Category: Economy

  • MIL-OSI: Caldwell U.S. Dividend Advantage Fund Declares Distributions for Q4 2024

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
    OR FOR DISSEMINATION IN THE UNITED STATES

    TORONTO, Oct. 09, 2024 (GLOBE NEWSWIRE) — Caldwell Investment Management Ltd., the manager of Caldwell U.S. Dividend Advantage Fund (the “Fund”), is pleased to announce the payment of distributions on the actively-managed ETF Series of the Fund to unitholders of record as indicated below. The monthly distribution rate of CAD $0.038 per unit of the ETF Series represents an attractive annualized yield on net assets of approximately 2.7%.

    Record Date Payment Date Distribution per Unit
    October 31, 2024 November 6, 2024 CAD $0.038
    November 29, 2024 December 5, 2024 CAD $0.038
    December 31, 2024 January 7, 2025 CAD $0.038
         

    ETF Series unitholders also have the option to participate in the distribution reinvestment plan (“DRIP”) offered by the Fund, which provides investors with the ability to automatically reinvest distributions and realize the benefits of compounded growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

    The ETF Series of Caldwell U.S. Dividend Advantage Fund trades on the TSX under the ticker symbol UDA.

    For further information, please visit our website at http://www.caldwellinvestment.com or contact us at 416-593-1798 or 1-800-256-2441.

    The Fund was first offered to the public as a closed-end investment on May 28, 2015 and was converted into an open-end mutual fund effective as of November 15, 2018, with all outstanding units designated as Series F units. The ETF Series of the Fund was launched on March 18, 2020.  Performance of the Fund prior to the conversion date would have differed had the Fund been subject to the same investment restrictions and practices of the current open-end mutual fund.

    Investors are strongly encouraged to consult with a financial advisor and review the Simplified Prospectus and Fund Facts documents carefully prior to making investment decisions about the Fund. Caldwell Investment Management Ltd. makes no representations or warranties on the accuracy and completeness of the information included herein. Certain statements herein contain forward looking information based on certain historical information of the Fund and represent current expectations as of the date of this press release. Actual future results may differ materially due to but not limited to prevailing market conditions, there being no assurance of realizing capital gains and no assurance that issuers held in the portfolio will pay dividends or distributions on their securities. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated. The payment of distributions should not be confused with a fund’s performance, rate of return or yield. If distributions paid are greater than the performance of the fund, your original investment will shrink. Distributions paid as a result of capital gains realized by a fund, and income and dividends earned by a fund, are taxable in your hands in the year they are paid. Your adjusted cost base (“ACB”) will be reduced by the amount of any returns of capital and should your ACB fall below zero, you will have to pay capital gains tax on the amount below zero.

    The MIL Network

  • MIL-OSI: Music Licensing, Inc. (OTC: SONG) Continues Uninterrupted Operations Amid Hurricane Milton Impact

    Source: GlobeNewswire (MIL-OSI)

    Naples, FL , Oct. 09, 2024 (GLOBE NEWSWIRE) — Music Licensing, Inc. (OTC: SONG), a leading diversified music rights management company, announces the temporary closure of its Naples, Florida office due to the impact of Hurricane Milton. While the office remains closed to ensure the safety of staff and comply with local evacuation orders, the company confirms that operations remain fully functional, with no disruption to services.

    In preparation for potential emergencies, Music Licensing, Inc. has long maintained robust contingency plans, including remote work capabilities and redundant systems, which have allowed us to transition seamlessly during this time. Our team continues to manage operations remotely, ensuring that all clients, partners, and stakeholders continue to receive the highest level of service without interruption.

    “Our thoughts are with everyone affected by Hurricane Milton,” said Jake P. Noch, CEO of Music Licensing, Inc. “We have implemented our business continuity protocols to maintain the operational integrity of our services and ensure that our clients experience no lapse in the quality of support they rely on. The safety of our team and community remains a priority, and we are committed to staying fully operational during this challenging time.”

    Music Licensing, Inc. appreciates the understanding and support of its partners and clients during this temporary disruption. The company will continue to monitor the situation and provide updates as needed.

    About Music Licensing, Inc. (OTC: SONG) (ProMusicRights.com)

    Music Licensing, Inc. (OTC: SONG), also known as Pro Music Rights, is a diversified holding company and the fifth public performance rights organization (PRO) formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of 7.4% in the United States, representing over 2,500,000 works by notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBagg Yo, Larry June, Trae Pound, Sauce Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Trauma Tone, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Chingy, Lil Gnar, 3OhBlack, Curren$y, Fall Out Boy, Money Man, Dej Loaf, Lil Uzi Vert, and countless others, as well as artificial intelligence (A.I.) created music.

    Additionally, Music Licensing, Inc. (OTC: SONG) owns royalty stakes in Listerine “Mouthwash” Antiseptic and musical works by artists such as The Weeknd, Justin Bieber, Kanye West, Elton John, Mike Posner, blackbear, Lil Nas X, Lil Yachty, DaBaby, Stunna 4 Vegas, Miley Cyrus, Lil Wayne, XXXTentacion, Jeremih, Ty Dolla $ign, Eric Bellinger, Ne-Yo, MoneyBagg Yo, Halsey, Desiigner, DaniLeigh, Rihanna, and numerous others.

    Forward-Looking Statements:

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.

    Non-Legal Advice Disclosure:

    This press release does not constitute legal advice, and readers are advised to seek legal counsel for any legal matters or questions related to the content herein.

    Non-Investment Advice Disclosure:

    This communication is intended solely for informational purposes and does not in any way imply or constitute a recommendation or solicitation for the purchase or sale of any securities, commodities, bonds, options, derivatives, or any other investment products. Any decisions related to investments should be made after thorough research and consultation with a qualified financial advisor or professional. We assume no liability for any actions taken or not taken based on the information provided in this communication.

    Contact: investors@ProMusicRights.com

    SOURCE: Music Licensing, Inc

    The MIL Network

  • MIL-OSI: Live Oak Bancshares, Inc. Announces Date of Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, N.C., Oct. 09, 2024 (GLOBE NEWSWIRE) — Live Oak Bancshares, Inc. (“Live Oak”) (NYSE: LOB) today announced that it will report its third quarter 2024 financial results after U.S. financial markets close on Wednesday, October 23, 2024.

    In conjunction with this announcement, Live Oak will host a conference call to discuss the company’s financial results and business outlook on Thursday, October 24, 2024, at 9:00 a.m. ET.

    The call will be accessible by telephone and webcast using Conference ID: 04478. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event.

    The conference call details are as follows:

    Live Telephone Dial-In
    U.S.: 800.549.8228
    International: +1 646.564.2877
    Pass Code: None Required

    Live Webcast Log-In
    Webcast Link: investor.liveoakbank.com
    Registration: Name and Email Required
    Multi-Factor Code: Provided After Registration

    About Live Oak Bancshares
    Live Oak Bancshares, Inc. (NYSE: LOB) is a financial holding company and parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit http://www.liveoakbank.com

    Contacts:
    Walter J. Phifer | CFO
    910.202.6929

    Claire Parker | Investor Relations
    910.597.1592

    The MIL Network

  • MIL-OSI Security: Bel Air Man Arrested on Indictment Alleging Scheme to Violate United States Sanctions Against Iran

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

    LOS ANGELES – A Bel Air man was arrested today on a federal grand jury indictment charging him and two Iranian nationals with violating United States sanctions against Iran by illegally sending to that nation digital and physical gift cards loaded with approximately $2.4 million.

    Kambiz Eghbali, 50, a.k.a. “Cameron Eghbali,” a dual citizen of the United States and Iran, is charged with violations of the International Emergency Economic Powers Act (IEEPA), conspiracy to commit bank fraud, and conspiracy to commit money laundering. His arraignment is scheduled for this afternoon in United States District Court in downtown Los Angeles.

    Hamid Hajipour and Babak Bahizad, both Iranian nationals charged in the indictment, remain at large.

    “Restrictions on exports and transactions with countries that are hostile to the United States, such as Iran, are critical to protecting our nation,” said United States Attorney Martin Estrada. “Nothing is more important than protecting our country from foreign threats and my office will continue to aggressively prosecute those who undermine our national security.” 

    According to the indictment unsealed today, from March 2014 through September 2019, Eghbali and others conspired to unlawfully send digital and physical gift cards loaded with U.S. dollars to Iran. Eghbali would list his company, a North Hills-based purported videogame wholesaler and distributor, as the seller of the gift cards, and would provide cards to Bahizad for the benefit of his Iran-based gaming company, and to Hajipour for the benefit of his mobile software application service company.

    Bahizad and Hajipour would then pay Eghbali for the cards by transferring money from Iran to Eghabli’s U.S.-based bank accounts using third parties in other countries to conceal the transfer from U.S. regulators.

    The IEEPA and the Iranian Transactions and Sanctions Regulations (ITSR) impose controls and restrictions on transactions involving Iran based on the threats posed by Iran to the national security of the United States including, among others, its pursuit of nuclear weapons and sponsorship of terrorism.

    The IEEPA and ITSR, among other things, prohibit the export, reexport, sale, or supply, directly or indirectly, from the United States or by a United States person, wherever located, of any goods, technology, or services, including financial services, to Iran or the Government of Iran without first obtaining authorization from the United States Treasury Department’s Office of Foreign Assets Control.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    If convicted, the defendants face the following maximum penalties: 20 years in prison for violations of the International Emergency Economic Powers Act, 30 years in prison for bank fraud violations, and 20 years in prison for money laundering violations. The indictment also notifies defendants that the United States intends to forfeit all property alleged to be traceable to proceeds of the offense.

    The FBI is investigating this matter with support from Homeland Security Investigations.

    Assistant United States Attorneys Anna Boylan and Mark Takla of the Terrorism and Export Crimes Section are prosecuting this case with Trial Attorneys David J. Ryan and Leslie Esbrook from the National Security Division’s Counterintelligence and Export Control Section.

