NewzIntel.com

Category: Economy

  • MIL-OSI USA: FACT SHEET: Hurricane Helene Recovery Continues as Biden-⁠ Harris Administration Prepares for Hurricane  Milton

    US Senate News:

    Source: The White House
    The Biden-Harris Administration continues to both make urgent and life-saving preparations for Hurricane Milton and carry out response and recovery efforts for communities impacted by Hurricane Helene.
    Today, President Biden and Vice President Harris received a briefing from members of their Administration about updates on the latest forecast for Hurricane Milton, expected impacts for the State of Florida, and the robust pre-landfall preparations underway. They also received an update on the ongoing response to the impacts of Hurricane Helene across the Southeast and Appalachia. President Biden will address the Nation tonight regarding Hurricane Milton.
    President Biden has spoken to Florida Governor Ron DeSantis, Tampa Mayor Jane Castor, Clearwater Mayor Bruce Rector, and Pinellas County Chairwoman Kathleen Peters to get firsthand reports on recovery efforts for Hurricane Helene and to discuss preparations for Hurricane Milton. The President told each of the officials to call him directly if they need additional assistance on response and recovery efforts.
    More than 8,000 Federal personnel are on the ground across the Southeast, including in Florida, to continue Hurricane Helene recovery efforts and respond to the impacts of Hurricane Milton.
    At the direction of President Biden, FEMA Administrator Deanne Criswell will travel to Florida tonight to join the personnel on the ground and ensure every Floridian gets the help they need when this storm passes.
    Additional updates on our efforts for Hurricanes Milton and Helene include:
    Hurricane Milton Pre-Landfall Preparations
    Pre-Landfall Outreach and Emergency Declarations
    President Biden granted pre-landfall emergency declarations for the State of Florida and the Seminole Tribe of Florida for Hurricane Milton, enabling FEMA to provide direct assistance to the state, local and Tribal response, preposition supplies and response assets and mobilize hundreds of personnel in the state, many of whom were already in place supporting the Hurricane Helene response.
    The White House has been in contact with more than 60 Florida officials from all 51 counties that fall under the pre-landfall Emergency Declaration approved by President Biden. We remain in close communication with officials in the 16 cities and counties that will likely be in the direct path of the storm.
    Surging Resources and Personnel to Florida
    FEMA has over 1,000 responders on the ground in Florida supporting Hurricane Milton preparations and recovery efforts from previous disasters. There are over 1,400 search and rescue personnel pre-staged to support Hurricane Milton response efforts.
    The U.S. Coast Guard has 1,300 personnel stationed in Florida ready to immediately assist with life-saving and life sustaining search and rescue operations throughout the State. The Coast Guard also has personnel ready who will work directly with the U.S. Army Corps of engineers to assess and open the critical lifeline of the Port of Tampa as quickly as possible to ensure necessary supplies and fuel can start to flow into the impacted areas again.
    The State of Florida has activated over 6,000 members of the National Guard and expects to bring on an additional 3,000 National Guard members from Florida and other States to support State response activities.
    The Federal government has pre-positioned resources to support local and state response efforts ahead of Hurricane Milton. FEMA pre-staged seven FEMA Incident Management Assistance Teams, eight federal Urban Search & Rescue and swift water rescue teams, three U.S. Coast Guard Swift Water Rescue teams, 10 HealthCare System Assessment Teams, two U.S Army Corps of Engineers temporary power teams, debris experts, Environmental Protection Agency wastewater experts, over 500 ambulances, 20 helicopters prepared to support media requirements following landfall, and 60 High Water Vehicles with ladders from the Department of Defense.
    Additionally, FEMA has five incident staging bases with commodities including food and water. Right now, FEMA has 20 million meals and 40 million liters of water ready to deploy to address ongoing Helene and Milton response efforts with capacity to expand as needed.
    The Department of Defense is ready to support air search-and-rescue efforts, support urban search-and-rescue teams, provide helicopters to move personnel and equipment, and provide high water vehicles. The U.S. Army Corps of Engineers is staged across the area of impact and is prepared to support debris management, assessments of infrastructure and water/wastewater facilities, temporary power installations, and flood/water mitigation efforts.
    Additional Efforts to Support Pre-Landfall Preparations and Protect Communities
    The National Oceanic and Atmospheric Administration (NOAA) is leveraging state-of-the-art technology to keep communities safe throughout the southeast. NOAA’s fleet of “Hurricane Hunter” aircraft gather vital data to help improve track and intensity forecasts, supporting the 24-7 work of the National Weather Service (NWS). NWS provides the real-time, accurate information that assists local meteorologists and emergency operations leaders protect their communities and combat weather misinformation. Additionally, data from reconnaissance planes and drones used to survey damage following Hurricane Helene’s landfall will help us better prepare for post-Milton recovery operations.
    The Department of Energy’s Energy Response Organization remains activated to respond to storm impacts. Via the Electricity Sub-Sector Coordinating Council and Oil and Natural Gas Sub-Sector Coordinating Council, the Department has been coordinating continuously with energy sector partners on both the ongoing Hurricane Helene response and potential impacts from Hurricane Milton.
    The Department of Housing and Urban Development (HUD) has notified local public housing authorities and owners of its assisted multifamily and heath care properties within the State of Florida to immediately implement all appropriate safety protocols for residents and workers. HUD is committed to ensuring that residents of its assisted homes and properties receive critical information that can save lives during extreme weather events. HUD is also conducting outreach and communications on the programmatic flexibilities and waivers that can be utilized to assist communities and survivors. Additionally, HUD is working with communities, shelter operators and homelessness services providers to prepare and support them—in collaboration with FEMA and disaster assistance organizations such as the Red Cross—as they provide life-saving assistance before and after the storm.
    The Department of Health and Human Services’ Administration for Strategic Preparedness and Response (ASPR) is assessing potential critical supply chain disruptions following Hurricane Helene’s impact on the IV solution supply chain. ASPR is coordinating with B Braun, an IV solution manufacturer with a facility in Daytona Beach, Florida, to move their product out of the path of the storm and facilitate other activities that will mitigate potential impacts on future distribution. ASPR and HHS partners are committed to continue working with public and private partners to support the supply chain as facilities address return to full operational capacity. ASPR is encouraging manufacturers, wholesalers, and distributors to evaluate product allocation and healthcare providers to implement product conservation strategies to maximize available supply. ASPR is in communication with stakeholders to reduce disruption and facilitate product allocation.
    Protecting Impacts to Power and Travel Infrastructure
    The Department of Transportation is deploying a Federal Aviation Administration (FAA) Air Traffic Field Incident Response team to Florida and pre-staging operations in Jacksonville to support any impacted towers and airports. The team will work with the State and local authorities and the Department of Defense within the established Emergency Operations Center. The Department of Transportation is also deploying the FAA Communication Support Team (CST), which plays a critical role in restoring communications at impacted air traffic management facilities. Specifically, the CST will set up Starlink and Mobile Phone Bonding kits, which increase signal stability and data throughout the region. The FAA Air Traffic Organization Technical Operations Team is on-site and leading the restoration efforts for communications at air traffic facilities. The FAA is placing aircraft on standby to transport personnel from various agencies, mobilize resources, and support damage assessments to infrastructure.
    The FAA granted permission to the utility Florida Power & Light to use large Teros drones to assist with damage assessments and power restoration after Milton passes. These 1,800-pound drones can fly in harsh conditions and operate in winds up to 70 mph before crewed aircraft are able to fly.
    The Department of Transportation’s Federal Highway Administration is coordinating with the Florida Department of Transportation (FDOT) and is prepared to rapidly process Emergency Relief (ER) funding requests from FDOT. The ER program helps pay for long-term, permanent repairs, and other immediate emergency repairs, such as protecting remaining facilities and restoring essential traffic. It reimburses State, local, federal, Tribal, and territorial governments for eligible expenses associated with damage from natural disasters or other emergency situations based on their requests.
    Hurricane Helene Response and Recovery
    The Department of Defense continues to support search-and-rescue operations, route clearance, and commodities distribution across western North Carolina with 1,500 active-duty troops. The Department of Defense is also employing additional capabilities to assist with increasing situational awareness across the remote terrain of Western North Carolina. The Army Corps of Engineers continues missions supporting temporary emergency power installations, infrastructure assessments, and debris management oversight.
    Mobilizing Financial Assistance and Surging Additional Personnel and Resources
    Over $344 million in assistance has been provided to Hurricane Helene survivors. President Biden approved a 100 percent Federal cost-share for Florida, Georgia, North Carolina, South Carolina and Tennessee to assist in those States’ response efforts. In North Carolina alone, FEMA has approved over $60 million in aid for more than 51,000 households.
    FEMA personnel and other Federal partners, including FEMA’s Surge Capacity Force, remain on the ground supporting impacted communities, with over 17.2 million meals and 13.9 million liters of water delivered and ensuring information is accessible, including resources in preferred languages and ASL.
    Over the course of the last two weeks, 1,000 Urban Search and Rescue personnel have assisted over 3,200 survivors. FEMA Disaster Survivor Assistance Teams are on the ground in neighborhoods in all Helene-affected States helping survivors apply for assistance and connecting them with additional State, local, Federal and voluntary agency resources.
    Supporting Infrastructure Recovery
    The U.S. Department of Transportation’s Federal Highway Administration announced over $130 million in Quick Release Emergency Relief funding to support North Carolina, South Carolina, and Tennessee. The funding represents a down payment to address the immediate needs to restore vital transportation systems in these states. Additional funding will flow to affected communities from the Emergency Relief program.
    The Federal Aviation Administration (FAA) worked with partners to ensure the national airspace returned to steady state operations and all airports across impacted states reopened. The FAA’s Security and Hazardous Materials Safety Communication Support Team was deployed to restore communications to impacted airports, including delivering satellite communications kits to the Asheville Regional Airport in North Carolina and ongoing work at Valdosta Regional Airport in Georgia. The FAA Air Traffic Organization Technical Operations Team is on-site and leading communications restoration efforts at air traffic facilities. FAA also supported FEMA with two aircrafts to conduct flyover assessments and transport emergency personnel and gear, such as satellite communications kits.
    Additionally, the Federal Motor Carrier Safety Administration issued Regional Emergency Declarations for Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia. This Declaration affords emergency regulatory relief from Federal Motor Carrier Safety regulations, including maximum driving time for property- and passenger-carrying vehicles from the date of declaration. This allows truck drivers to get essential supplies to affected areas. The FMCSA Regional Declaration eliminates the need for each individual state to request a 14-day extension and allows FMCSA the ability to manage one declaration that includes all eight states and does not expire until October 27.
    NOAA continues to support post-disaster imagery flights following Hurricane Helene, already totaling over 68 flight hours during 20 flights, including over western North Carolina. NOAA is currently repositioning to support Florida and the impacts of Hurricane Milton. NOAA’s aerial imagery captures damage to coastal areas caused by a storm and aids safe navigation. Aerial imagery is a crucial tool to determine the extent of the damage from flooding, and to compare baseline coastal areas to assess the damage to major ports and waterways, coastlines, critical infrastructure, and coastal communities. This imagery not only supports FEMA and the broader response community, but the public at large.
    Supporting Students and Student Loan Borrowers
    The U.S. Department of Education is lifting up a series of resources for students, families, and borrowers impacted by these hurricanes. These resources include guidance, in person support, technical assistance, and peer-to-peer connections for state and local leaders; resources for recovery needs such as mental health support for students and educators; flexibilities to help institutions of higher education continue to manage the Federal financial aid programs; and automatically enrolling affected borrowers with missed payments into a natural disaster forbearance. Thanks to regulations issued by the Biden-Harris Administration, this forbearance will count toward Public Service Loan Forgiveness (PSLF) and income-driven repayment forgiveness.
    Providing Financial Flexibilities to Homeowners and Taxpayers
    The Department of Housing and Urban Development is providing a 90-day moratorium on foreclosures of mortgages insured by the Federal Housing Administration (FHA) as well as foreclosures of mortgages to Native American borrowers guaranteed under the Section 184 Indian Home Loan Guarantee program. The moratorium and extension are effective as of the President’s disaster declaration date in each state. When homes are destroyed or damaged to an extent that reconstruction or complete replacement is necessary, HUD’s Section 203(h) program provides FHA insurance to disaster victims. Borrowers from participating FHA approved lenders are eligible for 100 percent financing including closing costs. HUD’s Section 203(k) loan program enables individuals to finance the purchase or refinance of a house, along with its repair, through a single mortgage. Homeowners can also finance the rehabilitation of their existing homes if damaged. FHA is coordinating and collaborating with the Federal Housing Finance Agency, Department of Veterans Affairs and the Department of Agriculture to ensure consistent messaging and policies for single family loans regarding foreclosure moratoriums and repayment/arrearage agreements. Additionally, affected homeowners that have mortgages through Government-Sponsored Enterprises – including Fannie Mae and Freddie Mac – and the FHA are eligible to suspend their mortgage payments through a forbearance plan for up to 12 months.
    The Internal Revenue Service announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia. Taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. In addition, the Internal Revenue Service is providing more than 1,000 employees to help with FEMA disaster relief call lines and intake initial information to help disaster victims get federal relief. IRS Criminal Investigation agents are also on the ground in devastated areas to help with search and rescue efforts and other relief work – including assisting with door-to-door search efforts.
    Protecting Public Health
    The U.S. Department of Health and Human Services activated the Emergency Prescription Assistance Program for North Carolina to aid uninsured residents in replacing prescription medicines or certain medical equipment lost or damaged in Hurricane Helene.
    The U.S. Environmental Protection Agency is working closely with state and local officials to restore drinking water service in North Carolina and across the Southeast as well as provide assistance in debris and hazardous waste clean-up efforts.
    Supporting Workers and Worker Safety
    The U.S. Department of Labor announced initial emergency grant funding to Florida to support disaster-relief jobs and training services to help respond to Hurricane Helene. Additional grant funding for North Carolina is forthcoming. The National Dislocated Worker Grant – supported by the Workforce Innovation and Opportunity Act of 2014 – allows the Florida Department of Commerce to provide people with temporary disaster-relief jobs and the delivery of humanitarian assistance to address immediate, basic needs for those displaced by Hurricane Helene. The funding also enables the state to provide training and services to individuals in the affected communities.
    Working alongside the Department of Labor, the States of Florida, North Carolina, South Carolina, and Tennessee have all announced that eligible workers can receive federal Disaster Unemployment Assistance to compensate for income lost directly resulting from Hurricane Helene. And, through the Department of Labor’s innovative partnership with the U.S. Postal Service, displaced workers from North Carolina and South Carolina can now go to the post office in any other state and verify their ID for purposes of getting their benefits quickly.
    The Department of Labor is also working alongside on-the-ground personnel providing disaster relief, recovery, and rebuilding to prevent additional workplace disasters. This includes producing a worker safety training resource for resilience workers in Florida who are continuing to clear debris, rebuild infrastructure, and prepare for Hurricane Milton. This also includes activating the Wage and Hours Division Natural Disaster outreach, education and strategic enforcement program to provide employers and workers with the information they need to ensure everyone is paid correctly under the law.

