended producer responsibility (EPR) and new mechanisms for regulating the industry, investment projects, green financing, rule-making in the field of solid municipal waste management, digitalization of the industry and building a closed-loop economy.

    At the Youth Day of the REF-2024, GUU was represented by 4th-year students of the IOM and IM Danila Yakovlev and Sergey Zvonarev. As part of the project-based learning at GUU, the students are developing their environmental project ECOGROUP|Voskresensk, which is aimed at developing and implementing innovative technologies in the procedure for collecting and processing solid municipal waste. The project involves the creation of a network of micro-enterprises using methods of sorting, recycling and reusing solid municipal waste.

    “Participation in the forum from the Russian Environmental Operator is an excellent opportunity to meet industry representatives and understand what opportunities there are for business projects in the environmental agenda,” the students noted.

    The Russian Environmental Forum is the largest industry event that brings together the main players in the field of municipal solid waste management. The REF was first held in 2021. This fall, the forum opened its doors for the fourth time.

    Subscribe to the TG channel “Our GUU” Date of publication: 11.10.2024

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

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

    Students of the State University of Management visited the Russian Ecological Forum

    MIL OSI Russia News

  • MIL-OSI Australia: Merger reform legislation: complex process risks capturing more transactions than intended

    Source: Allens Insights

    Some industry concerns, however, have been addressed 20 min read

    Yesterday, the Federal Government introduced the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 (the Bill) to the Parliament, marking a significant shift in Australia’s merger regime. From 1 January 2026, Australia will adopt a mandatory and suspensory administrative merger process. New merger authorisation and informal clearance applications can no longer be made after 30 June 2025 and 31 December 2025 respectively.

    The Bill sets out the legal framework for the new merger regime and key elements, including the control test, notification thresholds, ACCC and Tribunal review timelines, the suspensory rule, the substantial lessening of competition and public benefit tests and transitional arrangements.

    While the Government has incorporated some feedback from businesses and the legal community provided during the consultation stage, concerns remain about the complexity of the regime, the volume of transactions it may capture and the ACCC’s ability to review mergers efficiently as a result. Businesses should carefully plan their timelines to avoid having to restart the process under the new regime during the transitional period.

    However, despite some concerns, there are some positive changes. Amongst these, the Tribunal’s new evidence rules and ACCC waiver powers introduce important and beneficial new procedural aspects. In this Insight, we outline the key elements of the Bill and explore what its passage through Parliament could mean for the future of mergers in Australia.

    Key takeaways

    Notifiable acquisitions

    What types of acquisitions are caught?

    The new regime requires that the following types of acquisitions by corporations or persons be notified where the ‘control’ and ‘monetary’ thresholds are met:

    • shares in the capital of a body corporate or corporation;
    • any assets of a person or corporation; or
    • any other acquisition the Minister, following consultation and by legislative instrument, determines should be notifiable or exempt.

    The new regime also applies to partnerships and unit trusts as if they were a ‘person’ (subject to certain modifications, eg obligations being imposed on each partner or trustee (where there are multiple trustees), but capable of being discharged by the one). It also applies to acquisitions of units in a unit trust and an interest in a managed investment scheme as if those entities were bodies corporate and the units/interest were shares. This represents an expansion from previous legislation, addressing gaps identified in the exposure draft. The concept of ‘indirect’ acquisition has also been removed from the Bill.

    Control test

    Notification will be required where the above acquisitions result in the acquirer gaining control or practical influence over the business.

    In this context, ‘control’ refers to the capacity to determine the outcome of decisions regarding the target’s financial and operating policies. Assessing whether such control exists requires consideration of both the practical influence that may be exerted (rather than the rights enforceable) and any practice or pattern of behaviour affecting the financial or operating policies of the entity. In aligning more closely with the definition of control in the Corporations Act 2001 (Cth), the Bill provides greater clarity on the concept of control as compared to the exposure draft.

    However, the Bill modifies the concept of ‘control’ in certain ways, such as:

    • a person is taken to be able to control the target if it and one of its associates jointly have the capacity to control the target; and
    • for an acquirer that is a special purpose vehicle—the rule that deems an entity not to have control if it is under a legal obligation to exercise its influence for the benefit of others, is disregarded.

    Exemptions

    Certain acquisitions are exempt from notification, including:

    • acquisitions that do not result in control (ie the capacity to determine the outcome of decisions regarding the target’s financial and operating policies), including a change in control;
    • acquisitions of shares in the capital of a listed company, listed scheme or a large unlisted company (ie more than 50 members) (Chapter 6 entity) where the acquiring party’s voting power does not exceed 20% or does not move from above 20% to below 100%. This aligns with the takeovers threshold in the Corporations Act. When determining whether an acquisition meets the voting power threshold, a person is not considered to have acquired a ‘relevant interest’ in the shares until a conditional contract becomes binding (eg where a person has an option to acquire shares). This is a shift away from what was presented in the exposure draft;
    • internal restructures and reorganisations of involving related bodies corporate, or conducted through a trust or partnership; and
    • ordinary business transactions other than those involving land and patents.

    Unlike the exposure draft, the Bill does not adopt the rebuttable presumption of control which had seen stakeholder concerns surrounding its ambiguity around acquisitions with lower voting power thresholds. The Bill also does not adopt the express exclusions for temporary holdings of shares or acquisitions. This is likely to be a significant issue for many businesses, so it will need to be considered further. It may be that it is intended to be covered by the waiver process or the Chapter 6 entity voting power exemption.

    Further, parties can request that notification of a proposed ‘surprise hostile takeover’ (ie where the target is not aware of the proposed bid) be withheld from publication on the acquisitions register for up to 17 business days, or indefinitely if the ACCC decides to cease its review (including at the bidder’s request) within that period. However, this only applies to unconditional bids (or those subject only to prescribed occurrence conditions), and there is a range of requirements, such as the bidder committing to filing the bidder’s statement one business day after receiving the ACCC determination, which may expose the bidder to market risk.

    Thresholds

    While the regulations are yet to be released, the Government response has confirmed that the new regime will have the following notification thresholds:

    Economy wide monetary thresholds

    Targeted notification requirements and exceptions

    • Notification waiver: the new law also introduces a notification waiver process, wherein parties to an acquisition can apply to the ACCC to relieve them of the obligation to notify an acquisition that would otherwise be required to notified. The notification waiver does not, however, exempt an acquisition from the operation of section 50.
    • Ministerial determinations: the Bill incorporates a power for the Minister to make a determination that could require certain potentially anti-competitive mergers to be notified, in response to evidence-based analysis and consultation regarding high-risk sectors of the economy.
    • Further consultation on exceptions and targeted notification: the Government response indicates that it intends to consult further on whether certain categories of transactions should be notifiable or exempt, including:
      • requiring notification if a target is a non-listed body corporate, at least one merger party has Australian turnover of at least $200 million and the acquisition results in the acquirer holding more than 20% voting power; and
      • exempting land acquisitions involving residential property development or by any business that is primarily engaged in buying, selling or leasing property and which does not intend to operate a commercial business (other than leasing) on the land (unless those acquisitions are captured by additional targeted notification requirements).
      • The Government has also said it will ‘ensure’ that acquisitions unlikely to have an impact on Australia will not need to be notified. It is not clear how this will be applied at this point.

    Proposed targeted screening tool

    • A targeted screening tool is currently being explored as a low-cost approach to capture acquisitions below the monetary thresholds in select concentrated regions and sectors. This means that all mergers where the target business or asset operates in the designated sub-industries, sector, goods or services or regions above a minimum turnover threshold (which is yet to be determined) would need to register with the ACCC. 
    • A Ministerial determination could require acquisitions found through the screening tool to be in high-risk or concentrated markets to notify or provide more information to the ACCC.
    • The merger would only be notifiable if the ACCC requests notification within 5 to 10 business days.

    Notification rules and requirements

    The Bill details various changes to the notification and information-gathering requirements under the mandatory merger regime.

    Who has the obligation to notify?

    There is an obligation on the principal party (ie, the person(s) who acquire the shares / assets) to make a notification to the ACCC. A notification may be made jointly if there are multiple parties to the transaction.

    Material changes of fact

    Parties have an ongoing obligation to notify the ACCC of any material changes of fact to the notification until the ACCC makes its determination.

    What constitutes a material change of fact is left to the discretion of the ACCC, but examples of material changes of fact may include: (i) the immediate or short-term exit of a major competitor, (ii) the destruction of assets that are relevant to the ACCC’s assessment of the notified acquisition; or (iii) significant regulatory change.

    If a change of fact will materially impact the ACCC’s investigation, it has the ability to:

    • extend the determination period by the number of days that the ACCC was without information of the relevant change; or
    • could also effectively ‘re-start the clock’.

    Penalties

    The Bill introduces pecuniary penalties for contravention of the obligation to notify the Commission; the prohibition on putting into effect stayed acquisition; and a new civil penalty for providing false or misleading information to the ACCC or the Tribunal in relation to an acquisition.

    Transitional arrangements

    Both the current informal merger filing process and the merger authorisation process will be phased out.

    From 1 January 2026, the new mandatory merger regime will come into effect and, if a proposed transaction is notifiable—in that it meets the relevant merger thresholds and control test—it will have to be notified to the ACCC under the new regime. Businesses will no longer be able to voluntarily notify the ACCC via its informal clearance process from 1 January 2026, or use the merger authorisation process from 1 July 2025.

    Between 1 July 2025 and 31 December 2025, merging parties can choose to voluntarily notify the ACCC of their proposed acquisition under the new regime. There is no obligation to do so, however, and merging parties can continue to voluntarily notify the ACCC of a transaction under the informal process during this period.

    The formal merger authorisation process will remain in effect until 31 December 2025, but merging parties can only lodge applications for merger authorisations up until 30 June 2025.

    The new mandatory merger regime will not apply to acquisitions notified to the ACCC before 1 January 2026 where the ACCC has:

    • granted merger authorisation; or
    • advised the merging parties that it does not intend to take action under s50 of the CCA (ie cleared the transaction under the informal process); and
    • where the merging parties have put that acquisition into effect within 12 months of the ACCC’s decision.

    To the extent that merging parties do not put the acquisition into effect during that period, they will need to re-notify the ACCC under the new mandatory regime. Similarly, if merging parties do not have informal clearance or a merger authorisation decision by 31 December 2025, the proposed acquisition will need to be re-notified to the ACCC under the new regime.

    Section 50 of the CCA, which is the section under which the ACCC currently assesses informal merger filings, was slated to be repealed under the exposure draft. Under the proposed Bill, however, Treasury has retained s50 for application to non-notifiable/non-notified acquisitions.

    Acquisitions will be suspended in various circumstances

    An acquisition is stayed (ie suspended) in the following circumstances:

    • the acquisition is required to be notified to the ACCC but has not been;
    • the acquisition has been notified but has not been finally considered by the ACCC, or is the subject of an ongoing Tribunal review (ie there has not been a final determination);
    • the ACCC has determined that the notified acquisition must not be put into effect and has not subsequently determined that the acquisition is of substantial public benefit; or
    • the notification of the acquisition has become ‘stale’ (ie 12 months have lapsed since the ACCC’s determination that the acquisition may proceed). This time limit has been imposed in recognition of the fact that market conditions can materially change within a year of an ACCC determination, such that an acquisition that may have had substantial public benefits no longer does, or it now substantially lessens competition when previously it did not.

    These types of acquisitions cannot be put into effect, or else they will be void.

    Substantial lessening of competition test

    In its July 2024 merger law reforms consultation, Treasury proposed that the interpretation provision of ‘lessening of competition’ in the CCA be expanded beyond the inclusion of ‘preventing or hindering competition’, to define that ‘substantial lessening of competition‘ in a market includes creating, strengthening or entrenching a substantial degree of power in any market.

    In the Bill tabled to Parliament, this extended substantial lessening of competition test is retained, but its operation has been limited to the process of merger authorisations only, rather than having general application within the CCA. 

    The Bill states that the ACCC must have regard to ‘all relevant matters’ and provides guidance in the Explanatory Memorandum that economic factors to which the ACCC could be expected to have regard to include:

    • market position of the parties (including their economic and financial power);
    • whether the acquisition would result in the removal of a vigorous and effective competitor;
    • the nature of competition (and potential competition) in the market;
    • the effect of acquisition on the conditions for competition in the market;
    • structural and / or other conditions affecting competition, including the level of market concentration;
    • the conditions and barriers to entry and expansion, and the impact of the acquisition on those barriers;
    • the nature and strength of competitive constraints, including from outside of the market;
    • the degree of product and/or service differentiation;
    • the degree of dynamism;
    • the degree of countervailing power; and
    • the extent to which the acquisitions may give rise to efficiencies that could not otherwise be obtained, and the extent to which those efficiencies may benefit consumers.

    A number of these will be quite familiar as they incorporate many of the existing ‘merger factors’ contained in s50(3) of the CCA, being factors the ACCC must currently take into account in assessing whether an acquisition would have the effect or likely effect of substantially lessening competition under the current regime. However, these factors will no longer appear in the legislation under the new regime.  

    As with the previous exposure draft, the ACCC will be allowed to consider the cumulative effect of all acquisitions put into effect by the merging parties within three calendar years of the date the merger filing was lodged, whether those acquisitions were individually notifiable or not. The notifiable acquisition (ie the acquisition the ACCC is assessing) will be taken to have the effect, or be likely to have the effect, of substantially lessening competition in any market if the cumulative effect of the current acquisition and any acquisitions in the preceding three years by the merging parties in the same industry would be, or be likely to be, to substantially lessen competition in any market.

    Aside from its SLC assessment, the ACCC now also has the power to consider and reject ‘goodwill provisions’ in sale agreements. Generally, provisions in business sale contracts that are solely to protect the goodwill of a business for the purchaser are exempt from the prohibitions against anti-competitive conduct in the CCA. Under the Bill, however, the ACCC will be able to declare that the goodwill exemption does not apply, eg where the contract includes a non-compete clause and its duration and/or geographic scope is broader than necessary for the protection of the purchaser in respect of the goodwill of the business.

    Public benefit test

    As foreshadowed in April and July 2024, a public benefit assessment of an acquisition which may otherwise be anti-competitive will only take place after the ACCC’s competition assessment. 

    In the Bill, there are no changes to the current public benefit test. The previous exposure draft proposed a public benefit test that introduced the concept of a ‘substantial’ outweighing of any detriment to the public, which has now been removed, as has the concept of a ‘substantial’ public benefit. The ACCC will continue to have broad discretion to consider what constitutes a public benefit. However, in making its determination (and whether to impose any conditions on an acquisition), the ACCC must consider the object of the CCA and all relevant matters, including the interests of consumers.

    Processes for transparency of ACCC decisions

    Public register

    The Bill establishes a register of notified acquisitions that must be published by the ACCC.

    Certain information and documents must be included on the register within one business day from when the determination, decision or notification (as applicable) is made. These include:

    • a copy of each determination;
    • the ACCC’s statements of reasons for making the determination;
    • a copy of the notice stating that a notification is subject to a Phase 2 review; and
    • details of each merger notification, including at least the names of the merging parties, a short description of the proposed acquisition and affected products and/or services, and a review timeline.