    MIL Security OSI

  • MIL-OSI USA: Welch Joins Legislation to Build and Renovate Homes for Working Families

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. — Senator Peter Welch (D-Vt.) joined Senators Martin Heinrich (D-N.M.), Ron Wyden (D-Ore.), and Chris Van Hollen (D-Md.) in introducing the New Homes Tax Credit Act, legislation that will provide tax credits to incentivize new investments and additional resources for home construction and renovations for working families. The New Homes Tax Credit Act will address the lack of housing inventory for individuals and families whose incomes are below 120% of the area median income (AMI), particularly including in areas where middle-income families have historically been priced out. In Burlington, Montpelier, and Rutland this added housing inventory would benefit families with annual combined incomes of up to $142,680, $126,480, and $114,000, respectively. 
    “The housing shortage crisis has been brutal for communities across the country. In Vermont, we’ll need at least 30,000 more homes by 2030. We must find new and innovative ways to encourage new construction and renovations of starter homes for lower and moderate-income communities,” said Senator Welch. “Everyone deserves to have a safe and affordable place to live.”  
    “Every New Mexican who’s looked at buying a home knows: housing prices are too high. To solve that, we need to build and renovate more homes. It’s that simple,” said Senator Heinrich. “My New Homes Tax Credit Act will help boost home construction and renovation for middle-income New Mexicans, growing our local economies and giving more working families a shot at success.”  
    “Democrats are focused on attacking the cost of living, and with rents and home prices climbing every year, the key to solving our housing crisis is to build, build, build. That’s what this bill is all about,” said Senator Wyden. “The housing crisis is no longer just about big cities like Portland, it’s all over Oregon and the entire country – urban centers, suburban communities, even a lot of rural areas. Congress needs to look at every available solution that’ll get more housing built so that families don’t have to break the bank to pay the rent every month.”  
    The New Homes Tax Credit (NHTC) would be administered under the Community Development Financial Institutions (CDFI) Fund. The CDFI Fund certifies Housing Development Entities, which can be CDFIs, government and quasi-governmental entities, or non-profits. Following certification, Housing Development Entities will use the capital raised from exchanging their NHTC with investors to provide funds for construction companies that build or renovate single-family homes.   
    The New Homes Tax Credit Act is supported by the Mortgage Bankers Association, National Association of Home Builders, National Association of Realtors, Homewise, Yes Housing, Inc., Housing New Mexico, and Strong Towns Albuquerque.   
    “With a nationwide shortage of roughly 1.5 million housing units, we must increase the supply of housing to ease the nation’s housing affordability crisis,” said Carl Harris, Chairman of the National Association of Home Builders. “NAHB is pleased to support the Affordable Housing Expansion Tax Credit, which would create a new federal program to help finance the construction or renovation of affordable, entry-level housing. With nearly half of U.S. households unable to afford a $250,000 home, we must adopt policies to make homeownership more accessible and increase production of entry-level housing.”  
    Learn more about the New Homes Tax Credit Act.  
    Access a tool to determine the area medium income across the country here. 
    Read the full text of the bill.  

    MIL OSI USA News

  • MIL-OSI USA: With Balloon Fiesta Underway, Luján Highlights Wins From FAA Reauthorization Bill to Protect Hot Air Ballooning

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján
    Washington, D.C. – With the Albuquerque International Balloon Fiesta underway, U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Commerce, Science, and Transportation, highlighted key priorities that he secured to help protect hot air ballooning in the Federal Aviation Administration (FAA) Reauthorization Act of 2024 that was passed and signed into law in May.
    “The annual Balloon Fiesta is a vital part of New Mexico’s culture and economy that brings thousands of visitors to our state from around the world,” said Senator Luján, a member of the Senate Committee on Commerce, Science and Transportation. “Over the years, I’ve worked to keep New Mexico as the hot air balloon capital of the world and let the balloons fly without disruption. I am proud to have worked with my colleagues during FAA Reauthorization negotiations to protect our cherished tradition of hot air ballooning that is on full display at this year’s Balloon Fiesta.”
    Earlier this year, as part of the FAA Reauthorization Act, Senator Luján secured a provision to require the FAA to consider the unique capabilities of hot air balloons in future regulations. In 2022, Senator Luján and the New Mexico Delegation successfully pushed the FAA to adjust a policy that would have grounded hot air balloon flights and caused major disruptions to the Albuquerque International Balloon Fiesta.

    MIL OSI USA News

  • MIL-OSI USA: Supporting New York’s Hospitality Industry

    Source: US State of New York

    Governor Kathy Hochul signed a legislative package designed to help small businesses open quickly and stay open longer with reduced costs and fewer paperwork requirements. Legislation S.8203/A.8427-A extends temporary permits to more New York City businesses. Legislation S.9685/A.7116 doubles the duration of temporary permits at the same cost.

    “No longer will New York City bars and restaurants have to wait for months to start serving alcoholic beverages that quickly become a vital lifeline when starting a new business,” Governor Hochul said. “Now businesses can apply immediately with their full liquor license application and be up and operating soon after applying, making owning a business in New York more affordable than ever before.”

    Legislation S.8203/A.8427-A removes the previously-set, two-year restriction, allowing businesses to open months earlier with a temporary permit while their full application is pending. Currently, New York City locations that have not been licensed within the last two years are ineligible to obtain a temporary permit when their application is subject to the 500 Foot Law. This important new provision will help small businesses open faster, put people to work sooner, bring life to vacant restaurant spaces around the City, and stimulate the economy by allowing bars and restaurants to start bringing in revenue and creating jobs right away. These updates go into effect immediately and will qualify many businesses that weren’t able to obtain a temporary retail permit before. The Governor would like to encourage businesses that were previously ineligible to apply today.

    State Senator Jessica Ramos said, “On behalf of the small businesses in my district, I sincerely thank Governor Hochul for throwing this lifeline to the hospitality industry. When the Governor signed my first expansion of temporary liquor licenses, it opened a door for many small business owners across New York City. Now, we are closing the gap that left newer businesses behind. This legislation will be a much-needed shot in the arm for our commercial corridors. I urge new restaurateurs to reach out to the SLA and begin the process of getting your temporary permit as soon as possible.”

    Assemblymember Harvey Epstein said, “This legislation enhances community board input and supports fledgling businesses while ensuring those business owners who do not respect the community can’t apply for a temporary license. I thank Governor Hochul for recognizing the merits of this policy change that will help many of our abandoned storefronts bring back street life to commercial areas.”

    Legislation S.9685/A.7116 extends the duration of temporary retail permits from 90 to 180 days. The legislation will reduce paperwork for applicants, while also reducing fees by doubling the length of the original permit and keeping the fees the same. The legislation will also decrease the number of applications that need to be processed by SLA examiners, enabling the agency to redirect resources to processing applications and getting businesses operating with full licenses faster. Temporary retail permit extensions are still available for businesses that need to extend the timeframe further. This expands upon legislation signed by Governor Hochul in December 2021 that allowed bars, restaurants and grocery stores in New York City to be eligible to obtain temporary retail permits for the first time ever. This also builds upon Governor Hochul’s efforts to streamline and create a more efficient State Liquor Authority.

    State Senator James Skoufis said, “Doubling the duration of temporary permits will be a significant boost for new restaurants, bars and taverns in New York. This new law will reduce paperwork for business owners, slash onerous fees, and allow the SLA to operate more efficiently with fewer applications to process. I’m grateful the Governor and SLA continue to partner on updating our state’s antiquated, burdensome alcohol laws.”

    Assemblymember Angelo Santabarbara said, “As the sponsor of this legislation, I’m proud to see it signed into law, and I want to thank Governor Hochul for supporting this important initiative. By extending the duration of temporary retail permits, we’re not only cutting down on unnecessary paperwork but also reducing fees, allowing businesses to focus on what matters — serving their communities. This legislation is a win for our bars, restaurants and retailers, and it builds on the ongoing efforts to streamline operations at the State Liquor Authority, helping businesses get their full licenses faster and more efficiently.”

    State Liquor Authority Chair Lily Fan said, “Over the past few years, Governor Kathy Hochul and the Legislature have largely expanded the availability of temporary permits to new hospitality businesses around the State so they can quickly begin alcohol service and entertain our residents and visitors alike. Today, we celebrate the signing of two new pieces of legislation that will add to the efficiency and effectiveness of temporary permits. Increasing the duration of a temporary permit from 90 to 180 days will largely reduce the need for laborsome renewals and lower the cost of doing business statewide. Removing the barrier of prior licensing history in New York City will bring fairness and reasonableness to our agency’s licensing process. Our team wholeheartedly thanks the Governor for her unwavering commitment to make doing business in New York easier and more affordable for our licensees and applicants.”

    New York State Restaurant Association President and CEO Melissa Fleischut said, “These reforms will have an immediate, positive impact on the hospitality industry across New York State, streamlining operations for restaurants and contributing to the economic vitality of our communities. Restaurants will face less administrative burden and have more flexibility to run their business and pursue new opportunities. The New York State Restaurant Association thanks Governor Kathy Hochul and the legislative sponsors for recognizing the benefits of these reforms and delivering for our members.”

    New York State Latino Restaurant Bar and Lounge Association President Sandra Jaquez said, “The New York State Latino Restaurant Bar and Lounge Association is grateful to Governor Hochul for signing this critical legislation into law. Expanding temporary retail permits will provide essential support to small businesses across the State, especially new and minority-owned establishments. This law is a significant step in ensuring the continued recovery and growth of New York’s hospitality industry, by enabling more businesses to open their doors and thrive, reducing vacant storefronts and enhancing the vibrancy of our communities. This bill will have an immediate benefit, as many establishments, including one of our members, will now be able to apply for permits under these expanded provisions. We look forward to seeing the full positive impact this legislation will have on our members and the neighborhoods they proudly serve.”

    NYC Hospitality Alliance Executive Director Andrew Riggie said, “Expanding access to temporary liquor permits in NYC is a very important policy that will fill vacant storefronts and let new restaurants open faster, employ people sooner, and start generating tax revenue earlier without compromising on community engagement, while the State Liquor Authority processes the official licenses. Thank you, Governor Hochul, Senator Jessica Ramos and Assemblymember Harvey Epstein, for your leadership and enacting this critical economic development legislation. Cheers!”

