NewzIntel.com

Category: Economy

  • MIL-OSI China: Incremental policies to boost China’s growth, benefit world

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

    BEIJING, Oct. 10 — With the Chinese economy advancing on a high-quality development path, recent incremental policies will boost China’s growth and help achieve its annual growth target of around 5 percent, which is uplifting both for China and the rest of the world.

    China recently introduced a series of growth-promoting policies to support economic restructuring. Covering a wide range of important sectors of the economy such as domestic demand, investment and green energy, these policies are of great significance in stabilizing expectations, boosting confidence and reinforcing momentum in the world’s second-largest economy.

    The just-concluded National Day “golden week” holiday recorded high domestic consumption and bustling outbound travel, showcasing strong market vitality. The recent capital market rally, which had not been seen in years, also reflected the improving market sentiment.

    The government is expected to roll out more reform measures conducive to economic development. These include the formation of guidelines on building a unified national market, a new negative list for market access, and mechanisms to ensure increased investment in future industries.

    China will expand the catalog of industries that encourage foreign investment, unveil a new group of major foreign-invested projects, and make its visa-free transit policies even more open, according to Zheng Shanjie, head of the National Development and Reform Commission.

    China’s high-quality development means increased opportunities for the rest of the world. With China opening its door wider, foreign companies will get more opportunities in China’s huge market.

    Undoubtedly, continued improvement of China’s economy is good news for the entire world, which is facing rising protectionism, a complex geopolitical situation and weak economic recovery.

    At present, the Chinese economy is still facing very complicated and severe external environment, which requires considerable efforts to maintain economic stability and progress.

    With the effects of incremental policies gradually emerging, China’s economic vitality will be further unleashed and market confidence will be further strengthened. Given the progress made in the first three quarters, the Chinese economy is poised to maintain overall stable growth for the whole year. This will be a shot in the arm for the world economy as well.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Results of monthly survey on business situation of small and medium-sized enterprises for September 2024

    Source: Hong Kong Government special administrative region

    Results of monthly survey on business situation of small and medium-sized enterprises for September 2024
    Results of monthly survey on business situation of small and medium-sized enterprises for September 2024
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         The Census and Statistics Department (C&SD) released today (October 10) the results of the Monthly Survey on Business Situation of Small and Medium-sized Enterprises (SMEs) for September 2024.      The current diffusion index (DI) on business receipts amongst SMEs increased from 41.3 in August 2024 in the contractionary zone to 41.6 in September 2024, whereas the one-month’s ahead (i.e. October 2024) outlook DI on business receipts was 47.0. Analysed by sector, the current DIs on business receipts, despite below the 50-mark, rose by varying degrees in September 2024 as compared with previous month for many surveyed sectors, particularly for the logistics (from 35.9 to 40.3) and restaurants (from 34.7 to 36.5).            The current DI on new orders for the import and export trades increased from 43.4 in August 2024 to 44.5 in September 2024, whereas the outlook DI on new orders in one month’s time (i.e. October 2024) was 46.1. Commentary      A Government spokesman said that overall business sentiment among SMEs stabilised in September, and their expectations on the business situation in one month’s time turned better. The overall employment situation also improved further in September.      The spokesman added that while various uncertainties in the external environment may have some negative impacts, US interest rate cut should bode well for business sentiment. The Central Government’s latest policy measures for supporting the Mainland economy as well as its various measures benefitting Hong Kong will also provide support. The Government will monitor the situation closely. Further information      The Monthly Survey on Business Situation of Small and Medium-sized Enterprises aims to provide a quick reference, with minimum time lag, for assessing the short-term business situation faced by SMEs. SMEs covered in this survey refer to establishments with fewer than 50 persons engaged. Respondents were asked to exclude seasonal fluctuations in reporting their views. Based on the views collected from the survey, a set of diffusion indices (including current and outlook diffusion indices) is compiled. A reading above 50 indicates that the business condition is generally favourable, whereas that below 50 indicates otherwise. As for statistics on the business prospects of prominent establishments in Hong Kong, users may refer to the publication entitled “Report on Quarterly Business Tendency Survey” released by the C&SD.      The results of the survey should be interpreted with care. The survey solicits feedback from a panel sample of about 600 SMEs each month and the survey findings are thus subject to sample size constraint. Views collected from the survey refer only to those of respondents on their own establishments rather than those on the respective sectors they are engaged in. Besides, in this type of opinion survey on expected business situation, the views collected in the survey are affected by the events in the community occurring around the time of enumeration, and it is difficult to establish precisely the extent to which respondents’ perception of the business situation accords with the underlying trends. For this survey, main bulk of the data were collected around the last week of the reference month.      More detailed statistics are given in the “Report on Monthly Survey on the Business Situation of Small and Medium-sized Enterprises”. Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080015&scode=300).      Users who have enquiries about the survey results may contact Industrial Production Statistics Section of the C&SD (Tel: 3903 7246; email: sme-survey@censtatd.gov.hk).

     
    Ends/Thursday, October 10, 2024Issued at HKT 16:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Introduction and considerations for types of super fund transfers

    Source: Australian Department of Revenue

    What this protocol provides

    This protocol gives superannuation providers guidance about successor fund transfer (SFT) and intra-fund transfer (IFT) obligations, including:

    • consistent application of the law and practical administration to manage impacts across the operating system
    • limited-service periods to ensure there is minimal impact to employers and members
    • digital identity management and Access Manager
    • our perspective of industry best practice including across complex super processes connected to an SFT and IFT.

    We have updated our protocol in response to an increasing number of fund transfers. We have incorporated industry feedback, drawing on their experiences and learnings from recent SFTs.

    When acting on our guidance, you should:

    • consider the individual circumstances of your members
    • decide whether your action is appropriate.

    This guidance does not cover situations where an SFT or an IFT has not occurred, and the only change is to your registry system, platform or service provider. If you are undertaking any of these changes, you can engage with us by completing the Successor Fund Transfer (SFT) and Intra Fund Transfer (IFT) form (XLSX, 651KB). Lodge your completed form using the Super Enquiry Service (SES) for APRA funds.

    Successor fund transfer

    An SFT occurs when member accounts are transferred from one registrable super entity (RSE) to another RSE with a different Australian business number (ABN) without their member’s consent.

    When the same entity is the trustee for more than one RSE, an SFT can also occur when their member’s accounts are transferred from one RSE to another within the same group.

    Intra-fund transfer

    An IFT happens when there is no change in the RSE ABN but there are resulting changes to the Unique superannuation identifier (USI) or account identifiers.

    This may also be known as product consolidation or streamlining activity. See more information about IFTs and income streams.

    When considering an SFT or an IFT

    When you are considering an SFT or an IFT, it is crucial to understand the significant impact on your members and their contributing employers. To minimise the impact, it is important to engage with us early and to ensure the timing of the SFT avoids critical dates such as the quarterly super guarantee due dates and the end of the financial year.

    Engage with us early by completing the Successor Fund Transfer (SFT) and Intra Fund Transfer (IFT) form (XLSX, 651KB). Lodge using our Super Enquiry Service.

    A member’s account can also be transferred to the ATO in accordance with the Superannuation (Unclaimed Money and Lost Members) Act 1999. However, this type of transfer is not covered as part of this protocol.

    Regulation 6.29 of the Superannuation Industry (Supervision) Regulations 1994 (SISR) states that a member’s benefits must not be transferred from a fund unless a member’s consent has been given.

    Exceptions apply to successor fund transfers, intra-fund transfers and transfers to MySuper products when member consent is not required but specific criteria are met.

    Transfers to MySuper products are outside the scope of this protocol and do not involve an SFT. These transfers should be considered in the context of normal fund reporting, as outlined in the various other protocols found in our fund reporting protocol.

    When the trustee of the transferring fund transfers cash and other assets to a successor fund, the transferring fund makes a payment that is a super benefit, of each member’s benefit to the successor fund. The payment of each member’s benefit is a rollover super benefit.

    To review the actions required from transferring and successor funds, use our SFT checklist for APRA funds.

    Australian Prudential and Regulation Authority (APRA) provides superannuation prudential guidance that funds must follow. See details in SPG 227 Successor Fund Transfers and Wind-upsExternal Link.

    Legislative guidance for funds is contained in Regulation 6.29 of the Superannuation Industry (Supervision) Regulations 1994.

    For any unique reporting issues that arise as part of the SFT and or IFT, you can lodge an enquiry through our Super Enquiry Service with any questions or requests for advice.

    MIL OSI News –

  • MIL-OSI NGOs: UK: Don’t abandon people in crisis: Public want more from Government this World Homelessness Day

    Source: Amnesty International –

    78% of UK adults say that people with direct experience of homelessness should be included when developing policies to tackle homelessness 

    The majority (72%) believe that homelessness is a major problem in the UK and should be given urgent priority by Government, with 73% saying they are not doing enough to help 

    Nearly three quarters (73%) agree that having access to a home is a fundamental human right and should be protected by law 

    “Government strategy is only a piece of paper without action. We need action now for those facing winter in unsuitable temporary accommodation or experiencing life on the streets.” – Jen Clark 

    The latest annual Government statistics on October 4th showed a 12.3% rise in homelessness and with people trapped in temporary accommodation at an all-time high since records began. * 

    On World Homelessness Day (October 10th), Amnesty International UK has published new data showing what the UK public think about political action, which reveals homelessness is seen as a major UK problem and that the Government must do more, including developing solutions with those who have direct experience. 

    In his first press conference as Prime Minister, Keir Starmer said: ‘The principle I operate to is those with skin in the game know what’s best for their communities’ and nearly eight in ten polling respondents** agreed that those with lived experience of homelessness should be included when developing policies to tackle this. 

    Amnesty is calling on the Government to invite those with lived experience of homelessness, to hear firsthand what immediate solutions there are to both the current emergency and longer-term strategy. Urgent action is needed to protect people as the rise in homelessness shows us that many people will be facing a life-or-death situation this winter without safe and secure housing. 

    At a roundtable hosted by the human rights organisation, people with lived experience shared their desire for their voices to be heard and how without the protection of everyday rights they feel oppressive stigma from society.  

    Tony said: “As a person who has been homeless in the past, I know how difficult it is to get out of homelessness. The Prime Minister said it is people with the skin in the game who know what is best for their community. So, listen to us.”  

    *The following names have been anonymised 

    Lucy said: “You think like everyone is judging you, they’re thinking you chose it, that it’s your choice, whereas it is not. I was an asylum seeker it was not my choice. Then I became a refugee and asked to leave the accommodation, that was not my choice. Then I became homeless, that was not my choice. If I did not take a shower for a long time, that was not my choice because I did not have the shower facility.”   

    Dillon said: “We all see homeless people in doorways, you see Councils building aggressive architecture. And this all sort of shows how we think of people experiencing homelessness as being some kind of scourge on society. What we really need to be doing is flipping that over and realising its society being the scourge on its most vulnerable.”  

    Jody said: “To tackle stigma we need to be more compassionate towards others and understand how it makes people feel.” 

     

    Jen Clark, Economic and social rights lead at Amnesty International UK, said:  

    “This World Homelessness Day, the public back Amnesty’s call for Government to involve those with direct experience to create solutions to end this horrifying crisis for good.  

    “Homelessness is often the result of a devastating domino effect triggered by poor decision making within siloed Government departments who repeatedly fail to protect our basic human rights and dignity. 

    “Whilst the Ministry of Housing, Communities and Local Government has announced the development of a strategy to end homelessness, this is not new – strategy is only a piece of paper without action. We still do not know when, with who or how this strategy will be developed. We need solutions developed with those with skin in the game and we need urgent action now for those facing winter in unsuitable temporary accommodation or experiencing life on the streets.” 