    MIL OSI USA News –

  • MIL-OSI Australia: Reappointment of Australian statistician

    Source: Australian Treasurer

    The Albanese Government has reappointed Dr David Gruen AO as the full‑time Australian Statistician to the Australian Bureau of Statistics (ABS) for a further five years, beginning on 11 December 2024.

    Dr Gruen has served as the Australian Statistician since 2019, providing outstanding leadership of the ABS through a unique period in history.

    Dr Gruen is one of Australia’s best and most experienced economists and has a distinguished record of public service. He previously served as Deputy Secretary in the Department of Prime Minister and Cabinet and in the Department of the Treasury.

    The professional manner in which Dr Gruen has led the ABS meant that during the COVID‑19 pandemic the ABS provided rapid statistics to guide policy responses during a period of unprecedented economic uncertainty, and again after the pandemic to assess how it changed Australia’s economy and society.

    He is a distinguished, innovative and respected leader who has led the agency to streamline data collection and harness existing data sources, improving the quality, reliability and timeliness of statistics, which is helping to better inform important public policy issues.

    The ABS has curated major longitudinal data assets, including the Person Level Integrated Data Asset (PLIDA) and Business Longitudinal Analysis Data Environment (BLADE) datasets, which are being used extensively by researchers in government and academia, including research that has informed the work of the Competition Taskforce.

    Alongside his role as Australian Statistician, Dr Gruen was appointed by the Australian Public Service Commissioner as the inaugural Head of Data Profession.

    The Data Professional Stream ensures the entire APS workforce has the data capabilities to harness the growth in the availability and value of data across the public service.

    The ABS is Australia’s national statistical agency and provides trusted, independent, timely and relevant data, statistics and insights to inform Government policy.

    MIL OSI News –

  • MIL-OSI Australia: Parliament moves one step closer to wiping $3 billion of student debt from 3 million Australians

    Source: Australian Ministers for Education

    Today the Albanese Government has passed legislation through the House of Representatives to cut the student debt of more than three million Australians.

    The legislation will wipe around $3 billion in student debt from workers and students across the country.

    The Universities Accord (Student Support and Other Measures) Bill 2024 which caps the HELP indexation rate at the lower of either the Consumer Price Index (CPI) or the Wage Price Index (WPI) with effect from 1 June 2023 will now move to the Senate.

    The Government will backdate this relief to all HELP, VET Student Loan, Australian Apprenticeship Support Loan and other student support loan accounts that were indexed on 1 June last year.

    This will benefit all Australians with a student debt, fixing last year’s spike in the indexation of 7.1 per cent and preventing indexation from outpacing wages in the future.

    An individual with an average HELP debt of $26,500 will see up to $1,200 wiped from their outstanding HELP loans.

    After the legislation passes the Parliament, the ATO will automatically apply a credit for the difference between the current indexation rate and the new indexation rate to outstanding student loans.

    If someone has completely repaid their HELP debt after 2023 or 2024 indexation was applied, the credit would be via a refund to their bank account (assuming there are no outstanding tax debts).

    Estimated indexation credit for HELP debtors

    HELP DEBT at 30 June 2023    TOTAL ESTIMATED CREDIT FOR 2023 AND 2024*
    $15,000     $670
    $25,000 $1,120
    $30,000 $1,345
    $35,000 $1,570
    $40,000 $1,795
    $45,000 $2,020
    $50,000 $2,245
    $60,000 $2,690
    $100,000 $4,485
    $130,000 $5,835

    *Actual credit amount will vary depending on individual circumstances including repayments made during the year. All HELP debts that were indexed in 2023 and 2024 will receive an indexation credit.

    Australians with a HELP debt can find out how much this is estimated to benefit them using the HELP Indexation Credit Estimator here.

    The Bill also introduces the Commonwealth Prac Payment from 1 July 2025 for around 68,000 higher education teaching, nursing, midwifery and social work students to help support them financially while they do the practical part of their degree.

    It also expands FEE-FREE University Ready Courses which act as a bridge between school and university to help more Australians get a crack at university and succeed when they get there.

    This is part of the first stage of reforms the Albanese Government will implement in response to the Universities Accord.

    Quotes attributable to Minister for Education Jason Clare:

    “We are one step closer to wiping out around $3 billion in student debt from more than three million Australians.

    “The Bill has passed the House and now it is off to the Senate.

    “The Universities Accord recommended indexing HELP loans to whatever is lower out of CPI and WPI.

    “We are doing this, and going further. We are backdating this reform to last year. This will wipe out what happened last year and make sure it never happens again.”

    MIL OSI News –

  • MIL-OSI New Zealand: Release: Where are the 100,000 families?

    Source: New Zealand Labour Party

    Nicola Willis has once again shown her promises are based on ghost families, with less than half registering for the FamilyBoost payments.

    “FamilyBoost has seen just 39,664 registrations – well short of the 100,000 promised by Nicola Willis at the Budget and last week,” Labour finance spokesperson Barbara Edmonds said.

    “It’s clear National wants to make it difficult for anyone to actually get this money by making it a rebate. It’s a bureaucratic nightmare – with busy parents having to find invoices or proof of payment from childcare centres and claim back the money themselves from IRD.

    “It means people must be able to afford the childcare in the first place, making thousands of families ineligible.

    “Halloween has come early for the National Party as Nicola Willis’ ghost families that do not exist strike again.

    “This is just further proof National has overcooked its tax policy.

    “Nicola Willis said for months the average family would get $250 per week then she was forced to reveal it was fewer than 3000.

    “It was disingenuous to promise huge tax relief to families, simply using made up data and not deliver it. To then use ghost families to try to sell the actual tax package is dishonest.

    “National should have made the policy universal rather than a rebate, otherwise it isn’t the relief for families struggling with the cost of living that Nicola Willis claims it is.

    “These FamilyBoost numbers are just another failure for National’s tax plan,” Barbara Edmonds said.

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    MIL OSI New Zealand News –

  • MIL-OSI Australia: Opinion piece: Modernising Merger Approvals to bring them into the 21st century

    Source: Australian Treasurer

    Boosting competition has been one of the cornerstones of the Albanese government’s economic plan ever since we came to office.

    This week we’re taking another big step towards making our economy more competitive, by introducing the single biggest reform to Australia’s mergers law in 50 years to parliament.

    Our new merger rules will improve how these types of deals are approved across the board.

    They will make the system faster, stronger, simpler, more targeted and more transparent.

    They will also create certainty for businesses that have been forced to navigate an unclear and antiquated merger system for decades.

    Under our current merger approvals regime, businesses that are looking to merge don’t know if they need to notify the competition regulator, when they need to notify the competition regulator and how to best go about it.

    This will all change under the new regime.

    We will set clearly defined monetary thresholds that will determine whether a merger needs ACCC approval before proceeding.

    There will be 3 key thresholds.

    Firstly, any merger will be looked at if the Australian turnover of the combined businesses is above $200 million, and either the business or assets being acquired has Australian turnover above $50 million or global transaction value above $250 million.

    Secondly, the ACCC will look at any merger involving a very large business with Australian turnover more than $500 million buying a smaller business or assets with Australian turnover above $10 million.

    Finally, to target serial acquisitions, all mergers by businesses with combined Australian turnover of more than $200 million where the cumulative Australian turnover from acquisitions in the same or substitutable goods or services over a 3-year period is at least $50 million will be captured, or $10 million if a very large business is involved.

    Land acquisitions involving residential property development and certain commercial property acquisitions won’t be included to avoid clogging up the system with simple land acquisitions unless they are captured under other notification requirements.

    In addition, the legislation provides flexibility to allow the Treasurer to adjust and calibrate the thresholds to respond to evidence-based concerns from the ACCC about high-risk mergers, like in the supermarket sector.

    These thresholds are all about striking the right balance between creating a rigorous and robust regime that can capture all risky mergers without calling in every merger. The thresholds will be reviewed 12 months after coming into effect, to ensure they are working as intended.

    The new system will allow the ACCC to review all the mergers that they have been typically concerned about, not just some.

    It will take a more targeted approach that allows the ACCC to focus its efforts on the mergers that really matter.

    We want to see the majority of mergers approved quickly, so the ACCC can focus on the minority that give rise to competition concerns. The ACCC has committed to this, with an expectation around 80 per cent of mergers will be approved in 15 to 20 business days.

    That’s because we understand that most mergers have genuine economic benefits and are an important feature of any healthy, open financial system.

    Last year, over 1,400 mergers were recorded, at a value of around $300 billion.

    They can attract capital, re‑tool businesses and improve the uptake of new technologies.

    They can allow businesses to achieve greater economies of scale and scope, to access new resources, technology and expertise.

    This can flow through to consumers via greater product choice and quality as well as lower prices.

    But some mergers can cause serious economic harm.

    This can happen when businesses are not interested in improving profitability by lifting productivity.

    When they’re solely focused on squeezing out competitors to capture a larger percentage of the market.

    This can strangle innovation, reduce productivity in our economy and punish consumers with reduced choice.

    We’ve developed this legislation and these thresholds through detailed consultation.

    We’re especially grateful for the input from the Expert Advisory Panel, comprising Kerry Schott, David Gonski, John Asker, Sharon Henrick, John Fingleton, Danielle Wood and Rod Sims.

    We’re also genuinely thankful for all the discussions and consultation we have held with businesses, the competition regulator, and the broader community, about the legislation.

    As an example, we heard concerns about aspects of our draft legislation from the business community, including that parts of the review process were still too time‑consuming, and businesses wouldn’t be able to access the evidence the ACCC relied on when making its decision.

    We’ve addressed these issues in the updated Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 we will introduce into Parliament on Thursday.

    The Bill clarifies and provides certainty on timelines for ACCC assessment and limits the ability of the ACCC to stop the clock at various stages of the assessment process.

    The Bill also now allows discretion for the Australian Competition Tribunal to permit parties to provide new information if relevant to the ACCC determination and they didn’t have a reasonable opportunity to make submissions during the ACCC’s review.

    These new targeted and balanced merger rules are part of the Albanese Labor Government’s substantial and broad competition reform agenda, which is all about creating a more dynamic, more productive and resilient economy.

    They build on actions we’ve already taken, like revitalising National Competition Policy with states and territories, abolishing 500 nuisance tariffs, our reforms to boost competition in the supermarket sector, and productivity enhancing reforms to planning and zoning around the country.

    This agenda will help expand choices, lift living standards and grow our economy.

    It will help ensure that our people, businesses and industries are beneficiaries of the opportunities before us in the defining decade ahead.

    This article was first published as Government has listened to concerns on merger law reform in The Australian Financial Review.

    MIL OSI News –

  • MIL-OSI Australia: ACCC welcomes introduction of merger reform bill, prepares for implementation

    Source: Australian Competition and Consumer Commission

    The ACCC today welcomed the introduction of the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 into the Australian Parliament, which if passed through the Parliament will provide the ACCC with fit for purpose tools targeted at identifying and preventing anti-competitive mergers.

    “This marks a significant milestone in the process of reforming Australia’s merger laws,” ACCC Chair Gina Cass-Gottlieb said.

    If passed by the Parliament, the new legislation will represent a major change for the ACCC, business and the Australian community. In anticipation of the new legislation coming into effect, the ACCC has today issued a statement of goals to outline its approach to implementing the new regime and to reduce uncertainty during the transition.

    “The ACCC is committed to the successful implementation of these reforms, if passed by parliament, to ensure that transactions that may adversely affect competition are subject to adequate scrutiny based on the risks raised, and to provide a more efficient and transparent process for businesses and for the wider community,” Ms Cass-Gottlieb said.

    This contrasts to the current situation where only a small proportion of the estimated 1,000 – 1,500 mergers that occur each year are notified to the ACCC and around 93 per cent of those that are voluntarily notified are assessed on a confidential basis.

    “Part of making these reforms a success will be ensuring businesses have clarity on their obligations, the timeframes they can expect, and other key aspects of the process,” Ms Cass-Gottlieb said.

    “Our statement of goals is the first step in signalling how we will implement these reforms and outlines what merger parties and stakeholders, including customers and suppliers to merger parties, should expect.”

    The new system will provide for greater transparency of the mergers the ACCC is reviewing and the reasons on which decisions are based. This will enable the wider community, including consumers and small businesses, to comment on mergers relevant to them.

    It will also result in a more efficient and faster process and more certain timelines for businesses seeking clearance, with new obligations on the ACCC to complete decisions within legislated timeframes.

    The ACCC expects about 80 per cent of mergers will be cleared within 15 to 20 business days.

    Under the new regime, the ACCC will enhance its economic and data analysis to further drive and inform its decision making.

    “The ACCC will take a risk-based approach, with resources prioritised to acquisitions more likely to harm the community,” Ms Cass-Gottlieb said.

    Subject to the passage of the legislation, the new regime will come into effect from 1 January 2026 but will also allow for merger parties to start using the new merger regime on a voluntary basis from 1 July 2025.

    The ACCC will consult on and publish guidelines on the transition period to ensure stakeholders are well informed about the options available to them during this period and have open channels available for merger parties to seek guidance.

    The ACCC has also previously announced it will renew and expand its Performance Consultative Committee to advise on the ACCC’s merger review functions as well as the broad range of the ACCC’s responsibilities.

    The committee will consist of a range of stakeholders including consumer, business, and legal representatives.

    Background:

    Reforms to Australia’s existing merger laws were announced by the Treasurer in April 2024. The Treasurer’s announcement was welcomed by the ACCC.

    The ACCC first released proposed merger reforms at the Law Council in 2021. ACCC Chair Gina Cass-Gottlieb commenced her term in 2022 and has continued to advocate for merger reform including at the National Press Club in April 2023.

    The ACCC’s submissions to the Treasury Competition Review, which includes detailed analysis and argues the case for reform can be found here: https://www.accc.gov.au/inquiries-and-consultations/accc-submissions-to-external-consultations#toc-mergers-

    MIL OSI News –

  • MIL-OSI Australia: Historic reforms for a more competitive economy enter Parliament

    Source: Australian Treasurer

    Today the Government will introduce landmark reforms to Parliament to overhaul Australia’s merger rules, another big step towards further boosting competition and productivity in our economy.

    This legislative package is the biggest reform to Australia’s merger settings in almost 50 years.

    It will create a regime that more efficiently and effectively targets mergers that are anti‑competitive, while allowing mergers that are pro‑competitive to proceed faster.

    The Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 delivers the merger reforms we announced in April, and will make our merger approval system faster, stronger, simpler, more targeted and more transparent.

    This Bill will bring Australia’s merger system into the 21st century and make it easier for the majority of mergers to be approved quickly, so the Australian Competition and Consumer Commission (ACCC) can focus on the minority that give rise to competition concerns.

    We understand that most mergers have genuine economic benefits and are an important feature of any healthy, open financial system but some mergers can cause serious economic harm.