    Empire State Restaurant and Tavern Association Executive Director Scott Wexler said, “Small businesses will benefit immensely from these changes to the temporary permit law. They will spur job growth and economic development, and will alleviate unnecessary paperwork allowing these new business owners to focus on making their business successful. New businesses will have a greater chance for success and will be able to contribute to the economy sooner thanks to the efforts of the State Legislature and Governor Hochul.”

    MIL OSI USA News

  • MIL-OSI USA: Department of Environmental Quality Secretary Mary Penny Kelley

    Source: US State of North Carolina

    Headline: Department of Environmental Quality Secretary Mary Penny Kelley

    Department of Environmental Quality Secretary Mary Penny Kelley
    mseets

    Today, Governor Roy Cooper announced Boards and Commissions appointments.

    Gov. Cooper has appointed the following individuals to the Governor’s Advisory Council on Aging:

    • Adrienne A. Livengood of Winston Salem as a member at-large. Livengood previously served on the Senior Services Board and the Family Services of Forsyth County Board. Livengood has dedicated her time to raising awareness for senior care accessibility.
    • Debra A. Stonecipher of Asheville as a member at-large. Stonecipher is a former Boeing Executive and owner of the Knight House. Stonecipher’s advocacy for families with aging parents led her to participate in the Mayo Aging and Alzheimer’s Study; allowing her to further assist in research efforts to find a cure for the disease.

    Gov. Cooper has appointed the following individuals to the North Carolina Arts Council:

    • Susan W. Woodson of Raleigh as a member at-large. Woodson is an Artist at 5 Points Art Gallery. She has over 30 years of experience in graphic design and founded the Roundabout Art Collective in Raleigh. She is an active member of Moondog Fine Arts.
    • Dr. Paul Keith Baker of Raleigh as a member at-large. Dr. Baker is the Executive Director of the Contemporary Art Museum of Raleigh and a Professor of History at North Carolina Agricultural and Technical State University. Dr. Baker also has ample experience with program development and higher education.
    • Dr. William Henry Curry of Raleigh as a member at-large. Dr. Curry is the Music Director of the Durham Symphony Orchestra. He also has several years of experience as the Resident Conductor and Artistic Director of the North Carolina Symphony.

    Gov. Cooper has appointed the following individual to the North Carolina Auctioneers Commission:

    • John M. Harris of Winston-Salem as a member by the Governor’s discretion. Harris is a Principal Attorney at J. Harris Legal PLLC. He has over nine years of extensive law and government experience.

    Gov. Cooper has appointed the following individual to the Bald Head Island Transportation Authority Board of Trustees:

    • Joseph Patrick Hatem of Southport as a member at-large. Hatem is a native North Carolina resident who served as the Mayor of Southport from 2019 to 2023. He has experience as an Emergency Physician and as the Chairman of the Department of Medicine for J. Arthur Dosher Memorial Hospital.

    Gov. Cooper has appointed the following individual to the North Carolina Employment Security Board of Review:

    • Adam Lockhart Taylor of Raleigh as a representative of employers. Taylor was the Director of Governmental Relations for the North Carolina Office of State Human Resources. His wealth of experience afforded him the opportunity to serve as Chief Deputy and later Assistant Secretary of the Division of Employment Security (DES) before serving as Senior Policy Advisor to the Department of Commerce Division of Workforce Solutions.

    Gov. Cooper has appointed the following individual to the North Carolina Advisory Committee on Cancer Coordination and Control:

    • Melissa H. Smith of Wake as the North Carolina community college system representative. Smith is the Senior State Director of Health Science Programs for the NC Community College System. She previously served as the Dean of Health Sciences at Caldwell Community College and Technical Institute.

    Gov. Cooper has appointed the following individual to the Disciplinary Hearing Commission of the North Carolina State Bar:

    • Scarlett Hargis of Garner as a public member. Hargis serves as a Paralegal to the General Counsel in the Office of the Governor and has been in this role since 2017. Prior to this, she was the Administrative Officer for the Attorney General in the North Carolina Department of Justice.

    Gov. Cooper has appointed the following individual to the North Carolina Council on Educational Services for Exceptional Children:

    • Dr. Bradley S. Stevenson of Charlotte as a representative of a private school. Dr. Stevenson is the Director of Program Administration and Clinical Services of Melmark Carolinas. Dr. Stevenson has experience working as a Behavior Analyst, a Senior Consultant, and an Educational and Behavior Consultant.

    Gov. Cooper has appointed the following individual to the North Carolina Hearing Aid Dealers and Fitters Licensing Board:

    • Anne Morgan Selleck of Durham as a physician preferably specializing in the field of Otolaryngology. Selleck is a Clinical Assistant Professor at the University of North Carolina at Chapel Hill. She has experience as a research coordinator and has a subspecialty certificate in Neurotology.

    Gov. Cooper has appointed the following individual to the Historic Murfreesboro Commission:

    • Craig Lee Dennis of Murfreesboro as a member at-large. Dennis is an art teacher at Riverview Elementary School. He also serves as a Murfreesboro Town Councilman and Fire Commissioner. Additionally, Dennis spends his time as a volunteer for the Murfreesboro Historical Association and serves as the Landscape Committee Chair of the John Wheeler House.

    Gov. Cooper has appointed the following individual to the North Carolina State Historical Records Advisory Board:

    • Melissa A. Lovell of Holly Springs as a member at-large. Lovell has over twenty-five years of experience as a Legal Services Practice Manager and Agency Legal Specialist for the North Carolina Department of Justice.

    Gov. Cooper has appointed the following individual to the North Carolina Human Relations Commission:

    • Kerry M. Wiggins of Winston-Salem as a member at-large. Wiggins is the Boards and Commissions Program Director of the North Carolina League of Conservation Voters Foundation. Previously, Wiggins was a patient advocate at Old Vineyard Behavior Health Services.

    Gov. Cooper has appointed the following individual to the North Carolina Locksmith Licensing Board:

    • Erich Crouch of Greensboro as a public member. Crouch is a former Probation Officer with the North Carolina Department of Adult Corrections, serving the department for 27 years. He has a certification in Homeland Security and ample experience in safety training.

    Gov. Cooper has appointed the following individuals to the North Carolina Commission for Mental Health, Developmental Disabilities and Substance Abuse Services:

    • Carolyn Floyd Robinson of Lumberton as a substance abuse services consumer or an immediate family member of a substance abuse services consumer. Robinson is the Program Director of Borderbelt Behavioral Healthcare LLC and has worked as a substance abuse professional for over 22 years.
    • Dr. Hany A. Kaoud of Winterville as a physician. Dr. Kaoud is the Medical Director and Psychiatrist at Easterseals PORT Health. Prior to this, he was an attending physician at Wayne UNC Health Care and a Research Assistant at California State University.
    • Danny Ray Graves of Charlotte as a member who is a substance abuse services professional. Graves is the Director of Clinical Supervision for the McLeod Addictive Disease Center. He is a certified Clinical Addictions Specialist and a certified Substance Abuse Counselor.
    • Suzanne Mizsur-Porter of Rutherfordton as a substance abuse services family member. Mizsur-Porter is the Executive Director of United Way of Rutherford County. She also served as Creative Director for EMSI Public Relations.
    • Karon F. Johnson of Durham as a developmental disability’s family member. Johnson is a Clinical Assistant Professor at the School of Social Work at the University of North Carolina at Chapel Hill. She is the owner of a Private Therapy Practice and has experience working within the Crisis Unit at the Chapel Hill Police Department.

    Gov. Cooper has appointed the following individual to the Martin Luther King, Jr. Commission:

    • Mildred Christmas of Raleigh as a member at-large. Christmas spent over 17 years as a State Procurement Specialist in the Department of Administration. She also served as the Records Management Analyst for the State Records Center in the Department of Cultural Resources for 14 years.

    Gov. Cooper has appointed the following individual to the NCWorks Commission:

    • Rebecca Irene Axford of Hillsborough as a workforce representative/labor representative. Axford is the International Representative for the International Brotherhood of Electrical Workers Education Department for the state of North Carolina.

    Gov. Cooper has appointed the following individual to the North Carolina State Board of Examiners for Plumbing, Heating and Fire Sprinkler Contractors:

    • Jeffrey Clark Farlow of Greensboro as a plumbing contractor. Farlow is the Executive Vice President at InfraPros, LLC. Farlow is an established leader for Facility Automation and Operations. He has been recognized for guiding the company in Green Building Technology and awarded the Distech Controls International Green Building Award for innovation and work in energy-saving strategies.

    Gov. Cooper has appointed the following individual to the North Carolina Private Protective Services Board:

    • David E. Poston of Shelby as a member who is licensed under 74C-4. Poston is a former Patrol Deputy and Polygraphist/Background Investigator for Clay County’s Sheriff’s Office. He is a licensed private investigator and polygraph examiner who concentrates on defendant criminal case review and pre-trial polygraph testing, employee theft, espionage, and sabotage, as well as pre-employment and family advocacy.

    Gov. Cooper has appointed the following individuals to the North Carolina Real Estate Commission:

    • Patrick H. Bell of Raleigh as a licensed real estate broker. Bell is the Vice President of Land Acquisition Carolinas for The Kolter Group and serves as a board member on eight homeowner associations. He is also a former land acquisition manager and commercial real estate broker.
    • Melvin Alston of Greensboro as a licensed real estate broker. Alston is the President of Alston Realty Group, Inc. He is also the Guilford County Commissioner Board Chair, representing district 8.

    Gov. Cooper has appointed the following individual to the North Carolina Council on Sickle Cell Syndrome:

    • The Honorable Gladys A. Robinson of Raleigh as a member at-large. Senator Robinson is the Deputy Minority Leader of the North Carolina Senate for the State of North Carolina. Senator Robinson also serves on the Southern Regional Education Board.