    Additional findings from the poll, conducted in September 2024, showed that:  

    A third (35%) of UK adults say they are worried that themselves or someone they know may become homeless in the next 12 months.  

    Among those who are renting in the UK, either privately, or through their local council or housing association, approaching half (47%) say they are worried that they, or someone they know, will become homeless in the next 12 months. This was highest at 47% with young adults aged 16-34. 

    MIL OSI NGO –

  • MIL-OSI Asia-Pac: Union Government releases tax devolution of ₹1,78,173 crore to State Governments, including one advance instalment of ₹89,086.50 crore in addition to regular instalment due in October, 2024

    Source: Government of India

    Union Government releases tax devolution of ₹1,78,173 crore to State Governments, including one advance instalment of ₹89,086.50 crore in addition to regular instalment due in October, 2024

    Advance instalment released in view of upcoming festive season and to enable States to accelerate capital spending and finance their development/ welfare related expenditure

    Posted On: 10 OCT 2024 1:25PM by PIB Delhi

    The Union Government has released tax devolution of ₹ 1,78,173 crore to State Governments on 10th October, 2024, as against the normal monthly devolution of ₹89,086.50 crore. It includes one advance instalment, in addition to the regular instalment due in October, 2024.

    This release is in view of the upcoming festive season and to enable States to accelerate capital spending, and also finance their development/ welfare related expenditure.

    State-wise breakup of amounts released is given below in the table:

     

    State-wise distribution of Net Proceeds of Union Taxes and Duties for October, 2024

     

    Sl. No

    Name of State

    Total (₹ Crore)

    1

    ANDHRA PRADESH

    7,211

    2

    ARUNACHAL PRADESH

    3,131

    3

    ASSAM

    5,573

    4

    BIHAR

    17,921

    5

    CHHATTISGARH

    6,070

    6

    GOA

    688

    7

    GUJARAT

    6,197

    8

    HARYANA

    1,947

    9

    HIMACHAL PRADESH

    1,479

    10

    JHARKHAND

    5,892

    11

    KARNATAKA

    6,498

    12

    KERALA

    3,430

    13

    MADHYA PRADESH

    13,987

    14

    MAHARASHTRA

    11,255

    15

    MANIPUR

    1,276

    16

    MEGHALAYA

    1,367

    17

    MIZORAM

    891

    18

    NAGALAND

    1,014

    19

    ODISHA

    8,068

    20

    PUNJAB

    3,220

    21

    RAJASTHAN

    10,737

    22

    SIKKIM

    691

    23

    TAMIL NADU

    7,268

    24

    TELANGANA

    3,745

    25

    TRIPURA

    1,261

    26

    UTTAR PRADESH

    31,962

    27

    UTTARAKHAND

    1,992

    28

    WEST BENGAL

    13,404

     

    ****

    NB/KMN

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Experts deliberated on challenges & prospects of hydrogen energy commercialisation

    Source: Government of India

    Posted On: 10 OCT 2024 1:39PM by PIB Delhi

    Industrialists, entrepreneurs, business aspirants and enthusiasts   from various sectors discussed the challenges and prospects of hydrogen energy commercialization at a workshop on fostering start-up ecosystems for commercialization of hydrogen technologies.

    Dr. R Vijay, Director of ARCI, stressed on the importance of reducing the cost of hydrogen production to make it more market-attractive while speaking as Guest of Honour at the workshop organised by ARCI an autonomous institution of the Department of Science and Technology (DST) on the occasion of National Hydrogen and Fuel Cell Day on 8th October2024.

    He also showcased ARCI’s role in transferring hydrogen technologies both at the component level and through integrated systems and said that ARCI is supporting many start-ups in the energy sector.

    The 7th consecutive annual hydrogen workshop was organised at the Centre for Fuel Cell Technology of International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), at IITM Research Park, Chennai.

    In his inaugural address, Prof. Mohammad RihanDirector General of the National Institute of Solar Energy (NISE), highlighted the mission-mode approach of integrating solar power with electrolyzer for green hydrogen generation for energy storageand conversion to electricity through fuel cells. He underscored the synergy between solar energy and hydrogen technologies, offering a sustainable pathway toward green energy. He also mentioned that ARCI and NISE have already signed a MoU to jointly work for the realisation of the above approach.

    Dr. R. Gopalan,Former Regional Director of ARCI, Chennai, emphasized the need for a circular economy in hydrogen production to further reduce costs and highlighted India’s emerging leadership in green ammonia synthesis alongside other developed nations.

    Eminent speakers such as Dr. G.A. Pathanjali, Managing Director of High Energy Batteries, Tiruchirappalli, Shri. Krishnan Sadagopan, Senior Vice President at Ashok Leyland, and Dr.RamadasArumugamSakunthalai, Director at the Global Automotive Research Centre (GARC), discussed the critical role of hydrogen in the Indian automotive market. They delved into hydrogen’s application in transportation and the challenges and potential for growth in this sector.

    Several start-up founders and representatives shared their experiences with hydrogen production and utilization, discussing their capabilities as well as the hurdles they face in scaling their technologies. Key challenges such as cost, infrastructure development, and regulatory barriers were highlighted. Participants explored strategies to reduce production and distribution costs to make hydrogen more economically viable.

    The workshop underscored the need for collaboration between industry, academia, and research institutions, with ARCI playing a pivotal role in fostering these partnerships. This collaboration is seen as essential for achieving hydrogen economy in India.

     

    This year’s workshop not only celebrated National Hydrogen and Fuel Cell Day but also marked a significant step in India’s journey towards a green energy future. The discussions and insights shared during the event will contribute to the development of hydrogen technologies that can reshape the global energy landscape.

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    MIL OSI Asia Pacific News –

  • MIL-OSI China: China to boost financing support for data development, utilization

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

    BEIJING, Oct. 10 — China will increase fiscal support for the data industry by tapping into the central government’s budget and ultra-long special treasury bonds to improve the management, development, utilization and security of data resources, an official said on Thursday.

    Chen Ronghui, deputy head of the National Data Administration, said at a press conference that China encourages financial institutions to innovate products and services to provide financing for data companies. In addition, private capital is being promoted to participate in the development of public data resources to foster industry growth.

    China unveiled a set of guidelines on Wednesday aimed at accelerating the development and utilization of public data resources to support the digital economy and help build new competitive advantages for the country.

    By 2025, China expects to see significant progress in the development and utilization of public data resources across key industries and regions. By 2030, public data is anticipated to play a key role in empowering the real economy, expanding consumer demand and improving governance capacity, according to the guidelines.

    The guidelines also emphasize the need for data to be made available in an orderly manner in accordance with the law and regulations, while ensuring national data security and the protection of personal information and business secrets.

    MIL OSI China News –

  • MIL-OSI Europe: Highlights – SEDE discusses priorities for the CSDP in its Annual Report 2024 – 17 October 2024 – Subcommittee on Security and Defence

    Source: European Parliament

    SEDE_meeting_military_EU_26102022.jpeg © Adobe Stock

    On 17 October, SEDE Members will discuss the Annual Report on the Common Security and Defence Policy (CSDP) presented by the Rapporteur MEP Nicolás Pascual de la Parte (EPP, Spain). While the EU is facing multiple and unprecedented threats to its security and new crises in its neighbourhood, especially since Russia’s war of aggression against Ukraine, this first CSDP Annual Report of the 10th Parliamentary term will set out the European Parliament’s assessment of CSDP’s readiness to address the challenges in the current complex geopolitical and security context. It also provides recommendations on the main avenues for strengthening policies and actions for the future along several dimensions, including institutional decision-making progress, the joint development of military and armament capabilities and the urgently needed issue of how to finance European defence.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: £57 million paid to families to help with food shop

    Source: Scottish Government

    People urged to check and use Best Start Foods card  

    Families getting a Scottish benefit to help them buy healthy foods are being urged to check their balance on their prepaid card. 

    Best Start Foods, a payment of up to £42.40 every four weeks, helps eligible pregnant women, parents, families and carers with children under the age of three to buy healthy foods from a range of supermarkets, small shops and online stores.  

    Since its launch in 2019, over £57 million has been paid to over 86,000 parents and carers. 

    The majority of people say it is clear how to use the card, it has helped them to buy milk or healthy food and have been able to use it without any difficulty, according to a recent survey.  

    People that have not yet activated their card or don’t use it regularly could be missing out on money that can help pay for healthy foods. Social Security Scotland continue to contact those getting Best Start Foods via text message to alert them to balances available to spend on their cards.  

    People can apply for the payment as soon as they know they are pregnant, during pregnancy and up to when their child turns three.  

    The removal of income limits earlier this year also means even more people can now get the payment and are being urged to check if they are eligible.   

    Speaking at a visit Edinburgh Community Food during Challenge Poverty Week, Social Justice Secretary, Shirley-Anne Somerville, said:   

    “We are determined to eradicate child poverty and reduce health inequalities in Scotland and Best Start Foods, part of the five family payments, is part of a package to support this. 

    “We want to make sure people know about, and get, all the financial help they are entitled to. This is particularly relevant during the continuing cost of living crisis. 

    “I’m urging anyone who has a Best Start Foods card to look it out, make sure it’s activated and check the balance for money to help pay for their food shop.  

    “If cards are lost, or people are unsure of how to use them, support is available to help them use their card. The card works the same as any chip and pin card and can be used in many supermarkets, small shops and online.   

    “The Scottish Government removed income limits earlier this year, so I would also urge anyone who has not yet applied for Best Start Foods to check if they are eligible.” 

    Brenda Black, Chief Executive Officer at Edinburgh Community Food, added: 

    “Working together with Social Security Scotland and community partners we help mothers and (guardians) check their eligibility and to access their money through the handy Best Start Foods Pre-Paid Card providing a dignified way to spend their payment on healthier foods to enjoy with their growing family.  

    “Edinburgh Community Food plays a key role in supporting & nourishing futures for expecting mothers and their children. 

     “We are determined to use every creative way possible to support their access to nourishing food during the first 2001 days, which are crucial for every child’s growth and development.” 

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Promising progress on eye health in African region, but challenges remain

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Congo (Republic of the), October 10, 2024/APO Group/ —

    Despite important progress towards integrating eye health into primary health care services in African countries, a dire shortage of financial resources, combined with the concentration of scarce human resources in urban areas and low community awareness, continues to threaten the gains.

    One in every six blind people globally live in Africa, along with 26 million others grappling with some degree of visual impairment. Yet statistics show that despite the onerous burden, only 14% of people who need cataract surgery receive it, while more than 80% of people with shortsightedness receive no treatment. The comparative figure for North America, Australasia, western Europe and the Asia-Pacific region, meanwhile, is lower than 10%.

    In addition, only 12% of people in Africa who need glasses or surgical interventions to address blurred vision will receive the necessary care, at significant economic cost to countries. The global estimated costs of uncorrected refractive errors and cataracts is US$14.3 billion annually.

    World Health Organization (WHO) in the African Region is recording a decrease in vision loss due to Vitamin A deficiency, onchocerciasis and trachoma, but emerging eye health challenges are rising. These are related to ageing populations, unhealthy lifestyles, and noncommunicable diseases.

    “The focus on eye care is critical, given the multiple positive impacts of good vision on all aspects of life, from overall well-being to academic achievements. The contribution to economic growth is also significant, raising the urgency of building on the gains already made, while addressing the emerging challenges,” said Dr Matshidiso Moeti, WHO Regional Director for Africa, on World Sight Day today.

    WHO’s current focus in the region is to support countries to integrate eye health services at primary care level, as part of universal health coverage.  However, with severely limited human resources, the achievement of Integrated People-Centred Eye Care demands innovative interventions, dedicated community engagement, and cross-sectoral coordination of services.