    Under the new regime, there will be a mandatory notification system for mergers above certain thresholds and the ACCC will be the decision maker on approvals.

    There will be three key thresholds:

    1. Any merger will be looked at if the Australian turnover of the combined businesses is above $200 million, and either the business or assets being acquired has Australian turnover above $50 million or global transaction value above $250 million.
    2. The ACCC will look at any merger involving a very large business with Australian turnover more than $500 million buying a smaller business or assets with Australian turnover above $10 million.
    3. To target serial acquisitions, all mergers by businesses with combined Australian turnover of more than $200 million where the cumulative Australian turnover from acquisitions in the same or substitutable goods or services over a 3 year period is at least $50 million will be captured, or $10 million if a very large business is involved.

    These thresholds will allow the ACCC to focus its efforts on the mergers that really matter. The thresholds will be reviewed 12 months after coming into effect, to ensure they are working as intended.

    Land acquisitions involving residential property development and certain commercial property acquisitions won’t be included to avoid clogging up the system with simple land purchases unless they are captured by additional targeted notification requirements.

    In addition, the legislation provides flexibility to allow the Treasurer to adjust and calibrate the thresholds to respond to evidence‑based concerns from the ACCC about high‑risk mergers, like in the supermarket sector.

    This power, combined with the thresholds, will allow the ACCC to review all the mergers that they have been typically concerned about.

    Using this provision, the Government intends to make sure the ACCC is notified of every merger in the supermarket sector.

    Reviewing every supermarket merger is part of the decisive action our Government is taking to help Australians get fairer prices at the checkout. We want to make sure supermarket mergers don’t come at the cost of Australians, families and pensioners getting a fair price on their grocery bills.

    The Government intends to use this designation power to get the competition regulator to review purchases of an interest above 20 per cent in an unlisted or private company, if one of the companies involved in the deal has turnover more than $200 million.

    The Government will also consider targeted notification requirements for sectors such as fuel, liquor and oncology radiology.

    We consulted widely on these thresholds and the legislation, including with consumers, businesses, the agriculture sector, legal practitioners, investors, academics and industry associations.

    Subject to the passage of legislation, the new system will come into effect from 1 January 2026, with businesses able to make voluntary notifications under the new regime from 1 July 2025.

    This legislation will improve competition in our economy, which means higher quality choices for consumers and fairer prices.

    It builds on our substantial competition agenda including revitalising National Competition Policy with the states and territories, abolishing 500 nuisance tariffs, our reforms to the supermarket sector, and productivity enhancing reforms to planning and zoning around the country.

    The Albanese Government is focused on tackling cost of living pressures now and building a more dynamic, more productive, and more resilient economy. Making our economy more competitive is critical to these goals.

    MIL OSI News –

  • MIL-OSI United Kingdom: More than £14 million in joint government and industry funding to boost innovation and working conditions in freight

    Source: United Kingdom – Government Statements

    Funding will provide more parking for HGVs, better conditions for lorry drivers and support UK businesses to take advantage of the latest technology.

    • lorry drivers will enjoy better rest areas, more parking and improved security thanks to over £12 million in joint government and industry funding
    • funding comes as nearly £2 million also announced to drive innovation and decarbonise freight
    • investment will help strengthen the UK supply chain, support jobs, and get the UK back on track to growth

    More green e-cargo bikes will deliver parcels to people’s doorsteps and better truckstops will help relieve local congestion, thanks to a £14 million boost from both government and industry to drive innovation in freight and improve working conditions. 

    Today (10 October 2024), Future of Roads Minister Lilian Greenwood revealed the 23 successful applicants of up to £4.5 million from the government to improve truckstops and working conditions for lorry drivers.  

    From Immingham Lorry Park in Lincolnshire to Embassy Truck Park in Kent, the upgrades include 430 new lorry parking spaces to relieve local congestion by helping reduce the number of large trucks parking in town centres or on the side of the road. 

    The investment will also help build better dining, changing and rest facilities, as well as new CCTV and secure fencing to boost welfare and security for lorry drivers.  

    The funding is from the third year of the HGV parking and driver welfare grant scheme, which will come in addition to £8 million from industry, for a total funding boost of £12.5 million to improve truckstops.

    See the winning bids for round 3 of the HGV parking and driver welfare grant scheme.

    This investment comes on top of £1.8 million from the government for 10 small and medium enterprises (SMEs) to trial new groundbreaking technology for decarbonising freight and driving innovation in the sector. 

    Examples of groundbreaking ideas that will become reality include TUAL working with Wincanton to trial high performance powerbanks for electric lorries, and Innervated Vehicle Engineering working in partnership with Asda to retrofit hydrogen power to small delivery vans.

    This funding is the third tranche of the department’s Freight Innovation Fund Accelerator Programme, a £7 million government investment across 3 years to support the freight sector in deploying AI and automation to improve the way trains, lorries, vans, and ships carry parcels and goods. 

    See the winning projects for the third round of the Freight Innovation Fund.

    Today’s measures will help the government achieve its core mission of getting the country back on track for growth. They will improve working conditions for lorry drivers while pioneering innovation and sustainability across freight to strengthen the UK’s supply chain and support jobs across the country.  

    The announcement comes ahead of the International Investment Summit which will gather UK leaders, high-profile investors and businesses from across the world to discuss how we can deepen our partnership to drive investment and growth.

    Future of Roads Minister, Lilian Greenwood, said: 

    Freight is a crucial engine of our economy and it is only right we do all we can to improve working conditions, pioneer innovation and drive sustainability across the industry. 

    Our funding, combined with investment from the industry, will ensure lorry drivers can enjoy safer parking, a proper rest and a warm meal, while supporting UK businesses to harvest the best of technology to move freight faster, decarbonise our supply chain, and grow the economy for all.

    Today’s £12.5 million for truckstops follows £31 million in previous joint government and industry funding as part of earlier application windows.  

    Together with National Highways Lorry Parking Facilities Improvements Scheme, this takes the total joint investment from the department and the sector to improve lorry roadside facilities to up to £64 million. 

    The funding will be spread across England to ensure all lorry drivers in the country can benefit from better roadside facilities and better working conditions, while supporting local jobs and economic growth. 

    Director of Policy and Public Affairs at the Road Haulage Association, Declan Pang, said:

    We are delighted to see funding allocated to drive improvements to standards and capacity at lorry parks and truck stops across England.

    The grant scheme continues to be a very welcome commitment from government and the industry to bring about much-needed improvements for lorry drivers who are a vital workforce in keeping the country’s supply chains moving. We look forward to seeing the impact of these investments in improving conditions and driver welfare.

    The Freight Innovation Fund is providing highly successful in fostering industry investment, as UK businesses from the first year of the fund have so far raised £97 million in additional capital to fund their innovative projects. 

    Delivered by Connected Places Catapult, the Freight Innovation Fund will give SMEs access to technical and business support from the organisation to develop new groundbreaking projects. 

    Chief Executive Officer at Connected Places Catapult, Erika Lewis, said:

    Building on the success of the Freight Innovation Fund to date, I’m very pleased to welcome a third cohort of high potential innovators onto the Accelerator.

    This programme gives bespoke support to SMEs, working hand-in-hand with industry as they trial their solutions in real-world environments. By supporting new ideas in freight, we are helping to unlock the sector’s potential to be greener and more efficient.

    Roads media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 10 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New unit to boost effectiveness of UK sanctions against Russia

    Source: United Kingdom – Executive Government & Departments

    New trade sanctions unit becomes operational

    • New unit to help businesses comply with the UK’s trade sanctions to launch today.
    • Unit has new and enhanced powers to crack down on businesses in breach and make sure UK sanctions are effective.
    • Sanctions are helping to defund Putin’s illegal war, depriving Russia of over $400 billion of funds since February 2022.

    UK sanctions against Russia are set to be strengthened as the Government launches a new unit to help companies comply with trade sanctions and penalise those who do not.

    Following Russia’s invasion of Ukraine, the UK implemented its most comprehensive set of sanctions against a major economy, with over £20 billion worth of trade with Russia now sanctioned.

    The new Office of Trade Sanctions Implementation (OTSI), launching today, will work with industry to make complying with sanctions obligations as straightforward as possible by issuing guidance and user-friendly online tools.

    There has been overwhelming support from business in implementing sanctions against Russia, and the vast majority of businesses comply. For the minority that don’t, OTSI will have powers to publish information about sanctions breaches and impose civil monetary penalties.

    Business and Trade Secretary Jonathan Reynolds said:

    Sanctions are vital in defunding Putin’s illegal war and only by working hand in hand with business can we make them as effective as possible.

    This new unit will help ensure businesses comply with trade sanctions and take decisive enforcement action where needed so that, together with business, we can continue to exert maximum pressure on Putin’s regime.

    Sanctions Minister Stephen Doughty said:

    This new government is resolutely committed to strengthening our sanctions regime, with robust enforcement and penalties for those who fail to comply. From Moscow to Tehran – kleptocrats, aggressors and the enablers who support and facilitate their wealth and  malign actions  should be on notice.

    OTSI will be instrumental in providing vital additional tools not only to help businesses comply with our sanctions, but also to deter and impose costs upon those seeking to breach them.

    The new unit is part of the Department for Business and Trade.  OTSI will work with businesses to offer guidance, issue licences and investigate reports of trade sanctions breaches.

    Chloe Cina, international sanctions expert and Royal United Services Institute (RUSI) fellow said:

    Investing in a new specialist unit to issue guidance, grant licences, and enforce certain trade sanctions across 21 UK regimes is compelling evidence that the novel measures introduced as part of the UK’s response to Russia’s invasion of Ukraine are here to stay.

    The industry will be reassured to see that the most complex restrictions relating to professional services will now be dealt with by OTSI directly from today.

    This launch also sees new reporting obligations introduced for financial services firms, money service businesses and legal service providers. They will now be expected to inform OTSI of suspected breaches of certain trade sanctions.

    OTSI’s new enforcement powers for trade sanctions complement those HMRC already has. While HMRC remains responsible for the enforcement of trade sanctions on goods that cross the UK border as part of its customs role, OTSI now has lead enforcement responsibility for sanctioned services leaving the UK, as well as trade in sanctioned goods and services anywhere else in the world where a UK business or person is involved.

    Notes to editors:

    • From today, OTSI takes on responsibility for issuing licences for certain sanctioned activity – specifically the provision of standalone services, including professional and business services. Sanctions licensing for the export of goods and the provision of ancillary services (services related to the export of tangible goods) remain the responsibility of the Export Control Joint Unit (ECJU). DBT’s Import Controls Team continue to be responsible for licensing the import of goods and other activities (including provision of ancillary services) which are prohibited under UK import sanctions. More information is available here
    • A full list of the UK’s sanctions can be found here
    • Businesses can visit GOV.UK to submit enquiries or contact OTSI@businessandtrade.gov.uk.

    Updates to this page

    Published 10 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: ThreeD Capital Inc. Announces Unaudited September 30, 2024 Net Asset Value Per Share – $0.87

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 09, 2024 (GLOBE NEWSWIRE) — ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK / OTCQX:IDKFF) a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, announces that at September 30, 2024, its unaudited net asset value per share (“NAV”) was $0.87.

    This announcement is made based on ThreeD’s established practice of releasing NAV on a monthly basis as part of the Company’s ongoing response to shareholder interest in receiving periodic information. NAV is calculated based on unaudited month-end financial information.

    Use of Non-GAAP Financial Measures:

    This press release contains references to NAV or “net asset value per share” which is a non-GAAP financial measure. NAV is calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP financial measure presented in ThreeD’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company believes that the measure provides information useful to its shareholders in understanding the Company’s performance and may assist in the evaluation of the Company’s business relative to that of its peers. This data is furnished to provide additional information and does not have any standardized meaning prescribed by GAAP. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of other metrics presented in accordance with GAAP. Existing NAV of the Company is not necessarily predictive of the Company’s future performance or the NAV of the Company as at any future date.

    About ThreeD Capital Inc.

    ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.

    For further information:

    Matthew Davis, CPA
    Chief Financial Officer and Corporate Secretary
    davis@threedcap.com
    Phone: 416-941-8900

    The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

    Forward-Looking Statements

    This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of Canadian securities laws including, without limitation, statements with respect to the future disclosure of NAV by the Company and the approximate timing thereof. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur including, without limitation, risks relating to the timing and content of future public disclosures by the Company or related to the fact that the term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies and may not be indicative of NAV for any future periods. Although the Company believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

    The MIL Network –

  • MIL-OSI: Lantronix Announces Five New System-in-Package Solutions Powered by Qualcomm for AI/ML and Video Solutions at the Edge

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Oct. 09, 2024 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity IoT solutions, today announced its powerful new System-in-Package (SiP) solutions powered by Qualcomm® Technologies’ chipsets that reinforce Lantronix’s position in industrial and enterprise IoT innovation, bringing advanced Artificial Intelligence (AI) and Machine Learning (ML) capabilities to the edge.

    “Qualcomm Technologies and Lantronix have had strong relationships for more than 15 years,” stated Dev Singh, vice president of Business Development and head of Industrial Automation at Qualcomm Technologies Inc. “Utilizing Qualcomm Technologies’ cutting-edge processors, Lantronix enables its customers to seamlessly deploy AI solutions at the edge, bringing its expertise in embedded computing and IoT to deliver reliable, industrial-grade systems.”

    With a combination of leading-edge performance and cost efficiency, Lantronix’s five new SiP families are set to accelerate the development of AI-driven applications in industrial and enterprise use cases, including robotics, industrial automation, video surveillance, video collaboration and drones. The new SiP modules are compliant with the Trade Agreements Act (TAA) and the National Defense Authorization Act (NDAA).

    “With the addition of these five new SiP solutions, we continue our strategic collaboration with Qualcomm Technologies that has enabled Lantronix to build a proven track record of successfully delivering integrated, collaborative solutions that are driving forward IoT and AI/ML technologies to meet the evolving needs of today’s advanced-edge applications,” said Mathi Gurusamy, chief strategy officer for Lantronix.

    Lantronix enables the creation of superior, high-performance AI-driven applications by integrating AI capabilities from the Qualcomm® AI Hub. The Qualcomm AI Hub provides a reference base of more than 100 AI models and a simplified model optimization process to efficiently utilize AI capabilities (3.5 to 100 INT-8 TOPS) in these SiP families.  

    IQ9 Series SiPs for Industrial and Robotics Applications

    Lantronix’s pin-compatible 9100IQ and 9075IQ SiPs, powered by the Qualcomm® IQ-9100 and IQ-9075 processors, provide scalable, power-efficient and robust computing to autonomous devices and next-generation Industry 4.0 designs using advanced AI. The new IQ9 Series can enable:

    • Robust safety functions in autonomous mobile robots (AMR) or platforms with functional safety (FuSa) up to level SIL-3 level (IQ-9100-based SiPs only)
    • Device robustness with fault tolerance Error Correction Code (ECC) memory support and system cost savings by leveraging an integrated, dedicated safety island (IQ-9100) or real-time subsystem (IQ-9075) with four dedicated independent processing cores supporting real-time operating systems for system error monitoring and other critical functions.
    • Robot perception, navigation and versatility improvement through a powerful Qualcomm® Adreno™ 663 GPU and support for up to 16 concurrent cameras.
    • Interactive industrial edge AI systems utilizing up to 100 TOPS by integrating Large Language Model (LLM) support at the edge. The IQ9 Series Hexagon tensor processor can achieve a generation rate of 12 tokens per second when running the Llama 2 13B parameter mode.
    • Fanless systems to enhance operating temperature with the SiP family supporting a -40°C to 115°C junction temperature range.