    Information gathering

    The Bill seeks to give additional clarity regarding the timing for the ACCC’s information gathering powers, and confirms the ACCC non-compulsory powers to request information through inviting interested persons to make written submissions, requesting additional information and consulting with reasonable and appropriate persons for the purposes of making a determination.

    The ACCC must not take into account information that is received, or request information (unless written consent is provided), within 15 business days of the end of the Phase 2.

    ACCC review timelines

    The timelines within which the ACCC must make a determination on notified acquisitions are:

    • For Phase 1: up to 30 business days after the acquisition has been notified. Alternatively, if no issues are identified, a ‘fast-track’ determination may be made after 15 business days.
    • For Phase 2: if a determination is not made during Phase 1 and the ACCC is satisfied the notified acquisition could have the effect or likely effect of substantially lessening competition, it has up to an additional 90 business days to complete its review.

    However, the Bill allows the ACCC to extend these periods under certain conditions, including:

    • extending the Phase 2 determination period by the number of days the ACCC has not given notice of competition concerns after the 25th business day of the Phase 2 determination period for a duration that the notifying party agrees to;
    • extending the determination period by no more than 15 days to consider a commitment or undertaking offered by the notifying party;
    • extending the determination period by the number of days after the due date that the notifying party responds to a request for information;
    • following a notice by the ACCC no sooner than 10 business days after a s155 notice is issued to a party to the acquisition, the determination period is extended by the number of days between the extension notice being received and the date the information is furnished; and
    • adjusting the notification date if the ACCC becomes aware of a material change of fact, with the determination then required to be made ‘within a reasonable period’ after the ACCC identifies that change.

    Therefore, in practice, these timeframes may not provide businesses with the degree of certainty intended, including if pre-consultation is engaged in. However, if the ACCC does not make a determination within the set timeframe and no applicable extension periods apply, the acquisition is automatically deemed approved.

    Tribunal merits review

    The Bill provides for a limited merits review by the Competition Tribunal to affirm, set aside or vary a determination of the ACCC in relation to a proposed acquisition. 

    The exposure draft included a proposed ‘fast-track’ process for Tribunal review, which has since been removed. However, if a party requests a review of an ACCC internal decision (ie the effective notification date or date of application), the Tribunal must make a decision within 14 days.

    Both merging parties and third parties can apply for the ACCC’s determination to be reviewed by the Tribunal. Factors relevant when considering whether to grant a third party (ie not one of the merging parties) the right to review the ACCC’s decision include: the person’s interest in the matter, the efficient administration of the acquisitions provisions, whether there are any reasonable prospects of success, and any other matter the Tribunal considers relevant.

    In its review of an ACCC determination, the Tribunal cannot generally have regard to material that was not before the ACCC when making its determination. It is empowered, however, to seek further information, documents and evidence in the following circumstances: 

    • via consultations with any consumer associations or consumer interest groups;
    • via consultations with a technical expert (such as economic or industry experts);
    • information requests from the Tribunal to the ACCC;
    • where the notifying party was not given a reasonable opportunity to make submissions to the ACCC in respect of new information relevant to the ACCC’s determination. This is a new addition, and one that is certainly welcome;
    • where there is new, relevant information available that was not in existence at the time of the ACCC’s determination; and
    • where the Tribunal requires additional information for the sole purpose of clarifying existing information.

    The Tribunal must make its decision in relation to a review of an ACCC determination between 45 and 90 days, and may extend that for up to 60 days in certain circumstances. Judicial review of Tribunal decisions will be available in the Federal Court.

    What’s next?

    Subject to the passage of the Bill, the new laws will come into effect on 1 January 2026 and allow for voluntary notification under the new regime from 1 July 2025.

    If you would like to discuss the Bill, the impact it may have on your business and the steps you can take in the meantime to prepare for it, please get in touch with us.

    MIL OSI News

  • MIL-Evening Report: Bring France into decolonisation talks, French Polynesian president tells UN

    By Stefan Armbruster 0f BenarNews

    French Polynesia’s president and civil society leaders have called on the United Nations to bring France to the negotiating table and set a timetable for the decolonisation of the Pacific territory.

    More than a decade after the archipelago was re-listed for decolonisation by the UN General Assembly, France has refused to acknowledge the world’s peak diplomatic organisation has a legitimate role.

    France’s reputation has taken a battering as an out-of-touch colonial power since deadly violence erupted in Kanaky New Caledonia in May, sparked by a now abandoned French government attempt to dilute the voting power of indigenous Kanak people.

    Pro-independence French Polynesian President Moetai Brotherson told the UN Decolonisation Committee’s annual meeting in New York on Monday that “after a decade of silence” France must be “guided” to participate in “dialogue.”

    “Our government’s full support for a comprehensive, transparent and peaceful decolonisation process with France, under the scrutiny of the United Nations, can pave the way for a decolonisation process that serves as an example to the world,” Brotherson said.

    Brotherson called for France to finally co-operate in creating a roadmap and timeline for the decolonisation process, pointing to unrest in New Caledonia that “reminds us of the delicate balance that peace requires”.

    ‘Problem with decolonisation’
    In August, he warned France “always had a problem with decolonisation” in the Pacific, where it also controls the territories of New Caledonia and Wallis and Futuna.

    The 121 islands of French Polynesia stretch over a vast expanse of the Pacific, with a population of about 280,000, and was first settled more than 2000 years ago.

    Often referred to as Tahiti after the island with the biggest population, France declared the archipelago a protectorate in 1842, followed by full annexation in 1880.

    France last year attended the UN committee for the first time since the territory’s re-inscription in 2013 as awaiting decolonisation, after decades of campaigning by French Polynesian politicians.

    French Permanent Representative to the UN Nicolas De Rivière responds to French Polynesian President Moetai Brotherson at the 79th session of the Decolonisation Committe on Monday. Image: UNTV

    “I would like to clarify once again that this change of method does not imply a change of policy,” French permanent representative to the UN Nicolas De Rivière told the committee on Monday.

    “There is no process between the state and the Polynesian territory that reserves a role for the United Nations,” he said, and pointed out France contributes almost 2 billion euros (US $2.2 billion) each year, or almost 30 percent of the territory’s GDP.

    After the UN session, Brotherson told the media that France’s position is “off the mark”.

    17 speakers back independence
    French Polynesia was initially listed for decolonisation by the UN in 1946 but removed a year later as France fought to hold onto its overseas territories after the Second World War.

    Granted limited autonomy in 1984, with control over local government services, France retained administration over justice, security, defence, foreign policy and the currency.

    Seventeen pro-independence and four pro-autonomy – who support the status quo – speakers gave impassioned testimony to the committee.

    Lawyer and Protestant church spokesman Philippe Neuffer highlighted children in the territory “solely learn French and Western history”.

    “They deserve the right to learn our complete history, not the one centred on the French side of the story,” he said.

    “Talking about the nuclear tests without even mentioning our veterans’ history and how they fought to get a court to condemn France for poisoning people with nuclear radiation.”

    France conducted 193 nuclear tests over three decades until 1996 in French Polynesia.

    ‘We demand justice’
    “Our lands are contaminated, our health compromised and our spirits burned,” president of the Mururoa E Tatou Association Tevaerai Puarai told the UN denouncing it as French “nuclear colonialism”.

    “We demand justice. We demand freedom,” Puarai said.

    He said France needed to take full responsibility for its “nuclear crimes”, referencing a controversial 10-year compensation deal reached in 2009.

    Some Māʼohi indigenous people, many French residents and descendants in the territory fear independence and the resulting loss of subsidies would devastate the local economy and public services.

    Pro-autonomy local Assembly member Tepuaraurii Teriitahi told the committee, “French Polynesia is neither oppressed nor exploited by France.”

    “The idea that we could find 2 billion a year to replace this contribution on our own is an illusion that would lead to the impoverishment and downfall of our hitherto prosperous country,” she said.

    Copyright ©2015-2024, BenarNews. Republished with the permission of BenarNews.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI United Nations: At Hamburg Sustainability Conference UNECE shares practical solutions for climate action and sustainable development

    Source: United Nations Economic Commission for Europe

    On the heels of the Summit of the Future and adoption of the Pact for the Future, the first Hamburg Sustainability Conference (7-8 October) gathered international policy makers, business leaders and civil society to discuss ways to accelerate SDG implementation. Attending the conference, UNECE Executive Secretary Tatiana Molcean presented UNECE tools and initiatives that are already laying the foundation for strengthened international cooperation necessary to deliver result-oriented solutions, at the Mayors’ Panel on achieving sustainable cities of the future. 

    The Executive Secretary recalled that cities are key partners in achieving sustainable development as they are on the frontlines of addressing humanity’s most pressing problems. In its work UNECE applies a comprehensive approach to urban challenges and it supports local and regional authorities across various key areas, each contributing to the creation of more resilient, representative, and sustainable urban environments. Some of the most important initiatives include:  

     

    • Forum of Mayors to gather city leaders to exchange knowledge and local solutions, and engage with international policy and decision-making; 
    • PIERS methodology to score infrastructure and public-private partnership (PPP) projects against SDGs;  

     

    Opening the Sustainable Finance Forum, which bridges the Hamburg Sustainability Conference and the upcoming COP29, the Executive Secretary drew attention to the immense investments needed for the energy transition: to achieve the objectives of the Paris Agreement, USD 5 trillion are needed annually from now until 2030 in the energy sector alone. Yet, 2023 saw USD 1.8 trillion invested in the energy transition, which represents an increase of 17% over the previous year. Hard-to-abate sectors and small businesses face even greater challenges in securing such financing.  

    Aiming to address these gaps, the Forum brought together investors, decision makers and energy transition project leaders. Of some 250 initiatives mapped, 10 projects from South-Eastern Europe and Central Asia requiring financing of over USD 15 billion were shortlisted for showcasing at COP29.  

    With its PIERS methodology UNECE can help governments and financial actors to align their infrastructure and PPPs projects with the SDGs, thus advancing climate action and resilient infrastructure for a sustainable future. The shortlisted projects will benefit from training on PIERS, helping to strengthen accountability, transparency and investor readiness.  

    The Sustainable Finance Forum was convened by UNECE, the United Nations High-Level Climate Champions, DZ BANK, the European Commission, and the German Chapter of the International Chamber of Commerce (ICC Germany) to strengthen the work of international partners in the field of transition finance.  

    The topic of strengthening the contribution of public and private capital providers to climate action was on the agenda of the Executive Secretary’s bilateral meetings on the margins of the Hamburg Sustainability Conference, particularly during her discussion with Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda for Sustainable Development. Mr. Mohieldin and Ms. Molcean agreed that an appropriate business environment is important to attract private investors and financiers to drive the transition. They also exchanged about the role of the Carbon Border Adjustment Mechanism and its impact on neighbouring countries to the EU and the role of organisations such as UNECE in supporting adaptation. They also discussed targeted taxation in helping emerging markets embrace the energy transition.   

    Meeting with the Secretary General of the International Chamber of Commerce (ICC), John Denton, the Executive Secretary highlighted the importance of involving the private sector to accelerate SDG implementation, as well as the joint work by UNECE and ICC to promote the global use of digital trade standards.  

    In discussion with Bärbel Kofler, Parliamentary State Secretary at the Federal Ministry for Economic Cooperation and Development of Germany, Ms. Molcean stressed the role of UNECE as a standard setter and an effective regional cooperation platform to advance sustainable development across diverse fields, including energy, environment, gender equality and transport among many others. 

     

    MIL OSI United Nations News

  • MIL-OSI Russia: Financial news: Ilya Kochetkov’s interview with the Izvestia newspaper

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    MFIs will have to eliminate practices that lead to citizens becoming over-indebted

    Director of the Central Bank Department Ilya Kochetkov talks about how people are drawn into a chain of endless borrowing and what measures the regulator will use to combat this.

    About 20% of loans issued by microfinance organizations are spent by so-called dependent clients of organizations on sports betting, online casinos, etc. — this estimate was given in an interview with Izvestia by the head of the non-bank lending department of the Central Bank, Ilya Kochetkov. He also reported that a third of expensive loans — with an overpayment of 100% or more — can be classified as usurious, when organizations bypass regulations and drag people into a debt hole. In order to stop this vicious practice, the Central Bank proposes to introduce a number of measures, in particular, the mechanism of “one loan in one hand.” However, as Ilya Kochetkov stated, this restriction will only apply to expensive loans. It is also planned to establish a three-day “cooling-off period” after the repayment of obligations to microfinance organizations.

    “First of all, measures will be taken to protect citizens”

    — In August, the Central Bank published a report for public discussion describing what was effectively a reform of the microfinance market. The changes proposed by the regulator are indeed serious, which is why they caused a strong reaction from the market. How is the discussion going with industry participants?

    — The main goal of the changes proposed in the report is to create conditions for the development of companies that provide loans to businesses, but at the same time it is necessary to eliminate practices that lead to an increase in the indebtedness of citizens on consumer loans.

    Indeed, the market has responded actively to our proposals. We have received feedback from self-regulatory organizations (SROs) and most of the largest industry participants. Several stages of discussion have already taken place. In early September, we held a meeting with representatives of microfinance organizations, SROs, infrastructure and public organizations, and the scientific and expert community. Last week, the proposals described in the report were conceptually supported at a meeting of the Financial Market Committee in the State Duma. And on October 14, we plan to discuss the feedback received with market representatives.

    — Did any of the proposals from market representatives interest the Central Bank and will they be taken into account when preparing amendments to the legislation?

    — Speaking about preliminary results, among the comments received there are proposals that we are ready to listen to. For example, the market suggests reducing the period for providing information to credit history bureaus. Currently, it is two days. We support this initiative. This will allow companies to track the receipt and repayment of loans in real time.

    Also, a number of MFIs pointed out excessively strict requirements for capital and investment attraction. We are ready to take these proposals into account and adjust individual prudential requirements (aimed at avoiding risks and ensuring stability. — Izvestia) taking into account the opinions of companies.

    — As I understood from the discussion of your proposals in the State Duma, the deputies are extremely determined and are ready to prepare and adopt a bill in the near future, almost in the autumn session. Will this be a separate law or will amendments be made to existing ones? When can we expect the bill to be adopted?

    — Changing the configuration of the MFI market will require a comprehensive revision of legislation and regulations. They will be introduced into the law on microfinance activities and microfinance organizations, the law on consumer credit (loan), the law on the Bank of Russia and about 20 more laws. It is assumed that this will take place in several stages over three years.

    First of all, measures aimed at protecting citizens will be implemented: the introduction of the “one loan per hand until repayment” rule, the establishment of a “cooling-off period” and a reduction in the maximum overpayment on consumer loans.

    “The ban will only apply to the most expensive loans”

    — Has the Central Bank already decided how the “one loan per person” rule will work? Will the restriction apply to all MFIs and will liabilities in banks, many of which now offer the “money until payday” product, be taken into account?

    — It is planned that the ban will apply only to the most expensive MFI loans, for which the total cost of credit (TCC) exceeds 100% per annum. A person will not be able to have two such obligations. The purpose of this measure is to protect citizens from excessive indebtedness. If a person already has one such loan, then until it is repaid, no MFI will have the right to issue him a second expensive loan. At the same time, if a person has a bank loan or a loan with TCC up to 100%, the ban will not apply.

    In addition, it is planned to establish a “cooling-off period” between receiving loans. This is done so that the borrower has the opportunity to take a more thoughtful and balanced approach to their obligations, and companies cannot issue new loans to pay off current debts.