    Over the past two years, WHO has provided technical support to six African countries, including Ethiopia, Ghana, Niger, Nigeria, Somalia and Zambia. The work began with the completion of national situational analyses, followed by the development of strategic plans and monitoring frameworks. Operational planning and costing of interventions and resources was also completed, specifically in relation to workforce needs, and the integration of eye care indicators into existing health information systems frameworks.

    To support countries towards the achievement of the global target of increasing the number of people with access to appropriate spectacles (known as effective coverage of refractive error or eREC) to 40% by 2030, WHO launched the SPECS 2030 initiative. Still in its initial stages, Liberia and Mozambique have begun implementation.

    Meanwhile, WHO also launched a free self-assessment tool designed to support countries to promote healthy habits and raise eye care awareness. Launched last year, the WHOeyes tool, available in multiple languages, is u used to check visual acuity, while also providing educational messaging.

    Other support has included the dissemination of strategic documents such as the World report on vision, which outlines WHO’s recommendations for integrated, people-centred eye care, and the launch of the WHO’s Eye Care in Health Systems: Guide for action.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: News story: What does the Employment Rights Bill mean for you?

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Our Employment Rights Bill will ban exploitative zero-hours contracts, end fire and rehire, and introduce basic employment rights from day one.

    We’re introducing new workplace rights to end unfair employment practices and help deliver economic growth.  

    Our Employment Rights Bill will ban exploitative zero-hours contracts, end fire and rehire, and introduce basic employment rights from day one – like paternity and parental leave, and protection from unfair dismissal. It also introduces right to bereavement leave from day one. 

    It will replace out-of-date employment laws, helping to boost pay and productivity with legislation fit for a modern economy.  

    This is the biggest upgrade to workers’ rights in a generation, and a significant step towards delivering this government’s plan to make work pay.   

    Basic rights from day one  

    We’re putting in place measures to give employees basic rights from their first day in a new job.   

    Our new Bill will give greater protection against unfair dismissal from day one, ensuring that the feeling of security at work is no longer a luxury for the privileged few.  

    We are also bringing in a new statutory probation period for companies’ new hires. This will allow for a proper assessment of an employee’s suitability for a role as well as reassuring employees that they have rights from day one. We will consult on the length of the period; the government’s preference is 9 months. 

    The Bill will establish rights to bereavement and paternity and parental leave from day one, and strengthen statutory sick pay, removing the lower earnings limit for all workers and cutting out the waiting period before sick pay kicks in.

    Our new Bill and measures will:   

    • Give protection against unfair dismissal from day one, while allowing employers to operate probation periods

    • Establish parental and bereavement leave from day one  

    • End exploitative zero hour contracts   

    • End unscrupulous practices of fire and rehire and fire and replace  

    • Make flexible working the norm where practical  

    • Deliver stronger dismissal protections for pregnant women and new mothers  

    • Establish a new Fair Work Agency with new powers to enforce holiday pay  

    • Strengthen statutory sick pay

    Ending unfair practices   

    Our new laws will end exploitative zero hours contracts and unscrupulous fire and rehire practices.   

    While workers can stay on zero hours contracts if they’d prefer to, our new Bill means they’ll have the right to a guaranteed hours contract if they work regular hours over a defined period.   

    Ending unscrupulous employment practices is a priority for this government. And this Bill will shut down the loopholes that allow bullying fire and rehire and fire and replace to continue.   

    A fairer and more flexible workplace   

    As part of the Bill, we’ll introduce new measures to help make the workplace more compatible with people’s lives. This includes making flexible working the default where practical.   

    Large employers will be required to create action addressing gender equality, including supporting employees through the menopause, and protections against dismissal will be strengthened for pregnant workers and those returning from maternity leave.   

    This is all with the intention of keeping people in jobs for longer, reducing recruitment costs for employers by increasing staff retention and helping the economy grow.  

    We’ll also establish a new Fair Work Agency bringing together existing enforcement bodies to enforce rights such as holiday pay, and support employers looking for guidance on how to comply with the law.

    Updates to this page

    Published 10 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: What does the Employment Rights Bill mean for you?

    Source: United Kingdom – Executive Government & Departments

    Our Employment Rights Bill will ban exploitative zero-hours contracts, end fire and rehire, and introduce basic employment rights from day one.

    We’re introducing new workplace rights to end unfair employment practices and help deliver economic growth.  

    Our Employment Rights Bill will ban exploitative zero-hours contracts, end fire and rehire, and introduce basic employment rights from day one – like paternity and parental leave, and protection from unfair dismissal. It also introduces right to bereavement leave from day one. 

    It will replace out-of-date employment laws, helping to boost pay and productivity with legislation fit for a modern economy.  

    This is the biggest upgrade to workers’ rights in a generation, and a significant step towards delivering this government’s plan to make work pay.   

    Basic rights from day one  

    We’re putting in place measures to give employees basic rights from their first day in a new job.   

    Our new Bill will give greater protection against unfair dismissal from day one, ensuring that the feeling of security at work is no longer a luxury for the privileged few.  

    We are also bringing in a new statutory probation period for companies’ new hires. This will allow for a proper assessment of an employee’s suitability for a role as well as reassuring employees that they have rights from day one. We will consult on the length of the period; the government’s preference is 9 months. 

    The Bill will establish rights to bereavement and paternity and parental leave from day one, and strengthen statutory sick pay, removing the lower earnings limit for all workers and cutting out the waiting period before sick pay kicks in.

    Our new Bill and measures will:   

    • Give protection against unfair dismissal from day one, while allowing employers to operate probation periods

    • Establish parental and bereavement leave from day one  

    • End exploitative zero hour contracts   

    • End unscrupulous practices of fire and rehire and fire and replace  

    • Make flexible working the norm where practical  

    • Deliver stronger dismissal protections for pregnant women and new mothers  

    • Establish a new Fair Work Agency with new powers to enforce holiday pay  

    • Strengthen statutory sick pay

    Ending unfair practices   

    Our new laws will end exploitative zero hours contracts and unscrupulous fire and rehire practices.   

    While workers can stay on zero hours contracts if they’d prefer to, our new Bill means they’ll have the right to a guaranteed hours contract if they work regular hours over a defined period.   

    Ending unscrupulous employment practices is a priority for this government. And this Bill will shut down the loopholes that allow bullying fire and rehire and fire and replace to continue.   

    A fairer and more flexible workplace   

    As part of the Bill, we’ll introduce new measures to help make the workplace more compatible with people’s lives. This includes making flexible working the default where practical.   

    Large employers will be required to create action addressing gender equality, including supporting employees through the menopause, and protections against dismissal will be strengthened for pregnant workers and those returning from maternity leave.   

    This is all with the intention of keeping people in jobs for longer, reducing recruitment costs for employers by increasing staff retention and helping the economy grow.  

    We’ll also establish a new Fair Work Agency bringing together existing enforcement bodies to enforce rights such as holiday pay, and support employers looking for guidance on how to comply with the law.

    Updates to this page

    Published 10 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Economics: RBI imposes monetary penalty on Sonbhadra Nagar Sahkari Bank Limited, Sonbhadra, Uttar Pradesh

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 01, 2024, imposed a monetary penalty of ₹2.50 lakh (Rupees Two Lakh Fifty Thousand only) on Sonbhadra Nagar Sahkari Bank Limited, Sonbhadra (the bank) for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of the statutory provision and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said statutory provision. After considering the bank’s reply to the notice and oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the charge of not transferring the eligible amounts to the Depositor Education and Awareness Fund within the prescribed period was sustained, warranting imposition of monetary penalty.

    This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1264

    MIL OSI Economics –

  • MIL-OSI Russia: SUM student receives personal scholarship from Financial Market Council

    MILES AXLE Translation. Region: Russian Federation –

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

    The 2nd ceremony of awarding scholarship certificates of the financial market program “Investments in the Future” was held in the Congress Center of the Chamber of Commerce and Industry of the Russian Federation. One of the certificates was awarded to a student of the Institute of Economics and Finance of the State University of Management Khagai Ifraimov.

    The scholarship program of corporate and personal scholarships “Investments in the Future” was established in 2022 on the initiative of the Financial Market Council, with the support of the Chamber of Commerce and Industry and the Eurasian Economic Council. The program is designed to provide financial support to talented students and young scientists from universities and colleges of the EurAsEC and the CIS.

    In the 2024/2025 academic year, 113 universities and colleges in Russia and Kazakhstan are participating in the program, the “Investments in the Future” fund amounted to 28 million rubles. The scholarship council selected 230 recipients on a competitive basis, 28 of whom were awarded personal scholarships in honor of famous scientists, teachers, government and public figures. The annual scholarship amount is 120 thousand rubles – students will receive 10 thousand rubles per month.

    The founders of the scholarships include banks, insurance companies, non-state pension funds, industrial enterprises and humanitarian organizations. The organizations themselves choose the university or secondary specialized educational institution for whose students they are ready to establish a scholarship.

    The founder of the scholarship for the GUU student Khagai Ifraimov was the Specialized Depository Company “Garant”. Khagai is a 4th-year student at the IEF in the “Financial Management” program. He shared with us his impressions of the scholarship awarding ceremony:

    “Having received a scholarship from the Russian Financial Market Council, I felt an incredible surge of joy and pride. This is not only recognition of my efforts and work, but also an incentive for further self-improvement. I understood that the scholarship would open doors to the world of finance, allow me to meet many key and iconic figures in the Russian financial market. My determination to work even harder only increased, because this support is a step towards achieving goals and strengthening faith in my own strengths.”

    We wish Khagai further success in his studies!

    Subscribe to the TG channel “Our GUU” Date of publication: 10.10.2024

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

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

    SUM student receives personal scholarship from Financial Market Council

    MIL OSI Russia News –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Parwanoo Urban Co-operative Bank Limited, Parwanoo, Himachal Pradesh

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 01, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Parwanoo Urban Co-operative Bank Limited, Parwanoo (the bank) for non-compliance with the specific directions issued by RBI under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI instructions issued under SAF and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the charge of payment of dividend in violation of the directions issued under SAF, was sustained, warranting imposition of monetary penalty.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1263

    MIL OSI Economics –

  • MIL-OSI Banking: Inter-Algo: BaFin warns about the websites inter-algo.com und inter-algo.net

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns about the websites inter-algo.com and inter-algo.net. On these websites, the Inter-Algo provides financial services without the required authorisation and offers so-called “wealth planning”.

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Global Banks –

  • MIL-OSI: TC Energy announces upsizing and results of its cash tender offers

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 09, 2024 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (“TC Energy”) today announced that TransCanada PipeLines Limited (the “Company”), a wholly-owned subsidiary of TC Energy, has released (i) the results of its previously announced seven separate offers (the “Offers”) to purchase for cash the outstanding notes of the series listed in the table below (collectively, the “Notes”) and (ii) that it has amended the Offers by increasing the Maximum Purchase Amount from US$1,750,000,000 to US$1,809,000,000, an amount sufficient to accept for purchase all Notes with Acceptance Priority Levels 1 – 5 in full, in accordance with the terms of the Tender Documents (as defined below).

    The Offers were made upon the terms and subject to the conditions set forth in the Offer to Purchase dated Oct. 1, 2024 relating to the Notes (the “Offer to Purchase”) and the notice of guaranteed delivery attached as Appendix A thereto (the “Notice of Guaranteed Delivery” and, together with the Offer to Purchase, the “Tender Offer Documents”). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.