    Learn more about Lantronix’s 9100IQ and 9075IQ SiP families here. 

    Lantronix’s Open-Q 8550CS for Advanced Video and AI Applications

    Building on the success of its existing Open-Q SiP portfolio, Lantronix’s Open-Q 8550CS family, powered by Qualcomm® Technologies’ QSC8550 processor, delivers high AI performance, power efficiency and advanced Wi-Fi® 7 and Bluetooth® 5 connectivity, making it ideal for long-term, high-demand edge computing applications. Benefits include the abilities to:

    • Enhance video conferencing meeting experiences, automated guided vehicle pathing, smart camera image quality and edge AI box scalability with the family’s octal-core computing capabilities and 48 AI TOPS tensor performance.
    • Perform complex 3D rendering and computer vision tasks with a powerful Adreno 740 GPU supporting ray tracing, Open GL ES, Vulkan and Open CL profiles and 4K240/8K60 video decoding and 4K120/8K30 encoding.
    • Connect edge AI boxes leveraging high-speed 2.5G and 10G Ethernet ports.

    Learn more about Lantronix’s Open-Q 8550CS SiP family here. 

    Lantronix’s Open-Q 6490CS and 5430CS for Scalable AI Solutions

    Lantronix’s pin-compatible Open-Q 6490CS and Open-Q 5430CS families, powered by Qualcomm® Technologies’ QCS6490 and QCS5430 processors, allow customers to scale their product lines with minimal development effort while benefiting from low-power AI performance, Wi-Fi 6E and BLE 5+ connectivity as well as flexible peripheral expansion. Features include:

    • Real-time machine learning on 6th-generation AI engine, delivering 3.5 to 13 AI TOPS and complemented with up to octal-core CPU and Adreno 640 class GPU. 
    • Advanced multimedia and AI powered camera support through up to three concurrent ISPs supporting up to 192MP cameras, 4K30 encoding and 4K60 decoding, sufficient to handle up to 8 camera streams simultaneously for video-intensive applications.
    • Percepxion™ device management for over-the-air (OTA) upgrades for performance, security and software feature improvements. 

    Learn more about Lantronix’s Open-Q 6490CS here and 5430CS families here.

    About Lantronix   

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth industries including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing. 

    For more information, visit the Lantronix website.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to our Open-Q SIP solutions for Qualcomm developers. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024; as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. The forward-looking statements included in this release speak only as of the date hereof, and we do not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances. 

    © 2024 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    Qualcomm-branded products are products of Qualcomm Technologies Inc. and/or its subsidiaries. Qualcomm and Adreno are trademarks or registered trademarks of Qualcomm Incorporated. 

    Lantronix Media Contact:         
    Gail Kathryn Miller 
    Corporate Marketing & 
    Communications Manager 
    media@lantronix.com
    949-212-0960 

    Lantronix Analyst and Investor Contact:         
    investors@lantronix.com

    The MIL Network –

  • MIL-OSI Australia: Screen Australia announces $8.1 million of production funding for 15 projects

    Source: Australia Government Statements 4

    10 10 2024 – Media release

    L-R: Love Adjacent director Louise Alston, Watching You creators Alexei Mizin and Ryan van Dijk, and Arisa Trew from online development project, Level Up (photo credit: Mathias Scherrer).
    Screen Australia has announced over $8.1 million in production funding for 15 projects spanning feature film, television and online content. This significant investment reflects Screen Australia’s ongoing commitment to fostering innovative storytelling and content that engages audiences across genres and platforms.
    Among the funded projects are Zac Power, a new animated family feature from Flying Bark Productions and Cheeky Little Media, based on the popular book series of the same name; Leviticus, the latest feature from Causeway Films, the production company behind the global breakout success Talk to Me; romantic comedy Love Adjacent; Stan’s psychological thriller series Watching You; and online series Hoops, from the creative team behind the popular TikTok documentary Transathletica.
    Screen Australia CEO Deirdre Brennan said, “These latest projects reflect the depth of creative storytelling that defines the Australian screen industry. We support projects that entertain and resonate with audiences. Our aim is to champion authentic local voices and ensure our sector remains at the forefront of global storytelling.”
    “For the 2023/24 financial year, Screen Australia invested over $85 million across all 57 funding programs, including over $5.5 million through the First Nations Department, and issued 205 final certificates through the Producer Offset with a total value of $413 million. Demand on Screen Australia support remained high, with the agency supporting just under a third of all applications received. We’ll continue to seek ways to provide impactful support within our limited capacity, prioritising audience connection, industry value and cultural relevance.”
    Over the past year, Australian projects demanded global attention with 61 Australian projects selected for international film festivals and events. Amongst those titles, online series Videoland took out Best Comedy series at the prestigious Festival Series Mania, critically acclaimed debut feature Shayda won the Sundance Audience Award, and Furiosa and Australia/Ireland Co-production The Surfer starring Nicholas Cage led the Australian contingent hosting World Premieres at Cannes Film Festival. Funding stories that reflect and connect remains a focus and in 2023/24, the agency supported a breadth of titles that highlight local screen talent including drama series Top End Bub, feature film JIMPA and a new slate of children’s content including DO NOT WATCH THIS SHOW, an animated adaptation of the popular children’s book series by comedian and author Andy Lee.
    “Our focus is firmly on the future. We’re building a sustainable screen economy that both adapts and inspires. I’m thrilled by the international recognition of our stories and excited for the pipeline of projects set to release before the end of the year including films Memoir of a Snail and The Moogai, along with series’ Thou Shalt Not Steal, Four Years Later and Plum – I can’t wait for Australians to experience them,” continued Brennan.
    The projects funded for production include:

    Chasing Millions: A crime drama set in Belfast 2004, where Northern Ireland has been at peace for six years, but old enmities and mistrust remain. Chasing Millions tells the story of the biggest bank heist in Irish, British (and Australian) history making reluctant partners of ambitious Australian police officer, Diana, with gruff, veteran Northern Irish detective, Crawford, as they investigate and seek to solve the crime while navigating their way through the minefield of a fragile peace. An official Irish-Australian co-production with Irish director Stephen Burke (Maze) at the helm, based on a script by Stephen Burke and Katherine Thomson (Schapelle, House of Hancock). Producers are Jane Doolan (Maze, Wolf) of Mammoth Films, Ireland and Michael Wrenn (Audrey) of Invisible Republic, Australia. It has received major production investment from Screen Ireland, with local distribution by Bonsai Films and international sales by Level K.
    Displaced: A six-part comedy sci-fi series for YouTube that follows a dysfunctional physicist who is accidentally sent back in time and in the process, tries to fix her future by mentoring her younger self. Displaced is a comedy about depression, queerness, making trouble, healing an inner child, and being seen. It is from writer/director Molly Daniels (The InBESTigators, Wispy), writer/producer Jem Splitter (Galacticare) and producer Rachael Morrow. Displaced is produced and developed in association with VicScreen and financed with support from the Community Broadcasting Foundation.
    Hoops: From the team behind Transathletica on TikTok, Hoops documents the journey of Transgender Basketballer Lexi Rodgers and her fight to be ruled eligible to play with a NBL1 South team. After a major setback in 2023, Lexi spends the year jumping through hoops – determined against all odds to play in the 2024 season. Hoops is from writer/director Hannah McElhinney, writer Rudy Jean Rigg and executive producer Jamie Searle of Transathletica, with Eliza Bone (Letter for the King) producing.
    Leviticus: The latest horror feature film from the production company behind box office hit Talk to Me, Leviticus is the story of two teenage boys living in a conservative Christian community in regional Victoria, Naim and Ryan. When their attraction to each other is identified by the local pastor, the pair are subjected to a conversion ritual which unknowingly releases an entity that terrorises the town. Leviticus is from writer/director Adrian Chiarella (Totally Completely Fine), and producers Hannah Ngo (Latecomers) and Samantha Jennings and Kristina Ceyton of Causeway Films. It is financed in association with Salmira Productions, and developed and produced in association with VicScreen, who is also supporting post, digital and visual effects (PDV). PDV is also supported by Kojo Studio, with local distribution by Maslow Entertainment and international sales by Studio 301 Films.
    Love Adjacent: When food critic Maggie writes a review that causes top chef Ryan’s restaurant to go under, he is forced to retreat back home and start again from scratch. Coincidentally in the same town for her sister’s wedding, Maggie is determined to continue taking down what Ryan is serving up, that is until catastrophe strikes and Maggie desperately needs Ryan’s help to make her sister’s wedding happen. Love Adjacent is a romantic comedy feature film directed by Louise Alston (Back of the Net) and written by Sarah Mayberry (Neighbours) and Christopher Gist (The Broken Shore), with Kate Whitbread (The Caterpillar Wish) and Spencer McLaren (This Little Love of Mine) producing. It is produced in association with VicScreen, with Umbrella Entertainment distributing locally and Film Seekers managing international sales.
    Posthumous: In this drama, horror feature film, Zoe returns to her family home and estranged father to find some semblance of comfort after her life falls apart, but the discovery of a mysterious videotape threatens to undo everything she knew about her deceased mother’s final days and her own birth. Amidst their shared grief, Zoe and her father face a powerful supernatural force as long-buried events are exposed, and must be reckoned with. Posthumous is from writer/director/producer Josh Tanner (Wandering Soul) and writer/producer Jade van der Lei (6 Festivals), with Joel Anderson (Lake Mungo) executive producing. It is funded in association with Screen Queensland. Financed with support from the Gold Coast Screen Incentive, with local distribution by Kismet Movies.
    Saccharine: In this psychological horror feature from Carver Films (Run Rabbit Run), a lovelorn medical student becomes terrorised by a hungry ghost after taking part in an obscure weight-loss craze: eating human ashes. Saccharine is from writer/director/producer Natalie Erika James and producers Anna McLeish and Sarah Shaw, the team behind Relic. It is produced in association with VicScreen, with local distribution by Maslow Entertainment and international sales by XYZ Films.
    Watching You: A six-part gripping psychological thriller for Stan based on J.P Pomare’s novel The Last Guests. Watching You is created for television by Alexei Mizin and Ryan van Dijk and produced by Jason Stephens and Bree-Anne Sykes. Helen Bowden, Cailah Scobie and Alicia Brown are executive producing. It has received major production investment from Stan and is financed with support from Screen NSW through the Made in NSW Fund. Post, digital and visual effects supported by Screen NSW. Financed in association with and distributed by ITV Studios.
    Zac Power: Based on the popular book series of the same name, Zac Power is an animated family feature from Flying Bark Productions (200% Wolf, 100% Wolf) and Cheeky Little Media (Kangaroo Beach, Ginger and the Vegesaurs). Zac Power’s position as the top teenage spy is compromised after a brilliant new agent arrives. When his recklessness allows an ostentatious supervillain to steal a high-tech weapon, Zac is forced to confront his own flaws and team up with his rival. The film is directed by Alexs Stadermann and David Webster and written by Fin Edquist, John Armstrong, Lawrence Leung and Erica Harrison. It is financed in association with the Australian Children’s Television Foundation.

    Also announced today are 27 television dramas, 23 feature films and six online projects that will share in over $1.7 million of development funding. Of these, 24 projects have been supported through the Generate Fund, 26 through the Premium Fund and six through the Online Development Fund.
    The projects include online action adventure series Amy the Pirate; family music drama feature Piano Mums, following a promising teenage pianist and exploring the power of music and love of family; Skip Ahead project Life of Kea that has been developed into a television drama series; and a second season of the TikTok docuseries Sextistics, which continues to explore the statistics to create a snapshot of gender, sexuality and identity within Australia.
    For the list of projects funded across scripted feature films, scripted television, online and development in the 2023/24 financial year, visit:

    For full details on feature films funded for production so far in the 2024/25 financial year, click here.
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    Media enquiries
    Maddie Walsh | Publicist
    + 61 2 8113 5915  | [email protected]
    Jessica Parry | Senior Publicist (Mon, Tue, Thu)
    + 61 428 767 836  | [email protected]
    All other general/non-media enquiries
    Sydney + 61 2 8113 5800  |  Melbourne + 61 3 8682 1900 | [email protected]

    MIL OSI News –

  • MIL-OSI USA: Senator Peters Leads Resolution to Recognize National Chemistry Week

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    Published: 10.09.2024

    WASHINGTON, DC – U.S. Senator Gary Peters (D-MI), Co-Chair of the Congressional Chemistry Caucus, introduced a resolution recognizing October 20-26 as National Chemistry Week to celebrate chemistry’s important role in addressing critical challenges around the world. The resolution was introduced alongside fellow Congressional Chemistry Caucus Co-Chairs U.S. Senators Chris Coons (D-DE) and Shelley Moore Capito (R-WV). Full text of the resolution is available here.
    “Each year, National Chemistry Week gives us an opportunity to celebrate the extraordinary achievements in chemistry innovation that improve our everyday lives and support good-paying jobs in Michigan,” said Senator Peters. “I’m honored to join my colleagues in leading this bipartisan resolution to recognize chemistry professionals and encourage students to pursue a career in STEM fields.”
    National Chemistry Week is a community-based program of the American Chemical Society that unites students, professional communities, businesses, schools, and individuals in communicating the importance of chemistry to our quality of life. The event aims to motivate young people, especially women and members of underrepresented groups, to study science, technology, engineering, and mathematics (STEM) and pursue science-related careers. This year’s National Chemistry Week theme is “Picture Perfect Chemistry.”  
    Peters helped create the Senate Chemistry Caucus in 2017 to provide a bipartisan forum to discuss issues dealing with the science of chemistry and America’s chemical business sector, which play a critical role in our economy and the creation of innovative products vital to everyday life.

    MIL OSI USA News –

  • MIL-OSI USA: Finalists for Tenth Annual 43north Startup Competition

    Source: US State of New York

    Governor Kathy Hochul today announced the eight finalists for the 10th annual 43North startup competition taking place tomorrow, Oct. 10, marking ten years of entrepreneurial success in Buffalo achieved by investing in the innovative businesses and jobs of the future. This year’s finalists from across the country span a diverse range of industries, including edtech, fintech, AI, foodtech, healthtech and more. A team of 24 venture capitalists heard pitches from the 16 semi-finalists and selected the eight teams that will be moving on to tomorrow’s big event, where they will pitch their extraordinary ideas in front of a live audience at Shea’s Performing Arts Center – competing for one of five $1 million investments and the chance to scale their businesses in one of the nation’s fastest-growing startup ecosystems.