    — What kind of “cooling off period” will this be?

    — We plan for it to be three days.

    — Recently, in a review of retail lending trends, the Central Bank indicated that many borrowers have both a bank loan and a loan from an MFI. The regulator has consistently tightened macroprudential measures for borrowers with a high debt burden, who, having been refused by a bank, went to refinance in an MFI, where money is more expensive. Doesn’t it make sense to also take into account obligations to banks when imposing restrictions?

    — Requirements for calculating the debt burden ratio (DBR) and macroprudential limits (MPL) for issuing loans to the most indebted borrowers are established not only for banks, but also for microfinance organizations. Yes, the limits were initially different — they were more lenient for microfinance organizations. But since the fourth quarter of this year, the same MPL values for loans with a high DBR have been in effect for microfinance organizations. This allows us to avoid regulatory arbitrage and limit the growth of indebtedness.

    When calculating the borrower’s DTI, MFIs are required to include in his monthly expenses all payments on existing loans and credits. If the DTI is more than 50%, MFIs will be able to issue such a person a loan only within the limits established by the MPL.

    — You recently said that restrictions on the maximum daily interest rate for microfinance organizations may be introduced. To what extent?

    — For several years, we have been systematically working to reduce the cost of loans for individuals. During this time, the APR has been reduced from more than 1000% to 292% per annum, and the maximum overpayment has been reduced from four times the loan amount to 130%. But even now, MFI loans remain quite expensive for individuals, since most of them are issued at the maximum possible rate. We see potential for further reduction of the daily interest rate; specific values are currently being worked out. We are also considering various options for prudential regulation to encourage MFIs to differentiate rates and provide more favorable conditions for quality clients.

    According to our estimates, a more effective measure to reduce debt load could be to limit the maximum amount of borrower overpayment. Currently, it is 130% of the loan amount. As an operational measure to reduce the cost of loans for citizens, we propose reducing the borrower overpayment to 100% of the amount. That is, conditionally: if you took a loan from an MFO for 1,000 rubles, then taking into account all interest, penalties, etc., you will still return no more than 2,000 rubles.

    — SRO “Mir” proposes to review the criteria for “loans until payday”, reducing them to 15 thousand rubles and shortening the term of issue, and only then introduce a limit on them. Do you agree with this proposal?

    — Indeed, the criteria for a payday loan — up to 30 thousand rubles and up to 30 days — are outdated. MFIs artificially extend loan terms or increase their amounts in order to circumvent regulatory restrictions. That is why a comprehensive review of consumer loan regulation is required, and restrictions should be introduced based not on formal criteria, but on the cost of the product. Therefore, we propose introducing stricter regulation for loans with an APR greater than 100%.

    “Companies that do not accept the new rules of the game will have to leave the market”

    — The head of the Central Bank Elvira Nabiullina has repeatedly said that usurious microfinance organizations should leave the market. What kind of organizations are these and what is their share?

    — In a number of cases, consumer loans from microfinance organizations remain quite burdensome for citizens. High-quality, conscientious borrowers receive money on the same terms as less reliable clients. Although, based on the risks, the conditions for the former should be more favorable. The current model creates an excessive burden on solvent citizens and does not encourage companies to more carefully select borrowers.

    Moreover, there is a practice of hidden loan refinancing on the market. Instead of stopping the accrual of interest when the overpayment reaches 130%, MFIs issue a new loan to a person and include previously accrued interest in its body. So-called loan chains are formed. As a result, the MFI client’s debt grows like a snowball.

    According to our estimates, about a third of all expensive consumer loans issued by MFIs are part of such “chains” that lead to an increase in the indebtedness of citizens. The introduction of a limit on one loan per person and a cooling-off period is aimed at curbing such practices. Companies that do not accept the new rules of the game will have to leave the market.

    — In your report, you indicated that many people have developed an “addiction to microfinance organization loans”; they borrow money to bet on sports or in online casinos. Are there any estimates of how much is borrowed for these purposes?

    — Based on the analysis of actual spending on bank cards of several million MFI clients, we conclude that up to 20% of the amount of issued loans is spent on these purposes. At the same time, for some companies, the share of such loans may significantly exceed the average value, and individual clients spend all the funds they borrowed from the MFI on these purposes.

    — Won’t it turn out that by squeezing unscrupulous players out of the market, you will simultaneously push MFIs and their clients into the “gray” and even “black” zone?

    — This question is asked every time there is a plan to strengthen regulation in the MFI sector. We expect that the market will hear our arguments and respond to them by changing approaches and eliminating negative practices. We expect that this will be a change in the essence of business models, product lines, approaches to assessing the quality of borrowers, and not a search for various options to bypass regulation. This is important both for the image of the market and for its future, given the constantly emerging initiatives to ban MFIs.

    As for “going into the shadows”, it is very important that citizens understand all the risks of turning to “black” creditors. Such companies operate outside the legal field and do not comply with the requirements established by law. Citizens are threatened with high rates, incorrect collection methods and other risks.

    The Bank of Russia is working to combat the activities of illegal lenders. Last year, almost 2,000 illegal lenders were identified, and in the first nine months of this year, more than 1,300. We publish information about them on our website, where there is a special section. This helps promptly warn citizens about the risks.

    We work closely with law enforcement agencies — we pass on all the data on the identified illegals. The organizers are brought to administrative responsibility. There are facts of initiating criminal cases. Together with the Prosecutor General’s Office and Roskomnadzor, we block the websites of illegal companies. Now this happens very quickly — within a few days.

    — Since you yourself mentioned the ban on microfinance organizations… A corresponding bill has been introduced for many years, but as far as I understand, it has not been seriously considered. Why can’t the idea of closing the microfinance organization market be realized?

    — We understand that MFIs are often associated with something dubious and semi-criminal. This image is largely formed by illegal lenders operating outside the legal field, as well as high rates and negative practices on the market, which I have already mentioned. But let’s look at the market as a whole. MFIs are an important part of the country’s financial market; they allow people to quickly and easily get money for a short period. It is also important to note that the MFI market is not only expensive loans, but also money for business, POS lending for large purchases. The rates on them are comparable to those of banks.

    We proposed a concept for changing this market to eliminate negative aspects, make it more transparent and regulated. MFIs will have to adapt to new restrictions, eliminate practices that lead to citizens becoming over-indebted.

    Anna Kaledina, News

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

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

    http://vvv.kbr.ru/press/event/?id=21075

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 11.10.2024 will be held the deposit auction of the MFI Fund of Financing

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

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

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

    https://www.moex.com/n73908

    Category24-7, MIL-AXIS, Moscow, Moskov Stotsk Exchange, Russians Savings, Russian Federation, Russians Language, Russian economy

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    Parameters
    Date of the deposit auction 10/11/2024
    Placement currency RUB
    Maximum amount of funds placed (in placement currency) 1,000,000.00
    Placement period, days 7
    Date of deposit 10/11/2024
    Refund date 10/18/2024
    Minimum placement interest rate, % per annum 17.00
    Conditions of imprisonment, urgent or special Urgent
    Minimum amount of funds placed for one application (in placement currency) 1,000,000.00
    Maximum number of applications from one Participant, pcs. 1
    Auction form, open or closed Open
    Basis of the Agreement General Agreement
     
    Schedule (Moscow time)
    Preliminary applications from 12:45 to 13:00
    Applications in competition mode from 13:00 to 13:10
    Setting a cut-off percentage or declaring the auction invalid until 13:40
       
    Additional terms  

    MIL OSI Russia News

  • MIL-OSI Global: Post-flood recovery: lessons from Germany and Nigeria on how to help people cope with loss and build resilience

    Source: The Conversation – Africa – By Olasunkanmi Habeeb Okunola, Visiting Scientist, United Nations University – Institute for Environment and Human Security (UNU-EHS), United Nations University

    Extreme climate events — floods, droughts and heatwaves — are not just becoming more frequent; they are also more severe.

    It’s important to understand how communities can recover from these events in ways that also build resilience to future events.

    In a recent study, we analysed how communities affected by the extreme flood events of 2021 in Germany’s Ahr Valley and in Lagos, Nigeria, grappled with recovery from floods.

    Our aim was to identify the factors – and combinations of factors – that served as barriers (or enablers) to recovery from disasters.

    We found that financial limitations, political interests and administrative hurdles led to prioritising immediate relief and reconstruction over long-term sustainable recovery.

    In both cases immediate and long-term recovery efforts were siloed, underfunded and focused on reconstruction to pre-disaster conditions.

    We concluded from our findings that the success of recovery efforts lies in balancing short-term relief and a long-term vision. While immediate aid is essential after a disaster, true resilience hinges on proactive measures that address systemic challenges and empower communities to build a better future.

    Recovery should not be merely action-oriented and building back infrastructure (engineering). It should also include insights in other areas, like governance and psychology, helping people to deal with losses and to heal.

    What worked

    To understand the recovery pathways of the two regions, we reviewed relevant literature, newspaper articles and government documents. We also interviewed government agencies, NGO representatives, volunteers and local residents in the communities where these floods occurred.

    We found that in the Ahr Valley, recovery wasn’t just about rebuilding structures, it was about empowering individuals.

    Through initiatives like mental health and first aid courses, residents learned to support one another. This fostered a sense of community and resilience that was essential for meeting the emotional challenges posed by the disaster.

    The focus on rebuilding with a sustainable vision also included environmental initiatives. For example, a type of heating system was put in place that didn’t rely on fossil fuels.

    Not only did this reduce carbon emissions, it also served as a symbol of hope. It showed there was an opportunity to create a more sustainable and environmentally friendly community.

    In Lagos, too, residents found strength in community and innovation. Grassroots efforts using sustainable materials like bamboo and palm wood highlighted the ingenuity and resourcefulness of the people. Faith-based organisations provided material aid as well as emotional and spiritual support. This reinforced the bonds that held the community together.

    Each community faced unique challenges. But they shared a common thread: the importance of adaptive governance – flexible decision-making and strong community ties.

    For example, established building codes in the Ahr Valley provided a framework for reconstruction, ensuring that new structures were resilient and safe.

    In Lagos, the absence of strong government support highlighted the critical role of community organisations in providing services and fostering a sense of shared responsibility.

    What needs improvment

    In both the Ahr Valley and Lagos, the journey towards recovery has been fraught with obstacles as well.

    In the Ahr Valley, bureaucratic red tape has become a formidable barrier. Residents, eager to rebuild their lives, find themselves entangled in a complex web of regulations and lengthy approval processes. This has delayed their access to insurance and recovery funds. Waiting for months or even years has eroded hope and fuelled a sense of abandonment.

    Meanwhile, in Lagos, insufficient government support has left communities to fend for themselves, creating a breeding ground for uncertainty and conflict.

    Land tenure disputes, fuelled by a lack of clear property rights, sow seeds of distrust and hinder resettlement efforts. Political disagreements complicate the picture, as competing interests divert attention and resources away from those who need them most.

    In Lagos, none of the respondents reported having insurance to help them to recover from disaster-related losses.

    While some residents in the Ahr Valley did have insurance, many were under-insured.

    The Ahr Valley’s building codes offer a framework for reconstruction. But it’s clear that processes should be streamlined so communities can take ownership of their recovery.

    In Lagos, the importance of robust social safety nets is clear. Partnerships between communities and authorities are also needed.

    A different approach

    Recovery isn’t a separate process that occurs after disasters only. It should be seen as an essential part of managing risks. It’s important to understand what recovery involves and what resources are needed.

    This will help reduce future risks and increase resilience after extreme events.

    Governments should encourage flexible governance structures that value community voices and local knowledge to enable recovery. A good example is the New Orleans Recovery Authority, established after Hurricane Katrina. It involved local residents and city officials in planning and rebuilding efforts.

    Grassroots efforts in Lagos demonstrated the power of sustainable materials and community-led initiatives. Seeing things from the community’s point of view can help tailor solutions that fit the situation and adapt to evolving challenges.

    Training and capacity-building programmes empower communities to be active in their own recovery.

    Mental health and first aid courses were successful in the Ahr Valley. Equipping individuals with skills in sustainable practices and disaster preparedness helps weave a social fabric capable of weathering future storms.

    Olasunkanmi Habeeb Okunola is a Visiting Scientist at, the United Nations University – Institute for Environment and Human Security (UNU-EHS)

    Saskia E. Werners works with United Nations University, Institute for Environment and Human Security (UNU-EHS). She is grateful to have received research grants in support of her research on climate change adaptation and recovery.

    ref. Post-flood recovery: lessons from Germany and Nigeria on how to help people cope with loss and build resilience – https://theconversation.com/post-flood-recovery-lessons-from-germany-and-nigeria-on-how-to-help-people-cope-with-loss-and-build-resilience-240260

    MIL OSI – Global Reports

  • MIL-OSI Africa: Post-flood recovery: lessons from Germany and Nigeria on how to help people cope with loss and build resilience

    Source: The Conversation – Africa – By Olasunkanmi Habeeb Okunola, Visiting Scientist, United Nations University – Institute for Environment and Human Security (UNU-EHS), United Nations University

    Extreme climate events — floods, droughts and heatwaves — are not just becoming more frequent; they are also more severe.

    It’s important to understand how communities can recover from these events in ways that also build resilience to future events.

    In a recent study, we analysed how communities affected by the extreme flood events of 2021 in Germany’s Ahr Valley and in Lagos, Nigeria, grappled with recovery from floods.

    Our aim was to identify the factors – and combinations of factors – that served as barriers (or enablers) to recovery from disasters.

    We found that financial limitations, political interests and administrative hurdles led to prioritising immediate relief and reconstruction over long-term sustainable recovery.

    In both cases immediate and long-term recovery efforts were siloed, underfunded and focused on reconstruction to pre-disaster conditions.

    We concluded from our findings that the success of recovery efforts lies in balancing short-term relief and a long-term vision. While immediate aid is essential after a disaster, true resilience hinges on proactive measures that address systemic challenges and empower communities to build a better future.

    Recovery should not be merely action-oriented and building back infrastructure (engineering). It should also include insights in other areas, like governance and psychology, helping people to deal with losses and to heal.

    What worked

    To understand the recovery pathways of the two regions, we reviewed relevant literature, newspaper articles and government documents. We also interviewed government agencies, NGO representatives, volunteers and local residents in the communities where these floods occurred.

    We found that in the Ahr Valley, recovery wasn’t just about rebuilding structures, it was about empowering individuals.

    Through initiatives like mental health and first aid courses, residents learned to support one another. This fostered a sense of community and resilience that was essential for meeting the emotional challenges posed by the disaster.

    The focus on rebuilding with a sustainable vision also included environmental initiatives. For example, a type of heating system was put in place that didn’t rely on fossil fuels.

    Not only did this reduce carbon emissions, it also served as a symbol of hope. It showed there was an opportunity to create a more sustainable and environmentally friendly community.

    In Lagos, too, residents found strength in community and innovation. Grassroots efforts using sustainable materials like bamboo and palm wood highlighted the ingenuity and resourcefulness of the people. Faith-based organisations provided material aid as well as emotional and spiritual support. This reinforced the bonds that held the community together.

    Each community faced unique challenges. But they shared a common thread: the importance of adaptive governance – flexible decision-making and strong community ties.