    The Offers expired at 5 p.m. (Eastern time) on Oct. 8, 2024 (the “Expiration Date”). The Guaranteed Delivery Date will be the second business day after the Expiration Date and is expected to be Oct.10, 2024. The Settlement Date will be the fourth business day after the Expiration Date and is expected to be Oct. 15, 2024.

    According to information provided by D.F. King & Co., Inc., the Information and Tender Agent in connection with the Offers, US$2,870,274,000 combined aggregate principal amount of Notes were validly tendered prior to or at the Expiration Date and not validly withdrawn. In addition, US$78,193,000 combined aggregate principal amount of Notes were tendered pursuant to the Guaranteed Delivery Procedures and remain subject to the Holders’ performance of the delivery requirements under such procedures. The table below provides certain information about the Offers, including the aggregate principal amount of each series of Notes validly tendered and not validly withdrawn at or prior to the Expiration Date and the aggregate principal amount of Notes reflected in Notices of Guaranteed Delivery delivered at or prior to the Expiration Date pursuant to the Tender Offer Documents.

    Acceptance
    Priority
    Level    		 Title of Notes CUSIP / ISIN
    Nos. (1)    		 Principal
    Amount
    Outstanding    		 Total
    Consideration(2)    		 Principal
    Amount
    Tendered(3)    		 Principal
    Amount
    Accepted(3)    		 Principal
    Amount
    Reflected in
    Notices of
    Guaranteed
    Delivery
    1 2.500% Senior Notes due 2031 89352HBC2 / US89352HBC25 US$1,000,000,000 US$887.76 US$739,213,000 US$739,213,000 US$47,207,000
    2 5.000% Senior Notes due 2043 89352HAL3 / US89352HAL33 US$625,000,000 US$965.85 US$200,842,000 US$200,842,000 —
    3 4.875% Senior Notes due 2048 89352HAY5 / US89352HAY53 US$1,000,000,000 US$941.07 US$440,800,000 US$440,800,000 US$4,281,000
    4 5.100% Senior Notes due 2049 89352HAZ2 / US89352HAZ29 US$1,000,000,000 US$977.29 US$179,924,000 US$179,924,000 US$19,144,000
    5 4.750% Senior Notes due 2038 89352HAX7 / US89352HAX70 US$500,000,000 US$963.02 US$313,189,000 US$313,189,000 US$1,611,000
    6 4.250% Senior Notes due 2028 89352HAW9 / US89352HAW97 US$1,400,000,000 US$994.82 US$566,368,000 — US$5,880,000
    7 4.875% Senior Notes due 2026 89352HAT6 / US89352HAT68 US$850,000,000 US$1,003.36 US$429,938,000 — US$70,000

    (1) No representation is made by the Company as to the correctness or accuracy of the CUSIP numbers or ISINs listed in this News Release or printed on the Notes. They are provided solely for convenience. 
    (2) The total consideration for each series of Notes (such consideration, the “Total Consideration”) payable per each US$1,000 principal amount of such series of Notes validly tendered for purchase. 
    (3) The amounts exclude the principal amounts of Notes for which Holders have complied with certain procedures applicable to guaranteed delivery pursuant to the Guaranteed Delivery Procedures. Such amounts remain subject to the Guaranteed Delivery Procedures. Notes tendered pursuant to the Guaranteed Delivery Procedures are required to be tendered at or prior to 5 p.m. (Eastern time) on Oct. 10, 2024.

    Overall, US$1,873,968,000 aggregate principal amount of Notes have been accepted for purchase, excluding the Notes delivered pursuant to the Guaranteed Delivery Procedures. The Maximum Purchase Condition (after giving effect to the increase described above) has been satisfied with respect to the Offers in respect of the series of Notes with Acceptance Priority Levels 1 – 5. Accordingly, all Notes of those series that have been validly tendered and not validly withdrawn at or prior to the Expiration Date have been accepted for purchase. Because the Maximum Purchase Condition was not satisfied with respect to the series of Notes with Acceptance Priority Levels 6 and 7, the Company has not accepted any Notes of such series (as indicated in the table above) and will promptly return all validly tendered Notes of such series to the respective tendering Holders.

    Upon the terms and subject to the conditions set forth in the Offer to Purchase, Holders whose Notes have been accepted for purchase in the Offers will receive the applicable Total Consideration specified in the table above for each US$1,000 principal amount of such Notes, which will be payable in cash on the applicable Settlement Date.

    In addition to the applicable Total Consideration, Holders whose Notes have been accepted for purchase will be paid the Accrued Coupon Payment. Interest will cease to accrue on the Settlement Date for all Notes accepted in the Offers, including those tendered pursuant to the Guaranteed Delivery Procedures. Under no circumstances will any interest be payable because of any delay in the transmission of funds to Holders by the Depository Trust Company (“DTC”) or its participants.

    The Offers are subject to the satisfaction of certain conditions as described in the Offer to Purchase. The Company reserves the right, subject to applicable law, to waive any and all conditions to any Offer. If any of the conditions is not satisfied, the Company is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered notes, in each event subject to applicable laws, and may terminate or alter any or all of the Offers.

    The Company has retained Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and RBC Capital Markets, LLC to act as the dealer managers (the “Dealer Managers”) for the Offers. Questions regarding the terms and conditions for the Offers should be directed to Deutsche Bank Securities Inc. at (866) 627-0391 (toll-free) or (212) 250-2955 (collect), J.P. Morgan Securities LLC at (866) 834-4666 (toll-free) or (212) 834-4818 (collect), Morgan Stanley & Co. LLC at (800) 624-1808 (toll-free) or (212) 761-1057 (collect), or RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212) 618-7843 (collect).

    D.F. King & Co., Inc. acts as the Information and Tender Agent for the Offers. Questions or requests for assistance related to the Offers or for additional copies of the Offer to Purchase may be directed to D.F. King & Co., Inc. in New York by telephone at +1 (212) 269-5550 (for banks and brokers only) or +1 (866) 620-9554 (for all others toll-free), or by email at TCEnergy@dfking.com. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers. The Tender Offer Documents can be accessed at the following link: http://www.dfking.com/transcanada.

    If the Company terminates any Offer with respect to one or more series of Notes, it will give prompt notice to the Information and Tender Agent, and all Notes tendered pursuant to such terminated Offer will be returned promptly to the tendering Holders thereof. Upon such termination, any Notes blocked in DTC will be released.

    This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to sell any Notes or any other securities of TC Energy, the Company or any of their subsidiaries. The Offers were made solely pursuant to the Offer to Purchase. The Offers were not made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, “blue sky” or other laws of such jurisdiction. In any jurisdiction in which the securities laws or “blue sky” laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to have been made on behalf of the Company by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

    No action has been or will be taken in any jurisdiction that would permit the possession, circulation or distribution of either this announcement, the Offer to Purchase or any material relating to us or the Notes in any jurisdiction where action for that purpose is required. Accordingly, neither this announcement, the Offer to Purchase nor any other offering material or advertisements in connection with the Offers may be distributed or published, in or from any such country or jurisdiction, except in compliance with any applicable rules or regulations of any such country or jurisdiction.

    Forward-looking Statements

    This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as “forward-looking statements”). Forward-looking statements include: statements regarding the terms and timing for completion of the Offers, including the settlement dates of the Notes accepted for purchase; and the satisfaction or waiver of certain conditions of the Offers.

    Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of TC Energy to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that may cause actual results to vary include, but are not limited to, conditions in financial markets, investor response to the Offers, and other risk factors as detailed from time to time in TC Energy’s reports filed with Canadian securities administrators and the U.S. Securities and Exchange Commission.

    Readers are cautioned against unduly relying on forward-looking statements. Forward-looking statements are made as of the date of the relevant document and, except as required by law, TC Energy undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise.

    About TC Energy

    We’re a team of 7,000+ energy problem solvers working to safely move, generate and store the energy North America relies on. Today, we’re delivering solutions to the world’s toughest energy challenges – from innovating to deliver the natural gas that feeds LNG to global markets, to working to reduce emissions from our assets, to partnering with our neighbours, customers and governments to build the energy system of the future. It’s all part of how we continue to deliver sustainable returns for our investors and create value for communities.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

    -30-

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403-920-7859 or 800-608-7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403-920-7911 or 800-361-6522

    PDF available: http://ml.globenewswire.com/Resource/Download/bcaa59bc-903b-47da-a879-8029104445fa

    The MIL Network –

  • MIL-OSI Europe: Press release – MEPs debate Hungary’s Presidency programme with Prime Minister Viktor Orbán

    Source: European Parliament 3

    On Wednesday, MEPs discussed Hungary’s priorities for its six-month Council Presidency, which started on 1 July, with Prime Minister Viktor Orbán.

    European Parliament President Roberta Metsola noted in her opening statement that the Hungarian Presidency comes at a time when the EU is taking “significant steps forward” including “supporting Ukraine, strengthening European competitiveness, and building a more stable, secure Europe”. She recalled that the Parliament is the house of democracy, “where the rule of law and freedom of expression are sacrosanct”, and where “we may not always agree, but we will always give space for the respectful sharing of views”.

    “The EU needs to change,” Prime Minister Viktor Orbán said, adding that the Hungarian Presidency aims to be the voice and catalyst for change. According to Mr Orbán, the situation of the EU is far more serious than in 2011, during the first Hungarian EU Presidency, citing the war in Ukraine, escalating conflicts in the Middle East and Africa, migration, risks to the Schengen area, and Europe losing its global competitiveness.

    Mr Orbán pledged that Hungary would be an honest and constructive broker holding the rotating presidency of the EU Council, including on the pending 52 legislative files that need to be finalised, and is ready to start inter-institutional negotiations with the Parliament.

    He highlighted competitiveness as a key issue for the Presidency, noting that the EU’s economic growth in the last two decades has been significantly lower than in China and US, with the EU’s share of global trade also decreasing. Pointing to energy prices as a key obstacle, Mr Orbán said that “as a result of moving away from Russian energy sources, the EU has lost significant GDP growth”. “We should not fall into the illusion that the green transition in itself offers a solution to the problem,” he argued, adding that decarbonisation has led to slowing down of productivity and the loss of jobs.

    On migration, Mr Orbán warned that “without external hotspots we cannot protect Europeans from illegal migration”. “The EU asylum system is simply not working. Illegal migration has led to increasing anti-semitism, violence against women and homophobia,” he claimed. He proposed holding regular “Schengen summits”, and insisted that Bulgaria and Romania should become full members of the free-movement area by the end of the year.

    On enlargement, Mr Orbán called for accelerating the accession of the Western Balkan countries and stressed that “without Serbia joining, we cannot stabilise the Balkans”.

    The Hungarian Prime Minister argued for an EU defence industry, a farmer-friendly, competitive agriculture sector, and for the importance of the EU cohesion policy. “Cohesion funds are not charity nor a donation, it is one of the biggest forms of investment policy in the EU, and it is a pre-requisite to balance out the single market,” he said.

    Response by the European Commission President

    Replying to Prime Minister Orbán, Ms von der Leyen affirmed the EU’s commitment to support Hungary after the recent floods and outlined three key priorities: Ukraine, competitiveness, and migration. She criticised Hungary’s stance on Russia, deploring that “one member state in particular” is still trying to buy fossil fuels from Russia despite the EU’s commitment to be energy independent. On migration, she condemned Hungary’s decision to release convicted smugglers and questioned its visa policies, such as inviting Russian nationals into the EU without additional checks, warning these “make Hungary a security risk, not only for Hungary but for all member states.” Emphasising the country’s potential within the EU, she urged it to “serve the cause of European unity” rather than diverging from shared values. (Her full speech is available here.)