    “Buffalo has an impressive history of innovation, and 43North is continuing this tradition by drawing some of the most exciting startups from around the world to the region,” Governor Hochul said. “The impact of 43North is undeniable. Over the past ten years we have seen Buffalo become recognized as a national startup hub and we look forward to seeing how this year’s cutting-edge businesses and top talent will fuel Western New York’s growing entrepreneurial economy.”

    In addition to funding, the 43North accelerator provides mentorship, office space, access to a wide network of investors, and resources that help startups scale effectively. Over the past decade, 43North has invested in 69 companies, 52 percent of which have remained in Buffalo. The portfolio features 50 percent of companies led by founders of color and 26 percent led by female founders.

    43North President Colleen E. Heidinger said, “We’re excited to welcome over 3,000 attendees for our tenth 43North Finals competition, where a new group of startups will compete to join our portfolio and the opportunity to become part of Buffalo’s growing innovation community. With support from New York State and Empire State Development, 43North continues to foster innovation and growth across the Buffalo entrepreneurial ecosystem.”

    More than 3,000 audience members at this year’s 43North Finals event will cheer on the new crop of competitors vying for a place in 43North’s portfolio. The 43North business accelerator is funded by New York State and receives support from Empire State Development to operate competitions. Following a successful return in 2023, the $25,000 People’s Choice Award, sponsored by Highmark Blue Cross Blue Shield, will once again be decided by a live audience vote during the finals event tomorrow.

    The 2024 43North Finalists are:

    8B Education Investments – Ithaca, NY

    8B Education Investments is a fintech platform enabling campuses to meet their revenue and enrollment goals by tackling the $50 billion gap in education financing facing African students going to study in the US.

    Cactivate – Boston, MA

    Cactivate is a plug-and-play, marketing copilot for small and medium-sized businesses. Its vertically-integrated one-stop-shop uses large language models and retrieval-augmented generation to prescribe and assist with marketing strategies.

    CoverRight – Brooklyn, NY

    CoverRight is on a mission to improve the lives of older adults by guiding them through health, finance and lifestyle options that benefit them.

    FLUIX – Tampa, FL

    FLUIX is an Autonomous AI software platform that saves critical buildings, such as data centers, up to 40 percent in energy costs by intelligently connecting and holistically controlling facility systems.

    FoodNerd – Buffalo, NY

    FoodNerd is a food technology platform redefining the processing of shelf-stable foods. Its patent-pending technology produces nutraceutical-grade food with vitamins, minerals, and phytonutrients preserved intact.

    HeronAI – Cambridge, MA

    HeronAI has created the only Growth Opportunity Tool designed for accounting firms to streamline month-end advisory reporting. HeronAI helps reduce reporting time from weeks to under 5 minutes.

    Rarebird – San Francisco, CA

    Rarebird makes Px (paraxanthine) coffee, a patented coffee with the world’s first caffeine replacement.

    Spiky.ai – Brookline, MA

    Spiky empowers revenue teams with real-time AI-driven customer insights for enhanced selling effectiveness.

    You can watch the 43North Finals live online at 43North.org starting at 6:00 p.m tomorrow, Oct. 10.

    About 43North

    43North is an accelerator program that hosts an annual startup competition, investing $5 million per year to attract and cultivate high-growth companies in Buffalo, NY. 43North portfolio companies also receive free incubator space in Buffalo for one year, guidance from mentors in related fields, and access to other business incentive programs such as START-UP NY. 43North operates through the support of Governor Kathy Hochul, Empire State Development, the M&T Foundation and several other sponsors. For more information about 43North, visit http://www.43north.org.

    MIL OSI USA News –

  • MIL-OSI Security: IAEA Director General in Slovenia Before Key Nuclear Power Referendum

    Source: International Atomic Energy Agency – IAEA

    The JEK2 project would provide up to 2400 MWe capacity with a pressurised water technology of either GEN III or GEN III+ design, further strengthening Slovenia’s capacity to reduce emissions and meet its climate and development goals.

    The Director General spoke to a number of Slovenian media outlets on the topic. “I have seen much interest here in detailed nuclear topics related to price, waste and safety. I am happy to answer any questions and appreciate these informed exchanges.

    “I think the important thing is that the Slovenian society is well-informed, and that there is a good public debate about it. My impression is that there is widespread consensus on the reasonability of moving forward with nuclear in the country. But, of course, it will be up to the Slovenes to decide what you want to do.”

    Mr Grossi spoke of nuclear power’s key role supporting the clean energy transition. “An integrated intelligent energy mix is what is needed. You cannot have full reliance on one single source of energy. We believe that renewable energy is indispensable, and it should be scaled up. The issue here is that you also need base load energy. You cannot power a full economy simply on renewable energies.

    “So, countries are choosing what kind of base load capacity they can use. Many important economies are looking into nuclear simply because they need useful instruments that will allow them to have this base load energy,” he added.

    Following the political gathering this morning and a meeting with Bojan Kumer, Minister of the Environment, Climate and Energy, Mr Grossi spoke with student groups on the topic.

    MIL Security OSI –

  • MIL-OSI Australia: Second reading speech, Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024

    Source: Australian Treasurer

    I move that this Bill be now read a second time.

    Today I am proud to introduce the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024.

    I’m also introducing it on behalf of my colleague Andrew Leigh as the Assistant Minister for Competition, Charities and Treasury, and I’d like to acknowledge him and thank him for his contribution.

    This Bill is another big step towards reforming Australia’s merger rules and further boosting competition and productivity in our economy.

    It outlines the biggest reforms to Australia’s merger settings in almost 50 years.

    It will create a regime that more efficiently and effectively targets mergers that are anti‑competitive, while allowing mergers that are pro‑competitive to proceed faster.

    Speaker,

    We understand most mergers have genuine economic benefits and are an important feature of any healthy, open financial system.

    They can attract capital, re‑tool businesses and improve the uptake of new technologies.

    They can allow businesses to achieve greater economies of scale and scope, to access new resources, technology and expertise.

    This can flow through to consumers via greater product choice and quality as well as lower prices.

    But some mergers can cause serious economic harm.

    This can happen when businesses are not interested in improving profitability by lifting productivity.

    When they’re solely focused on squeezing out competitors to capture a larger percentage of the market.

    This can strangle innovation, reduce productivity in our economy and punish consumers with reduced choice.

    Treasury’s Competition Taskforce has spent a lot of its time hearing about and thinking about these issues.

    Andrew and I set up this Taskforce and its work has made plain that Australia’s approach to mergers is no longer fit for purpose.

    Speaker,

    The need for reform is clear.

    Australia is one of only 3 OECD countries that doesn’t require compulsory notification of mergers.

    Last year, over 1,400 mergers were recorded, at a value of around $300 billion.

    Meanwhile, the ACCC looked at an average of 330 mergers a year over the past decade.

    But we don’t know whether these are the right 330, or the mergers with the greatest potential to cause harm.

    When the ACCC does assess mergers, the current approach is not transparent for businesses or the community.

    Clearance can be too slow and cause expensive delays for some businesses as they wait.

    This legislation will bring our merger system into the 21st century.

    Speaker,

    This Bill enshrines our historic reforms into law.

    The legislation will improve our regime in 5 ways, by making the system faster, stronger, simpler, more targeted and more transparent.

    Approvals will be faster under the new system, with mergers ticked within 30 working days where the ACCC is satisfied they pose no threat to competition.

    The regime will be stronger thanks to a mandatory notification system and empowering the ACCC as the decision maker on all mergers.

    The system will be simpler, because we are reducing 3 streams to a streamlined path to approval that removes duplication and standardises notification requirements for mergers.

    It will be more targeted, because mergers that create, strengthen or entrench substantial market power will be identified and stopped while those consistent with our national economic interest will be fast tracked.

    Finally, the merger regime will be more transparent, by ensuring the ACCC has better visibility of merger activity.

    We are creating a public register of all mergers and acquisitions notified to the ACCC to promote this transparency and accountability.

    Reviews of ACCC decisions will be the responsibility of the Competition Tribunal made up of a Federal Court judge, an economist and a business leader.

    Under the strengthened system, not every merger will be captured.

    Only mergers above monetary thresholds will need to be notified to the ACCC and be approved before proceeding.

    The government intends to set these monetary thresholds in regulations following the passage of this Bill.

    There will be 3 key thresholds.

    Firstly, any merger will be looked at if the Australian turnover of the combined businesses is above $200 million, and either the business or assets being acquired has Australian turnover above $50 million or global transaction value above $250 million.

    Secondly, the ACCC will look at any merger involving a very large business with Australian turnover more than $500 million buying a smaller business or assets with Australian turnover above $10 million.

    Finally, to target serial acquisitions, all mergers by businesses with combined Australian turnover of more than $200 million where the cumulative Australian turnover from acquisitions in the same or similar goods or services over a 3‑year period is at least $50 million will be captured, or $10 million if a very large business is involved.

    Land acquisitions involving residential property development and certain commercial property acquisitions won’t be included to avoid clogging up the system with simple land purchases unless they are captured by additional targeted notification requirements.

    These thresholds have been developed in close consultation with industry and the community.

    The thresholds strike the right balance between creating a rigorous and robust regime without calling in every merger.

    These thresholds will allow the ACCC to focus its efforts on the mergers that really matter.

    We want to see the majority of mergers approved quickly, so the ACCC can focus on the minority that give rise to competition concerns.

    The thresholds will be reviewed 12 months after coming into effect, to ensure they are working as intended.

    In addition, the legislation provides flexibility to allow the Treasurer to adjust and calibrate the thresholds to respond to evidence‑based concerns from the ACCC about high‑risk mergers, like in the supermarket sector.

    This power, combined with the thresholds, will allow the ACCC to review all the mergers that they have been typically concerned about.

    Using this provision, the government intends to make sure the ACCC is notified of every merger in the supermarket sector.

    Our intention to mandate this approach is based on evidence provided by the competition regulator.

    Reviewing every supermarket merger is all part of the decisive action our government is taking to help Australians get fairer prices at the checkout.

    We want to make sure supermarket mergers don’t come at the cost of Australians, families and pensioners getting a fair price on their grocery bills.

    Our merger reforms will help ensure our supermarkets are as competitive as they can be so Australians get the best prices possible.

    On the advice of the ACCC Chair, the government also intends to use this power to get the competition regulator to review purchases of an interest above 20 per cent in an unlisted or private company, if one of the companies involved in the deal has turnover more than $200 million.

    This is all about lifting the level of scrutiny and transparency for private markets transactions, which have boomed in Australia in the past decade.

    It will give the ACCC the ability to analyse changes of control in private companies to ensure negative competition effects are avoided and to scrutinise these deals in more detail.

    The government will also consider designation requirements for sectors such as fuel, liquor and oncology‑radiology.

    These merger laws will take effect from 1 January 2026 and apply voluntarily from 1 July 2025.

    Speaker,

    This Bill has been developed through detailed consultation and we’d like to take a moment here to thank everyone for their contributions.

    We’re especially grateful for the input from the Expert Advisory Panel, comprising Kerry Schott, David Gonski, John Asker, Sharon Henrick, John Fingleton, Danielle Wood and Rod Sims.

    I’m also thankful for all the discussions and consultation we have held with businesses, the competition regulator, and the broader community.

    That input and those views helped shaped this legislation.

    This Bill builds on the Albanese Labor government’s substantial and broad competition reform agenda, which is all about creating a more dynamic, more productive and resilient economy.

    This includes revitalising National Competition Policy with all state and territory governments.

    Abolishing around 500 nuisance tariffs to cut compliance costs, reduce red tape, make it easier to do business, and boost productivity.

    Helping Australians get a fair price at the checkout with a new mandatory Food and Grocery Code, an ACCC inquiry and more funding for its investigations, reforming planning and zoning regulations and funding for CHOICE for price transparency reports.

    Promoting competition in our financial system, including in payments, financial market infrastructure and through the introduction of a financial services regulatory grid.

    Helping bank customers find and follow better deals on their mortgages and higher interest rates on their savings accounts.

    This agenda will help expand choices, lift living standards and grow our economy.

    It will help ensure that our people, businesses and industries are beneficiaries of the opportunities before us in the defining decade ahead.

    The legislation I introduce today forms a key part of these competition reforms.

    And we are proud to introduce it to the House.

    Full details of the measure are contained in the Explanatory Memorandum.

    MIL OSI News –

  • MIL-OSI United Kingdom: Government unveils most significant reforms to employment rights

    Source: United Kingdom – Executive Government & Departments

    Ministers have unveiled the Employment Rights Bill to help deliver economic security and growth to businesses, workers and communities across the UK.

    • Legislation introduced in Parliament to upgrade workers’ rights across the UK, tackle poor working conditions and benefit businesses and workers alike 
    • Ahead of International Investment Summit, government reveals landmark reforms in under 100 days to boost pay and productivity, showing the benefits of a ‘pro-business, pro-worker’ approach 
    • New balance for early months of a job at heart of pragmatic reforms to help drive growth in the economy and support more people into secure work 
    • Employment Rights Bill will end exploitative zero-hour contracts and unscrupulous fire and rehire practices, while establishing rights to bereavement and parental leave from day one 

    Today (10 October) ministers have unveiled the Employment Rights Bill, introduced within 100 days of the new government coming to office, to help deliver economic security and growth to businesses, workers and communities across the UK.  

    Getting the labour market moving again is essential to economic growth with one in five UK businesses with more than 10 employees reporting staff shortages. Flexibility, for workers and businesses alike, is key to answering this challenge and is at the heart of the legislation to upgrade the law to ensure it is fit for modern life and a modern economy. 

    The existing two-year qualifying period for protections from unfair dismissal will be removed, delivering on the manifesto commitment to ensure that all workers have a right to these protections from day one on the job. 

    The government will also consult on a new statutory probation period for companies’ new hires. This will allow for a proper assessment of an employee’s suitability to a role as well as reassuring employees that they have rights from day one, enabling businesses to take chances on hires while giving more people confidence to re-enter the job market or change careers, improving their living standards.  

    The bill will bring forward 28 individual employment reforms, from ending exploitative zero hours contracts and fire and rehire practices to establishing day one rights for paternity, parental and bereavement leave for millions of workers. Statutory sick pay will also be strengthened, removing the lower earnings limit for all workers and cutting out the waiting period before sick pay kicks in. 

    Accompanying this will be measures to help make the workplace more compatible with people’s lives, with flexible working made the default where practical. Large employers will also be required to create action plans on addressing gender pay gaps and supporting employees through the menopause, and protections against dismissal will be strengthened for pregnant women and new mothers. This is all with the intention of keeping people in work for longer, reducing recruitment costs for employers by increasing staff retention and helping the economy grow. 

    A new Fair Work Agency bringing together existing enforcement bodies will also be established to enforce rights such as holiday pay and support employers looking for guidance on how to comply with the law. 