    For example, established building codes in the Ahr Valley provided a framework for reconstruction, ensuring that new structures were resilient and safe.

    In Lagos, the absence of strong government support highlighted the critical role of community organisations in providing services and fostering a sense of shared responsibility.

    What needs improvment

    In both the Ahr Valley and Lagos, the journey towards recovery has been fraught with obstacles as well.

    In the Ahr Valley, bureaucratic red tape has become a formidable barrier. Residents, eager to rebuild their lives, find themselves entangled in a complex web of regulations and lengthy approval processes. This has delayed their access to insurance and recovery funds. Waiting for months or even years has eroded hope and fuelled a sense of abandonment.

    Meanwhile, in Lagos, insufficient government support has left communities to fend for themselves, creating a breeding ground for uncertainty and conflict.

    Land tenure disputes, fuelled by a lack of clear property rights, sow seeds of distrust and hinder resettlement efforts. Political disagreements complicate the picture, as competing interests divert attention and resources away from those who need them most.

    In Lagos, none of the respondents reported having insurance to help them to recover from disaster-related losses.

    While some residents in the Ahr Valley did have insurance, many were under-insured.

    The Ahr Valley’s building codes offer a framework for reconstruction. But it’s clear that processes should be streamlined so communities can take ownership of their recovery.

    In Lagos, the importance of robust social safety nets is clear. Partnerships between communities and authorities are also needed.

    A different approach

    Recovery isn’t a separate process that occurs after disasters only. It should be seen as an essential part of managing risks. It’s important to understand what recovery involves and what resources are needed.

    This will help reduce future risks and increase resilience after extreme events.

    Governments should encourage flexible governance structures that value community voices and local knowledge to enable recovery. A good example is the New Orleans Recovery Authority, established after Hurricane Katrina. It involved local residents and city officials in planning and rebuilding efforts.

    Grassroots efforts in Lagos demonstrated the power of sustainable materials and community-led initiatives. Seeing things from the community’s point of view can help tailor solutions that fit the situation and adapt to evolving challenges.

    Training and capacity-building programmes empower communities to be active in their own recovery.

    Mental health and first aid courses were successful in the Ahr Valley. Equipping individuals with skills in sustainable practices and disaster preparedness helps weave a social fabric capable of weathering future storms.

    – Post-flood recovery: lessons from Germany and Nigeria on how to help people cope with loss and build resilience
    https://theconversation.com/post-flood-recovery-lessons-from-germany-and-nigeria-on-how-to-help-people-cope-with-loss-and-build-resilience-240260

    MIL OSI Africa

  • MIL-OSI United Kingdom: New research promises to connect the dots around marine microbiome A major European research project which aims to harness the full potential of the marine microbiome has entered a new stage.

    Source: University of Aberdeen

    Photo credit:Tabitha Turner on unsplashA major European research project which aims to harness the full potential of the marine microbiome has entered a new stage.
    A microbiome is the community of microorganisms that can usually be found living together in any given habitat. The marine microbiome is one of the fastest growing segments of the so-called ‘blue bioeconomy’, and its study is vital for the discovery, understanding, protection and use of ocean resources. 
    The BlueRemediomics project, which was awarded funding through the European Commission’s Horizon Europe programme, involves researchers from a range of universities and research organisations worldwide, including Professors Abbe Brown and Marcel Jaspars, from the University’s School of Law and Department of Chemistry respectively. 
    Professor Jaspars is leading the use of genomic data for the discovery of new antimicrobial peptides (part of the innate immune response found among all classes of life) to target bacterial infections. 
    Meanwhile, Professor Brown is exploring innovative legal and policy approaches to improving access, protection, and governance of marine genetic resources and intellectual property rights. 
    This month, the completion of the 15-month long Traversing European Coastlines (TREC) expedition marks the beginning of an exciting research phase that involves the analysis of 23,000 marine samples and 70,000 terrestrial samples, providing new opportunities to study human impact on coastal ecosystems in unprecedented detail. 
    For the BlueRemediomics project, which aims to develop novel tools and approaches to explore marine microbiome data, these samples will provide critical insights into the search for novel products and cosmeceuticals derived from valuable marine bioresources. 

    MIL OSI United Kingdom

  • MIL-OSI Europe: Written question – Socio-economic importance of recreational fishing in inland waters – E-001955/2024

    Source: European Parliament

    Question for written answer  E-001955/2024
    to the Commission
    Rule 144
    Benoit Cassart (Renew), Olivier Chastel (Renew), Hilde Vautmans (Renew)

    Recreational freshwater fishing presents an important source of direct and indirect income for rural communities, as well as a means of revenue diversification. The tourism surrounding this activity ensures the sustainability and good condition of fish stocks, while providing social and health benefits.

    Unfortunately, there is currently no official data on the economic importance of this sector at EU level, its environmental impact or the number of full-time jobs dependent on this activity. It seems, however, that this sector generates revenues at EU level in the order of EUR 15-20 billion per year.

    • 1.Does the Commission’s Directorate-General for Maritime Affairs and Fisheries (DG MARE) intend to set up an instrument to measure the financial, social and environmental impact of recreational freshwater fishing?
    • 2.What strategy does the Commission intend to launch in order to develop the underexploited potential of recreational fishing and freshwater angling tourism to attract visitors all year round, as a source of rural development and sustainable tourism?

    Submitted: 4.10.2024

    Last updated: 11 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Challenges facing the wine sector and how the EU is addressing them – E-001934/2024

    Source: European Parliament

    Question for written answer  E-001934/2024
    to the Commission
    Rule 144
    Dimitris Tsiodras (PPE)

    The EU’s wine sector makes a vital contribution to the economy and society in the EU. For instance, it is estimated that it creates 3 million direct and indirect full-time jobs and contributes around EUR 130 billion to Europe’s GDP. At the same time, it is a mainstay of the EU’s cultural heritage, conferring high added value and involving a complex production and manufacturing process.

    The wine industry is having to adjust to new realities and challenges such as climate change and its effects on harvesting and production, as well as the impact the unstable geopolitical context has on exports. These challenges call for a coherent and comprehensive strategy for the future of European viticulture and wine, but also for a realistic and constructive health policy, which is already under way and must distinguish – on the basis of scientific evidence – between responsible, moderate drinking and alcohol abuse.

    In view of this:

    • 1.What does the Commission intend to do to enhance the industry’s sustainability and competitiveness, and how does it plan to promote innovative and sustainable wine-growing practices and the associated learning programmes?
    • 2.What action is it planning to take to bring the industry’s producers relief from the increasingly frequent natural disasters?

    Submitted: 3.10.2024

    Last updated: 11 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Text adopted – Strengthening Moldova’s resilience against Russian interference ahead of the upcoming presidential elections and a constitutional referendum on EU integration – P10_TA(2024)0016 – Wednesday, 9 October 2024 – Strasbourg

    Source: European Parliament

    The European Parliament,

    –  having regard to its previous resolutions on the Republic of Moldova,

    –  having regard to the Association Agreement between the European Union and the European Atomic Energy Community and their Member States, of the one part, and the Republic of Moldova, of the other part(1), which includes a Deep and Comprehensive Free Trade Area,

    –  having regard to the Republic of Moldova’s application for EU membership of 3 March 2022, and the European Council’s consequent granting of candidate country status on 23 June 2022,

    –  having regard to the convening of the first Intergovernmental Conference on Moldova’s accession to the EU, held in June 2024,

    –  having regard to Articles 2 and 49 of the Treaty on European Union,

    –  having regard to the joint statement of 13 June 2024 by the US, Canada and the UK on exposing Russia’s subversive activity and electoral interference targeting Moldova,

    –  having regard to Rules 136(2) and (4) of its Rules of Procedure,

    A.  whereas on 20 October 2024, the Republic of Moldova is scheduled to hold a presidential election and a constitutional referendum on EU integration, amid ongoing Russian interference and attempts to destabilise the political situation and electoral process in the country;

    B.  whereas the Russian Federation has been using economic blackmail, provocation, disinformation, illegal funding of political parties, cyberattacks and other hybrid means to undermine the stability, sovereignty, constitutional order and democratic institutions of the Republic of Moldova; whereas Russia’s subversive activities in Moldova seek to undermine popular support for the European path chosen by the people of Moldova and to incite destabilisation; whereas the active measures envisaged include establishing and promoting front organisations disguised as non-governmental organisations and ‘cultural centres’, disseminating online and offline disinformation, establishing strong pro-Russian political and societal constituencies and returning the Republic of Moldova to a state of dependency on Russian hydrocarbons;

    C.  whereas in 2023, the EU imposed sanctions on key Moldovan oligarchs and pro-Russian actors, such as Ilan Shor, Vladimir Plahotniuc, Igor Ceaika, Gheorghe Cavaliuc and Marina Tauber, on the basis of a recently established sanctions regime targeting persons responsible for actions aimed at destabilising, undermining or threatening the sovereignty and independence of the Republic of Moldova; whereas allies of Mr Shor have reportedly actively recruited, arranged logistics for and provided financial compensation to individuals to join their protests; whereas on 3 October 2024, a large-scale electoral fraud operation was uncovered, financed by pro-Russian oligarch Ilan Shor, revealing that over USD 15 million had been transferred in September 2024 to over 130 000 Moldovan citizens involved in this voter bribery scheme; whereas on 18 September 2024, two close allies of Ilan Shor – deputy Marina Tauber and the Governor (Bashkan) of Gagauzia, Evghenia Guțul – met with the spokesperson of the Russian Foreign Ministry, Maria Zakharova, and subsequently gave false information about the EU and the Republic of Moldova’s future within it;

    D.  whereas one of the tools used by the Russian state is the state-funded RT network (formerly Russia Today), which has moved beyond media activities, becoming actively involved in cyber operations, covert influence, military procurement and information warfare across various regions; whereas in June 2024, the US, together with the UK and Canada, exposed Russia’s efforts to engage in subversive activities and electoral interference targeting the Republic of Moldova;

    E.  whereas in September 2024, the US imposed sanctions on three entities and two individuals for their involvement in Russia’s destabilising actions abroad, including in the Republic of Moldova; whereas these covert efforts have included RT personnel providing direct support to fugitive Moldovan oligarch Ilan Shor, the key perpetrator of the 2014 USD 1 billion bank fraud scandal; whereas, according to the US State Department, RT and its employees, including editor-in-chief Margarita Simonyan, have directly coordinated with the Kremlin to support Russian Government efforts to influence the Moldovan presidential election of October 2024, with the apparent aim of inciting unrest in the Republic of Moldova;

    F.  whereas the Security and Intelligence Service of the Republic of Moldova has reported an unprecedented level of intensity in Russia’s actions aimed at anchoring Moldova within its sphere of influence; whereas this hybrid threat is targeted at democratic processes and undermines European integration by amplifying radical separatist tendencies in the south of the country, particularly in Gagauzia (UTAG), using propaganda, manipulating the information space, interfering in the electoral process and conducting subversive operations; whereas Moldova’s national security services have stated that Russia is funding the ‘no’ campaign, with around EUR 100 million for pro-Russian political groups, and spreading disinformation on social media to sow doubt about the legitimacy of the electoral process; whereas in 2023, Ukrainian intelligence reported that it had intercepted a plan by Russia to stage a coup and oust Moldovan President Maia Sandu;

    G.  whereas the Republic of Moldova has taken steps to combat Russian interference, including by banning pro-Russian political parties that are operating outside the law, sanctioning oligarchs, suspending media outlets that spread disinformation, and increasing customs controls; whereas Moldova’s updated national security strategy attributes disinformation campaigns and other hybrid attacks to Russia;

    H.  whereas the unprovoked, unjustified and illegal war of aggression launched by the Russian Federation against Ukraine profoundly affects regional security and stability, endangering the Republic of Moldova’s macroeconomic situation, financial stability, democratic development and social cohesion, while further increasing the incidence and severity of poverty, inflation and emigration; whereas the Russian Federation, in cooperation with domestic Russia-sponsored actors, galvanises and uses the resultant widespread economic, geopolitical and security uncertainty to delegitimise and foster opposition to the Moldovan Government’s pro-European policies;

    I.  whereas despite the dramatic effects of the war on Ukraine and these destabilisation attempts, the Republic of Moldova has managed to significantly consolidate its democracy, continue its reform trajectory and develop its relations with the EU; whereas the improvements in the country’s democratic system have been reflected in its progress on various international indexes; whereas the Moldovan Government’s enhanced implementation of current agreements demonstrates its commitment to closer cooperation with and integration into the EU;

    J.  whereas the Republic of Moldova is a close and valued partner of the EU; whereas its application for EU membership, and the European Council’s decision to grant candidate country status to the Republic of Moldova on the understanding that nine steps are taken, demonstrates a strong joint ambition for swift EU integration; whereas through the Association Agreement and the Deep and Comprehensive Free Trade Area, in force since 2016, the EU and Moldova have committed to promoting political association and achieving economic integration;

    K.  whereas on 3 March 2022, the Republic of Moldova applied for EU membership, and on 23 June 2022, was granted candidate country status by unanimous agreement of all 27 EU Member States; whereas the EU opened accession negotiations with the Republic of Moldova during the first accession conference at ministerial level, held in Luxembourg on 25 June 2024, following the European Council’s decision of 14-15 December 2023 to open accession negotiations with Moldova, and the Council’s approval of the negotiating framework for these negotiations on 21 June 2024; whereas EU accession remains a merit-based process that requires the fulfilment of the EU membership criteria;

    L.  whereas every sovereign state has the inherent right to defend itself and to invest in its defence and resilience capabilities, and such actions are consistent with the Republic of Moldova’s status of neutrality;

    M.  whereas the Council has adopted assistance measures worth EUR 137 million for the benefit of the Armed Forces of the Republic of Moldova under the European Peace Facility since 2021;

    N.  whereas on 24 April 2023, the EU set up the Partnership Mission in the Republic of Moldova (EUPM Moldova) under the common security and defence policy, with the objective of enhancing the security sector’s resilience in the areas of crisis management, hybrid threats, including cybersecurity and countering foreign information manipulation and interference; whereas on 21 May 2024, Moldova became the first country to sign a Security and Defence Partnership with the EU, which will help strengthen cooperation on security and defence policy between the EU and Moldova;

    O.  whereas, according to several reports, many priests from the Metropolis of Chișinău and All Moldova have travelled to Russia, where they received funds with the intention of using them for electoral purposes in the Republic of Moldova;

    1.  Stands in solidarity with the people of the Republic of Moldova and reiterates its unwavering support for the independence, sovereignty and territorial integrity of the Republic of Moldova within its internationally recognised borders;

    2.  Strongly condemns the escalating malicious activities, interference and hybrid operations by the Russian Federation, pro-Russian oligarchs and Russian-sponsored local actors aimed at undermining the electoral processes, security, sovereignty and democratic foundations of the Republic of Moldova, fostering divisions within Moldovan society and derailing the country’s pro-European trajectory, ahead of the upcoming presidential election and the constitutional referendum on EU integration;

    3.  Reiterates its call on the Russian authorities to respect the Republic of Moldova’s independence, sovereignty and territorial integrity, and to cease its provocations and attempts to destabilise the country and undermine its constitutional order and democratic institutions; reiterates its calls on Russia to withdraw its military forces and equipment from the territory of the Republic of Moldova, to ensure the full destruction of all ammunition and equipment in the Cobasna depot under international oversight and to support a peaceful resolution to the Transnistrian conflict, in line with the principles of international law and the 1999 Istanbul Summit Declaration of the Organization for Security and Co-operation in Europe;