    Speakers from political groups

    A majority of speakers in Parliament criticised the Hungarian Prime Minister for his record since the country assumed the presidency of the Council, as well as for turning Hungary into a hybrid regime, undermining Ukraine’s fight against Russian aggression, and collaborating with illiberal regimes in Moscow and Beijing. Most speakers expressed their concern about the complete lack of regard for EU values demonstrated by the Hungarian Prime Minister, as well as allegations of rampant corruption in Hungary. Many MEPs expressed their solidarity with the Hungarian people suffering from their government’s restrictions on judicial independence, media freedom, and civil society. Several argued that it was a mistake to give the rotating presidency to Hungary and called for a suspension of its voting rights in the Council under the Article 7 procedure.

    Other speakers disagreed, commending the Hungarian government for its stance on migration and for placing competitiveness at the top of its priorities. They lauded Hungary as a defender of traditional values and took the opportunity to argue that the green transition policies and cumbersome EU rules are destroying Europe’s economy.

    You can catch up with the debate here.

    MIL OSI Europe News –

  • MIL-OSI: TC Energy announces expiration and upsizing of cash tender offers for certain Canadian-dollar denominated debt securities

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES (SEE “OFFER AND DISTRIBUTION RESTRICTIONS” BELOW).

    CALGARY, Alberta, Oct. 09, 2024 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (“TC Energy”) today announced (i) the expiration of the previously announced separate offers (the “Offers”) of TransCanada PipeLines Limited (the “Company”), a wholly-owned subsidiary of TC Energy, to purchase for cash up to C$350,000,000 in aggregate purchase price, excluding accrued and unpaid interest, (the “Maximum Purchase Amount”) of its outstanding notes of the two series listed in the table below (collectively, the “Notes”) at 5 p.m. (Toronto time) on Oct. 8, 2024 (the “Expiration Date”) and (ii) the Company has amended the Offers by increasing the Maximum Purchase Amount from C$350,000,000 in aggregate purchase price, excluding accrued and unpaid interest, to C$575,000,000 in aggregate principal amount.

    The Offers

    The Offers were made upon the terms and subject to the conditions set forth in the Offer to Purchase dated Oct. 1, 2024 relating to the Notes (the “Offer to Purchase”). Capitalized terms used but not defined in this news release have the meanings given to them in the Offer to Purchase.

    According to information provided by TSX Trust Company, the Tender Agent, C$1,199,486,000 combined aggregate principal amount of the Notes were validly tendered in connection with the Offers prior to or at the Expiration Date and not validly withdrawn. The table below provides certain information about the Offers, including the aggregate principal amount of each series of Notes validly tendered and not validly withdrawn prior to the Expiration Date.

    Title of Notes(1) Principal
    Amount
    Outstanding    		 CUSIP / ISIN
    Nos.     (1)    		 Reference
    Security(2)    		 Bloomberg
    Reference
    Page    (2)    		 Fixed Spread
    (Basis Points)    (2)    		 Principal Amount
    Tendered
    4.180% Senior Notes due 2048 C$1,100,000,000 89353ZCC0 / CA89353ZCC01 CAN 2 ¾ 12/01/55 FIT CAN0-50 160 C$892,057,000
    3.390% Senior Notes due 2028 C$500,000,000 89353ZCA4 / CA89353ZCA45 CAN 3 ½ 03/01/28 FIT CAN0-50 60 C$307,429,000

    (1) No representation is made by TC Energy or the Company as to the correctness or accuracy of the CUSIP numbers or ISINs listed in this news release or printed on the Notes. They are provided solely for convenience.

    (2) The total consideration for each series of Notes (such consideration, the “Total Consideration”) payable per each C$1,000 principal amount of such series of Notes validly tendered and accepted for purchase will be based on the applicable Fixed Spread specified in the table above for such series of Notes, plus the applicable yield based on the bid-side price of the applicable Canadian reference security as specified in the table above, as quoted on the applicable Bloomberg Reference Page as of 10 a.m. (Toronto time) on Oct. 9, 2024, unless extended by the Company with respect to the applicable Offer. The Total Consideration does not include the applicable Accrued Coupon Payment, which will be payable in cash in addition to the applicable Total Consideration.

    Indicative Series Acceptance Amounts

    The Company expects to accept for purchase C$575,000,000 in aggregate principal amount of the 4.180% Senior Notes due 2048 (the “2048 Notes”) tendered into the Offer for such Notes on a pro rata basis within such series, with the actual amount accepted to be adjusted for rounding due to proration. The Company does not expect to accept for purchase any of the 3.390% Senior Notes due 2028 tendered into the Offer for such Notes.

    Pricing and Settlement

    Pricing in respect of the 2048 Notes is expected to occur at 10 a.m. (Toronto time) on Oct. 9, 2024, following which the Final Acceptance Amount, the Offer Yield and the Total Consideration in respect of the 2048 Notes validly tendered and accepted for purchase pursuant to the Offers will be announced by the Company.

    The “Settlement Date” in respect of any 2048 Notes validly tendered and accepted for purchase pursuant to the Offer for such Notes is expected to be Oct. 15, 2024. The Company will also pay an Accrued Coupon Payment in respect of 2048 Notes validly tendered and accepted for purchase pursuant to the Offer for such Notes. Holders whose 2048 Notes are accepted for purchase will lose all rights as Holder of the tendered 2048 Notes and interest will cease to accrue on the Settlement Date for all 2048 Notes accepted in the Offer for such Notes.

    The Offers are subject to the satisfaction of certain conditions as described in the Offer to Purchase. The Company reserves the right, subject to applicable law, to waive any and all conditions to any Offer. If any of the conditions is not satisfied, the Company is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered Notes, in each event subject to applicable laws, and may terminate or alter any or all of the Offers.

    Deutsche Bank Securities Inc. (“Deutsche Bank”), J.P. Morgan Securities Canada Inc. (“JPM”), Morgan Stanley Canada Limited (“MS”) and RBC Dominion Securities Inc. (“RBC”) are acting as the dealer managers (the “Dealer Managers”) for the Offers. Questions regarding the terms and conditions for the Offers or for copies of the Offer to Purchase should be directed to JPM at 1.403.532.2126, MS at 1.416.943.8400 or RBC at 1.877.381.2099 (toll-free) or 1.416.842.6311 (collect). Deutsche Bank is not registered as a dealer in any Canadian jurisdiction and, accordingly, neither it nor any of its affiliates will, directly or indirectly, advertise, solicit, facilitate, negotiate, effect or take any other act in furtherance of any purchase or tender of Notes in connection with the Offers and any such solicitation, advertisement or other act with respect to the Offers will be conducted by JPM, MS and RBC. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers.

    If the Company terminates any Offer with respect to one or more series of Notes, it will give prompt notice to the Tender Agent, and all Notes tendered pursuant to such terminated Offer will be returned promptly to the tendering Holders thereof. With effect from such termination, any Notes blocked in CDS will be released.

    Offer and Distribution Restrictions

    The Offers were made solely pursuant to the Offer to Purchase. This news release does not constitute a solicitation of an offer to buy any securities in the United States. No Offer constitutes an offer or an invitation by, or on behalf of, TC Energy, the Company or the Dealer Managers (i) to participate in the Offers in the United States; (ii) to, or for the account or benefit of, any “U.S. person” (as such term is defined in Regulation S of the U.S. Securities Act of 1933, as amended); or (iii) to participate in the Offers in any jurisdiction in which it is unlawful to make such an offer or solicitation in such jurisdiction, and such persons are not eligible to participate in or tender any securities pursuant to the Offers. No action has been or will be taken in the United States or any other jurisdiction that would permit the possession, circulation or distribution of this news release, the Offer to Purchase or any other offering material or advertisements in connection with the Offers to (i) any person in the United States; (ii) any U.S. person; (iii) anyone in any other jurisdiction in which such offer or solicitation is not authorized; or (iv) any person to whom it is unlawful to make such offer or solicitation. Accordingly, neither this news release, the Offer to Purchase nor any other offering material or advertisements in connection with the Offers may be distributed or published, in or from the United States or any such other jurisdiction (except in compliance with any applicable rules or regulations of such other jurisdiction). Tenders will not be accepted from any holder located or resident in the United States.

    In any jurisdiction in which the securities laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to have been made on behalf of the Company by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

    This news release is for informational purposes only. This news release is not an offer to purchase or a solicitation of an offer to sell any Notes or any other securities of TC Energy, the Company or any of their subsidiaries.

    Forward-Looking Statements

    This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as “forward-looking statements”). Forward-looking statements include: statements regarding the terms and timing for completion of the Offers, including the acceptance for purchase of any Notes validly tendered and the expected Settlement Date thereof; and the satisfaction or waiver of certain conditions of the Offers.

    Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of TC Energy to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that may cause actual results to vary include, but are not limited to, conditions in financial markets, investor response to the Offers, and other risk factors as detailed from time to time in TC Energy’s reports filed with Canadian securities administrators and the U.S. Securities and Exchange Commission.

    Readers are cautioned against unduly relying on forward-looking statements. Forward-looking statements are made as of the date of the relevant document and, except as required by law, TC Energy undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise.

    About TC Energy

    We’re a team of 7,000+ energy problem solvers working to safely move, generate and store the energy North America relies on. Today, we’re delivering solutions to the world’s toughest energy challenges – from innovating to deliver the natural gas that feeds LNG to global markets, to working to reduce emissions from our assets, to partnering with our neighbours, customers and governments to build the energy system of the future. It’s all part of how we continue to deliver sustainable returns for our investors and create value for communities.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

    -30-

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403-920-7859 or 800-608-7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403-920-7911 or 800-361-6522

    PDF available: http://ml.globenewswire.com/Resource/Download/ef553881-2d73-4dda-9255-428724543d0a

    The MIL Network –

  • MIL-OSI Europe: Press release – Parliament condemns Russia’s interference in Moldova

    Source: European Parliament 3

    On Wednesday, MEPs adopted a resolution issuing a strong warning against continued Russian attempts to derail Moldova’s pro-European trajectory.

    The text, approved by 508 votes in favour, 53 against and 104 abstentions, vehemently condemns Russia’s escalating malicious activities, interference and hybrid operations ahead of Moldovans going to the polls to vote in the country’s presidential election and constitutional referendum on EU integration on 20 October. MEPs highlight the role played by a plethora of malicious actors, including pro-Russian Moldovan oligarchs and Russia’s state-funded RT network, in carrying out voter fraud schemes as well as cyber operations and information warfare. They also call on the EU and its member states to ensure that all necessary assistance is provided to Moldova to strengthen its institutional mechanisms and ability to respond to hybrid threats.

    Russia’s destabilising actions in Moldova

    According to MEPs, Moldovan security services recently stated that Russia has spent approximately €100 million to undermine the upcoming electoral process in order to get Moldovans to vote against closer ties with the EU. On 3 October 2024, Moldovan authorities uncovered a large-scale voter fraud scheme financed by Moldovan oligarch Ilan Shor, involving $15 million being transferred to 130 000 Moldovans as part of a voter bribery operation. Condemning these tactics, Parliament calls on Russia to respect Moldova’s independence, cease provocations, and withdraw military forces from its territory. In addition, it repeats its previous calls for all ammunition stored in the Cobasna depot in the Transnistria breakaway region to be destroyed.

    MEPs call for additional sanctions against political actors destabilising Moldova

    Against the backdrop of increasing Russian interference, the resolution calls on the Council to adopt further EU sanctions against individuals undermining Moldova’s sovereignty. MEPs also urge countries and territories hosting wanted Moldovan fugitives like Ilan Shor and Vladimir Plahotniuc to extradite them to Moldova for trial.