    Gov. Cooper has appointed the following individuals to the Supplemental Retirement Board of Trustees:

    • Rajinder Singh of Cary as a member experienced in finance and investments. Singh has held various roles as a Global Financial Services Executive throughout his 25-year career. Singh also serves as a director on the boards of Sagen Canada, India Mortgage Guarantee Corporation, and Appalachian Trail Conservancy.
    • Lanier T. McRee of Raleigh as a member experienced in finance and investment who is also a state employee. McRee works as the Assistant State Budget Officer for the North Carolina Office of State Budget and Management. Previously, McRee worked as the principal budget analyst for the North Carolina General Assembly.

    Gov. Cooper has appointed the following individual to the North Carolina Commission on Volunteerism and Community Service:

    • Samantha C. Arrington Sliney of Whispering Pines as a member who is a representative of the military or veterans. Sliney is an attorney advisor for the Department of the Army- Joint Operations Command. She also serves as defense counsel for the New Jersey Air National Guard. Sliney also advocates and leads the Department of the Air Force Women’s Initiatives Team as their Co-Chair.

    ###

    Oct 9, 2024

    MIL OSI USA News

  • MIL-OSI Banking: Christopher Kent: A review of the Reserve Bank of Australia’s Term Funding Facility

    Source: Bank for International Settlements

    Thank you for coming to the Reserve Bank’s offices today. I will talk about a review we have published on the Term Funding Facility (TFF). This is the fourth instalment of the series of reviews of unconventional policy tools the RBA used during the COVID-19 pandemic.

    In March 2020, the economic outlook was bleak and highly uncertain (Graph 1), financial markets were in turmoil, and there was limited scope to lower the cash rate further. In that environment, the RBA pursued a package of policies to support the economy. The TFF review considers how that element of the package worked, whether it achieved its aims, and lessons for the future. I will cover the key points but there is a lot of detail in the review itself.

    What was the TFF intended to do?

    The TFF aimed to:

    • lower the cost of borrowing for businesses and households, by lowering lenders’ funding costs, and to reinforce the benefits to the economy of the lower cash rate
    • encourage banks to lend to businesses – particularly small and medium-sized enterprises (SMEs) – given that business credit tends to fall in downturns.

    How did it work?

    The TFF provided low-cost three-year funding to banks, which also indirectly helped to lower the cost of borrowing from wholesale markets.

    MIL OSI Global Banks

  • MIL-OSI USA: Mersen Workers in Columbia, Tennessee, Overwhelmingly Vote to Join IUE-CWA Union, Marking a Major Step Toward Worker Power in Advance Materials Industry

    Source: Communications Workers of America

    Columbia, Tenn. — In a decisive vote, workers at Mersen’s Columbia, Tenn., plant—part of the French multinational conglomerate specializing in electrical power and advanced materials—have overwhelmingly chosen to join the Industrial Division of the Communications Workers of America (IUE-CWA). The National Labor Relations Board (NLRB) election concluded with a 39-13 vote in favor of unionization late on Monday evening, while four additional ballots remain contested. This win represents a critical moment for the 60 full-time employees, who aim to address low wages, safety concerns, and a lack of job progression at the facility.

    “We are proud of what we’ve accomplished by standing together to form a union,” said Tracy Jones, a worker involved in the organizing process. “We look forward to working with Mersen to create a safer and more structured workplace and to secure fair wages for everyone.”

    Workers at the Columbia facility raised concerns about the lack of a clear pay structure, highlighting the need for more equitable compensation that reflects the varying levels of skill and responsibility across different roles. Additionally, there are no formal pathways for temporary workers, which the company heavily relies on, to become full-time employees, a situation that has led to frustration among the workforce. Safety issues have also been a major driver of the union effort, with employees reporting frequent incidents and injuries due to the demanding nature of the work, which often involves exposure to high temperatures and workers working far apart in isolation of each other.

    Mersen has experienced significant growth, particularly in the U.S. market. In 2023, the company reported record global sales of €1.21 billion (approximately $1.27 billion USD), with North America contributing €463 million (roughly $486 million USD), driven by strong performance in electric vehicles, renewable energy, and semiconductors. Much of this growth has been supported by U.S. government initiatives like the CHIPS Act and Inflation Reduction Act, which have boosted demand for the advanced materials Mersen supplies.

    The success of the Columbia workers follows a growing trend of unionization in the advanced materials manufacturing sector. IUE-CWA has recently organized workers at several other facilities, including MPP in Campbellsburg, Ind., and another Mersen facility in St. Mary’s, Pa., and has seen increased interest from workers across the country in the advanced materials sector.

    “Mersen’s strong financial performance and expansion in high-growth sectors like semiconductors and renewable energy make this moment particularly significant,” said Orvin Caraballo, an IUE-CWA organizer who helped the Mersen workers organize. “As more workers in these industries organize, we are building greater density, which will translate into more worker power and better conditions across the sector.”

    Mersen’s Columbia workers are eager to negotiate a fair contract that addresses these concerns, and they look forward to collaborating with the company to build a safer and more equitable workplace.

    ###

    About CWA: The Communications Workers of America represents working people in telecommunications, customer service, media, airlines, health care, public service and education, manufacturing, tech, and other fields.

    cwa-union.org @cwaunion

    MIL OSI USA News

  • MIL-OSI Canada: Manitoba Government Invests More Than $32 Million on Roadway and Area Improvements in Dauphin

    Source: Government of Canada regional news

    Manitoba Government Invests More Than $32 Million on Roadway and Area Improvements in Dauphin


    The Manitoba government’s $32.7-million investment to address improvements along Provincial Trunk Highway (PTH) 5 in the Dauphin area are now open and visible to travellers, Transportation and Infrastructure Minister Lisa Naylor announced today. 

    “These much-needed improvements enhance traffic flow, water diversion and boost the safety and curb appeal of the route for community members and travellers,” said Naylor. “These improvements will make our roads safer and support growing our economy by building important infrastructure that matters to Manitobans, especially in rural Manitoba.” 

    This project consisted of three sections:

    • Intersection improvements, traffic signals and service road construction as well as the reconstruction of PTH 5A including concrete curbing, raised medians, sidewalks, culvert installations, granular subgrade, granular base course and bituminous pavement on 1.8 kilometres from Triangle Road to Whitmore Avenue with a total cost of $21.8 million.
    • Construction of a land drainage and retention pond system for the City of Dauphin, funded by the city. The Manitoba government funded the infrastructure to support this project including approximately 885 meters of underground pipe and two retention ponds, with a total cost of $9.6 million.
    • Construction of a bituminous pavement on a 0.8 km section of PTH 5A in Dauphin from Whitmore Avenue to Fourth Avenue South with a total cost of $1.3 million.

    “This investment marks a significant step forward for the City of Dauphin, enhancing not only the safety and accessibility of our roads but also supporting our growth as a regional hub,” said Mayor David Bosiak, City of Dauphin. “These upgrades to PTH 5A will improve traffic flow and pedestrian safety while fostering economic development for our community and region. We are grateful to the Manitoba government for their commitment to infrastructure, which strengthens both our local economy and our quality of life.”

    The project added service roads on both the east and west sides of PTH 5A. The main lanes of PTH 5A were reconstructed to include a fully divided four-lane cross section, complete with a raised concrete median and traffic signals at the main entrance to the Dauphin Marketplace Mall as well as sidewalks along both service roads to encourage active transportation.

    This work in Dauphin supports Manitoba’s multi-year infrastructure investment strategy, which outlines planned strategic investments in roads, highways, bridges, airports and flood protection over the next five years in Manitoba, noted the minister.

    For more information on Manitoba’s Multi-Year Infrastructure Investment Strategy, visit: http://www.gov.mb.ca/mti/myhis/index.html. 

    Up-to-date information on highway conditions, including detours, restrictions and road closures, is available at http://www.manitoba511.ca/ or by calling 511. 

    – 30 –

    MIL OSI Canada News

  • MIL-OSI Security: Man Sentenced to 63 Months in Ponzi Scheme Case

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

    WINSTON-SALEM, N.C. – A former resident of Durham, NC was sentenced to 63 months of imprisonment and ordered to pay restitution totaling $6,170,045.68 after pleading guilty to one count of the use of manipulative and deceptive devices and one count of wire fraud, announced United States Attorney Sandra J. Hairston of the Middle District of North Carolina.

    NAYEEM CHOUDHURY, currently of Fort Worth, TX was sentenced to a 63-month term of imprisonment by the Honorable Loretta C. Biggs, United States District Judge in the United States District Court for the Middle District of North Carolina.  In addition to prison time, CHOUDHURY was ordered to serve three years of supervised release.

    According to court filings, CHOUDHURY, while a resident of Durham, NC, began soliciting option trading investments for his company, Dream Venture Capital Group, LLC, through friends and family networks, as well as through social media accounts and webpages. CHOUDHURY told potential investors that their investments were no-risk because he guaranteed the principal, that he would pay investors exorbitant monthly returns sometimes as high as twenty-five percent, and that he had a proven track record of successful options trading and won far more than he lost. None of these statements were true. In fact, of the eleven months CHOUDHURY traded investor funds before his fraud was identified, he suffered net trading losses in nine of those eleven months. Despite this, CHOUDHURY continued to solicit new investors, repeating the same misrepresentations identified above. He also paid older investors with principal invested by new investors, representing it to be trading gains, in what is colloquially known as a Ponzi scheme.

    CHOUDHURY lost over $5 million dollars in investor funds and used other funds for extravagant personal purchases, including an $85,000 Mercedes Benz G63. In total, he was responsible for a loss of $6,170,045.68, victimizing 88 different individuals.

    “CHOUDHURY’s mendacity knew no bounds: he mined the trust of friends and family to find new victims, even as the losses were piling up,” said U.S. Attorney Hairston.  “We are grateful to the agencies that investigated this unconscionable conduct and helped hold this defendant accountable.”

    “CHOUDHURY presented himself as an investment expert promising significant profits with little to no financial risks. He took money from his own family and friends to cover massive trading losses and fund extravagant personal expenses. While fraud of this magnitude can have a lasting impact, we hope CHOUDHURY’s federal prison sentence will bring a sense of justice to his victims,” said Robert M. DeWitt, the FBI Special Agent in Charge in North Carolina.