    4.  Calls for the EU and its Member States to ensure that all necessary assistance is provided to the Republic of Moldova to strengthen its institutional mechanisms and its ability to respond to hybrid threats; calls for increased EU support for Moldova in countering disinformation, hybrid threats and cyberattacks; underlines that this should entail boosting Moldova’s capacity to combat disinformation, strengthen its cybersecurity infrastructure and enhance resilience against external malign influences; emphasises the particular importance of countering false Russian narratives, while underscoring their malign interference in the Republic of Moldova and the ways in which they are used to justify Russia’s war of aggression against Ukraine;

    5.  Calls on the Council to adopt additional targeted sanctions listings against individuals and entities responsible for supporting or carrying out actions which undermine or threaten the Republic of Moldova’s sovereignty and independence, as well as the country’s democracy, stability or security, and the rule of law; calls for the EU and national authorities to make sure those sanctions are duly implemented; reiterates its call on the respective hosting states and territories to extradite Ilan Shor, Vladimir Plahotniuc and other individuals sought for trial in the Republic of Moldova;

    6.  Highlights the important role played by EUPM Moldova; calls for the EU and its Member States to ensure that EUPM Moldova performs to the best of its ability, taking stock of progress and adapting its operations if necessary to make it as efficient as possible, while proposing to further extend its mandate beyond May 2025, adapt its scope and increase the mission’s resources; calls for the EU and its Member States to increase their support for Moldova’s Center for Strategic Communication and Combating Disinformation; calls on the Commission to report on the results of the EU support package for Moldova of June 2023, particularly the stated aim of countering foreign information manipulation and interference, and building capacity for independent media, civil society and youth;

    7.  Applauds the Republic of Moldova’s steadfast support for Ukraine since the start of Russia’s war of aggression; commends the Republic of Moldova for welcoming 1,5 million Ukrainian refugees throughout the war, of which an estimated 125 000 remain in the country; calls for the EU and its Member States to ensure continued support for Moldova and its people in addressing the challenges facing the country as a consequence of Russia’s war of aggression against Ukraine, including large numbers of refugees, inflation, threats to its energy supplies and violations of its airspace;

    8.  Reaffirms its commitment to the Republic of Moldova’s future membership of the EU; believes that its membership in the EU would constitute a mutually beneficial investment in a united and strong Europe; welcomes the widespread support in the Republic of Moldova for its European integration; stresses that the Republic of Moldova’s European integration represents not only a path towards greater economic prosperity, but also a safeguard for political stability and security in the face of external threats;

    9.  Calls for the acceleration of the screening process and the timely organisation of subsequent intergovernmental conferences, where negotiations on Cluster 1 on Fundamentals should be initiated; calls for the EU to adequately support accession-related reforms by developing robust and adaptable financial instruments tailored to the Republic of Moldova’s specific needs with a view to effectively addressing its economic and structural challenges, and ensuring the country remains resilient and capable of implementing the necessary reforms throughout its EU accession process; urges the acceleration of Moldova’s gradual integration into the EU and the single market by allowing participation in new initiatives and EU programmes, which will deliver tangible socio-economic benefits in specific areas even before the country formally joins the EU; reiterates its call, in this regard, for the EU to take swift and significant steps towards the permanent liberalisation of its tariff-rate quotas;

    10.  Calls for more consistent support for the Republic of Moldova in its EU accession process, including increased technical assistance by sending additional EU advisors to the Moldovan authorities, as a contribution to strengthening capacity-building;

    11.  Calls for the adoption of a new growth plan for the Republic of Moldova so as to adequately finance and support Moldova in achieving economic convergence with the EU; believes that this plan should finance investments in infrastructure, human capital and the digital and green transitions, facilitating sustainable economic growth; calls for the full integration of the Republic of Moldova into the ‘Roam Like at Home’ initiative by the end of 2025;

    12.  Calls on the Commission, in this regard, to include the Republic of Moldova in the Instrument for Pre-accession Assistance and to prioritise funding for candidate countries in its proposal for the next multiannual financial framework (2028-2034), ensuring the path towards EU membership;

    13.  Welcomes the Republic of Moldova’s significant progress in implementing EU accession-related reforms and encourages the Moldovan authorities to continue the ambitious reforms on democracy and the rule of law; calls for the EU and its Member States to prioritise and allocate additional resources to efforts to support the rule of law and anti-corruption reforms in the Republic of Moldova in order to address vulnerabilities, including those related to corruption in the security sector, justice system, public administration and media, which could enable Russian interference and disinformation; encourages the Moldovan Government to continue working with all stakeholders towards a sustainable and comprehensive justice and anti-corruption reform, in line with EU and Venice Commission recommendations;

    14.  Underlines the importance of advancing the country’s reform process in order to improve living standards, particularly for vulnerable groups, and to provide the younger generations with attractive prospects for life and work in the country, thereby increasing societal resilience to hybrid attacks and reducing the number of citizens seeking better living conditions elsewhere in Europe; highlights the need for the social acquis to be better represented in the Commission’s assessments and recommendations;

    15.  Reiterates its support for stronger cooperation on security and defence policy between the EU and the Republic of Moldova; commends the Republic of Moldova for becoming the first country to sign a security and defence partnership with the EU and calls for this partnership to be put into practical action; calls for the EU to progressively include the Republic of Moldova in upcoming legislative initiatives and programmes relating to European security and defence; supports the continued work under the High-Level Political and Security Dialogue between the EU and the Republic of Moldova to enhance cooperation on foreign and security policy;

    16.  Calls on the Member States to increase the European Peace Facility’s funding for the Republic of Moldova to further enhance the country’s defence capabilities;

    17.  Reiterates its call for the EU and its Member States to continue supporting the efforts of the Moldovan authorities to maintain macroeconomic stability and enhance its energy security by supporting the construction of new electricity interconnections with neighbouring countries; calls for the EU and its Member States to financially support energy efficiency and renewable energy projects as a clean and sustainable way of reducing Moldova’s energy demand and diversifying its supply, while ensuring energy affordability, in particular for the most vulnerable groups;

    18.  Urges the EU and its Member States to further strengthen cooperation with Moldova through targeted measures in order to enhance the country’s resilience to hybrid threats, including by improving strategic communications about the EU, supporting journalists and civil society in countering disinformation, promoting independent Russian-language media content and enhancing public information literacy; calls for additional resources and technical know-how to assist the Moldovan Government’s strategic communications, internal coordination and capacity-building against hybrid attacks and disinformation; commends the efforts of Moldovan civil society in supporting the Moldovan Government’s fight against disinformation and promoting democratic values; calls on the Commission and the Member States to continue supporting media literacy and media independence, as well as the strengthening of Moldova’s critical digital infrastructure, including through the replacement of Russian-origin information and communications technology systems; calls for the EU and its Member States to expand and intensify their direct engagement with Moldovan citizens by including them in various EU and bilateral programmes and projects, such as citizen consultations, and to foster people-to-people connections;

    19.  Calls on the Commission to assist the Moldovan Government in putting pressure on social media platforms to address disinformation effectively;

    20.  Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the governments and parliaments of the Member States, the President, Government and Parliament of the Republic of Moldova, the United Nations, the Organization for Security and Co-operation in Europe, the Council of Europe and the Russian authorities.

    (1) OJ L 260, 30.8.2014, p. 4.

    MIL OSI Europe News

  • MIL-OSI Europe: Text adopted – The democratic backsliding and threats to political pluralism in Georgia – P10_TA(2024)0017 – Wednesday, 9 October 2024 – Strasbourg

    Source: European Parliament

    The European Parliament,

    –  having regard to its previous resolutions on Georgia,

    –  having regard to the statement by the High Representative and the Commissioner for Neighbourhood and Enlargement of 17 April 2024 on the adoption of the ‘transparency of foreign influence’ law,

    –  having regard to the statement by the High Representative of 18 September 2024 on the Georgian law on ‘family values and protection of minors’,

    –  having regard to the statement by the European External Action Service Spokesperson of 4 April 2024 on the draft law on ‘transparency of foreign influence’,

    –  having regard to the European Council conclusions of 14 and 15 December 2023 and of 27 June 2024,

    –  having regard to the Commission communication of 8 November 2023 entitled ‘2023 Communication on EU Enlargement Policy’ (COM(2023)0690),

    –  having regard to Resolution 2561 (2024) of the Parliamentary Assembly of the Council of Europe entitled ‘Challenges to democracy in Georgia’,

    –  having regard to the Bucharest Declaration adopted by the Parliamentary Assembly of the Organization for Security and Co-operation in Europe (OSCE) at the thirty-first annual session from 29 June to 3 July 2024,

    –  having regard to the Association Agreement between the European Union and the European Atomic Energy Community and their Member States, of the one part, and Georgia, of the other part(1),

    –  having regard to the International Covenant on Civil and Political Rights,

    –  having regard to the European Convention on Human Rights (ECHR),

    –  having regard to the joint statement by the Chair of the Committee on Foreign Affairs, the Chair of the Delegation for relations with the South Caucasus and the European Parliament’s Standing Rapporteur on Georgia of 18 April 2024 on the reintroduction of the draft law on ‘transparency of foreign influence’ in Georgia,

    –  having regard to Rule 136(2) and (4) of its Rules of Procedure,

    A.  whereas the past months have seen significant attacks on democracy in Georgia, which have been characterised by the hasty adoption of anti-democratic legislation criticised by the UN, the Venice Commission and the EU, concurrent with attacks on civil society and independent media, prolonged mass protests and the subsequent violent suppression of those peaceful protests, and deep political and societal tensions and polarisation;

    B.  whereas the exercise of freedom of opinion, expression, association and peaceful assembly is a fundamental right enshrined in the Georgian Constitution;

    C.  whereas Georgia, as a signatory to the Universal Declaration of Human Rights and the European Convention on Human Rights, as well as a member of the Council of Europe and the Organization for Security and Co-operation in Europe, has committed itself to the principles of democracy, the rule of law and respect for fundamental freedoms and human rights;

    D.  whereas Article 78 of the Georgian Constitution provides that ‘the constitutional bodies shall take all measures within the scope of their competence to ensure the full integration of Georgia into the European Union and the North Atlantic Treaty Organization’;

    E.  whereas the EU expects Georgia, a candidate country for EU accession, to abide fully by the Association Agreement and other international commitments it has made and, in particular, to fulfil the conditions and take the steps set out in the Commission’s recommendation of 8 November 2023; whereas the European Council decided to grant candidate status to Georgia solely on the understanding that these steps would be taken, including combating disinformation and interference against the EU and its values, engaging opposition parties and civil society in governance, and ensuring freedom of assembly and expression, as well as meaningfully consulting civil society and involving it in legislative and policymaking processes and ensuring that it can operate freely;

    F.  whereas civil society in Georgia has traditionally been very vibrant and active and played a pivotal role in soliciting and promoting democratic changes in the country, as well as in safeguarding and watching over their implementation;

    G.  whereas on 20 February 2024, the Parliament of Georgia passed amendments to the Electoral Code changing the procedure for the election of chair and so-called professional members of the Central Election Commission and abolishing the post of deputy chair, which is filled by a representative of the opposition;

    H.  whereas on 4 April 2024, less than a year before the elections, the Georgian Parliament adopted amendments to the country’s Electoral Code that modified fundamental aspects of the country’s electoral legislation, abolishing mandatory parliamentary quotas for women, which required that at least one out of four candidates on a party list be of a different gender than the majority;

    I.  whereas on 28 May 2024, the Georgian Parliament adopted the so-called transparency of foreign influence law, after overriding the veto of President Salome Zourabishvili and despite mass protests by Georgian citizens and repeated calls from Georgia’s European partners to withdraw the draft law which, in spirit and content, contradicts EU norms and values; whereas adopting this law has effectively frozen Georgia’s accession process and led to the suspension of EU financial assistance for Georgia;

    J.  whereas the law was adopted in a procedure which, according to the Venice Commission, left no space for genuine discussion and meaningful consultation, in open disregard for the concerns of large parts of the Georgian population; whereas the restrictions set by that law to the rights to freedom of expression and freedom of association and the right to privacy are incompatible with the strict test set out in Articles 8(2), 10(2), and 11(2) of the ECHR and Article 17(2), 19(2) and 22(2) of the International Covenant on Civil and Political Rights as they do not meet the requirements of legality, legitimacy, necessity and proportionality in a democratic society, and they are also incompatible with the principle of non-discrimination set out in Article 14 of the ECHR;

    K.  whereas this legislation comes at a time of increasing and ongoing attacks against civil society in Georgia in a seeming effort to narrow civic space by starving independent groups of funds; whereas this legislation is modelled on the foreign agent legislation in Russia;

    L.  whereas on 6 June 2024, the US imposed visa restrictions on dozens of Georgian officials over the adoption of the ‘foreign agents law’;

    M.  whereas the European Council, in its conclusions of 27 June 2024, called on Georgia’s authorities to ‘clarify their intentions by reversing the current course of action which jeopardises Georgia’s EU path, de facto leading to a halt of the accession process’;

    N.  whereas on 11 July 2024, the US Congress Committee on Foreign Affairs adopted Georgia sanctions legislation known as the Megobari Act, which imposes sanctions against Georgian officials responsible for undermining the country’s democratic system;

    O.  whereas on 17 September 2024, the Georgian Parliament passed a law on ‘family values and the protection of minors’, which aims to ban reliable information about sexual orientation and gender identity;

    P.  whereas the Georgian authorities have not taken into account a single recommendation of the Venice Commission regarding the annulment or modification of the above-mentioned laws on ‘transparency of foreign influence’ and ‘family values and the protection of minors’, the abolition of gender quotas in local and parliamentary elections, and the formation of the Central Election Commission;

    Q.  whereas there is growing anti-Western and hostile rhetoric from the ruling Georgian Dream party against Georgia’s democratic partners, as well as promotion of Russian disinformation, manipulation and conspiracy theories; whereas that hostile rhetoric also targets Ukraine, as the ruling party uses despicable political banners depicting Ukrainian cities destroyed by Russia, thus capitalising on the suffering of brave Ukrainians; whereas the Georgian Dream party is pursuing a narrative of the West as a ‘global war party’ which is trying to push Georgia back into a war with Russia;

    R.  whereas an increasing number of incidents indicate that Georgia is experiencing an insecure media environment, which poses a threat to its democracy; whereas Reporters Without Borders’ annual index on press freedom ranks Georgia 103rd out of 180 countries, a drop of 26 places from the previous year;

    S.  whereas on 28 August 2024, the leader of Georgian Dream, Bidzina Ivanishvili, at the inauguration of his party’s electoral campaign, spoke of his intention to ban democratic opposition parties; whereas he was seconded by the Prime Minister, Irakli Kobakhidze, who stated that, if the party received a majority in the Georgian Parliament, it would ban certain opposition parties, and referred to the opposition as a ‘criminal political force’;

    T.  whereas the Russian Foreign Minister’s statement expressing his readiness to help Georgia normalise its relations with ‘the neighbouring … states of Abkhazia and South Ossetia’ was praised by the leaders of the ruling party, demonstrating the Georgian Government’s departure from its policy of non-recognition of the occupied regions of Georgia;