    Additional support for Moldova’s EU accession

    The European Parliament reaffirms its support for Moldova’s path towards EU accession, calling on the European Commission to include the country in the Instrument for Pre-Accession Assistance (IPA III) and to prioritise funding for EU candidate countries in the next Multiannual Financial Framework (MFF) for 2028-2034. With EU accession talks with Moldova already having begun, MEPs call for a faster screening process and the timely organisation of the subsequent intergovernmental conferences.

    To boost Moldova’s resilience against hybrid threats, Parliament urges the EU to continue to strengthen cooperation with the country in the fields of strategic communication, support for journalists and civil society and the promotion of independent Russian-language media content.

    Background

    The EU has previously imposed sanctions on Moldovan oligarchs and pro-Russian actors, including Ilan Shor and Vladimir Plahotniuc, Igor Ceaika, Gheorghe Cavaliuc and Marina Tauber. Moldova applied for EU membership in March 2022 and was granted candidate status in June 2022. In December 2023, the European Council agreed to open accession negotiations with Moldova.

    MIL OSI Europe News –

  • MIL-OSI: Blue Foundry Bancorp Schedules Third Quarter 2024 Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    RUTHERFORD, N.J., Oct. 09, 2024 (GLOBE NEWSWIRE) — Blue Foundry Bancorp (NASDAQ: BLFY) (the “Company”), the holding company for Blue Foundry Bank, announced that on the morning of Wednesday, October 23, 2024 it will release financial results for the quarter ended September 30, 2024. A copy of the earnings release will be available on the Company’s website, https://ir.bluefoundrybank.com/, in the “News” section and on the SEC’s website, https://www.sec.gov/.

    Representatives of the Company will hold a conference call for investors and analysts on Wednesday, October 23, 2024 at 11:00AM (ET) to discuss the Third Quarter 2024 Earnings. Blue Foundry Bancorp will address live questions from analysts. The conference call will be recorded and will be available on the Company’s website for one month.

    We encourage participants to pre-register to listen to the webcast call by using the link below. Upon registration, participants will immediately receive an online confirmation, an email, and a calendar invitation for the event.

    Webcast pre-registration link:  
    https://events.q4inc.com/attendee/821566286

    Participants who are unable to join via webcast may dial-in on the day of the call:

    Participants Dial-In Information:
    United States (Toll Free): 1-833-470-1428
    International: 1-404-975-4839
    Access code: 725750

    About Blue Foundry Bancorp and Blue Foundry Bank
    Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities.

    Forward-Looking Statements
    This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They may or may not include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include but are not limited to conditions related to the global coronavirus pandemic, changes in the interest rate environment, changes in the rate of inflation, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged. 

    Contact:
    James D. Nesci
    President and Chief Executive Officer
    bluefoundrybank.com
    jnesci@bluefoundrybank.com
    201-972-8900

    The MIL Network –

  • MIL-OSI Global: How to recognise burnout – and what to do if you’re affected

    Source: The Conversation – UK – By Michael Koch, Reader in Human Resource Management & Organisational Behaviour, Brunel University London

    PeopleImages.com – Yuri A/Shutterstock

    Emily, a finance manager, has been working 60-hour weeks for several months to meet deadlines. She starts feeling constantly exhausted, both physically and mentally. Work that she once found engaging now seems overwhelming, and she’s easily irritated with her colleagues. Despite putting in more hours, her productivity declines. Eventually, she starts calling in sick frequently and considers quitting her job, feeling like she just can’t keep going any more.

    Emily is a victim of burnout. For 2024, World Mental Health Day is focused on workplace health, with the aim of helping people like Emily recognise when work is affecting their wellbeing, so that they can take steps to address it.

    Burnout happens when the demands of a job are high for a long time, and are not offset by sufficient mental and physical resources. In this situation, people are no longer able to recover from their demanding job. Their energy is gradually drained, resulting in a state of mental exhaustion, a cynical and negative attitude towards their work, as well as a declining performance.

    In other words, people affected by burnout are neither able nor willing to fully function in their job. Burnout can occur in any job, but is most likely in workplaces where demands are high and resources low. It is a widespread phenomenon.

    A report by the charity Mental Health UK asserts that the country is on the verge of becoming a burnt-out nation, with 91% of the working adults surveyed reporting high or extreme levels of pressure and stress at some point in the past year.

    According to the same report, 20% of workers in the UK even took time off work due to poor mental health caused by stress last year.

    You don’t have to work in a desk job to be at risk of burnout.
    ultramansk/Shutterstock

    Research has consistently shown that the primary causes of burnout are excessive and prolonged job demands. This includes, for example, high workloads, job insecurity, role ambiguity, conflict, stress or stressful events, and work pressure.

    Burnout has severe consequences, most of all for people affected by it. Burnout impacts people differently, but even mild cases – which could linger for several years – can lead to a multitude of negative health outcomes. This includes work-related anxiety and depression, increased risk of cardiovascular diseases, Type 2 diabetes, insomnia, headaches and perhaps most alarmingly, increased mortality.

    People with mild cases of burnout are also at risk of developing more severe burnout that will keep them off work sick for long periods.

    Burnout is also worrying for organisations as it has a negative impact on creativity, leads to higher employee turnover, increased absenteeism and poor job performance.

    The symptoms of burnout differ from one person to another, and sometimes people might not even fully realise they’re burnt out until they are no longer just tired but too exhausted to function.

    People who experience burnout are drained of energy and may be overwhelmed even by
    small tasks. They distance themselves from their work, struggle with self doubt and develop cynical, negative attitudes regarding their job or the people they work for.

    When looking for symptoms of burnout, it might help to ask yourself questions like: Do you mostly talk about your work in a negative way? Do you tend to think less about your work and do your job almost mechanically? Do you sometimes feel sickened by your work tasks? Are there days when you feel tired before you arrive at work? Do you often feel emotionally drained during your work? Do you usually feel worn out and weary after your work?

    Burnout recovery and prevention needs to help minimise the job demands which cause
    exhaustion and disengagement. For example, reducing workload and work pressure, and establishing clear boundaries between life and work can help to reduce stressful job demands.

    Job resources can also help to mitigate the impact of job demands. This includes things like job control, having a variety of tasks, social support, performance feedback, opportunities for professional development and the quality of a worker’s relationship with their supervisor.

    When people have an abundance of these resources, the link between the demands of the job and burnout is greatly reduced because they help workers to cope better.

    Recovery is possible

    Opportunities for recovery from work-related stress are an especially important job resource in this context. Recovery means that employees have non-work time where they can relax and detach themselves from work. This may include leisure activities that allow people to simply experience pleasure without competitive pressures.

    Research has also shown that job crafting is an effective burnout intervention. Job crafting means that employees make small adjustments to both their job demands and resources. Employees can decrease their job demands by taking steps to minimise the emotionally, mentally or physically demanding job aspects or by reducing their workload.

    For example, this might involve looking for a calmer place to work. They can also increase job resources by engaging in professional development, gaining more autonomy at work and by asking others for support, feedback and advice. Over time, engaging in job crafting will lead to lower burnout.

    Organisations also need to play their part to reduce burnout. A range of intervention strategies such as stress management training, mindfulness-based approaches or policies that allow employees to disconnect from work outside of normal working hours are useful tools for combating burnout in an organisation.

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

    – ref. How to recognise burnout – and what to do if you’re affected – https://theconversation.com/how-to-recognise-burnout-and-what-to-do-if-youre-affected-240747

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Orkney ferry funding

    Source: Scottish Government

    Government support to help council replace fleet.

    Orkney Islands Council has secured £3 million Scottish Government funding for plans to replace its internal ferry fleet.

    The funding will help the local authority develop a planned pilot for two electric ferries and its business case for a replacement internal ferry fleet.

    The council plans to introduce eight new vessels to link communities and boost tourism. This includes three large ferries to serve the islands of Westray, Stronsay, Sanday and Eday with plans being drawn up for all of Orkney’s air and ferry-linked island communities. 

    The Orkney funding is on top of an additional £42 million provided in this year’s budget to support local authority ferry services across Scotland.

    Finance Secretary Shona Robison – who chairs the Orkney Internal Ferry Replacement Task Force – said:

    “This funding will enable Orkney Islands Council to take forward its business case to replace its internal ferry fleet. It will also help bring forward their pilot of electric ferries and I am grateful to Orkney Islands Council for its constructive engagement through this process. 

    “The Scottish Government is committed to working alongside Scotland’s island communities, to empower them to thrive. Since 2021-22 our Islands Programme has distributed more than £12 million to support 61 critical infrastructure projects on 50 islands.

    “We are also collaborating with islanders, local authorities and delivery partners to ensure that the new National islands Plan – which we expect to publish next year – meets their needs and supports their ambitions.”

    Orkney Islands Council Leader Heather Woodbridge said:

    “The engagement with the Scottish Government through the task force has been extremely constructive – and we very much welcome this funding announcement which puts us on a sure footing as we progress our work at pace on the final business case. 

    “This funding package is the first financial commitment in the collaborative approach that is being taken to replace Orkney’s ageing internal ferry fleet, with discussions continuing on the delivery of the next tranche of business case funding and the shape of the financial model that will allow us to provide a modern ferry fleet that our island communities need and deserve.”

    Background

    In May, First Minister John Swinney announced a £5 million package of support for island communities ahead of a new National Islands Plan publishing next year.

    The new Programme for Government commits the Scottish Government to the continuation of the Islands Cost Crisis Emergency Fund worth £1 million in 2024-25 and with an even stronger focus on child poverty. The fund helps local authorities support those islanders most affected by cost-of-living pressures.

    MIL OSI United Kingdom –

  • MIL-OSI China: China’s central bank, finance ministry hold first joint meeting on treasury bond trading

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

    China’s central bank, finance ministry hold first joint meeting on treasury bond trading

    BEIJING, Oct. 9 — China’s central bank said Wednesday that it had held the first joint working group meeting with the Ministry of Finance to discuss treasury bond trading in its open market operations.

    The two authorities established an operating mechanism of the joint working group, and exchanged their views on the country’s bond market development at the meeting, according to a statement from the People’s Bank of China.

    Buying and selling treasury bonds in its open market operations is an important means for the central bank to enrich the monetary policy toolbox and strengthen liquidity management, according to the meeting.

    The two authorities will coordinate development and security, strengthen policy synergy, maintain the stable development of the bond market, and provide a sound environment for central bank’s treasury bond trading in its open market operations.

    The central bank conducted open market treasury bond transactions in August and September, resulting in a net purchase of bonds with a face value of 100 billion yuan (about 14.17 billion U.S. dollars) and 200 billion yuan, respectively.

    Analysts interpreted the net bond purchase by the central bank as a clear signal of its intensified monetary policy efforts to support stable economic growth and expand domestic demand.

    Pan Gongsheng, governor of the People’s Bank of China, told a press conference on Sept. 24 that the central bank had incorporated the trading of treasury bonds into the monetary policy toolbox. He also noted that the bank is working with the Ministry of Finance to study on improving the issuance pace, maturity structure, and custody system of treasury bonds.

    MIL OSI China News –

  • MIL-OSI United Kingdom: New warship steel cut milestone supports thousands of UK jobs

    Source: United Kingdom – Executive Government & Departments 3

    The production of HMS Formidable underway as steel is cut. Production will sustain 2,500 jobs in Scotland and across the UK, supporting economic growth.

    Thousands of jobs and apprenticeships are being supported through warship building, as a major milestone was reached today in the production of the Navy’s future high-tech frigates.  

    Steel was cut on HMS Formidable, the third of the Royal Navy’s new Type 31 warships, at a ceremony in the Rosyth shipyard, reinforcing the Ministry of Defence’s commitment to shipbuilding in Scotland.