    Deputy Prime Minister Angela Rayner said:

    This government is delivering the biggest upgrade to rights at work for a generation, boosting pay and productivity with employment laws fit for a modern economy. We’re turning the page on an economy riven with insecurity, ravaged by dire productivity and blighted by low pay. 

    The UK’s out-of-date employment laws are holding our country back and failing business and workers alike. Our plans to make work pay will deliver security in work as the foundation for boosting productivity and growing our economy to make working people better off and realise our potential. 

    Too many people are drawn into a race to the bottom, denied the security they need to raise a family while businesses are unable to retain the workers they need to grow. We’re raising the floor on rights at work to deliver a stronger, fairer and brighter future of work for Britain.

    Business Secretary Jonathan Reynolds said:

    It is our mission to get the economy moving and create the long term, sustainable growth that people and businesses across the country need. Our plan will give the world of work a much needed upgrade, boosting pay and productivity.    

    The best employers know that employees are more productive when they are happy at work.  That is why it’s vital to give employers the flexibility they need to grow whilst ending unscrupulous and unfair practices.  

    This upgrade to our laws will ensure they are fit for modern life, raise living standards and provide opportunity and security for businesses, workers and communities across the country.

    Alongside the legislation, a ‘Next Steps’ document for the Make Work Pay Plan has been published [available here – link to when available] outlining the government’s vision and long-term plans and setting out our ambitions for the plan to grow the economy, raise living standards across the country and create opportunities for all. 

    Ending one-sided flexibility

    The legislation will level the playing field where all parties understand what is required of them and good employers aren’t undercut by bad ones.  

    The bill will end exploitative zero hours contracts, following research that shows 84% of zero hours workers would rather have guaranteed hours. They, along with those on low hours contracts, will now have the right to a guaranteed hours contract if they work regular hours over a defined period, giving them security of earnings whilst allowing people to remain on zero hours contracts where they prefer to. According to TUC research nearly two thirds of managers (64%) believe ending zero hours contracts would have a positive impact on their business.  

    Ending unscrupulous employment practices is a priority for this government and none more so than shutting down the loopholes that allow bullying fire and rehire and fire and replace to continue. The government is closing these loopholes and putting in place measures to give greater protections against unfair dismissal from day one, ensuring that the feeling of security at work is no longer a luxury for the privileged few. 

    This bill turns the page on the previously ineffective, costly and conflicting approach to dealing with industrial relations that has brought so much disruption to businesses and livelihoods. lt repeals the anti-union legislation put in place by the previous administration, including the Minimum Service Levels (Strikes) Act legislation that failed to prevent a single day of industrial action while in force. 

    Employment Rights Minister Justin Madders said:

    We know that most employers proudly treat their staff well. However, for decades as the world of work has changed, employment rights have failed to keep pace, with an increase in one-sided flexibility slowing the potential for growth in the economy.

    The steps we’re taking today will finally right these wrongs, working in partnership with business and unions to kickstart economic growth that will benefit them, their workers and local communities.  

    From tackling fire and rehire to ending exploitative zero hours contracts, we are delivering a modern economy that drives up living standards for families across the UK.

    Supporting working families

    Too many people find that the current system isn’t compatible with the realities of everyday life, whether that’s raising children or supporting a loved one with a health condition. The government wants to make sure that everyone can get on in work and not be held back because work isn’t compatible with important family responsibilities. 

    That is why the government will:

    • Change the law to make flexible working the default for all, unless the employer can prove it’s unreasonable.   
    • Set a clear standard for employers by establishing a new right to bereavement leave, with the entitlement sculpted with the needs of employees and the concerns of employers at the forefront.  
    • Deliver stronger protections for pregnant women and new mothers returning to work including protection from dismissal whilst pregnant, on maternity leave and within six months of returning to work.   
    • Tackle low pay by accounting for cost of living when setting the Minimum Wage and remove discriminatory age bands.  
    • Establish a new Fair Work Agency that will bring together different government enforcement bodies, enforce holiday pay for the first time and strengthen statutory sick pay. It will create a stronger, recognisable single organisation that people know where to go for help – with better support for employers who want to comply with the law and tough action on the minority who deliberately flout it.   

    Beyond the bill

    The Make Work Pay Plan doesn’t stop with this bill. Continuing to reform employment rights in line with changes to the economy and labour market is critical to maintaining growth, prosperity and opportunity. As an outlook to the future, the government has also today published a Next Steps document that outlines reforms it will look to implement in the future.  

    Subject to consultations, this includes:

    • A Right to Switch Off, preventing employees from being contacted out of hours, except in exceptional circumstances, to allow them the rest and get the recuperation they need to give 100% during their shift. 
    • A strong commitment to end pay discrimination by expanding the Equality (Race and Disparity) Bill to make it mandatory for large employers to report their ethnicity and disability pay gap.  
    • A move towards a single status of worker and transition towards a simpler two-part framework for employment status.  
    • Reviews into the parental leave and carers leave systems to ensure they are delivering for employers, workers and their loved ones.

    Responding to the government’s initiative, these businesses and employee groups have said:

    Shirine Khoury-Haq, CEO of the Co-op, said: 

    We support the Government’s ambitions to strengthen rights for workers and value the co-operative approach to involve employers in the reforms. As the UK’s largest consumer co-operative, Co-op has long supported colleagues to have good working lives, with policies like our leading bereavement leave, day one right to request flexible working arrangements, and menopause support already in place. The positive impact of these policies is clear to see. 

    Being able to support colleagues when they need it, and in particular women, parents and carers, helps retain valuable talent and makes good business sense. We look forward to continuing to work with Government to make work pay and to deliver economic growth.” 

    Paul Nowak, TUC General Secretary, said: 

    After 14 years of stagnating living standards, working people desperately need secure jobs they can build a decent life on.    

    Whether it’s tackling the scourge of zero-hours contracts and fire and rehire, improving access to sick pay and parental leave, or clamping down on exploitation – this Bill highlights the Government’s commitment to upgrade rights and protections for millions.    

    Driving up employment standards is good for workers, good for business and good for growth. While there is still detail to be worked through, it is time to write a positive new chapter for working people in this country.”    

    Jane van Zyl, CEO at Working Families, said: 

    As campaigners for better rights for working parents and carers, we’re pleased there is hope on the horizon for the millions who stand to benefit from the transformational changes in the proposed Employment Bill.  

    Establishing workplace rights from day one and making flexible working the default could be the key to unlocking labour market mobility, with the promise of getting the economy moving and ensuring parents and carers are not held back in their careers. In addition, we welcome any strengthening of legislation that helps protect pregnant women and new mothers against losing their jobs unfairly at a vulnerable time in their lives.  

    The proposals in the Plan to Make Work Pay have the potential to remove barriers in the workplace, give a better start for new parents and reduce gendered roles in caring. The message it sends that worker’s rights matter, and the willingness to address inequalities, is very promising.”  

    Simon Roberts, Chief Executive of Sainsbury’s, said:

    As one of the UK’s largest employers we put our colleagues at the heart of everything we do. We see the clear link between engaged, motivated colleagues and business performance and that is why we have increased colleague pay by over 50% in the last 5 years. 

    We share the Government’s vision of making work pay, enabling growth and driving productivity. We welcome today’s announcement and Government engagement with business to date and look forward to seeing progress on business rates reform, which would deliver real benefits for our colleagues, customers and communities.” 

    Peter Cheese, Chief Executive of CIPD, the professional body for HR and Learning & Development professionals, said:

    We share the Government’s ambition to raise employment standards and job quality through the Employment Rights Bill as part of the wider Make Work Pay agenda.  

    The changes being proposed represent the greatest update in employment legislation in decades. We’re pleased to see the ongoing commitment from Government to engage with the business community to work through the important details to ensure they have a positive impact for both employers and workers.” 

    Jemima Olchawski, CEO of Fawcett Society, said:

    Today’s draft employment bill is a win for women. Fawcett and our members have campaigned long and hard to see government chart a new course for inclusive economic growth and to improve women’s working lives. We share this government’s ambition to ensure all women can thrive at work and fully contribute to the economy.”   

    Mark Reynolds, Mace Group Chair and Chief Executive, said:### 

    Ensuring British workers are supported with strong employment rights benefits everyone – employers as well as employees. This package of reforms is a welcome insight into the Government’s plans and show that they have engaged extensively with businesses and taken a pragmatic approach. We’re pleased to support it; both on behalf of Mace and the wider construction industry. We look forward to working closely with the Government as they take these plans forward.”  

    Brian McNamara, CEO of Haleon, said:

    It is crucial that the Government continues to engage with the business community on such an important piece of legislation and we welcome the dialogue to date. Haleon is committed to creating an inclusive culture that provides all employees with equal opportunities.  This is central to our company strategy and will be core to our future success.” 

    Greg Jackson, CEO of Octopus Energy, said:

    In formulating these proposals it’s clear that the government has listened to both workers and employers to create protections against bad practices while enabling good businesses to invest in growth and training. For example, the probation period will allow progressive employers to give a chance to people without typical experience or educational backgrounds, opening up new opportunities for them in great careers.” 

    Chris O’Shea, CEO of Centrica, said:

    As the largest Unionised workforce in the energy sector, we are pleased to see the Government publish their landmark legislation providing more rights and flexibility to employees. 

    At Centrica, we offer a range of policies to support our 21,000 colleagues including flexible working and health and wellbeing support from day one, a leading 10 days paid carers policy, our Pathway to Parenthood which offers comprehensive financial support towards fertility treatment alongside paid leave to for any fertility, adoption or surrogacy appointments, and additional support for neurodivergent colleagues. It’s the right thing to do and we want to help our employees and share best practices with others. Our experience shows that there is a clear business case for doing this with savings from increased retention and ensuring colleagues don’t have to take unplanned absences.” 

    Helen Dickinson OBE, CEO of the British Retail Consortium, said:

    As the country’s largest private sector employer, employing three million people, the industry stands ready to work with government to ensure these reforms are a win:win for employers and colleagues, and maximise employment opportunities, investment, and growth. Many of the expected provisions, including stopping exploitative contracts and offering flexibility in employment, are things that responsible retailers already do. Introducing these standards for everyone means good employers should be competing on a level playing field. We look forward to engaging the government on the details, including around seasonal hiring and the use of probation periods.” 

    Kate Nicholls, CEO of UKHospitality, said: 

    I’m pleased the Government has recognised the importance of flexibility to both workers and businesses. This is crucial for hospitality, which employs 3.5m people and provides countless flexible roles for working parents, students, carers and many more. 

    We look forward to continuing our engagement and consultation with the Government on its plans, which are not without cost, to get the details right for all parties.” 

    BT Group spokesperson, said:

    BT Group believes that a strong economy is one that works for everyone, and has already adopted many of the measures that will be covered by this legislation.  It will be crucial to get the details right, to avoid unintended consequences and keep the UK competitive, and we welcome the constructive, consultative approach that the Government is taking.

    Updates to this page

    Published 10 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Confirmation of Payee service to improve payment security

    Source: New Zealand Government

    A new confirmation of payments system in the banking sector will make it safer for Kiwis making bank transactions, Commerce and Consumer Affairs Minister Andrew Bayly says. 

    “In my open letter to the banks in February, I outlined several of my expectations of the sector, including the introduction of a Confirmation of Payee (CoP) system. I am pleased to see this being implemented and look forward to continued progress in this area.

    “This new system will give Kiwis greater peace of mind by allowing them to confirm that the name of the person they’re paying matches the bank account details before they send any money.

    “The CoP service is a practical step towards making payments more secure, reducing the chances of errors or potential fraud where funds are mistakenly sent to the wrong person.”

    New Zealand’s retail banks will begin a phased rollout of the CoP service from November 2024, with full implementation across all digital banking platforms, including mobile apps, expected by Easter 2025.

    “Banks are working to ensure the service is carefully tested and integrated across different platforms to guarantee a smooth implementation for customers. This phased approach ensures consumers will experience the benefits without any disruptions.

    “CoP is part of a broader effort by government and the banking sector to enhance security and protect New Zealanders from financial crime.”

    Notes to editor: 

    • More information on the Confirmation of Payee service can be found at: getverified.co.nz

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Opinion piece: Albanese good for growth in the west

    Source: Australian Treasurer

    The most recent growth statistics showed that the Australian economy faces some strong headwinds. In an environment where global growth is subdued, the national economy grew just 0.2 per cent in the June 2024 quarter. Yet Western Australia’s growth was considerably faster. With a quarterly growth rate of 0.9 per cent, Western Australia tied with South Australia as the fastest‑growing state in the nation.

    There are other positive signs. Investment in WA continues to grow, reflecting business confidence in WA’s future. In the past financial year, the value of new capital expenditure in Western Australia rose 18.5 per cent in the mining industry and 16.9 per cent in non‑mining industries. This new investment accounts for nearly a quarter of Australia’s new private investment, showing that WA continues to punch above its weight.

    As pro‑growth progressives, we recognise that government has a role to play in boosting the growth rate and continuing to build on WA’s economic success. Higher productivity also increases the speed limit of the economy, allowing Australians to live longer, and live better.

    What are the best policies to encourage growth? As the nation’s most export‑oriented state, international settings are of particular significance for Western Australia. Since coming to office, the Albanese government has sought to stabilise Australia’s relationships with our major trading partners.

    Under the former Coalition government, China effectively closed the door to many of our exports. Since May 2022, as a result of the Albanese government’s calm and consistent approach – in concert with a great deal of hard work and advocacy by industry – most of the Australian products previously subject to impediments have been able to re‑enter China’s market. That includes coal, cotton, timber logs, barley, and wine. Trade impediments imposed by China on around $20 billion of Australian exports remain on less than $1 billion.

    We have also worked to build stronger partnerships with countries throughout our region. Foreign Minister Penny Wong and Trade Minister Don Farrell have worked to diversify our trading relationships, by leading a diplomatic and business push into countries throughout the South East Asia and the Pacific.

    A key element is the development of a new South East Asia Economic Strategy, based on a report that the government commissioned from Nicholas Moore, the former CEO of the Macquarie Group, titled ‘Invested: Australia’s Southeast Asia Economic Strategy to 2040’. This strategy aims to boost trade and investment by enhancing economic engagement and leveraging Australia’s strengths: a well‑capitalised corporate sector, sophisticated capital markets, and a substantial national savings pool.

    In the mining sector, the government’s production tax incentive scheme seeks to nurture the critical minerals and green hydrogen industries. These tax credits aim to secure Australia’s critical mineral supply chain and assist with the energy transition in economically productive ways. Yet, remarkably Peter Dutton has opposed production tax incentives. His position puts him at odds with both major parties in Western Australian – Liberal and Labor. As Resources Minister Madeleine King puts it, Dutton’s stance is ‘anti‑resources and anti‑WA’.

    Another important part of Labor’s pro‑growth productivity agenda is competition reform. The last big wave of national competition policy took place in the 1990s, when consumers were given more choice about their electricity provider and a host of unnecessary regulations were scrapped. During the 2000s and 2010s, Australia experienced a rise in market concentration and markups, and a drop in economic dynamism. Too many industries have become dominated by too few companies. Disappointing productivity performance in the 2010s is likely linked to the lack of competition in many Australian markets and Australian consumers have suffered.