    U.  whereas parliamentary elections will take place in Georgia on 26 October 2024; whereas the law on ‘transparency of foreign influence’ has effectively blocked the requirement to have domestic observers, whose presence, according to OSCE Office for Democratic Institutions and Human Rights principles, would contribute to an increase in the transparency of and trust in the electoral process;

    1.  Expresses its deep concern about the democratic backsliding in Georgia, which has occurred exponentially throughout this year and especially ahead of the parliamentary elections on 26 October 2024; strongly condemns the adoption of the law on ‘transparency of foreign influence’ and the law on ‘family values and protection of minors’, as well as the changes to the Electoral Code; considers that the above are tools used by the government to violate freedom of expression, censor media, impose restrictions on critical voices in civil society and the NGO sector or to discriminate against vulnerable people; underscores that the foregoing are also incompatible with EU values and democratic principles, run against Georgia’s ambitions for EU membership, damage Georgia’s international reputation and endanger the country’s Euro-Atlantic integration; strongly underlines that unless the above-mentioned legislation is rescinded, progress cannot be made in Georgia’s relations with the EU; regrets that Georgia, once a champion of democratic progress with Euro-Atlantic aspirations, has been in a democratic backsliding free fall for a considerable period;

    2.  Calls on the Commission and the Member States to investigate the consequences of the democratic backsliding that these laws represent for their donor role in Georgia and to communicate this possible impact to the Government and Parliament of Georgia; calls for all EU funding provided to the Georgian Government to be frozen until the above-mentioned undemocratic laws are repealed and for strict conditions to be placed on the disbursement of any future funding to the Georgian Government;

    3.  Expresses its concern about the climate of hatred and intimidation fuelled by statements by Georgian Government representatives and political leaders, as well as by the government’s attacks on political pluralism; condemns comments by oligarch Bidzina Ivanishvili and leading figures of the government threatening to ban opposition parties and referring to the opposition as a ‘criminal political force’; notes that such intimidation seriously undermines the political process and the freedom of expression, and contributes to an environment of fear;

    4.  Calls for a thorough investigation of police brutality against peaceful protestors during the spring protests against the law on ‘transparency of foreign influence’ in Georgia;

    5.  Reiterates its calls on the Commission to promptly assess how Georgia’s ‘transparency of foreign influence’ and ‘family values and protection of minors’ laws, its abolition of gender quotas and other changes in its electoral legislation, the implementation of the Venice Commission’s recommendations in general and the conduct of the elections in line with accepted international standards, affect Georgia’s continuous fulfilment of the visa liberalisation benchmarks, in particular the fundamental rights benchmark, which is a crucial component of the EU visa liberalisation policy;

    6.  Reiterates its unwavering support for the Georgian people’s legitimate European aspirations and their wish to live in a prosperous country, free from corruption, that fully respects fundamental freedoms, protects human rights and guarantees an open society and independent media; underlines that the decision to grant Georgia EU candidate country status was motivated by the wish to acknowledge the achievements and democratic efforts of Georgia’s civil society, as well as the overwhelming support for EU accession among its citizens, with over 80 % of the Georgian people consistently in favour; appreciates the efforts made by Georgia’s President Salome Zourabishvili to return Georgia to the democratic and pro-European path of development and strongly condemns the Georgian Dream party’s effort to silence her through impeachment procedures on unwarranted grounds;

    7.  Deplores the personal role played by Georgia’s oligarch Bidzina Ivanishvili, who returned to active politics on 30 December 2023 when he became ‘honorary chairman’ of the Georgian Dream party, in the current political crisis and in yet another attempt to undermine the Euro-Atlantic orientation of the country in favour of pivoting towards Russia; reiterates its call on the Council and the EU’s democratic partners to impose immediate and targeted personal sanctions on Ivanishvili for his role in the deterioration of the political process in Georgia as well as other activities benefiting the Russian Federation;

    8.  Calls for the EU and its Member States to hold to account and impose personal sanctions on all those responsible for undermining democracy in Georgia, who are complicit in the violence committed against political opponents and peaceful protesters and who spread anti-Western disinformation; welcomes the personal sanctions imposed by the US on Georgian Dream officials;

    9.  Expresses concern about the fact that many recent legislative proposals adopted by the Georgian Dream majority in the Georgian Parliament betray the aspirations of the large majority of the Georgian people to live in a democratic society, continue democratic and rule of law reforms, pursue close cooperation with Euro-Atlantic partners and commit to a path towards EU membership;

    10.  Emphasises that the rights to freedom of expression and assembly and to peaceful protest are fundamental freedoms and must be respected under all circumstances, particularly in a country aspiring to join the EU;

    11.  Underlines that the public watchdog role exercised by civil society and independent media is essential to a democratic society and crucial in advancing EU accession-related reforms and therefore calls on the Georgian authorities to do their utmost to guarantee an enabling environment in which civil society and independent media can thrive;

    12.  Recalls that the European Council of 14 and 15 December 2023 granted Georgia candidate country status on the understanding that the relevant steps set out in the Commission recommendation of 8 November 2023 would be taken; stresses that recently adopted legislation clearly goes against this ambition and has effectively put on hold Georgia’s integration into the EU;

    13.  Reiterates its call on the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the Commissioner for Neighbourhood and Enlargement and the President of the Commission to remind the Georgian Government of the commitments it made and the values and principles it subscribed to when it applied for EU membership;

    14.  Reiterates the tangible opportunities that Georgia would take advantage of once the accession negotiations begin, such as pre-accession assistance that would improve the standard of living of Georgian citizens, as well as support the institutions, infrastructure and social services;

    15.  Urges the Georgian authorities to ensure that the upcoming parliamentary elections in October 2024 adhere to the highest international standards, guaranteeing a transparent, free and fair process that reflects the democratic will of the people; presses for the abolition of the ingrained practice of misusing public resources and administrative capacity for the benefit of the ruling party; urges the Georgian authorities to take all necessary measures to ensure that all respected civil society organisations involved in election observation can observe these elections without hindrance or interference in their work;

    16.  Shares the concerns raised by the Venice Commission about the adoption of amendments to the legal framework for elections in Georgia and the Electoral Code, agreeing that these changes to the Electoral Code will have a major impact on the stakeholders’ perceptions of and trust in the impartiality and fairness of the election administration;

    17.  Expresses alarm at the decision to open only a limited number of polling stations abroad, despite numerous requests from the Georgian diaspora, thereby depriving the majority of Georgians living abroad of the right to vote; is deeply concerned by reports that the Government of Georgia is creating obstacles for the coalition of 30 NGOs and Transparency International Georgia in their efforts to conduct the ‘Go Out and Vote’ campaign; considers these obstacles to be an attempt to undermine democracy in the country;

    18.  Notes that, amid significant international backlash questioning the legitimacy of the upcoming elections, the Prime Minister of Georgia ‘recommended’ that the Anti-Corruption Bureau (ACB) revoke its decision of 24 September 2024 designating Transparency International Georgia as having ‘declared electoral goals’, and the ACB did revoke it on 2 October 2024; recalls that the initial decision, if enforced and not revoked, would deprive one of Georgia’s leading civil society organisations of access to foreign funding, severely hindering its ability to continue operations, including election observation, as well as raise concerns about the political neutrality of the ACB;

    19.  Deplores the use by Georgian Dream of violent images of the war in Ukraine as a means of manipulating opinions and spreading disinformation and pro-Russian and anti-Ukrainian sentiment in its campaign ahead of the October 2024 elections;

    20.  Expects Georgian Dream to respect the will and free choice of the Georgian people in the upcoming parliamentary elections and ensure a peaceful transfer of power; demands that Georgian Dream and its leaders immediately stop the violence, intimidation, hate speech, persecution and repression that it is committing against the opposition, civil society and independent media;

    21.  Strongly believes that the upcoming elections will be decisive in determining Georgia’s future democratic development and geopolitical choice, as well its ability to make progress with its EU member state candidacy; recognises that it is still possible to consolidate Georgia’s democratic future as an EU candidate country with a young, engaged generation of leaders, which was exemplified by the spontaneous protests against the foreign agent law that took place during 2024;

    22.  Expresses deep concern about the increased influence of Russia in Georgia, including increased immigration from Russia, increased trade ties with Russia and Georgia’s willingness to pursue reconciliation with Russia despite Russia’s war in Ukraine and its occupation of a fifth of Georgian sovereign territory; calls on the Government of Georgia to impose sanctions against Russia in response to its war of aggression against Ukraine, continue its previous policy of non-recognition of the occupied territories and honour its commitment to enforce effective measures to avoid the circumvention of European sanctions; encourages the Government of Georgia to align fully with the EU’s foreign policy and the EU’s strategy towards Russia;

    23.  Strongly reiterates its urgent demand for the immediate and unconditional release of former President Mikheil Saakashvili on humanitarian grounds for the purpose of seeking medical treatment abroad; emphasises that the Georgian Government bears full and undeniable responsibility for the life, health, safety and well-being of former President Mikheil Saakashvili and must be held fully accountable for any harm that befalls him;

    24.  Notes that the Georgian Government has further worsened access to public information, including Soviet-era archives, using the EU General Data Protection Regulation to falsely justify draconian restrictions to archive access, and that some of Georgia’s most important Soviet-era archives (including the archives of the former KGB and the former Central Committee of the Communist Party) have been completely closed since October 2023 without any explanation; highlights Russia’s manipulation and falsification of history, including Soviet history, as part of its war of aggression against Ukraine and its military threats against other countries; regrets the growing cult of Stalin and the related increase in Soviet nostalgia in Georgia, supported by the ruling government, which underscores its closer alignment with Russia;

    25.  Instructs its President to forward this resolution to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the Council, the Commission, the governments and parliaments of the Member States, the Council of Europe, the Organization for Security and Co-operation in Europe and the President, Government and Parliament of Georgia.

    (1) OJ L 261, 30.8.2014, p. 4, ELI: http://data.europa.eu/eli/agree_internation/2014/494/oj.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Explosive issue of housing – E-001940/2024

    Source: European Parliament

    Question for written answer  E-001940/2024
    to the Commission
    Rule 144
    Lefteris Nikolaou-Alavanos (NI)

    For thousands of working people and their families, housing is an explosive issue. In Greece, 74.2% of tenants spend more than 40% of their income on accommodation, while 74% of young people are still living ‘with Mum and Dad’. The price of buying a house has also gone up enormously, by 66.4% as compared to 2017, as also reflected in data from the Bank of Greece.

    In view of the above:

    • 1.What is the Commission’s view of the demand for no auctioning of social housing or of business premises for the self-employed, as expressed in the ongoing mass mobilisations that have stopped working-class properties going under the hammer and ordinary families, often including even members with disabilities, unemployed people, etc. being turned out of their houses?
    • 2.What does it think of the fact that the ‘My Home 2’ and ‘Upgrading My Home’ programmes financed by the RRF (Recovery and Resilience Facility), using money that comes out of the heavy taxes paid by ordinary people, are in practice a burden on working-class households with loans, producing a further skyrocketing of prices in the real-estate construction, operation and management sectors, the building materials industry and the banking sector, and boosting the profitability of their business groups?
    • 3.What is its view regarding the need for integrated housing planning under the responsibility of the state, aimed at meeting the needs of working people and involving the re-establishment of ΟΕΚ (the Greek Workers’ Housing Organisation) and support for an exclusively state-run construction programme, a ban on the auctioning-off of social housing, an upgrading and expansion of student halls of residence and the use of apartments and hotels for free accommodation for students?

    Submitted: 3.10.2024

    Last updated: 11 October 2024

    MIL OSI Europe News

  • MIL-OSI Economics: Huawei Wins GSMA Digital Nation Award, Vows Support for Carriers’ Growth in the Mobile AI Era

    Source: Huawei

    Headline: Huawei Wins GSMA Digital Nation Award, Vows Support for Carriers’ Growth in the Mobile AI Era

    [Seoul, Republic of Korea, October 11, 2024] During GSMA Mobile 360 (M360) Asia Pacific 2024 in Seoul, Korea, Huawei won a Digital Nation Award for ‘Excellence in Innovation Video’ for “Smart 5G Warehouse – Future of Logistics,” a short video showing how 5G technology is driving digital transformation across multiple industries, including logistics. At the event, a senior Huawei leader also described various new pathways for carriers to monetize the vast new markets that 5G and AI open up.
    A screenshot from the video showcasing the 5G warehouse

    “Smart 5G Warehouse” was shot at the Indonesia’s First 5G Smart Warehouse and 5G Innovation Center in Bekasi Regency, West Java, Indonesia. It highlights how 5G enhances operational efficiency and creates new growth opportunities, contributing to Indonesia’s Golden Vision 2045 of a modern digital economy.
    In a keynote to the M360 audience, James Chen, President of Huawei Carrier Business, emphasized the pivotal role AI will play in shaping the future of the mobile industry. With the convergence of 5G-A and AI, operators are entering an era where personalized services can be delivered at scale, unlocking new opportunities for growth.
    James Chen delivering his keynote speech

    Exploring Large-Scale Personalization in Carrier Services
    Chen further highlighted the new possibilities that 5G opens up for carriers. 5G New Calling uses AI technology to provide a rich, personalized experience for users. Powered by AI large models, it can be upgraded to a personal intelligent assistant, providing real-time suggestions during conversations and supporting intent recognition across various scenarios. As of September 2024, over 22 million users in China had subscribed to this service.
    In the Asia-Pacific region, Chen noted, Huawei has partnered with local carriers in Hong Kong to test new AI applications, including real-time digital humans. In Thailand, Huawei collaborated with carriers to trial real-time multilingual translation, with the Thai language translation already meeting business requirements.
    Another product that 5G enables is Cloud Phone, Chen said. Leveraging the advantages of network, cloud, and computing power, Cloud Phone delivers a near-real device experience while addressing key pain points such as insufficient storage, fast data consumption in gaming, and the inability of low-end phones to support high-quality games. Enhanced by AI, Cloud Phone is being revitalized, allowing each user to set up their own unique AI assistant, precisely accessing more third-party AI applications, and gradually becoming the gateway to personal AI in the future.
    A New Era of 5G/5G-A and AI Integration
    “We are still in the early stages of the AI revolution, and the impact of generative AI on the future is beyond imagination,” said Chen. Chen predicted that by 2030, around 8 billion AI-powered assistants will be integrated into households globally, while AI robots, numbering between 1 and 3 billion, will play a critical role in industries like manufacturing, inspection, and research and development. He urged telecom operators to explore new business models, turning personalized user experiences into new commercial value.
    “We are still in the early stages of the AI revolution, and the opportunities that generative AI will bring to the future are beyond imagination,” said Chen. He predicted that by 2030, around 8 billion AI-powered assistants will be integrated into households globally, while the number of AI robots will range between 1 and 3 billion. AI will play a pivotal role in industries such as manufacturing, inspection, and research and development. Chen encouraged telecom operators to collaboratively explore new business models, turning personalized user experiences into new commercial value.