    All five frigates will be built in Rosyth, sustaining over 2,500 jobs in Scotland and across the wider supply chain. The work will also create an additional 400 apprenticeship roles, driving economic growth.

    The five Type 31 frigates will support future maritime operations, including interception and disruption of those using the sea for unlawful purposes, intelligence gathering, defence engagement and humanitarian support. They will also be able to shoot down missiles and enemy air targets using a Sea Ceptor missile system, keeping Britain secure at home and strong abroad.

    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.

    Attending the ceremony, Minister for the Armed Forces Luke Pollard said:

    This government is committed to making Britain secure at home and strong abroad. These frigates will be at the heart of the Royal Navy fleet, deterring aggression and supporting our military.

    Today’s significant milestone is backing the government’s mission to grow the economy by supporting thousands of jobs in Scotland and across the UK.  

    The programme is also a key element in the Royal Navy’s production line, sustaining and developing the British shipbuilding industry.   

    The Babcock-built Type 31 fleet will be highly adaptable and capable of rapid deployment, equipped with advanced radar, communication systems, and a variety of armaments.

    In a testament to the UK defence industry, Poland has selected Babcock’s Arrowhead 140 ship design – based on the Type 31 frigates – to equip its Navy with a new class of frigates. In a further export boost, the design has been sold to Indonesia for their own frigate production.  

    Royal Navy’s Senior Responsible Owner for the Type 31 programme, Commodore Stephen Roberts, said:

    This is a momentous occasion for all involved and we are proud to have marked this significant milestone in this way.

    When complete, this remarkable fleet of general-purpose frigates will deliver an impressive capability for Royal Navy and play a huge role in the continued security and prosperity of our nation.

    The ships will have a top speed of over 26 knots – equivalent to nearly 50 kilometres an hour – and accommodate a crew of around 100 personnel. They will replace the five Type 23 general purpose frigates. Type 23 frigates have carried out a wide variety of operations, from securing the UK’s vital maritime trade routes East of the Suez Canal to safeguarding British interests in the South Atlantic.

    Babcock’s Chief Executive, Officer David Lockwood said:

    Today, we are proud to mark yet another milestone in this important defence programme for the Royal Navy. These frigates will play a significant role in protecting the UK and supporting international partnered defence operations.

    This programme is a real demonstration of UK sovereign shipbuilding capability and is delivering positive economic impact within Scotland and in communities across the UK.  It is a privilege for our teams across Babcock to be delivering these platforms for the nation.

    The Type 31 project is managed by Defence, Equipment and Support (DE&S), the procurement arm of the Ministry of Defence. 

    DE&S’ Head of Combat Ships Delivery Group, Mark Beverstock, said:

    I am delighted that work on the third ship in the Type 31 programme is underway. From maritime security patrols and disaster-relief support, to intelligence gathering and defence engagement, these ships will be at the heart of the Royal Navy’s surface fleet.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Federal Home Loan Bank of Atlanta Pledges Support For Hurricane Helene Relief and Recovery

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Oct. 09, 2024 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) is supporting recovery and relief efforts for those affected by Hurricane Helene, donating $250,000 to the American Red Cross and making up to $2 million available through its Community Rebuild and Restore Product to assist with the rehabilitation of homes damaged by the storm.

    “Across the Southeast, many of the communities that our members serve have been severely impacted by Hurricane Helene and devastating floods,” said Kirk Malmberg, president and CEO of FHLBank Atlanta. “These funds will provide critical support for both immediate relief and rebuilding efforts, helping to ease the burden on local communities.”

    FHLBank Atlanta offers the Community Rebuild and Restore Product through its Affordable Housing Homeownership Set-aside Program in partnership with its member financial institutions, providing up to $10,000 to impacted homeowners for the rehabilitation of homes in “major disaster” areas, as designated by the Federal Emergency Management Agency (FEMA). Funding is available on a first-come, first-served basis for eligible homeowners.

    “Our mission is to promote housing opportunity and homeownership, and there is never a more important time to take action than when a natural disaster damages the places people call home,” Malmberg said. “With these contributions we join many others in supporting recovery initiatives and helping our communities as they rebuild.”

    About the Federal Home Loan Bank of Atlanta
    FHLBank Atlanta is a member-owned cooperative that offers competitively-priced financing, community development grants, and other banking services to assist its member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.

    For more information, visit our website at http://www.fhlbatl.com.

    CONTACT:
    Sheryl Touchton
    Federal Home Loan Bank of Atlanta
    stouchton@fhlbatl.com
    404.888.8105

    The MIL Network –

  • MIL-OSI Europe: ASIA/SOUTH KOREA – North Korea has cut off road and rail access to South Korea: Catholics continue to keep alive the hope of peace and reconciliation

    Source: Agenzia Fides – MIL OSI

    Seoul (Agenzia Fides) – North Korea has cut off road and rail access to South Korea with the aim of “completely separating” the two countries. The North Korean army has announced that it is proceeding to “permanently isolate and block the southern border”, reinforcing the fortifications as a “self-defense measure to prevent war”. Signs of closure such as this – with high symbolic value – mark a historic moment in which tensions between the two parts of Korea have reached their highest levels in recent years. This has not left southern society untouched either, and “the desire for reunification is diminishing”, says Peter Soon-Taick Chung, Archbishop of Seoul and Apostolic Administrator of Pyongyang, in an interview with Fides, in which he examines the issue of North-South relations.”I think many young people in the South are beginning to believe that reconciliation or reunification are not viable paths. Hope is fading”, he notes. Therefore, he adds, “I think it is appropriate to continue to dream of peaceful coexistence and to keep the light of hope burning in Korean society, especially today, in the current stalemate, with the total blockade of communication routes, the situation is very bleak”. He adds that “our task is to continue with prayer and education for peace: the Church continues to ask what can and must be done for peace”. “We are approaching the Holy Year, which has as its theme hope: we are pilgrims of hope, also with regard to relations with the North”, he stresses.Simon Kim Ju-young, Bishop of Chuncheon and president of the Episcopal Commission for Reconciliation, meanwhile notes with bitterness that “both sides view each other with a certain hostility and all channels are closed, even that of humanitarian aid, which was kept open in the past. And even if the Korean public opinion is still quite divided on policy towards the North, all Koreans are united when it comes to sending humanitarian aid to North Korea. But North Korea keeps all channels closed, including humanitarian ones.”There is another reason for this attitude, according to political observers: in the current international context, marked by wars in Europe and the Middle East, the arms market has grown and North Korea is one of the countries that sell equipment from its war arsenal. This sector acts as a driving force for the North Korean economy, which is thus less dependent and less reliant on external aid.In this period of closure, “we pray above all for the doors to open. All the faithful of the Church in Korea participate in this prayer,” says Bishop Simon Kim Ju-young. “In some dioceses, for example, the faithful gathered at nine o’clock in the evening to ask God for reconciliation and peace. In Seoul, a Mass is celebrated every week for this intention, and in my diocese of Chuncheon, we hold a special prayer on the 25th of every month.”In all the dioceses of Korea, there is a Commission for Reconciliation and Unification of the Korean People, where religious priests, nuns and lay people come together “to talk about peace and continue to raise people’s awareness of the issue of peace, with initiatives aimed at the Catholic faithful but also at non-Catholics,” the bishop continued.Another way, which practices a kind of “culture of welcome,” is proposed by Benedictine Abbot Blasio Park Hyun-dong, OSB, Apostolic Administrator of the Territorial Abbey of Tokwon in the province of Hamkyongnam in North Korea: the building of the Tokwon Abbey is now used as a University of Agriculture. In 1952, Benedictine monks and nuns fled the North because of the Korean War and founded a new monastery in Waegwan, South Korea. Today, the Abbot of Waegwan, who is also Apostolic Administrator of the Territorial Abbey of Tokwon, reports: “We can continue to show concrete solidarity and welcome the refugees who make it from the North to the South. As religious communities, we do our best to help these refugees, at all levels. Even if reunification is still a long way off, for us this is a kind of preparation for living together and keeps the hope of reconciliation alive.”Looking back, the bishops recall that the Commission for Reconciliation within the Episcopal Conference visited Pyongyang in December 2015 to meet with the local Catholic community and celebrate a Mass in the Changchung Church. “On that occasion,” recalls the then priest Simon Kim Ju-young, “we told the local faithful that South Korean Catholics pray for reconciliation every day at nine in the evening. We asked them to participate in this prayer and they assured us that they would do so.” He added: “I remember their faces and their words. They were people who professed Christianity and I felt in my heart that they said it with a sincere heart and the authenticity of the Holy Spirit. Today, listening to the stories of the refugees, even if we have no news from across the border, we nourish the hope that there are still believers there. We hope that one day we will be able to come together again and pray together”. (PA) (Agenzia Fides, 9/10/2024)
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    MIL OSI Europe News –

  • MIL-OSI Global: Blitz of political attack ads in Pennsylvania and other swing states may be doing candidates and voters more harm than good

    Source: The Conversation – USA – By Heather LaMarre, Associate Professor of Media and Communication, Temple University

    Nearly $11 billion is projected to be spent on political advertising in the 2024 fall election season. PM Images/DigitalVision Collection via Getty Images

    For Pennsylvania residents like me, there is no escape from the record-breaking number of political attack ads disrupting our favorite shows and filling our social media feeds.

    A projected US$10.7 billion is being spent nationwide – but particularly in battleground states – on political ads this election season.

    For those who are feeling election fatigue and just want to stream in peace: Buckle in, because it’s about to get worse.

    As of late August 2024, over $1.7 billion in political ads had been reserved nationwide to run between Labor Day and Election Day. Over $400 million of that is just for presidential election ads in seven key battleground states.

    With Pennsylvania widely considered the most decisive state in the 2024 presidential election, it may be no surprise that the Keystone State has the most presidential ad reservations, totaling $137 million.

    And the Philadelphia market alone is the top market in the country, with $125 million in ad reservations. Democrats are spending about 25% more than Republicans on presidential ads in Philly.

    As a political communication expert and professor of media and social influence who lives in Philadelphia, I am often asked: “Why are there so many political ads, why are they so negative, and more importantly, how do we make it stop?”

    I’ll answer the first two below. For the last, the truth is we don’t.

    A billboard in Philadelphia purchased by the Trump campaign.
    Selcuk Acar/Anadolu via Getty Images

    Voters feel exhausted, angry, stressed

    If campaigns are spending all this money on political attack ads, they must work, right? Surely they sway at least undecided voters?

    In a word: no. Research suggests deluges of negative political advertising do little to change voters’ minds.

    They can even backfire on candidates.

    When voters perceive ads as unfair or manipulative, they are less likely to vote for the candidate or party producing the ads. And when subjected to repeated unwanted exposure to political ads, they can experience “psychological reactance” and behave opposite of what the ads intended.

    Some studies also suggest that negative ads create election stress, which can reduce voter turnout among the less politically interested.

    In a 2023 Pew Research Center survey, 65% of U.S. adults reported that they always or often feel “exhausted” when they think about U.S. politics. More than half reported that they always or often feel “angry” with U.S. politics.

    More concerning, research suggests our elections are harming voters’ mental health. This is marked by lost sleep, increased anxiety and chronic stress.

    ‘Daisy’ and the birth of ad wars

    Historically, political advertising was considered an effective tool for educating voters, building momentum and engaging the politically uninterested.

    Although the research is mixed, past studies have shown that advertising increased election turnout and influenced voter behavior.

    The infamous 1964 “Daisy” ad run by President Lyndon Johnson’s campaign shocked audiences with the potential horrors of nuclear war. While the ad never mentioned Johnson’s opponent, Arizona Sen. Barry Goldwater, it is largely credited as a turning point in presidential political advertising, ushering in an era of political attack ads.