    The investigation was undertaken by Federal Bureau of Investigation. The case was prosecuted by Assistant United States Attorney Ashley E. Waid.

    ###

    MIL Security OSI

  • MIL-OSI United Kingdom: Securing Cyberspace: Minister Doughty speech

    Source: United Kingdom – Executive Government & Departments

    Minister Doughty outlined the UK’s commitment to responsible behaviour in cyberspace in a keynote speech at RUSI’s Securing Cyberspace Conference.

    Thank you very much for traveling from near and far. 

    It’s a real pleasure. We’ve got so many leading lights in government, industry, law enforcement, academia and civil society here in one room.  

    And I’m very grateful to RUSI for bringing this together as they so often do.  

    This is a very welcome opportunity to reflect on an important mission for the new government that I’m proud to serve in, and that is, of course, enhancing cyber security and promoting responsible behaviour in cyberspace. 

    You in this room are all of our vital and valid partners in this. 

    And everyone here today has a role to play in shaping the future agenda, bringing diverse perspectives, specialist knowledge and deep expertise. 

    So thank you once again. 

    And I really hope that this conference, which we’ve been proud to support, helps you forge fresh connections and find new ways to collaborate.  

    And we cannot meet at a more pivotal moment in world history – a moment of the most extraordinary change, of risk, and of opportunity. 

    Because from our banks to our electricity grid, from our defence to our hospitals, the online cyber world underpins every aspect of our society. 

    And with every day that passes, we of course, rely on it more for our prosperity and our security. 

    But you hardly need to be told that this brave new world has a dark side -and the years to come will see us walking dangerous and difficult complex paths. 

    And I just reflect in my own life, I got my first email address when I was only 15 or 16 years old.  

    I went to an international school in Canada. It was quite a big chance to connect with some of my classmates from across the world, but my parents were still not used to the system. They were printing out my emails when I sent them home, kept them all in a folder as a physical copy and presented them to me.  

    But today, of course, we’re in that world shaped by Al and quantum, by ever evolving threats and opportunities.  

    And of course, we know that state actors, criminals and others who want to harm us are fighting hard for their share of this space which knows no borders.  

    Those are the threats, but we also have huge opportunities and the question, of course, for all of us is how we embrace the opportunities that cyber brings in every aspect whilst addressing those key challenges. 

    And so I’m grateful for the chance to share some perspectives with you today.  

    I wanted to start by saying that since taking office in July, growth and security have been among the government’s very top priorities and they will remain that way.  

    In a world where we all live and work online, investing in cyber security and promoting responsible behaviour is an essential part of this mission, because fundamentally, and you will all know this, there is no national security, no economic security without cyber security. 

    We cannot fulfil our growth Mission as a government without cyber resilient businesses and supply chains, a Cyber aware workforce and society. 

    And of course, all of those underpinned by strong technical and skills expertise in the cyber sector. 

    This is true for all of us, investing in that security and promoting responsible behaviour has to be a collective endeavour. 

    I wanted to highlight today and reflect on three key themes that will guide our approach as a new government. 

    The first of those is that partnerships are vital for success. 

    When Alan Turing and the codebreakers in Bletchley Park – I have visited and I’m sure many of the you in this room have – they, of course, cracked that Enigma Cipher during the Second World War, sharing those insights with our allies saved countless lives and hastened the end of the war. 

    But of course, today, the world faces a whole new set of threats. 

    Spyware, ransomware, espionage, information manipulation and other forms of interference are causing untold losses and distress to our security and to our economic security.  

    The World Economic Forum estimates that the global cost of cybercrime will reach 24 trillion US dollars by 2027, that’s up from an almost eyewatering 8 trillion in 2022.  

    In the online world, the stakes are higher than ever, and the gloves are well and truly off.  

    So it’s only through solid, respectful, mutual, beneficial partnerships that we can fight back, overcome the challenges we face, and make the most of important opportunities for all our people. 

    It’s a pleasure to see friends from across the diplomatic audience today as well, ready to solve these problems working together with partners and allies across the world.  

    That’s why, from Day One, this new Government has focused on connecting Britain and strengthening relationships with countries around the world, from the Euro-Atlantic to the Global South. 

    That means enhancing our relationships with the EU and our European friends to forge closer cooperation spanning the whole range of issues, including military, economic and cyber, our unshakeable commitment to NATO, the bedrock of our defence. 

    And here I will point out that the UK is playing a leading role in work to deter and respond to cyber threats.  

    And later this year, we will of course host the NATO Cyber Defence conference to galvanize those efforts.  

    We’re also collaborating with many individual countries and partners, for example, in the Western Balkans, a region I’m privileged to know well from many visits.  

    Indeed, in Opposition, I met with young cyber experts in Pristina and discussed their careers, their prospects, and how we can work together as partners.  

    We’re, of course, working together with governments right across the world to bolster defence and counteract threats.  

    And just last month, I was in Moldova where I discussed these issues and partnerships at the Ministry of Defence in Chișinău. 

    And turning to the wider world, particularly our important partnerships in the Global South, our work with Interpol in Africa, across the Indo-Pacific and indeed, Latin America, tackling cybercrime, building closer cross-border partnerships.  

    In Africa, this partnership has helped to smash 20,000 criminal networks and seize illegal funds worth more than 40 million US dollars.  

    Last year, Interpol coordination with cybercrime units in Nigeria, Benin, Cote d’Ivoire saw 300 suspects arrested, 3 million US dollars’ worth of assets ceased and multiple criminal networks dismantled.  

    In the months and years ahead, the UK will continue to play our role at Interpol, an organisation which of course is at the sharp end of the increasingly borderless world of global crime.  

    Secondly, I want to talk about responsible cyber behaviour. 

    In all of our collaborations around the world, we remain committed to the United Nations Framework for Responsible State Behaviour in the use of Information Communication Technologies, but will be guided by our principles when it comes to ensuring safe and responsible use of cyber capabilities. 

    That’s the second important theme of our work overall, and the topic I know you’ll be discussing in detail at this conference, thanks again to RUSI for putting together such a strong and relevant agenda.  

    But for now, I will simply say that for the UK, this is about staying at the forefront of science and technology so we can understand threats and respond appropriately, and helping others do the same. 

    For example, supporting cyber security nonprofit organisations like Shadowserver to share threat data.  

    It’s also about transparency, which is so vital to facilitate cooperation, build trust and reduce the possibility of misinterpretation and escalation.  

    It’s also about inclusion, for example, by bringing stakeholders, including many of you in this room with all their expertise into that global cyber security discussion. A topic I will return to shortly. 

    But it’s also importantly about promoting accountability, because while we here in this room are united in our support for responsible behaviour, we know that not everybody plays by those rules. 

    Sometimes we will need to take firm action, and the UK will continue our important work with partners to hold criminals and others to account.  

    International cooperation is central, as demonstrated in August, when, after significant efforts by many of those in this room, here today, UN member states finalized a new draft Cybercrime Convention.  

    Many of us, of course, have the tools to take domestic action in this area too. 

    Just last week, on 1 October, alongside the United States and Australia, this country sanctioned 16 members of the Russian cybercrime gang, Evil Corp.  

    This group, which truly lives up to its name, has waged a campaign of destructive attacks worldwide for over a decade.  

    They include malware and ransomware attacks against UK health, government and public sector institutions as well as commercial technology companies.  

    Those sanctioned are now subject to asset freezes and travel bans.  

    Alongside our allies, we will continue to crack down on malicious activity and call out criminals like Evil Corp, who seek to underline our prosperity and security.  

    Thirdly, I wanted to stress the importance of a whole of society approach.  

    And as a Member of Parliament, I see how cybercrime, these challenges affect the lives of my constituents on a daily basis, whether it’s in fraud, whether it’s in terrorism, recruitment of individuals. I’ve seen these aspects in the lives of my constituents over the last five years. 

    As this conference demonstrates, we’re taking every opportunity to bring a wide range of expert stakeholders into our work. Because cyber is not, of course, as you all know, just about the technology, it’s about the people who interact with it, people who come from all spheres of society and all parts of the globe 

    That includes those outside the realm of Government, who have huge pools of talent, expertise, innovation and enthusiasm to bring to the table.  

    And we have to make that advantage count through a whole of society approach to cyber. So this government is absolutely committed to work hand in glove with our partners in industry, in the development sector, in academia, in the not-for-profit sector and beyond.  

    And we’ve got an impressive story already to tell here and want to do even more on. Let me just reflect on a few examples. 

    Firstly, as Putin continues to wage an illegal war in Ukraine, we are working with Mandiant, Palo Alto Networks, CloudFlare, BAE systems, along with the government in Kyiv to bolster Ukraine’s resilience to Russian cyber attacks.  

    We’re drawing on world leading expertise from across the public and private sectors to protect Ukraine’s critical infrastructure and vital public services 

    But our partnerships with industry leaders are not just about addressing threats.  

    As the third largest exporter of cyber security services globally, there’s no doubting how important this sector is to our own economy, indeed to all of our economies, we need to stay ahead of the game when it comes to innovation, and as I’ve said, we have huge talent to draw on.  

    We will work with industry to make the most of the opportunities for British businesses, boosting prosperity and sharing our expertise with the world.  

    We’re leading the efforts through our National Cyber Security Centre to test ideas, enhance understanding and to engage with talented individuals from the private sector to shape our approach.  

    Of course, companies also have a crucial role to play in setting out responsible values and principles for their work. We know this is not a straightforward process. 

    So we will work with partners to find solutions to problems like the unregulated market for spyware that’s being used to target journalists and other civil society communities across the globe, violating human rights and ultimately undermining our free and open societies.  

    We’re bringing people together through the Pall Mall process – from states, industry and civil society to tackle the misuse of commercial spyware and other tools.  

    And besides those efforts to turbocharge our economy and shape the rules of the game, we want to work hard to level the playing field for people. 

    We want to be seeing cyber as an inclusive space where everyone can fulfil their potential. 