    MIL OSI Economics

  • MIL-OSI Economics: Huawei Wins GSMA Digital Nation Award, Vows Support for Carriers’ Growth in the Mobile AI Era Oct 11, 2024

    Source: Huawei

    Headline: Huawei Wins GSMA Digital Nation Award, Vows Support for Carriers’ Growth in the Mobile AI Era
    Oct 11, 2024

    [Seoul, Republic of Korea, October 11, 2024] During GSMA Mobile 360 (M360) Asia Pacific 2024 in Seoul, Korea, Huawei won a Digital Nation Award for ‘Excellence in Innovation Video’ for “Smart 5G Warehouse – Future of Logistics,” a short video showing how 5G technology is driving digital transformation across multiple industries, including logistics. At the event, a senior Huawei leader also described various new pathways for carriers to monetize the vast new markets that 5G and AI open up.
    A screenshot from the video showcasing the 5G warehouse

    “Smart 5G Warehouse” was shot at the Indonesia’s First 5G Smart Warehouse and 5G Innovation Center in Bekasi Regency, West Java, Indonesia. It highlights how 5G enhances operational efficiency and creates new growth opportunities, contributing to Indonesia’s Golden Vision 2045 of a modern digital economy.
    In a keynote to the M360 audience, James Chen, President of Huawei Carrier Business, emphasized the pivotal role AI will play in shaping the future of the mobile industry. With the convergence of 5G-A and AI, operators are entering an era where personalized services can be delivered at scale, unlocking new opportunities for growth.
    James Chen delivering his keynote speech

    Exploring Large-Scale Personalization in Carrier Services
    Chen further highlighted the new possibilities that 5G opens up for carriers. 5G New Calling uses AI technology to provide a rich, personalized experience for users. Powered by AI large models, it can be upgraded to a personal intelligent assistant, providing real-time suggestions during conversations and supporting intent recognition across various scenarios. As of September 2024, over 22 million users in China had subscribed to this service.
    In the Asia-Pacific region, Chen noted, Huawei has partnered with local carriers in Hong Kong to test new AI applications, including real-time digital humans. In Thailand, Huawei collaborated with carriers to trial real-time multilingual translation, with the Thai language translation already meeting business requirements.
    Another product that 5G enables is Cloud Phone, Chen said. Leveraging the advantages of network, cloud, and computing power, Cloud Phone delivers a near-real device experience while addressing key pain points such as insufficient storage, fast data consumption in gaming, and the inability of low-end phones to support high-quality games. Enhanced by AI, Cloud Phone is being revitalized, allowing each user to set up their own unique AI assistant, precisely accessing more third-party AI applications, and gradually becoming the gateway to personal AI in the future.
    A New Era of 5G/5G-A and AI Integration
    “We are still in the early stages of the AI revolution, and the impact of generative AI on the future is beyond imagination,” said Chen. Chen predicted that by 2030, around 8 billion AI-powered assistants will be integrated into households globally, while AI robots, numbering between 1 and 3 billion, will play a critical role in industries like manufacturing, inspection, and research and development. He urged telecom operators to explore new business models, turning personalized user experiences into new commercial value.
    “We are still in the early stages of the AI revolution, and the opportunities that generative AI will bring to the future are beyond imagination,” said Chen. He predicted that by 2030, around 8 billion AI-powered assistants will be integrated into households globally, while the number of AI robots will range between 1 and 3 billion. AI will play a pivotal role in industries such as manufacturing, inspection, and research and development. Chen encouraged telecom operators to collaboratively explore new business models, turning personalized user experiences into new commercial value.

    MIL OSI Economics

  • MIL-OSI: EBC Financial Group Enhances Liquidity and Lowers Trading Costs on Major Stock Indices

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 11, 2024 (GLOBE NEWSWIRE) — Amidst a global stock market resurgence, EBC Financial Group (EBC) is enhancing liquidity for five major stock indices, including the U.S. Dow Jones, Nasdaq, S&P 500, the A50 (China), and the Hang Seng Index (Hong Kong). This strategic move aims to provide investors with more optimised, efficient trading across all global sessions by reducing trading costs and offering greater access. The global stock market is going through big changes, with lots of money flowing in and companies going public again (IPO boom). This is making stock markets around the world rise.

    As market valuations rise and capital flows increase globally, these enhancements position investors to capitalise on key opportunities emerging in this pivotal moment for financial markets. EBC, a global financial broker, is here to help investors make the most of these opportunities. They do this by using advanced technology to offer low-cost, high-quality access to markets where big financial players (banks, institutions) operate. In short, EBC helps investors get better deals and access to big markets at low costs.

    Liquidity Strengthens Major Indices Amid Global Recovery
    The ongoing recalibration of global stock markets is driven by several interconnected factors: fresh capital entering the system, a resurgence in IPO activity, and a series of market corrections that are realigning valuations. Emerging markets, once considered high-risk due to volatility, are now benefiting from new regulatory changes that boost investor returns, particularly in dividend payouts.

    David Barrett, CEO of EBC Financial Group (UK) Ltd, offered an early prediction in June that undervalued markets were set to rebound. “Value reversion is a powerful force,” Barrett said at the time, emphasising that markets under pressure were now ripe for capital returns. He also noted that emerging markets, bolstered by new dividend regulations, are enhancing their attractiveness to global investors.

    The past months have borne out these predictions. Since the start of 2024:

    • All three major U.S. stock indices (Dow Jones, Nasdaq, and S&P 500) have hit new all-time highs since the start of 2024, driven by fresh investment and increased investor confidence.
    • Asian markets, particularly in China and Hong Kong, are experiencing their most significant gains in a decade, marking them as central to global growth.

    Why EBC’s Liquidity Enhancement Matters
    EBC’s liquidity enhancement couldn’t have come at a better time. As the world’s investors hunt for undervalued assets, EBC has strengthened its ability to offer the lowest trading costs for five major stock indices, giving traders a unique edge in the market.

    • Tighter spreads:
      1. Dow Jones Index (U30USD): Spread reduced to 1.00, reflecting a reduction of up to 70%.
      2. S&P 500 Index (SPXUSD): Spread reduced to 0.31, with reductions reaching 64%.
      3. Nasdaq Index (NASUSD): Spread reduced to 0.70, with reductions as high as 85%, the most significant improvement.
      4. Hang Seng Index (HSIHKD): Spread reduced to 6.50, achieving a reduction of up to 55%.
      5. China A50 Index (CNIUSD): Spread reduced to 6.00, marking a reduction of 14%.
    • Wider access: Whether you’re trading in the Asian, European, or U.S. markets, EBC ensures that you’ll benefit from these cost-saving improvements, no matter the time zone.

    EBC’s role in implementing these reductions positions them among institutions actively working to streamline market access for a diverse range of investors.

    The Role of IPOs and Global Capital Flows
    Global capital is not simply flowing into traditional assets. A fresh wave of initial public offerings (IPOs) is reshaping the investment landscape, offering new opportunities for growth in sectors ranging from fintech to renewable energy. These IPOs, while centred in key regions, are attracting worldwide attention, pulling in capital from investors eager to capitalise on new and emerging trends.

    “The market’s expectation for interest rate cuts has shifted the landscape,” Barrett said, adding that the rise of fintech IPOs, in particular, shows no signs of slowing down. As the global economy shifts into a new phase of monetary policy—with central banks signaling lower interest rates—investors are now betting on sustained growth in these innovative sectors.

    With this, liquidity enhancements in major indices such as the Nasdaq and the Hang Seng are not simply reactive measures—they are strategic moves by institutions like EBC to prepare for the next wave of market activity. As more capital moves across borders, liquidity becomes essential for efficient, low-cost trading. The reduced spreads and enhanced market access make these indices more attractive to institutional and individual investors alike.

    These developments come at a time when emerging markets are increasingly seen as key pillars of global growth, particularly as advanced economies grapple with inflationary pressures and slow economic recovery. The influx of liquidity into major indices reflects a broader confidence in global market resilience and the promise of continued returns in the months ahead.

    Investors’ Next Steps: Navigating the Shift
    As global capital searches for growth, liquidity becomes more than a technical feature—it’s a vital asset in a world where time and access to markets matter. This period of heightened activity may well define the next phase of global finance, one in which agility, market awareness, and access to liquidity will determine winners and losers.

    EBC Financial Group’s liquidity enhancements across major indices align with broader market trends and provide investors with the tools they need to navigate these changes efficiently. By lowering costs and ensuring stability in key markets, EBC is laying the groundwork for investors to capture opportunities in the global markets of tomorrow.

    Investors, particularly those focused on long-term wealth appreciation, would do well to remain vigilant. The liquidity enhancements we are seeing today are laying the foundation for future market opportunities. Those who understand these shifts and act accordingly will find themselves well-positioned in a rapidly evolving global financial landscape.

    About EBC Financial Group
    Founded in the esteemed financial district of London, EBC Financial Group (EBC) is renowned for its comprehensive suite of services that includes financial brokerage, asset management, and comprehensive investment solutions. EBC has quickly established its position as a global brokerage firm, with an extensive presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, Sydney, the Cayman Islands, and across emerging markets in Latin America, Southeast Asia, Africa, and India. EBC caters to a diverse clientele of retail, professional, and institutional investors worldwide.

    Recognised by multiple awards, EBC prides itself on adhering to the leading levels of ethical standards and international regulation. EBC Financial Group’s subsidiaries are regulated and licensed in their local jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA), EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA), EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC).

    At the core of EBC Group are seasoned professionals with over 30 years of profound experience in major financial institutions, having adeptly navigated through significant economic cycles from the Plaza Accord to the 2015 Swiss franc crisis. EBC champions a culture where integrity, respect, and client asset security are paramount, ensuring that every investor engagement is treated with the utmost seriousness it deserves.

    EBC is the Official Foreign Exchange Partner of FC Barcelona, offering specialised services in regions such as Asia, LATAM, the Middle East, Africa, and Oceania. EBC is also a partner of United to Beat Malaria, a campaign of the United Nations Foundation, aiming to improve global health outcomes. Starting February 2024, EBC supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, demystifying economics, and its application to major societal challenges to enhance public understanding and dialogue.

    https://www.ebc.com/

    Media Contact:
    Chyna Elvina
    Global Public Relations Manager (APAC, LATAM)
    chyna.elvina@ebc.com

    Savitha Ravindran
    Global Public Relations Manager (APAC, LATAM)
    savitha.ravindran@ebc.com

    Douglas Chew
    Global Public Relations Lead
    douglas.chew@ebc.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/54d1f25c-3548-44f0-8ca1-9e4efa4190f3

    The MIL Network

  • MIL-OSI Translation: 11/10/2024 Savings Bond Sales Results in September

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    In September, we sold savings bonds worth PLN 5,775 million. In September, we sold the following bonds: 3-month (OTS1224) – PLN 127.8 million, 1-month (ROR0925) – PLN 1,881.1 million, 2-year (DOR0926) – PLN 415.9 million, 3-year (TOS0927) – PLN 2,087.0 million, 4-year (COI0928) – PLN 925.6 million, 10-year (EDO0934) – PLN 299.5 million. The most frequently purchased instruments were 3-year bonds – TOS. Individual buyers allocated PLN 2,087.0 million for their purchase (36% share in the sales structure). Interest was also enjoyed by 1-year bonds – ROR (33%) and 4-year – COI (16%). Next, savers chose 2-year bonds – DOR (7%) and 10-year – EDO (5%) and 3-month – OTS (2%). Customers allocated nearly PLN 38.4 million for the purchase of family bonds dedicated to beneficiaries of the Family 800 program. Family bonds are directed exclusively to people receiving benefits under the Family 800 program, who want to save for the future needs of their children. The beneficiaries of the program have different obligations depending on the amount of the childcare benefit granted. Family bonds are available for sale on an ongoing basis, so you can purchase them at any time. All types of bonds can be purchased at PKO Bank Polski branches and Customer Service Points of the PKO Bank Polski Brokerage House and in the network of bond sales points of Bank Polska Kasa Opieki SA. Our bonds are also constantly available online in bank services and the PeoPay mobile application.

    September – most frequently chosen bonds

    In September, our clients allocated nearly PLN 5.8 billion for the purchase of retail bonds. The greatest interest was enjoyed by 3-year TOS bonds with a fixed interest rate – 36% share in sales. Another eagerly chosen savings product from our offer were 1-year bonds with a variable interest rate, based on the reference rate of the National Bank of Poland, which constituted 33% of the total sales value.

    – comments Jurand Drop, Undersecretary of State in the Ministry of Finance. October is the month of saving

    October 31st is World Savings Day, which is to remind us how important it is to manage our finances wisely and consciously. It is worth making generating and increasing savings a permanent element of household budgets. Treasury bonds support diez processors. All you need to do is choose the type of bond in which you want to invest your funds, deposit them and the rest is done automatically, without any additional costs. The registration account where our instruments are recorded is kept free of charge. Depending on the selected bond, interest is paid on an ongoing basis – during the life of the bond or at the end of the selected period. The maintenance-free nature of bonds is a great benefit for our clients, who can devote the time saved to other activities.

    – adds Minister Gota.Savings bonds in retail sales

    Type of bond

    Offer de Details (sale from October 1-31)

    Selling price

    OTS01253-monthly

    Three-month bonds are bonds with a fixed interest rate of 3.00% per annum. Interest is calculated on the value of PLN 100, and interest is paid after the end of saving (after three months from the date of purchase).

    PLN 100100.00 PLN when exchanging

    ROR10251-annual

    Annual bonds are variable-rate bonds. In the first month, the interest rate is 5.75% per annum. In subsequent monthly interest periods, the interest rate is equal to the NBP reference rate and a fixed margin of 0.00%. Interest is paid monthly.

    PLN 10099.90 PLN when exchanging

    DOR10262-year-old

    Two-year bonds are variable-rate bonds. In the first month, the interest rate is 5.90% per annum. In subsequent monthly interest periods, the interest rate is equal to the NBP reference rate and a fixed margin of 0.15%. Interest is paid monthly.

    100 PLN99.90 PLN when exchanging

    TOS10273-year-old

    Three-year bonds are bonds with a fixed interest rate of 5.95% per annum. In the first year, interest is calculated from the value of PLN 100, and in subsequent years from the value increased by the interest for the previous year (so-called capitalization of interest). Interest is paid after the savings have ended.

    100 PLN99.90 PLN when exchanging

    COI10284-year-old

    Four-year bonds are bonds that pay interest based on inflation.1 The interest rate in the first year of saving is 6.30%. In subsequent years, the interest rate is equal to inflation plus a fixed margin of 1.50%. Interest is paid after each year of saving.

    100 PLN99.90 PLN when exchanging

    EDO103410 summer

    Ten-year bonds are bonds whose interest rate is based on inflation1. The interest rate in the first year of saving is 6.55%. In subsequent years, the interest rate is equal to inflation and a fixed margin of 2.00%. In the first year, interest is calculated on the value of PLN 100, and in subsequent years on the value increased by the interest calculated for the previous year (so-called capitalization of interest). Interest is paid after the savings are completed.

    100 PLN99.90 PLN when exchanging

    ROS10306-year family bond

    Family Six-Year Bonds are bonds intended for beneficiaries of the Family 800 program. Their interest rate is preferential in relation to the bond included in the standard offer and is based on inflation1. The interest rate in the first year of saving is 6.50%. In the following years, the interest rate is equal to inflation and a fixed margin of 2.00%. In the first year, interest is calculated from the value of PLN 100, and in the following years from the value increased by the interest calculated for the previous year (so-called capitalization of interest). Interest is paid after the savings are completed.