    LBJ’s “Daisy” ad played on American’s Cold War fears.

    However, political ad wars have been a feature of U.S. presidential elections since the 1800s, with attack ads on TV starting in the early 1950s.

    But why the constant barrage now?

    Citizens United unleashes flood of dark money

    Political ad spending has monumentally increased over the past several election cycles, and hit the billions after the landmark 2010 Citizens United case.

    In that ruling, the Supreme Court decided that limiting spending from corporations or outside groups violated those groups’ First Amendment right to free speech. Prior to Citizens United, corporations and other groups like nonprofits and labor unions were subject to prohibitions on campaign donations. Individual campaign contribution limits, which currently stand at $3,300 per candidate per election, kept spending relatively level across the electorate.

    Following the ruling, however, the influx of corporate and outside money completely changed the campaign finance landscape.

    In 2010, political ad spending reached $3.3 billion – an 11% increase from the 2008 election that took place pre-Citizens United. A decade later, total spending on political ads soared to $9 billion in the 2020 election.

    Significant portions of this spending come from political action committees that are not bound by traditional campaign contribution limits as long as they do not donate the money directly to a candidate or coordinate with a candidate’s campaign.

    These groups, known as super PACs, can raise and spend unlimited amounts of money from undisclosed donors. While super PACs have to disclose identities of people who donate over $200 in a year, donors can use shell companies to hide their identities.

    This web of secret money, known as dark money, exceeded $1 billion in 2020.

    During the 2024 election cycle, over $2.4 billion has been raised by super PACs. This is where much of the funding for the political ad barrage that voters experience in the weeks leading up to the election comes from.

    But why are the ads so negative?

    Attack ads lose appeal

    These days, most political ads are negative, according to a 2020 Pew Research Center study.

    For example, in the weeks following President Joe Biden leaving the race, 95% of pro-Trump ads focused on attacking Vice President Kamala Harris rather than promoting policy, according to the Wesleyan Media Project, which tracks political advertising.

    Americans are a deeply divided electorate. Political violence is on the rise, misinformation floods the system, and trust in media is at an all-time low.

    Research shows that fear-based negative messaging leads to stress and anxiety, elicits more bias and entrenches attitudes.

    Knowing this, it is reasonable to ask why campaigns continue down the path of negative advertising. The answer likely rests in old beliefs.

    Prior studies have shown that people pay closer attention to negative information than to positive information. And infamous ad effects like Johnson’s easy win after the airing of the Daisy ad contribute to the commonly held belief that negative ads still win elections.

    But the media environment has changed drastically, and voters are growing resentful.

    Voters resent microtargeting

    Unlike traditional voter segmentation where an entire group of voters would receive similar messages, campaigns now use data analytics to microtarget messages for specific voters.

    Microtargeting enlists the help of social monitoring companies to identify voters’ psychometric data – their hopes, fears, likes, dislikes and so on – so that campaigns can finely tune messages to target them on social media.

    Not only are these microtargeted messages manipulative, but they can be an unwelcome disruption and invasion of privacy, especially among the politically uninterested.

    A 2020 Pew survey found that over half of voters believe tech companies should not allow political ads on social media. Three-quarters oppose campaigns using their personal data to target them with political ads.

    Some evidence suggests that political microtargeting even reduces citizens’ trust in democracy.

    After record-breaking amounts of advertising this election cycle, the latest polls remain very tight, and most are within the margin of error. The reality is that Americans are already divided and steadfast in their voting decisions, and it is difficult to change entrenched political attitudes.

    Put simply, the political ad barrage coupled with microtargeting strategies is not an effective campaign strategy that sways voters’ minds. Meanwhile, there is growing evidence that this level of negativity is harming the electorate and undermining trust in democracy.

    Heather LaMarre does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Blitz of political attack ads in Pennsylvania and other swing states may be doing candidates and voters more harm than good – https://theconversation.com/blitz-of-political-attack-ads-in-pennsylvania-and-other-swing-states-may-be-doing-candidates-and-voters-more-harm-than-good-239034

    MIL OSI – Global Reports –

  • MIL-OSI Banking: Danmarks National­bank’s comments on the Economic Council’s discussion paper, Autumn 2024

    Source: Danmarks Nationalbank

    Danmarks Nationalbank generally shares the Chairmanship’s assessment of the outlook for the Danish economy and the risk outlook. Interest rate rises in recent years have contributed to slowing growth in the Danish and international economy and to a fall in inflation. This has prompted the European Central Bank (ECB) and others to ease monetary policy again. Like the Chairmanship, Danmarks Nationalbank believes that the development of the Danish economy has been characterised by a dichotomy in recent years. On the one hand, there has been a slowdown in growth in most parts of the domestic economy, while on the other, there has been an increase in exports, in particular driven by production abroad under Danish ownership, known as merchanting and processing (M&P). Like the Chairmanship, Danmarks Nationalbank assesses that M&P activities as such have only a minor impact on the domestic cyclical position. M&P is expected to make a significant contribution to growth in the Danish economy over the next few years, while the rest of the export-oriented industries are also expected to grow. Domestic demand is expected to pick up as real wage growth and gradually looser monetary policy translate into increased private consumption and investment.

    The Chairmanship believes that the Danish economy is currently experiencing a boom with more than normal pressure on the labour market. Danmarks Nationalbank shares the view that there is still some pressure on the labour market, although it has eased compared to a few years ago. However, Danmarks Nationalbank believes that the pressure on the labour market, measured by the employment gap, has eased to a greater extent and that it is currently smaller than the Chairmanship’s assessment. This is supported by a number of indicators such as the labour shortages and number of vacancies reported by companies, both of which indicate that the pressure has eased compared to a few years ago. Unlike the Chairmanship, Danmarks Nationalbank believes that the Danish economy is currently in an approximately neutral cyclical position.

    Danmarks Nationalbank share the Chairmanship’s expectations that wage growth will slow down next year due to less pressure on the labour market and significantly lower inflation. However, Nationalbanken also expect lower wage increases than the Chairmanship. Inflation is currently fuelled by domestic factors, and Danmarks Nationalbank expects to a larger extend than the Chairmanship that the current high wage increases will lift inflation going forward. Nationalbanken therefore expect slightly higher consumer price increases than the Chairmanship next year.

    Like the Chairmanship, Danmarks Nationalbank believes that monetary and fiscal policy is still needed to contribute to an appropriate development in the business cycle in Denmark, which will support stable price development. Nationalbanken has raised interest rates significantly since the summer of 2022 as a result of the tightening of monetary policy implemented by the ECB in the euro area to bring down inflation. The Chairmanship believes that monetary policy has dampened activity in recent years and will also dampen activity next year, whereas fiscal policy is expected to counteract this in 2025. Specifically, the Chairmanship estimates that fiscal policy has been eased by around 1 per cent of GDP in 2025 compared to 2023. Based on the assessment of the current situation of high capacity pressures, the Chairmanship believes that fiscal policy should be tightened. From a purely stabilisation point of view, it is considered appropriate to tighten fiscal policy to return it approximately to the level of 2023.

    In the current situation with continued high wage increases and some pressure on the labour market, including low unemployment, Danmarks Nationalbank shares the Chairmanship’s assessment that this is a good time to ease fiscal policy to the extent proposed in the government’s proposal for the 2025 budget. However, Danmarks Nationalbank believes that a tightening of the magnitude recommended by the Chairmanship would be too much. This is due to the fact that inflation has fallen sharply and that pressure on the labour market has been reduced over the past few years. Danmarks Nationalbank also believes that monetary policy and financial conditions remain tight in Denmark.

    Danmarks Nationalbank agree with the Chairmanship that the green tripartite agreement (“Agreement on a Green Denmark”) is a step towards uniform taxation of carbon emissions in Denmark, but that the effective tax level, including the proposed basic deduction, is still lower in agriculture than in other industries. Danmarks Nationalbank also shares the Chairmanship’s assessment that there is a risk of the reductions assumed in the agreement not being realised, partly because the agreement involves untested technologies. Thus, it remains unclear whether the carbon tax level is sufficient to ensure the fulfilment of the objectives of the Climate Act. Clarity on future tax levels contributes to price and financial stability by clarifying risks associated with emission-intensive business models.

    Danmarks Nationalbank contributed to the work of the “Expert Group for a Green Tax Reform” in 2023 by assessing the impact of carbon taxes on agriculture on banks and mortgage credit institutions. Danish banks and mortgage credit institutions are generally expected to be well equipped to handle any losses resulting from a carbon tax. This is due to their ongoing profits, a decrease in the institutions’ total lending to the industry and a generally high level of security in underlying collateral.

    MIL OSI Global Banks –

  • MIL-OSI: Banzai Announces Strategic Business Initiatives to Improve Net Income by up to $13.5 Million Annually

    Source: GlobeNewswire (MIL-OSI)

    Plan Substantially Extends Cash Runway while Maintaining Growth Plan with
    Continued Investment in Software Platform and Marketing

    SEATTLE, Oct. 09, 2024 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced a comprehensive initiative designed to significantly improve its Net Income while maintaining its growth outlook. The Company plans to accomplish this through a reduction of its annual operational expenses by up to $9.9 million by March 31, 2025, along with a reduction in other expenses by up to $3.6 million.

    Overall improvement in Net Income is expected to be approximately $13.5 million annually when fully implemented.

    The strategic initiative includes a broad range of measures including strategic workforce adjustments, operational consolidation, and various other cost-saving actions. These measures are aimed at increasing efficiency and improving scalability while continuing to build Banzai’s leadership position in the marketing technology industry. Specifically, Banzai expects to:

    Implement Workforce Adjustments

    Banzai has undertaken a strategic adjustment to reduce its staffing and independent contractor expenses by 27%, which will preserve the company’s agility and innovation capacity. Affected employees will be supported with comprehensive severance packages and resources for career transition. The Company anticipates that the total cost to implement this plan will be $0.1 million.

    Reduce Interest Expense

    Banzai has restructured its long-term debt with Columbia Pacific Advisors (“CP BF”) such that the long-term debt maturity is extended until February 19, 2027 from February 19, 2025, and 100% of interest expense is now Payable-in-Kind (“PIK”) instead of payable in cash. This substantially reduces the Company’s cash expenses. If fully converted to equity under the restructured note, the entire $1.9m annual expense would be eliminated.

    Realize Vendor Cost-Savings

    Banzai has begun implementing, and will continue to implement, a series of additional measures to further reduce expenses. These will include curtailing discretionary spending, cost-reduction measures for certain legal and accounting expenses, reduction of real-estate expenses, and leveraging automation and digital technologies to enhance operational efficiency.

    “Alongside the $5m private placement transaction and debt restructuring transactions the company has executed in the last two weeks, we believe that implementing this strategic initiative, if fully achieved, will enable us to substantially extend our cash runway and invest in growth,” said Joe Davy, CEO of Banzai. “We are dedicated to managing costs efficiently while still advancing innovative products and maintaining the exceptional service our customers rely on, all without sacrificing growth. We will continue to invest in our software platform, sales and marketing and product development. We are confident that this strategic realignment will strengthen our competitive position and contribute to our long-term success.”

    About Banzai

    Banzai is a marketing technology company that provides essential marketing and sales solutions for businesses of all sizes. On a mission to help their customers achieve their mission, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Banzai customers include Square, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among thousands of others. Learn more at http://www.banzai.io. For investors, please visit https://ir.banzai.io.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.

    Investor Relations:
    Chris Tyson
    Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    BNZI@mzgroup.us
    http://www.mzgroup.us

    Media
    Rachel Meyrowitz
    Director, Demand Generation, Banzai
    media@banzai.io

    The MIL Network –