    That’s why we’re supporting schemes like the Caribbean Experts Fellowship – part of our wide-ranging work with the Commonwealth.  

    That scheme is going to support the brightest minds from across the region to shape the safe and prosperous cyberspace through academic research, opportunities, networking and more.  

    We’re also committed to close the gender gap in cyber because fundamentally, no country can achieve its full potential if it underuses 50% of its resources and talents.  

    And indeed, yesterday, on Ada Lovelace Day, the world celebrated the achievements of women in science, technology, engineering and mathematics, and I want us to celebrate those achievements every day and create fresh opportunities for women in every area of this work.  

    The UK already has some great projects around the world helping smooth the path for a new generation of female cyber experts to make their mark on this world – from our ‘Her Cyber’ project in Albania, which reaches out to girls at an early age through after school clubs and running right through to university level support, to our UN Women in Cyber Fellowship, which is sponsored with partners including Canada, US and Germany, to encourage greater female representation in negotiations in the UN First Committee.  

    So, I’ve gone through three key themes today. I hope they give you some insights to our thinking and direction of travel, as a new government.  

    But to conclude, we are living in a world, as I said at the beginning, that was unimaginable just a few decades ago.  

    It’s a world that’s ripe with opportunity when it comes to cyber, but of course, laden with challenge. 

    I’ve been glad of the opportunity today to be able to set out some of the ways in which the government will make the most of those opportunities, together with you, while meeting challenges head on through partnerships spanning the globe, demonstrating what a responsible approach looks like, and collaborating with those outside the government who have so much to bring to these efforts. 

    That’s how we can ultimately keep our citizens safe, help our economies to flourish, protect our security and stand up for our values.  

    So once again, I want to welcome you all here today to add my support to your efforts today to discuss these important issues, and to give our commitment as a new government to work with all of you as we develop our capabilities to respond to those threats and opportunities in the future.  

    Thank you very much.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Video: Session 1: Monetary policy and financial markets

    Source: European Central Bank (video statements)

    Session 1
    Monetary policy and financial markets
    Chair: Wolfgang Lemke, European Central Bank

    Bond Market Views of the Fed
    Luigi Bocola*, Stanford University
    Co-Authors: Alessandro Dovis, Kasper Jørgensen and Rishabh Kirpalani

    Discussant: Klodiana Istrefi, Banque de France

    Deciphering Monetary Policy Shocks
    Christian Wagner*, WU Vienna University of Economics and Business
    Co-Authors: Phillipp Gnan, Maximilian Schleritzko and Maik Schmeling

    Discussant: Fabian Schupp, European Central Bank

    https://www.youtube.com/watch?v=9C63Zfcfv20

    MIL OSI Video

  • MIL-OSI Security: Drug Trafficker Sentenced to 46 Months in Prison for Fentanyl Distribution and Money Laundering

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Second Defendant Sentenced to 16 Months in Prison for Laundering Drug Proceeds Disguised As International Wire Transfers

    OAKLAND – Christian Grajeda-Varela, a Honduran national who pleaded guilty to fentanyl trafficking and money laundering, was sentenced to 46 months in federal prison.  The sentence was handed down by the Hon. Haywood S. Gilliam, Jr., United States District Judge.

    Grajeda-Varela, 25, was charged by indictment on Aug. 2, 2023, and superseding information on July 15, 2024.  He pleaded guilty on July 17, 2024 to distribution of 40 grams or more of fentanyl and to conspiracy to launder monetary instruments.

    In his plea agreement, Grajeda-Varela admitted that he sold roughly 1.5 pounds of fentanyl in July 2023 to a drug dealer in the Tenderloin neighborhood of San Francisco.  Upon a search of his Oakland residence, federal agents found 109 grams of fentanyl, over six pounds of mannitol (a common mixing agent used to cut or dilute fentanyl), cocaine base, cocaine, and heroin.  Agents also found a kilogram press, cutting boards, and tools to cut drugs, supplies that Grajeda-Varela admitted using to dilute and assist with the distribution of drugs.

    As described in court documents, multiple WhatsApp messages were found on Grajeda-Varela’s phone containing international wire transfer receipts sent from America Latina, a money service business in Oakland.  Grajeda-Varela admitted that, between March and August 2022, he agreed with someone he suspected was involved in the drug trade to commit money laundering by bringing large amounts of cash to America Latina.  Specifically, Grajeda-Varela brought over $235,000 in cash to America Latina for the business to wire to recipients in Mexico and Honduras in the form of roughly 125 international wires.  According to the plea agreement, each of these international wires was structured and transmitted in an amount below $3,000 to avoid mandatory customer information reporting requirements under federal law.

    Grajeda-Varela admitted that he exchanged WhatsApp messages with a woman named “Griselda” who generally accepted the bulk cash he brought in and conducted the international wires for him at America Latina, and that receipts for wires America Latina sent between March and August 2022 were found on his phone as well as on the phone of Griselda Cancelada Liceaga, who owned America Latina.

    Grajeda-Varela further admitted that he knew that the owners of America Latina were structuring the bulk cash into wires of less than $3,000 each that were sent under the names of uninvolved persons to make it appear that each wire was an unrelated family/friend remittance.

    In a separately charged case, Griselda Cancelada Liceaga, 45, of Oakland, was sentenced to 16 months in federal prison.  Liceaga’s sentence was handed down by the Hon. Jeffrey S. White, Senior United States District Judge.

    Liceaga was charged by criminal complaint on Aug. 30, 2022, and pleaded guilty to money laundering conspiracy on May 28, 2024.  According to her plea agreement, while at her money service business America Latina, Liceaga sent multiple international wire receipts via WhatsApp between March and August 2022 to an individual arrested and prosecuted for drug trafficking.  She further admitted to using the names of unrelated persons as the wire senders and did so with the intent to evade the $3,000 transaction reporting requirement under federal law.

    According to her plea agreement, Liceaga was familiar with the reporting requirement because she had received anti-money laundering training from the national wire service companies whose wire services she used.  Liceaga further admitted that prior to opening America Latina, she had worked at another Oakland money service business, Rincon Musical, where she and her co-workers agreed to structure large cash amounts into wire transactions that were each less than $3,000 that they sent out under the names of unrelated persons.

    “We are committed to working with our law enforcement partners to use all tools at our disposal to combat the drug trade in the Northern District of California and beyond,” said United States Attorney Ismail J. Ramsey. “Along with drug traffickers, individuals who engage in and enable the laundering of drug proceeds will be held accountable.”

    “Dismantling the profitability of deadly drug trafficking in our communities makes our streets safer and is a core capability of IRS-CI Special Agents. These sentencings highlight the effectiveness of Organized Crime Drug Enforcement Task Force investigations and the relentlessness in which we pursue those perpetuating the lethal drug epidemic,” said IRS Criminal Investigation (IRS-CI) Oakland Field Office Acting Special Agent in Charge Michael Mosley. “Our Special Agents follow the money. When the money leads us to transnational criminal organizations, we build cases that take those criminals off the streets and puts them behind bars.”

    “This decisive action, taken in collaboration with our law enforcement partners, disrupts the flow of dangerous drugs and eliminates the financial networks that make this crime possible,” said Federal Bureau of Investigation (FBI) Special Agent in Charge Robert Tripp.  “Those who choose to profit from poisoning our communities and endanger public safety will be held accountable. We remain resolute in our mission to dismantle these threats and ensure that justice is served.”

    “The cartels would be out of business without drug distributors and money launderers. Christian Grajeda-Varela and Griselda Cancelada Liceaga blatantly violated the law to line their pockets with ill-gotten gains,” said Drug Enforcement Administration (DEA) Special Agent in Charge Bob P. Beris. “We will be relentless in our pursuit of those who put poison in our community and skirt the law by structuring payments of drug proceeds.”

    The announcements were made by United States Attorney Ismail J. Ramsey, IRS-CI Oakland Field Office Acting Special Agent in Charge Michael Mosley, FBI Special Agent in Charge Robert Tripp, and DEA Special Agent in Charge Bob P. Beris.

    These prosecutions are part of Organized Crime Drug Enforcement Task Force (OCDETF) investigations. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    Assistant United States Attorneys Charles Bisesto and Daniel Pastor prosecuted these cases with assistance from Amanda Martinez and Andy Ding. The prosecution of Grajeda-Varela is the result of an investigation by the FBI and IRS-CI with assistance from the DEA and the Concord Police Department.  The prosecution of Cancelada Liceaga is the result of an investigation by IRS-CI and DEA with assistance from the Oakland Police Department.
     

    MIL Security OSI

  • MIL-OSI Canada: Supporting Critical Minerals Development in Northern Ontario 

    Source: Government of Canada News

    News release

    October 9, 2024                                         Sudbury, Ontario                       Natural Resources Canada

    The Government of Canada is working to seize the generational opportunity presented by critical minerals while ensuring that Indigenous Peoples and communities share in those benefits. Canada is well positioned to be a global leader and first-class producer of a wide variety of critical minerals that are essential to power the clean economy — including nickel and copper — and, in turn, create good jobs and support economic opportunities across critical mineral value chains — from mining to processing, manufacturing and recycling.

    Today, the Honourable Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources, announced funding to support the further development of critical minerals in Sudbury and the surrounding region.

    Minister Wilkinson announced up to $8.4 million in conditionally approved funding provided through the Critical Minerals Infrastructure Fund (CMIF), pending final due diligence from Natural Resources Canada, for five critical mineral infrastructure development projects in the Sudbury and Timmins regions. This investment would include:

    • Up to $6.8 million for the Crawford Nickel Sulphide Project to inform the mine’s electrification and connection to the Ontario electricity grid. This includes:
      • Up to $2.4 million for Transmission Infrastructure Partnerships 1 Limited to advance a transmission line connecting the Crawford Nickel Sulphide Project to the Ontario power grid.
      • Up to $4.4 million for Canada Nickel Company Ltd. to conduct studies to inform the Crawford Nickel Sulphide Project’s electrification plan. When in production, the Project is expected to create over 1,500 high-paying jobs, according to Canada Nickel, and its electrification will reduce greenhouse gas emissions by 60 percent compared with diesel-powered operations. 
    • Up to $1.6 million for Magna Mining Inc. to support pre-construction activities to help power the Shakespeare and Crean Hill mines with clean electricity and connect the Shakespeare mine to the Ontario highway system. These mines will produce nickel and copper and help meet demand for these critical minerals as demand for use in clean technologies increases. The Crean Hill project is restarting an existing mine to meet this demand.