    100 PLN

    ROD103612 summer family obligation

    Family Twelve-Year Bonds are bonds intended for beneficiaries of the Family 800 program. Their interest rate is preferential in relation to the bond included in the standard offer and is based on inflation1. The interest rate in the first year of saving is 6.80%. In the following years, the interest rate is equal to inflation and a fixed margin of 2.50%. In the first year, interest is calculated from the value of PLN 100, and in the following years from the value increased by the interest calculated for the previous year (so-called capitalization of interest). Interest is paid after the savings are completed.

    100 PLN

    1 the rate of increase in the prices of consumer goods and services, adopted for 12 months and announced by the President of the Central Statistical Office (GUS) in the month preceding the first month of a given interest period. How can I buy Treasury bonds? State Treasury bonds can be purchased: How to open an IKE-Bonds Account and an IKZE-Bonds Account? An IKE-Bonds Account or an IKZE-Bonds Account can be opened at any branch of PKO Bank Polski or POK of the PKO BP Brokerage House. You can also obtain remote access to your IKE- and IKZE-Bonds Account under the terms and conditions specified in the “Regulations on the use of access to the Registered Account in the field of Treasury bonds via telephone or the Internet”.

    MILES AXIS

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

    MIL Translation OSI

  • MIL-OSI Europe: Sweden’s development assistance for health 2023

    Source: Government of Sweden

    Sweden’s development assistance for health 2023 – Government.se

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    In 2023,Sweden’s development assistance for health totalled approximately SEK 5.7 billion. Support to health care in Ukraine, access to SRHR, and fundamental health and vaccination campaigns are important focus areas.

    Download:

    Sweden’s development assistance for health amounted to approximately
    SEK 5.7 billion in 2023, accounting for 10.4 per cent of Sweden’s total
    development assistance, excluding deductions for asylum costs. Approximately SEK 3.4 billion (equivalent to 61 per cent) of this was channelled via the Ministry for Foreign Affairs. The remaining funds, just over SEK 2.2 billion (corresponding to 39 per cent), were channelled via Sida’s bilateral, regional and global strategies.

    The total amount of development assistance for health has varied over the years. In 2020–2021, it was record high in response to the COVID-19 pandemic. Percentage-wise, total development assistance for health in 2023 decreased slightly compared to pre-pandemic levels. During the period 2019–2023, the Ministry for Foreign Affairs managed a larger financial share of Sweden’s development assistance for health than Sida.

    MIL OSI Europe News

  • MIL-OSI United Kingdom: UK government seals further £225 million investment in Teesside renewables industry with financing deal

    Source: United Kingdom – Executive Government & Departments

    One of the largest factories in the global offshore wind sector will expand and support even more jobs after UK Export Finance worked with Korean investors to secure new financing.

    • UK Export Finance and Korea Trade Insurance Corporation have guaranteed new financing for a major South Korean investment into Teesside.

    • This has unlocked new £225 million in financing from Standard Chartered Bank and HSBC UK for SeAH Steel Holding’s construction of a wind tech factory near Redcar. 

    • The financing supports an additional investment which will help the mega-factory to produce wider range of components for the offshore wind sector and meet latest industry demands.

    Based in Teesside, one of the world’s largest offshore wind technology factories will become even bigger after new government support for a South Korean investor. 

    Supported by backing from UK Export Finance (UKEF), SeAH Wind UK has now made an additional £225 million investment into wind technology manufacturing in Teesside. This brings their total investment into the site at Teesworks Freeport up to £900 million. 

    This was made possible after SeAH Steel Holding received financial guarantees from UKEF and Korea Trade Insurance Corporation (K-Sure) – the UK and South Korean export credit agencies – meaning that it could access £225 million in new financing for its ongoing factory build. 

    UKEF and K-Sure first supported the project in 2023. New support brings their joint backing for this project up to £590 million, with Standard Chartered Bank and HSBC UK providing the finance. 

    Wind monopiles act as the foundation for most offshore wind turbines and are critical to the growth of the global renewable energy sector. Upon completion of the factory, SeAH Wind UK will export to US and European markets. 

    New financing means that the factory will be able to produce even bigger monopiles and a wider range of products to meet industry demands, supporting the UK’s place in the global offshore wind supply chain. 

    The project will create up to 750 jobs by 2027 – a milestone in the development of a thriving offshore wind and renewables industry in North-East England.  

    Chris Sohn, Chief Executive of SeAH Wind UK, said: 

    With the proactive support of UKEF, our project is progressing smoothly. As we approach the completion of the factory construction, we are committed to ensuring its successful finalisation. We aim to become the first monopile manufacturing company in the UK and make a significant contribution to the UK economy.

    Tim Reid, CEO of UK Export Finance, said: 

    This investment shows that there is international confidence in the UK economy and its ability to support the industries of tomorrow.

    UK Export Finance is helping to secure overseas investment in Teesside and around the UK through its financing offer. By working with HSBC UK, Standard Chartered and K-Sure to support investment into this project, the government is bolstering North-East England’s position as a leader in renewable energy expertise.

    Ian Stuart, CEO of HSBC UK, said: 

    We are delighted to provide our continuing support to SeAH Group for its new offshore wind monopile manufacturing factory in Teesside, North-East England. Through its expanded manufacturing capabilities, the factory will significantly contribute to the needs of the offshore wind industry and play an essential role in addressing the growing demand for renewable energy. This project underscores the importance of export finance in helping our clients grow their operations globally and facilitating their journey to net zero.

    Yoshi Ichikawa, Head of Structured Export Finance for Europe, Standard Chartered, said:  

    We are proud to build on our previous financing provided in November 2023, to support SeAH Group’s additional investment and enhancement of the UK supply chain in the wind sector. It is an example of the important role we play in helping our clients and sectors to make credible progress on their net zero ambitions, while supporting economic development across our markets.

    SeAH Wind UK, a subsidiary of South Korean steel company SeAH Steel Holding, announced its decision to invest and broke ground at Teesworks Freeport in 2022.  

    The ongoing construction has already created major contracts for the UK supply chain in manufacturing, construction and logistics, including a £100 million contract for British Steel. 

    UKEF’s support was provided under the Export Development Guarantee (EDG) product, which is available for overseas companies investing in new UK exporting opportunities and has also secured a major investment into Welsh paper manufacturing at Shotton Mill, Deeside.

    Notes to editors

    • UKEF’s Export Development Guarantee (EDG) helps companies who export from or plan to export from the UK access high-value loan facilities for general working capital or capital expenditure purposes. 

    • Of the new financing, UKEF guaranteed over £157 million whilst K-Sure guaranteed over £67 million.  

    • This follows previous financing worth £367 million in 2023, of which £257 million was guaranteed by UKEF and £110 million by K-Sure.

    Contact

    Media enquiries:

    Updates to this page

    Published 11 October 2024

    MIL OSI United Kingdom

  • MIL-OSI United Nations: Secretary-General’s Opening Remarks at the 14th ASEAN-UN Summit [as delivered]

    Source: United Nations secretary general

     
     
    Mr. Chair, Prime Minister Siphandone, thank you for your warm welcome and congratulations on your leadership of ASEAN this year. 
     
    Distinguished leaders of ASEAN,
     
    Excellencies,
     
    Ladies and gentlemen,
     
    For nearly six decades, the family of South-East Asian countries has blazed a path of collaboration.
     
    Every day, you grow more integrated, dynamic and influential.
     
    And our ASEAN-UN partnership is growing ever stronger, too and it is today a strategic partnership from the UN point of view.
     
    The ASEAN-UN Plan of Action is making important progress across the political, security, economic and cultural fronts.
     
    I am particularly grateful for the important contribution of ASEAN members to our peacekeeping operations.
     
    Allow me to express my total solidarity with the Indonesian delegation. Two Indonesian peacekeepers [serving in Lebanon] were wounded by Israeli fire. We are together with you and the Indonesian people at this time.
     
    I also welcome your work on the preparation of the Community Vision 2045.
     
    This region has always been about looking ahead.
     
    And so is the Pact for the Future, adopted last month at the United Nations.
     
    We need to keep looking ahead.  
     
    Let me point to four key areas. 
     
    First, connectivity — your theme for the year.
     
    We start with a fundamental objective: technology should benefit everyone.
     
    Across Southeast Asia, broadband and mobile internet connectivity has soared. Yet the digital divide persists. 
     
    And a new divide is now with us — an Artificial Intelligence divide. 
     
    Every country must be able to access and benefit from these technologies.
     
    And every country should be at the table when decisions are made about their governance.
     
    The Pact for the Future includes a major breakthrough — the first truly universal agreement on the international governance of Artificial Intelligence that would give every country a seat at the AI table.
     
    It also calls for international partnerships to boost AI capacity building in developing countries.
     
    And it commits governments to establishing an independent international Scientific Panel on AI and initiating a global dialogue on its governance within the United Nations.
     
    Second, finance. 
     
    International financial institutions can no longer provide a global safety net – or offer developing countries the level of support they need.
     
    The Pact for the Future says clearly: we need to accelerate reform of the international financial architecture.
     
    To close the financing gap of the Sustainable Development Goals. 
     
    To ensure that countries can borrow sustainably to invest in their long-term development. 
     
    And to strengthen the voice and representation of developing countries.
     
    This includes calling on G20 countries to lead on an SDG Stimulus of $500 billion a year.
     
    Substantially increasing also the lending capacity of Multilateral Development Banks.
     
    Recycling more Special Drawing Rights.
     
    And restructuring loans for countries drowning in debt.
     
    Third, climate.
     
    ASEAN countries are feeling the brunt of climate chaos – disasters like Super Typhoon Yagi – while the 1.5 degree goal is slipping away.
     
    We need dramatic action to reduce emissions.
     
    The G20 is responsible for 80 per cent of total emissions – they must lead the way.
     
    I welcome the pioneering Just Energy Transition Partnerships in Indonesia and Vietnam.
     
    By next year, every country must produce new NDCs aligned with limiting the global temperature rise to 1.5 degrees Celsius.
     
    Developed countries must keep their promises to double adaptation finance.
     
    And we need to see significant contributions to the new Loss and Damage Fund.
     
    Every person must be covered by an alert system by 2027, through the United Nations’ Early Warnings for All Initiative. 
     
    We must secure also an ambitious outcome on finance at COP29.
     
    Fourth and finally, peace.
     
    I recognize your constructive role in continuing to pursue dialogue and peaceful means of resolving disputes from the Korean Peninsula to the South China Sea. 
    And I salute you for doing so in full respect of the UN Charter and international law – including the UN Convention on the Law of the Sea.
     
    Meanwhile, Myanmar remains on an increasingly complex path.
     
    Violence is growing.
     
    The humanitarian situation is spiralling.
     
    One-third of the population is in dire need of humanitarian assistance.  Millions have been forced to flee their homes. 
     
    Seven years after the forced mass displacement of the Rohingya, durable solutions seem a distant reality.
     
    I support strengthened cooperation between the UN Special Envoy and the ASEAN Chair on innovative ways to promote a Myanmar-led process, including through the effective and comprehensive implementation of the ASEAN Five-Point Consensus and beyond.
     
    The people of Myanmar need peace. And I call on all countries to leverage their influence towards an inclusive political solution to the conflict and deliver the peaceful future that the people of Myanmar deserve.
     
    Excellencies,
     
    ASEAN exemplifies community and cooperation.
     
    You are far more than the sum of your parts.
     
    In a world with growing geopolitical divides, with dramatic impacts on peace and security and sustainable development, ASEAN is a bridge-builder and a messenger for peace.
     
    Peace that is more necessary than ever, when we see the immense suffering of the people in Gaza, now extended to Lebanon, not forgetting Ukraine, Sudan, Myanmar and so many others.
     
    Allow me to tell you that the level of death and destruction in Gaza is something that has no comparison in any other situation I have seen since I became Secretary-General.
     
    I am extremely grateful for your constant efforts to keep our world together.
     
    You play a key role in shaping a world that is prosperous, inclusive and sustainable with respect for human rights at its heart.
     
    And you can always count on my full support and that of the United Nations in this essential effort.
     
    Thank you.
     

    MIL OSI United Nations News

  • MIL-OSI United Kingdom: Over £1million extra support secured for York residents

    Source: City of York

    Financial support to help residents cope with the cost of living crisis is being extended until the end of end of March 2025.

    The Council has been allocated £1,037,906 for the next six months and residents are urged to make sure they claim all benefits that they are eligible for.  

    This Household Support Funding (HSF) from the Government will be used in York to provide a variety of financial assistance to help residents meet essential expenses. These include:

    • £500,000 – a direct payment will be made before Christmas to working aged people who receive Council Tax Support
    • £180k – a discretionary application scheme will be available to support any other residents struggling to meet their bills, including pensioners
    • £70k – support for the Council’s food and fuel voucher scheme
    • £80k – advice and support to maximise residents’ income and promote take-up of unclaimed benefits
    • £80k – community food and support to run Warm Places this winter
    • £60k – administration and delivery of two Talk Money information and support campaigns
    • £10k – York Energy Advice funding for offering advice and energy-saving measures for households
    • £30k – support to identify, contact and support financially-vulnerable residents to claim.

    Councillor Katie Lomas, joint Executive Member for Finance, Performance, Major Projects, Human Rights, Equality and Inclusion, said:

    “Nearly half of the £1,037,906.47 we’ve been allocated through the Household Support Fund (HSF), will be issued as direct payments for working-age residents who are receiving Council Tax support. This translates to a cash payment of around £115 for every qualifying resident and we’re contacting those who are eligible, to make sure they receive this vital support.

    “Of the remaining funds, £180,000 will be allocated to a discretionary support scheme, which will be open to applications to anyone struggling with their finances. We’ll also be allocating money from the HSF to continue supporting Warm Places and energy advice services to support people with the effects of rising energy costs this winter, as well as community food support and support to take up unclaimed benefits.”

    Councillor Bob Webb, with joint responsibility for financial inclusion, said:

    “We reckon as many as 1,600 people in York are missing out on Pension Credit. It’s really important that they know about it and claim the extra £100s as well as unlocking other benefits like the Winter Fuel Payment.

    “We know that between April and June 2024, an extra 31 residents claimed Pension Credit who are benefiting from a total extra £134,825 to help them through these uncertain financial times.

    “We’re writing to over 450 residents who we know are eligible for Pension Credit because they already claim Council Tax Support and Housing Benefit. Information on the 1,150 or so other eligible people is held by the Government’s Department for Work and Pensions (DWP) and can’t be shared for data protection reasons. So, we’ve been reaching out to them through other council services and voluntary sector organisations, to help people check their eligibility and to support them to apply.”

    Anyone who needs help to claim Pension Credit can click here, or contact these local support services:

    Anyone who needs help to claim Council Tax Support can click here or contact these local support services:

    • Age UK York – 01904 634061
    • OCAY – 01904 676200
    • Citizens Advice York – 0808 278 7895
    • CYC Benefits Advisors – 01904 552044
    • Peasholme Charity – 01904 466866
    • York Carers Centre – 01904 715490.

    More information for residents on other benefits is here or click here

    The next Talk Money campaign to encourage residents to claim all they can, spend less and get good advice, will run from Monday 4 November to Friday 15 November.

    MIL OSI United Kingdom