    Last year, our government established a competition taskforce in the Australian Treasury, mandated to identify reforms that would create a more competitive economy that drives down costs. This year, the Albanese government has introduced the biggest shakeup of our merger laws in half a century, aiming to ensure that the merger control system is simpler, quicker, and more efficient. Our reforms will ensure quicker approvals for low‑risk mergers but that the competition watchdog sees all high‑risk mergers through mandatory reporting thresholds.

    Another priority of the competition taskforce is the reform of non‑compete clauses. One in 5 Australian workers have a clause in their employment contract that limits their ability to move to a competing company. Non‑compete clauses slow wage growth and impede new business formation. In the United States, the government has estimated that scrapping non‑compete clauses would boost wages by US$500 for the typical worker, and lead to the creation of 8,000 more businesses annually. In Australia, we are actively considering the best way to address the adverse effects of non‑compete clauses.

    These are just some examples of how the Albanese government, with the states and territories, is revitalising the National Competition Policy to deliver more jobs, more startups, and more prosperity. Western Australia is on board with National Competition Policy and stands to share the benefits.

    Being pro‑growth is not about being anti‑fairness. Indeed, the best way to deliver for the most vulnerable is through a growing economy, where everyone can share in the gains. By choosing openness, encouraging dynamism, and strengthening competition, we can get a better deal and expand opportunities for consumers, workers, and households in Western Australia.

    MIL OSI News –

  • MIL-OSI China: Chinese mainland, Hong Kong agree to promote services trade

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

    BEIJING, Oct. 9 — The Chinese mainland and the Hong Kong Special Administrative Region (HKSAR) have agreed to build closer ties in services trade, China’s Ministry of Commerce said Wednesday.

    Li Yongsha, an official with the ministry, and Paul Chan, financial secretary of the HKSAR government, signed a document on amending the service trade agreement under the Closer Economic Partnership Arrangement (CEPA) in Hong Kong on Wednesday.

    The agreement will take effect from the date of signing and will be officially implemented as of March 1, 2025.

    According to the amendment, thresholds of market access for Hong Kong service providers in fields including finance, telecommunications, architecture and tourism, will be further lowered or removed.

    Signed between the mainland and Hong Kong in 2003, the CEPA has significantly facilitated trade liberalization in both goods and services.

    The amendment is an important measure to improve the mechanism for Hong Kong to play a better role in China’s opening-up, said the ministry, adding that it is the second time the CEPA service trade agreement has been amended, the first time being in 2019.

    MIL OSI China News –

  • MIL-OSI USA: VIDEO: Pressley Celebrates Signing of Massachusetts Liquor License Bill

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Pressley Championed, Helped Enact Landmark Reforms as a Boston City Councilor in 2014

    Video (YouTube)

    BOSTON – Today, Congresswoman Ayanna Pressley (MA-07) celebrated the enactment of state legislation to authorize additional liquor licenses in Boston and delivered remarks at a ceremonial bill signing at the Massachusetts State House. As a Boston City Councilor, Pressley championed and helped enact the last major liquor license reform in 2014.

    “Restaurants are the economic, social, and cultural anchors of our streets and every Bostonian deserves the chance to realize the fundamental idea that this city and all its blessings belong to each of us. Today’s signing of legislation to reform Massachusetts’ archaic liquor license laws—and build upon the reforms we enacted in 2014—gives our restauranteurs and our communities a chance to enjoy an equitable opportunity to build community and wealth—from Hyde Park to East Boston from Dorchester to Jamaica Plain and all across the city.

    “When I authored the home rule petition to lift the cap as a Boston City Councilor a decade ago, I was hopeful it would set a new floor for future reform, and I am so proud to see that playing out today. Thank you to Senator Liz Miranda, Rep. Chris Worrell, Councilor Brian Worrell, Governor Maura Healey and every restauranteur and advocate who invested the sweat equity that made today possible. Today, we raise a figurative drink to this achievement and look forward to tomorrow to actualize the potential of this legislation.”

    During her time on the Boston City Council, Pressley championed legislation to overhaul the liquor license process in Boston by eliminating the cap on liquor licenses and returning control over licensing to the city. In 2014, in partnership with then-Boston Mayor Marty Walsh, her City Council colleagues, and the Massachusetts Legislature, Pressley’s reforms returned the Boston Licensing Board to the City of Boston and created 75 new liquor licenses to be distributed across the city.

    In 2017, Pressley and Walsh announced a new proposal to grant the City of Boston additional liquor licenses as part of an ongoing effort to attract new businesses and restaurants, encourage expansion of current establishments, and support Boston’s growing economy.

    A transcript of Rep. Pressley’s remarks is below, and the full video is available here.

    TRANSCRIPT: Pressley Celebrates Signing of Massachusetts Liquor License Reform Bill

    October 9, 2024

    Boston, Massachusetts

    Governor, I have to say that, you know, because there are so many people here today, it’s easy to have oversights, and if there are any more, know that it’s an error of the head and not the heart.

    But I would say that it is incredibly heartening that there are so many people here. This was not always the case on this issue. Many people saw this is a third-rail issue. There were a lot of people that were happy with an unjust status quo.

    10 years ago, when I was an At-Large Boston City Councilor and Chair of the Committee on Healthy Women, Families and Communities, making the case that walkable amenities, that restaurants, had something to do with healthy communities. That it was about public health and public safety, social and economic mobility. These critical anchors.

    And so to stand here today, President Spilka, I have to say, it feels good to be in the Massachusetts Seventh. It feels good to be home.

    It feels good to be in Boston as we celebrate the signing of game-changing legislation to reform our archaic liquor license laws to give our restaurateurs and our communities a chance to enjoy in equity and opportunity to build community and to build wealth.

    It never gets old. I feel just as hopeful as I did 10 years ago, when we were here with Governor Deval Patrick, when we signed the economic development bill that included our first bite at reforming this antiquated, unjust liquor licensing system.

    Governor Patrick signed that after we had worked for four-and-a-half years with two mayors: Mayor Menino—this was the last action on his desk—Mayor Menino and Mayor Walsh. So if we could just acknowledge both of those mayors and Governor Patrick.

    I was proud to lead that effort as an At-Large Boston City Councilor. It’s a beautiful thing to be able to celebrate with Governor Healey as we take the next step towards economic justice for all of Boston’s neighborhoods.

    Are you tired of making history yet? You keep doing it. Okay.

    The legislators in this room: Councilor Brian Worrell, Representative Chris Worrell, State Senator Liz Miranda. When I say that they have poured their blood, sweat, and legislative capital into making today a reality, it was not easy.

    But this is a glorious day. It is so rare, as a lawmaker, when you plant a seed that you can see it bear its fruit in your lifetime. So this is an incredible, incredible day.

    When I first raised this issue a decade ago, we knew that reforming a century-old system designed to strip Boston of the flexibility to raise or lower the cap on liquor licenses was a long, difficult and politically risky process.

    But we showed what was possible when we bring together a diverse coalition of existing and aspiring restauranteurs, economic justice advocates, and community members who recognize the need to disrupt an unjust status quo and address the disparity in neighborhood sit-down restaurants.

    I am proud of the cultural and economic impact that our liquor license reform has had since passing in 2014. The impact has been undeniable in the restaurants that have been able to open, remain open, and become staples of their respective neighborhoods.

    And for the entrepreneurs and workers who have found opportunities that were previously closed to them—and take it from me, there is simply no better feeling than traveling this incredible city from Hyde Park to East Boston, Dorchester, Jamaica Plain, Roxbury—seeing the fruits of that labor and new neighborhood restaurants.

    Restaurants are the economic, social and cultural anchors of our streets. They incentivize foot traffic. They feed our bodies and our souls. They create space for us to celebrate and to grieve the milestones of life. And the folks up here know that every single Bostonian deserves the chance to do that in the community they call home.

    10 years ago, I was hopeful that our liquor license reform would set a new floor for future reform as we saw today. It is a joy to celebrate this new legislation, which gives us the chance to realize that fundamental idea that this city, in all its blessings, belong to all of us.

    And now we know that even a historic day like today is not a magic wand. We’re all committed to putting in the work to make sure this game-changing legislation has the transformative and equitable impact we all know it can.

    So while we continue to do the work to break down barriers to entry, like disparate access to capital, the shortage of built out commercial space for restaurants in our communities, the importance of today cannot be underestimated or understated.

    So let’s raise a figurative drink to today’s achievement, roll up our sleeves tomorrow, to actualize the potential of this game-changing legislation.

    And with that, I’m proud to introduce my sister-in-service, who speaks the same love language that I do—policy—lead of this historic piece of legislation, State Senator Liz Miranda.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Garcia and Asm. Schiavo Lead Bipartisan Letter to Governor Newsom to Declare State of Emergency for Chiquita Canyon Landfill

    Source: United States House of Representatives – Representative Mike Garcia (CA-25)

    SANTA CLARITA, CA– Today, Representative Mike Garcia (CA-27) and Assemblywoman Pilar Schiavo (D-AD-40) led a bipartisan letter of state representatives petitioning Governor Newsom for a State of Emergency declaration at Chiquita Canyon. The letter, signed by 15 state legislators, outlines the urgent need for this declaration to protect the health and safety of residents living near the landfill.
    “The environmental disaster at Chiquita Canyon has only worsened for residents in Val Verde, Castaic, and the Santa Clarita Valley,” said Rep Garcia. “Innocent residents continue to face severe health problems and financial hardships because of this ongoing issue. It’s more urgent than ever: We need a State of Emergency. I’m grateful to have Assemblywoman Schiavo as a partner committed to taking this fight directly to the Governor. This joint letter proves that this issue transcends political boundaries – it’s about protecting the community and urging the state and county to do more for residents,” concluded Rep. Garcia.  “Residents of Val Verde, Castaic, and students of nearby schools have been subjected to prolonged exposure to harmful emissions, leading to a range of health issues including headaches, nausea, asthma, heart palpitations, and a newly identified cancer cluster,” said Asm. Schiavo. “Last week, to get a full understanding of the impacts, I stayed overnight with a family in the area. On their street of 14 houses, seven neighbors have been fighting cancer – one has passed away. While I am grateful for the robust state, federal, and county response to the disaster on the landfill site, neighbors just a few yards away do not have the protections or relief they need to keep themselves or their children safe. We must do more and we need to act now before more people get sick, or worse, die. A state of emergency must be declared and we need to focus relief efforts to get the community out of harm’s way and the healthcare and support they need,” concluded Asm. Schiavo.

    Rep. Garcia has been actively leading the response to the Chiquita Canyon crisis since it was brought to his attention last year. He has welcomed the EPA’s involvement, led a bipartisan letter urging the Governor for a State of Emergency, called for the immediate suspension of landfill operations except for local waste collection, demanded a thorough investigation to hold responsible parties accountable, secured federal funding for emissions monitoring and emergency response, and introduced the Chiquita Canyon Tax Relief Act. Throughout this time, he has maintained regular communication with affected residents to ensure they receive the necessary relief.

    A full copy of the letter text is available here.

    MIL OSI USA News –

  • MIL-Evening Report: No savings? No plans? No Great Australian Dream. How housing is reshaping young people’s lives

    Source: The Conversation (Au and NZ) – By Wendy Stone, Professor of Housing & Social Policy, Centre for Urban Transitions, Swinburne University of Technology

    Roman Samborskyi/Shutterstock

    Australia’s housing crisis is dramatically reshaping the lives and hopes of young people, highlighted in a new report launched today in Canberra as part of World Homeless Day.

    The research, developed by Swinburne University of Technology and funded by YWCA Australia, provided a platform for young women and gender diverse people from around Australia to share their housing experiences and aspirations.

    Our research found many young people are frustrated about the affordability, quality and security of housing in Australia.

    These housing barriers are changing the traditional life course that many of these young people expected to follow, undermining their sense of what it means to be an “adult”.

    Louise, 26, told us, as part of our research:

    I don’t feel like an adult sometimes because of my living circumstances … I thought I’d be like ‘Sex and the City’, having my own apartment and going out for drinks with my friends. But none of us have time to do that.

    The report highlights how such housing barriers and frustrations are severely impacting young people’s relationships, health and wellbeing, education, employment, and ability to plan for the future.

    Housing dreams are ratcheted down

    Home ownership is still “the great Australian dream” for many. However, numerous young people feel buying a home is out of reach or impossible.

    Erin, a young woman in her late 20s, states:

    It feels like you have to buy a house to be in the game, but to get there it just feels completely out of our grasp. And that’s quite scary.

    For many, buying or even renting is seen as unattainable without a partner. This has gendered implications where young women need to depend financially on a partner, potentially leading to disadvantage in the future.

    Amy, 30, articulates:

    It’s very hard to get a rental as a single female […] the uncertainty of not getting another place keeps me here.

    Participants with hopes of having children express anxiety when their housing circumstances are unpredictable and/or unaffordable.

    Jamie, a non-binary person in their mid-20s, says:

    The biggest negative impact of being stuck on the lowest end of the rental market is that it severely limits my ability to plan to start a family. My partner and I both want a child but are terrified of the idea of not being able to afford rent with a new baby and limited family support.

    Health and wellbeing are undermined

    Young people describe feeling overwhelmed, hopeless, trapped and crushed by their housing situations. For some, this stems from the daily challenge of simply making ends meet.

    Celia, a woman in her late 20s, describes:

    The constant cycle of living in a place for a year, getting a massive rent increase, having to find a new place and move again is exhausting, financially unsustainable and demoralising. It feels pretty hopeless because I’m stuck in this cycle and I’ll never save for a house deposit because I’m losing it all on exorbitant rent.

    For other participants, the health and wellbeing impact stems from their less-than-ideal dynamics at home, with many living with family as adults to save on rent.

    As Zoe, a woman in her late 20s, describes:

    It’s like you don’t pay with money to live with family […] but you pay with your mental health.

    Relationships and safety are affected

    Compromised safety is a concern among young women and gender diverse people we spoke with – whether it be escaping family and domestic violence, living in housing that is physically safe (such as with working locks on doors and windows), or sharing with others comfortably.

    Our research found gender has a material impact on housing experiences, and shaped young women’s and gender diverse people’s perceptions of safety.

    Julia, a woman in her early 20s, highlighted safety concerns:

    My family home was filled with a lot of domestic violence. And so when I left and now I have my own place, I feel very, very safe there in comparison. And also no one in my family knows where I live. So that makes me feel very safe.

    Some of the challenges of living with family were summarised by Ryde, a non-binary person in their early 20s:

    Even now I’m like learning how to like be my own person while still being under my parents’ roof […] like still living at home is a bit emotionally kind of weird.

    So what needs to change?

    Participants involved in the research provide a number of solutions for addressing their housing barriers, including:

    Beth told us:

    I feel like our education totally failed us. I always think there needs to be some kind of unit in Year 11 or 12, like a compulsory unit where it’s like just life skills. So taxes, superannuation, getting your first job, buying your first house, getting into the rental market. If we have the skills or knowledge from that education, we might be able to make more informed choices.