    Also, with $2.7 million from Natural Resources Canada, Giyak Mishkawzid Shkagmikwe Inc. (GMS) and Taighwenini Technical Services Corporation (TTS), the economic development corporations of Atikameksheng Anishnawbek and Wahnapitae First Nation respectively, will purchase two production mining drills. These drills will be leased out to support First Nations training opportunities, wealth generation and participation in the clean economy. This purchase will help Indigenous partners participate in the revitalization at Vale’s Stobie mine, which is a nearly $1-billion joint project of Vale, Thiess, United Steel Workers and local First Nations, to produce more nickel and copper. The historic Stobie Pit, which ceased operations in 2017 after 100 years, will be restarted to continue providing good jobs for the people of Sudbury, and production is expected to ramp up in the coming years.

    Minister Wilkinson made the announcement while visiting the Vale Stobie mine site in Sudbury. The Minister was in Sudbury to participate in the Conference of Mining Regions and Cities hosted by the Organisation for Economic Cooperation and Development.

    Critical minerals are essential components in products used for clean energy technologies such as electric vehicles, electrical transmission lines and batteries. Canada’s mining sector provides many of the building blocks of clean technologies, including nickel and copper, needed to fight climate change and build a clean economy.

    Across the country, clean energy solutions are providing enormous economic opportunity for Canada. The critical mineral sector is already highly valuable to our economy. In 2022, the minerals and metals sector directly employed 420,000 people and contributed $109 billion of Canada’s total gross domestic product (GDP). Since 2020, automotive and battery manufacturers have announced investments of over $40 billion in electric vehicle production and the battery supply chain. With government support and with demand for critical minerals expected to double by 2024, these sectors will only grow. Today’s investments in mining and critical minerals will help deliver jobs and economic opportunities for Northern Ontario, along with Indigenous partners and communities.  

    Quotes

    “Today’s investments are about fostering Northern Ontario’s mining expertise to create more jobs and drive economic growth.  It is our priority that Indigenous partners have a part to play in the development of natural resources on our way to a clean energy future. The mining industry is one of the top employers for Indigenous communities across Canada, and we want to continue to encourage collaboration between mining and Indigenous communities.”

    The Honourable Jonathan Wilkinson

    Minister of Energy and Natural Resources

    “Canada is a mining nation and a leader in sustainable resource management. In Northern Ontario, particularly in Nickel Belt, our strong environmental, social and governance standards will be crucial as demand for critical minerals rises. By partnering with Indigenous communities and local mining partners, we ensure responsible sourcing of essential materials while protecting our planet and economy.”

    Marc G. Serré, MP for Nickel Belt, Parliamentary Secretary to the Minister of Energy and Natural Resources and Parliamentary Secretary to the Minister of Official Languages

    “Investing in critical minerals in Northern Ontario is vital for both our economic prosperity and future sustainability. Investing in our Indigenous communities is also fundamental to ensuring economic reconciliation. Northern Ontario has the key ingredients and partners to transition to a clean economy, and we know the right support is needed. These investments demonstrate our government’s commitment to supporting Indigenous communities and the mining and mining supply industry.” 

    Viviane Lapointe

    Member of Parliament, Sudbury

    “With our traditional territories spanning one of Canada’s key mining basins, it is critical that we take an active role in local mining activities. By owning and renting these drills, our communities will reap significant benefits, both economically and through the creation of meaningful employment opportunities.”

    Craig Nootchtai

    Gimaa (Chief), Atikameksheng Anishnawbek.

    “This marks the beginning of an exciting new venture for us. I believe this is a great example of how we, as First Nation communities, can support mining on our traditional territories when it is carried out in a way that respects and strengthens Indigenous Peoples, as well as our culture and history.”

    Larry Roque

    Chief, Wahnapitae First Nation

    “Canada Nickel is pleased to receive this contribution from the Government of Canada for the development of our clean energy infrastructure. With the CMIF’s support and meaningful Indigenous partnerships, Canada Nickel can integrate low-carbon grid power as we advance our Crawford Nickel Sulphide Project toward construction. Our flagship Project, anticipated to be Canada’s largest nickel mine, is expected to contribute a significant amount of nickel, cobalt and chromium to advance the Canadian Critical Minerals Strategy. Together, we are contributing to a future where resource development aligns with environmental stewardship and reconciliation.”

    Mark Selby

    CEO, Canada Nickel Company

    “These proposed investments from the Critical Minerals Infrastructure Fund will make a significant contribution toward the success of Magna Mining’s Crean Hill and Shakespeare Projects in Sudbury. We expect that these projects will benefit many stakeholders in the Sudbury region over the coming years, including the Indigenous communities and Indigenous-owned businesses that will play key roles in the development of these mines. We look forward to continued collaboration with the Government of Canada as we bring multiple new critical mineral mines into production in Sudbury.”

    Paul Fowler

    Senior Vice President, Magna Mining Inc.

    Quick facts

    • Stainless steel is the largest end use for nickel, accounting for just under two-thirds of total consumption. Nickel is used as an alloying agent in the manufacture of both metal products that contain iron and those that do not. It is also used in electroplating, in which a thin layer of nickel is coated onto a metal object as a decorative feature or to provide resistance to corrosion and wear. While nickel is well known as a component in the manufacture of nickel-cadmium batteries, an important evolving use is in production of lithium-ion batteries for EVs.

    • In 2022, Canada produced 143,266 tonnes of nickel in concentrate. Ontario produced 50 percent of Canada’s mined nickel.

    • Ontario-based Electra Battery Materials is developing a cobalt and nickel sulfate production plant and a lithium-ion battery recycling plant north of Toronto.

    • The mining industry is the top private-sector industrial employer for Indigenous people in Canada.

    • Canada has developed its own critical minerals strategy with the aim of advancing the development of these resources and related value chains to drive the transition to a low-carbon economy and support advanced technology and manufacturing.

    • The Canadian Critical Minerals Strategy addresses five core objectives:

      o   supporting economic growth, competitiveness and job creation;

      o   promoting climate action and strong environmental management;

      o   enhancing global security and partnerships with allies;

      o   advancing reconciliation with Indigenous peoples; and

      o   fostering diverse and inclusive workforces and communities.

    • Canada’s whole-of-government approach to critical mineral development is collaborative, forward-looking, iterative, adaptive and long-term. The initiatives presented in the Strategy will be implemented and refined in collaboration with provincial, territorial, Indigenous, industry and other Canadian and international partners.

    • Budget 2022 allocated $100 million over five years starting in 2022–23, to renew and expand the Indigenous Partnerships Office (IPO) and the INRP Program to make it a national natural resource sector-wide program.

    • At least $25 million of the $80 million in INRP contribution funding is to be dedicated to early engagement and Indigenous communities’ capacity building to support their participation in the Critical Minerals Strategy.

    • The CMIF is a key program under the Strategy to support enabling clean energy and transportation infrastructure projects necessary to increase Canada’s supply of responsibly sourced critical minerals.

    • The CMIF supports strategic priorities such as decarbonizing industrial mining operations, strengthening supply chains through transportation infrastructure and advancing economic reconciliation by supporting the participation of Indigenous Peoples in infrastructure and critical minerals projects.

    • In addition, the federal government is helping to develop Canada’s abundant critical minerals through NRCan’s Regional Energy and Resource Tables. These regional tables are joint partnerships with individual provinces and territories — in collaboration with Indigenous partners and with the input of key stakeholders — to identify and accelerate shared economic priorities for a low-carbon future in the energy and resource sectors.

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    Associated links

    Contacts

    Natural Resources Canada
    Media Relations
    343-292-6100
    media@nrcan-rncan.gc.ca

    Cindy Caturao
    Press Secretary
    Office of the Minister of Energy and Natural Resources
    613-795-5638
    cindy.caturao@nrcan-rncan.gc.ca

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    MIL OSI Canada News

  • MIL-OSI United Kingdom: It’s a team effort as students and residents benefit from Priory School’s sports upgrade

    Source: City of Portsmouth

    This is all part of an extensive programme of improvements across Priory School over the past two years, much of which was made possible due to generous support from the Bohunt Education Trust and Portsmouth City Council, alongside the school’s own careful financial management.

    An open afternoon and naming ceremony for the centre will be held on Saturday, 26 October, from 1.30-4pm, with lots of sports and games for the community to try.

    Stewart Vaughan, Headteacher at Priory School, said:

    “It is wonderful when you can work in partnership to achieve something that you cannot achieve on your own. We are now able to offer a wonderful sports facility for our children and our local community because of this partnership with Portsmouth City Council.

    “We look forward to welcoming the local community to our open event on the afternoon of 26 October and encourage everyone to drop in, view the venue, and find out what sports they can book to take part in.”

    £50,000 of the investment in the indoor sports facilities came from Portsmouth City Council, who saw the potential of creating a multi-sport indoor space that could be used outside school hours to benefit the wider community.

    Cllr Steve Pitt, Leader of the Council with responsibility for Culture, Regeneration & Economic Development at Portsmouth City Council, said:

    “The health and emotional well-being of residents is of paramount importance to us. This shows our commitment to providing sports and leisure facilities across Portsmouth, which are accessible to all and support a wide range of sporting activities. A partnership approach means we can maximise the benefit from investment made into sports facilities, with students and local residents reaping the rewards.

    “This superb space is streets ahead of other provision available nearby, offering space for six badminton courts, two netball courts, two tennis courts, and four cricket nets. This is perfect for local sports clubs looking for space to grow.”

    This is just one of many investments into sport across the city by the Council, which has totalled £20m so far, with a further £27m to come.