    Finally, young people urgently need a seat at the table when it comes to decisions about housing. They know what is needed and what politicians need to hear.

    In the words of Taylor, a 24-year-old woman:

    I think one thing that the politicians struggle to understand is that we’re not asking for, you know, four bedroom, three bathrooms at $400.00 a week. We’re asking for houses with working locks. No mould. And you know, we’re asking for very basic secure housing at affordable prices, it’s not a matter of us being picky. It’s a matter of health and safety.

    (All participants’ names have been changed).

    Wendy Stone receives funding from the Australian Housing and Urban Research Institute (AHURI), the Australian Research Council (ARC), the Brian M. Davis Charitable Foundation, Housing for the Aged Action Group (HAAG), Kids Under Cover and YWCA Australia, the funder of the research this article reports on. She has previously received funding from the Victorian Government.

    Catherine Hartung received funding from YWCA Australia to undertake this research.

    Sal Clark received funding from YWCA Australia to undertake this research

    Zoe Goodall has received funding from the Australian Housing and Urban Research Institute (AHURI), the Victorian government, the Brian M. Davis Charitable Foundation, Kids Under Cover, and YWCA Australia. YWCA Australia funded the research this article reports on.

    – ref. No savings? No plans? No Great Australian Dream. How housing is reshaping young people’s lives – https://theconversation.com/no-savings-no-plans-no-great-australian-dream-how-housing-is-reshaping-young-peoples-lives-240435

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Yes, nature is complex. But saving our precious environment means finding ways to measure it

    Source: The Conversation (Au and NZ) – By Brendan Wintle, Professor in Conservation Science, School of Ecosystem and Forest Science, The University of Melbourne

    Shutterstock

    Nature loss directly threatens half the global economy. The rapid destruction of biodiversity should alarm the many Australian businesses dependent on nature, such as those in agriculture, tourism, construction and food manufacturing. Yet nature considerations are often ignored in business decision-making.

    At the Global Nature Positive Summit in Sydney this week, scientists, politicians, conservationists and business leaders have gathered to discuss ways to help nature in Australia – not just by protecting it from damage, but improving it. Getting more businesses interested in – and taking positive action on – nature conservation is key to the talks.

    Reducing the environmental impact of a business first requires measuring that impact. It might seem an impossibly difficult task. After all, nature is a diverse and intricate web of connections. How can we capture that in a number?

    After all, nature is complex – but measuring how a business intersects with it need not be.

    Uncovering impacts on nature

    The fishing industry depends directly on stocks of wild fish. And a housing developer has a direct impact on nature if they clear natural vegetation to build a new suburb.

    Businesses interactions with nature can be indirect, too – for example, a margarine producer who uses canola oil from a grower who depends on bees for pollination. Builders might indirectly harm rainforests in Indonesia by buying timber grown there. A superannuation company investing in that developer is also having an indirect negative impact.

    From next year, Australian companies will be required to measure and report their climate impacts. While businesses are not yet required to disclose their impacts on nature more broadly, many are moving in that direction – both in Australia and globally.

    For example in 2022, more than 400 of the world’s largest corporations called for mandatory disclosure of nature impacts. They included Nestlé, Rio Tinto, L’Oréal, Sony and Volvo. And many early-adopter businesses have begun voluntary disclosures.

    Guidelines are available to help businesses understand and measure their impacts, however progress is slow. This is partly due to a perception from business that the task is too complex.

    Nature assessment is challenging. Unlike identifying a company’s contributions to climate change – by measuring tonnes of greenhouse gas emissions – there is no agreed single measure of impacts on nature.

    What’s more, different people ascribe different values to aspects of nature. Rightly or wrongly, for instance, most people would probably value a koala over a mosquito.

    What do you value more – a koala or a mosquito?
    Shutterstock

    Drawing on the expertise of ecologists

    Despite the difficulties, gauging the extent to which a business affects the environment can be done. Essentially, it involves three steps:

    1. understanding how a business broadly intersects with nature

    2. evaluating how specific business activities intersect with and put pressure on nature

    3. measuring and reporting the degree to which specific activities are impacting on the condition of nature. In other words, is the state of animals, plants and ecosystems improving or worsening?

    Online tools such as ENCORE can get businesses started on the first step – understanding a business’ broad impacts and dependency on nature.

    Many businesses are moving to the second stage – evaluating the specific business activities that put pressure on the environment, and determining the extent to which businesses depend on particular services ecosystems provide.

    The pressure a business places on nature can be measured via specific metrics, such as the amount of water consumed, air pollutants emitted, waste generated or area of land changed. Again, a suite of online tools and metrics can help with this.

    The next step is more complicated, yet essential. It requires businesses directly measuring their impacts on specific animals, plants and ecosystems. For this, we can turn to the expertise of ecologists.

    Individuals of a species can be hard to count, and extinction risk can be hard to measure. So ecologists often describe and monitor a species’ habitat – the environments in which a species can survive and reproduce – as a proxy for the fate of the species itself.

    Ecosystems – such as a rainforest, wetland or desert – can be described as being in good or poor condition. The rating depends on whether all the ecosystem’s plants, animals and other components are present, or whether unwanted components, such as weeds or invasive species, are found there.

    A graphic showing how ecologists measure the state of nature.
    TNFD

    In addition, maps, showing ecosystem condition and extent are available for much of Australia.

    Habitat mapping is also available for most threatened animals and plants, and thousands of other species. And mapping exists for World Heritage areas, important wetlands, national parks, Indigenous Protected Areas and other environment types.

    These resources are not difficult or expensive to access, and people and organisations with the skills to interpret and use such data are becoming more common.

    Some businesses are attempting these measurements. For example, plantation forestry company Forico last year prepared a natural capital report on a range of nature metrics, including the extent of species habitats, and assessment of vegetation condition.

    But many businesses are not yet grappling with this deeper nature analysis.

    This map, from ecosystem research organisation TERN, is one of many freely available to businesses seeking nature data.
    TERN

    Looking ahead

    We have the information and metrics to help businesses measure their impact on nature.

    Collaboration is urgently needed between business and nature experts, so the data available can be tailored to the needs of businesses, and presented in a form they can use.

    Governments can support this – for example by establishing accessible and practical online data platforms, and funding training for more nature experts who understand business.

    A new federal government agency, Environment Information Australia, will also hopefully become an important hub for data and information.

    By measuring what might seem immeasurable, businesses can become part of the solution to the nature crisis. There is cause for optimism – but no time to waste.

    Brendan Wintle has received funding from The Australian Research Council, the Victorian government, the NSW government, the Queensland government, the Commonwealth National Environmental Science Program, the Ian Potter Foundation, the Hermon Slade Foundation and the Australian Conservation Foundation. Wintle is a Board Director of Zoos Victoria and a lead councillor of the Biodiversity Council.

    Sarah Bekessy receives funding from the Australian Research Council, the National Health and Medical Research Council, the Ian Potter Foundation and the European Commission. She is a Lead Councillor with The Biodiversity Council, a board member of Bush Heritage Australia, a member of the WWF Eminent Scientists Group and an advisor to ELM Responsible Investment, the Living Building Challenge and Wood for Good.

    Simon O’Connor is affiliated with the Australian government as a member of the Minister for Environment and Water’s Nature Finance Council, and previously oversaw the national consultation group for the Taskforce on Nature-related Financial Disclosures

    William Geary receives funding from the Victorian government and is associated with the Victorian Department of Energy, Environment and Climate Action.

    – ref. Yes, nature is complex. But saving our precious environment means finding ways to measure it – https://theconversation.com/yes-nature-is-complex-but-saving-our-precious-environment-means-finding-ways-to-measure-it-240583

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Banco Itaú Chile Schedules Third Quarter 2024 Financial Results, Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, Oct. 09, 2024 (GLOBE NEWSWIRE) —  BANCO ITAÚ CHILE (SSE: ITAUCL) announced today that it will release its results for the third quarter ended September 30, 2024, after the market closes in Santiago, on October 30, 2024.

    On Monday, November 4, 2024, at 11:00 A.M. Santiago time (9:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by Claudia Labbé Montevecchi, Head of IR and Chief Sustainability Officer, and Matías Valenzuela Barrenechea, Head of FP&A, Capital and IR.

    Conference Call Details:

    Online registration: https://registrations.events/direct/Q4I613620

    All participants must pre-register using this link to join the conference call. Upon registering, each participant will be provided with details to connect to the call and a registrant ID.

    Webcast:
    The webcast will be available through the following link:

    https://events.q4inc.com/attendee/539765194

    Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Following the event, the event will be available in the same link.

    Telephone and Virtual Q&A session:
    The Q&A session will be available for participants connected through the conference call and through the webcast, where attendees will be allowed to type in their questions – we will read and answer selected questions verbally.

    Investor Relations – Itaú Chile

    IR@itau.cl / ir.itau.cl

    The MIL Network –

  • MIL-OSI China: Mainland, HK agree to promote services trade

    Source: China State Council Information Office

    The Chinese mainland and the Hong Kong Special Administrative Region (HKSAR) have agreed to build closer ties in services trade, China’s Ministry of Commerce said Wednesday.

    Li Yongsha, an official with the ministry, and Paul Chan, financial secretary of the HKSAR government, signed a document on amending the service trade agreement under the Closer Economic Partnership Arrangement (CEPA) in Hong Kong on Wednesday.

    The agreement will take effect from the date of signing and will be officially implemented as of March 1, 2025.

    According to the amendment, thresholds of market access for Hong Kong service providers in fields including finance, telecommunications, architecture and tourism, will be further lowered or removed.

    Signed between the mainland and Hong Kong in 2003, the CEPA has significantly facilitated trade liberalization in both goods and services.

    The amendment is an important measure to improve the mechanism for Hong Kong to play a better role in China’s opening-up, said the ministry, adding that it is the second time the CEPA service trade agreement has been amended, the first time being in 2019. 

    MIL OSI China News –

  • MIL-OSI China: China issues guidelines on accelerating development, utilization of data resources

    Source: China State Council Information Office 2

    The general offices of the Communist Party of China Central Committee and the State Council have unveiled a set of guidelines on accelerating the development and utilization of public data resources, to provide solid support for making the digital economy strong and building new competitive advantages for the country.
    By 2025, the system and rules for the development and utilization of public data resources will be preliminarily established. Data products and services will continue to be enriched, and significant progress should be made in the development and utilization of public data resources in key industries and regions, according to the guidelines.
    By 2030, a comprehensive system for the development and utilization of public data resources will be established, with compliant and efficient data circulation and use. In the meantime, public data will play a full role as an essential factor in empowering the real economy, expanding consumer demand and investment space, as well as improving governance capacity.
    A sound policy system for data opening should be built, the guidelines said, stressing that measures should be taken to ensure data is made open in an orderly manner in accordance with the law and regulations, under the premise of safeguarding national data security, protecting personal information and business secrets.
    The guidelines also encourage innovative application to promote the healthy development of the data industry, and call for coordinating development and security to create a sound environment for the development and utilization of public data resources. 

    MIL OSI China News –

  • MIL-OSI New Zealand: Minister to co-chair carbon market negotiations at COP29

    Source: New Zealand Government

    Climate Change Minister Simon Watts will chair negotiations on carbon markets at this year’s United Nations Climate Change Conference (COP29) alongside Singapore’s Minister for Sustainability and Environment, Grace Fu.

    “Climate change is a global challenge, and it’s important for countries to be enabled to work together and support each other in the transition to a low emission, net zero future,” Mr Watts says.

    “To support cooperation and unlock financial investment, Minister Fu and I have been asked to co-chair negotiations that will finalise details for how countries can cooperate on carbon markets under the Paris Agreement. Having credible, high integrity, and transparent carbon markets are good for countries, consumers, and the climate as they encourage direct investment towards reducing emissions.

    “It is an honour to be selected as one of the eight Ministerial representatives from among 195 countries to chair these negotiations. It recognises New Zealand and Singapore’s expertise in carbon markets and emissions pricing mechanisms, and the Government’s work to restore credibility in our domestic carbon market, the Emissions Trading Scheme.”

    The UN Climate Change system drives global action to reduce the impacts of climate change through the implementation of the Paris Agreement. These meetings also allow businesses and civil society to engage on climate solutions and navigating the economic transition.

    COP29 will be held in Baku, Azerbaijan from 11-22 November 2024. Ministers Watts and Fu will engage with their counterparts in preparation for the meeting to ensure smooth negotiations.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Release: No time to slow-down on disaster response

    Source: New Zealand Labour Party

    Labour welcomes the release of the Government’s response to the report into the North Island weather events but urges it to push forward with legislative change this term.

    “Labour commissioned the review into the severe weather events in Government, so New Zealand can be better prepared,” Labour emergency management spokesperson Camilla Belich said.

    “Labour is willing to work with and assist the Government in ensuring the recommendations of this report are actioned, including implementing legalisation this term.

    “This needs to be a priority and Mark Mitchell must provide a clear timeline for implementing these changes. We don’t know when the next disaster will strike and must be prepared.

    “The Emergency Management system in New Zealand requires urgent reform and investment to make sure New Zealand is best placed to respond to a major natural disaster.

    “New Zealand needs to invest in resilient infrastructure and support for local councils. The Government scrapped Labour’s $6 billion National Resilience Plan, which was ringfenced to support local communities and councils after Cyclone Gabrielle and the Auckland floods. The plan also set aside funds to build resilience in at risk locations.

    “One in 100-year events are becoming more and more common, it’s critical we invest properly to protect our communities and our economy,” Camilla Belich said.

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

  • MIL-OSI: METHODE ELECTRONICS SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuits Against Methode Electronics, Inc. – MEI

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Oct. 09, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 25, 2024 to file lead plaintiff applications in securities class action lawsuits against Methode Electronics, Inc. (NYSE: MEI), if they purchased the Company’s shares between December 2, 2021 and March 6, 2024, inclusive (the “Class Period”). These actions are pending in the United States District Court for the Northern District of Illinois.

    Get Help

    Methode Electronics investors should visit us at https://claimsfiler.com/cases/nyse-mei/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    Methode and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On March 7, 2024, the Company announced its financial results for 3Q2024, disclosing that its Automotive Segment generated only $139.7 million in net sales for the quarter and suffered an $11 million loss from operations, and that it was withdrawing its prior guidance due in substantial part to the “operational challenges” at its Monterrey facility and that its prior statements regarding the guidance should no longer be relied upon. On this news, the price of Methode’s shares fell 31%, from $21.04 per share when the market closed on March 6, 2024 to $14.49 per share when the market closed on March 7, 2024, on abnormally high volume.

    The first-filed case is Salem v. Methode Electronics, Inc., No. 24-cv-07696. Another case was subsequently filed, City Of Cape Coral Municipal General Employees Retirement Plan v. Methode Electronics, Inc., No. 24cv9654

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit http://www.claimsfiler.com.

    The MIL Network –