    Future investments planned include £20 million towards creating a new hub in Bransbury Park, which will bring sports, swimming, and healthcare together, including a learner pool that can be utilised by many schools nearby. £6 million will also be invested into the Mountbatten Centre to replace the roof, together with the renewal of major mechanical and engineering plant, to secure the future of the building.

    Opening times and booking

    The public can view availability, prices, book and pay for all of Priory School’s sports facilities through the schoolhire website: priory.schoolhire.co.uk

    Opening hours as follows:-

    • Monday – Thursday 5pm – 10pm
    • Friday 5pm – 9pm (pitch only available until 10pm)
    • Saturday 9am – 6pm
    • Sunday 9am – 7pm

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Nature is a ‘National Wealth Service’

    Source: United Kingdom – Executive Government & Departments

    Tony Juniper speech at the launch of Natural England’s first State of Natural Capital Report

    This notion of natural capital, I think, is really quite a powerful idea. I think everybody in the room will understand the notion of financial capital and how if we look after our capital assets, we get a flow of dividends and interest long into the future.

    And of course, if we blow our capital, we go bankrupt. So it goes with natural capital and the extent to which, today confirmed by this report, we have drifted deeply into the red over the years. And this is now something which poses a source of risk. The state of natural capital very much confirms the need to grow Nature as a prerequisite for health, wealth and security. Indeed, with economic growth identified as an overriding national priority, it will be necessary to grow the natural assets needed to underpin that.

    The report gives a clear snapshot of the state of these assets, and gives us a logical baseline from which to measure growth over time. It highlights the extent to which we rely on Nature, which gives us life’s essentials of fresh water, air and food. In fact, with 90% of the world’s food reliant on just 20 species, we ignore this at our peril. Nature also provides places to relax, resources to build with, and mitigation of the climate change impacts ever more visible on the planet.

    In short, if we look after Nature, Nature will look after us, but the truth is, that we haven’t been. The web of life is in critical decline. Ninety percent of the UK’s wetlands have been lost in the modern era and over 97% of lowland semi-natural grasslands have been lost in the last century, taking with them countless birds, butterflies and bumblebees. Nature is being wiped off the face of our supposedly green and pleasant land. Yet we continue to act as if we were oblivious to the warning signs from a planet that is evidently struggling.

    Impacts like these exacerbate many of the most serious threats to society. Nature loss and climate change fuel one another, so losing wildlife and habitat helps drive changes to weather systems to unprecedented extremes, which in turn forces more species to flee their traditional ranges and for some to be wiped out altogether.

    For years, we have taken Nature for granted and taken more than it can sustainably supply. We are, in effect, running down those capital assets as we strip away Nature’s ability to provide clean water and carbon storage by degrading soils, which increases water pollution and sends harmful emissions into the atmosphere, affecting human health and adding to consumer bills. Those degraded soils and lost wetlands reduce landscapes’ ability to regulate temperature, hold water and to slow the flow of rivers, amplifying flooding downstream. Not only does this cause widespread human misery, it puts businesses and services out of action and adds considerably to insurance premiums.

    It’s interesting to note in the wake of Hurricane Helene, which smashed through the southern states of the United States a couple of weeks ago, how many of the properties there were uninsured because they were not deemed to be in areas prone to flood risk. Thereby revealing a series of not only serious economic consequences, but also social ones, and the costs of degradation can be measured not only economically but in lives lost. Almost 3000 excess deaths occurred across the UK in 2022 as a result of extreme heat and this is also seen in the impacts of agriculture with flooding causing losses to farming income in England to drop by a fifth in 2023, leading to a £1 billion blow to this country’s GDP.

    The decline of Nature is not only visible in the countryside, of course, but also in our towns and cities and villages, particularly amongst the most disadvantaged communities. Evidence gathered in the State of Natural Capital Report indicates that lower risks of sick days are associated with increased access to green and blue spaces. However, according to Natural England’s Green Infrastructure research, we see that around one in three people, 38%, do not live within 15 minutes of the green space, and they tend to be from more disadvantaged communities. The link between social and equalities and differences in health outcomes is thus strong and persistent.

    The upside of this disturbing picture is that we can work together across society to recover Nature and unlock solutions to these pressing challenges For that to happen, information regarding the value we all derive from Nature needs to be put into the hands of those who decide on actions that shape our country at both national and local levels, and that’s where this research comes in.

    It gives decision makers a vivid picture of these close dependencies between the social well-being and economic resilience and the ecosystems which underpin those essentials of our society. Taking a natural capital approach highlights the extent to which our mountains, wetlands, sea bed, soils and rivers are just as critical to business success and community wellbeing as roads, railways and broadband.

    These natural assets add up to a national wealth service, providing a steady stream of essential goods and benefits upon which our economy and population rely. Setting them out so clearly as we’re doing today allows them to be moved out of the shadows and onto an extended balance sheet where companies can see their true value and act to protect these priceless and essential assets. This allows us to progress beyond just seeing the health of our economy and country in terms of GDP and to incorporate the health of our natural capital and its ability to sustain our economy into our understanding of the condition of our nation. It’s time we treasured this ‘National Wealth Service’ as much we do as we do the National Health Service.

    What I hope people will understand as a result of this State of Natural Capital Report is that Nature isn’t some rather quaint, distant notion that inevitably gets trampled by progress, or occasionally holds it up. Nature is a dynamic, vigorous multilayered force that can provide so many of our essential needs today and into the future, if we take this opportunity to understand it better, to treat it with respect.

    For these reasons, a thriving natural world means Nature flourishing across landscapes – hills, valleys, towns and cities, seas and shores, where people can be active, inspired and fulfilled. Healthy rivers and wetlands providing clean water and homes for wildlife and reducing the risks of flooding and drought. Restored peatlands and sea beds, storing vast quantities of carbon instead of releasing it into the atmosphere. Trees, shrubs, parks and rivers, cooling cities and some are bringing urban dwellers closer to Nature, reducing crime and encouraging businesses to invest. Hedgerows and flower-rich margins, ensuring a plentiful supply of pollinators for crops underpinning food security.

    All of these benefits provide us with security and resilience in an uncertain world. Put them together and it’s very clear that Nature isn’t different to growth, it is at the heart of it. You cannot grow the economy if you don’t grow Nature. According to recent estimates, the value of the UK’s stock of natural capital assets is just over £1.5 trillion.

    Is it wise to blow that capital and to not think about tomorrow? Or should we try to grow that capital to thereby grow the dividends and interest that we will get into the future?

    The evidence presented in this report reveals the answer and how investing in Nature recovery pays the upfront costs many times over. However, each decade doubles the costs of restoring the damage, meaning that the longer we leave this process of Nature recovery, the more expensive it will become.

    This report thereby offers an important resource for policymakers, making the invisible visible and providing the missing evidence needed, guiding the action that we require to achieve sustainable use of our natural assets. The case for Nature recovery as a result of this work, makes it an even stronger agenda.  I encourage those of you here today not to read the report only and to be informed by it, but to use it in your future decision-making processes and to create a stronger positive outlook for our economy and society by doing so.

    Notes

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Global: Cambodia: journalist arrest signals false dawn for democracy as the country slides into authoritarianism

    Source: The Conversation – UK – By Sabina Lawreniuk, Principal Research Fellow, University of Nottingham

    Mech Dara, an award-winning Cambodian journalist and one of the kingdom’s last remaining independent media voices, was arrested on Monday, September 30. He has been detained over a social media post for “incitement to disturb social security”, and faces up to two years in jail.

    The news of Dara’s arrest has saddened and disturbed many within Cambodia and elsewhere. But it will have shocked few. Dara’s courageous journalism has made him a persistent thorn in the side of Cambodia’s ruling class.

    No stranger to harassment and intimidation by Cambodia’s increasingly repressive state apparatus, Dara had told me when we last met that he was considering applying for political asylum abroad. Life had become impossible in Cambodia.

    From humble beginnings, Dara built his reputation on a dogged commitment to justice, whose work includes exposing human rights abuse, illegal logging, land grabs and labour struggles in his homeland. These are rife in a notoriously corrupt state that ranks 141 out of 142 countries worldwide on the World Justice Project’s Rule of Law Index.

    Most recently, however, Dara’s investigations have focused on uncovering abuse in Cambodia’s cyberscam industry. Dara’s reporting, which in 2023 earned him a “Hero” commendation by the US State Department, revealed how the industry often involves cyberscam compounds staffed by victims of human trafficking.

    His investigations have disclosed how these people are compelled under the threat of physical torture and financial extortion to perform acts of deception and fraud on targets across China, the US, Europe and beyond, through fake romances or cryptocurrency schemes.

    The UN estimates that at least 100,000 people have been tricked into participating in this criminal industry, which is now said to be worth more than US$12 billion (£9.1 billion) per year in Cambodia.

    Dara has turned to identifying the political and business elites in Cambodia whose complicity enables the criminal syndicates who run the compounds to flourish with impunity.

    Some of his best-known work linked the LYP Group, which is owned by prominent Cambodian businessman and state senator, Ly Yong Phat, to the operation of scam compounds in Cambodia’s Koh Kong province. Ly Yong Phat continues to deny any involvement.

    The timing of Dara’s arrest may be no coincidence. He was detained 18 days after the US treasury department sanctioned Ly Yong Phat for his role in serious human rights abuse related to the treatment of trafficked workers.

    Dara’s arrest is believed by some to be an act of retaliation intended to send a chilling message to those who challenge the vested interests of Cambodia’s incumbent kleptocracy: be silent or you will be silenced.

    It continues a pattern of the Cambodian oligarchy’s waging of “lawfare” against members of civil society, using the court system to intimidate and muzzle critics. It is the surest sign yet that Cambodia’s new prime minister, Hun Manet, intends to follow his predecessor’s pathway into intensifying authoritarianism.

    The son rises

    Cambodia’s self-proclaimed “strongman” leader, Hun Sen, stepped down as prime minster in August 2023 after nearly 40 years in power. He chose Manet, his oldest son, as his successor.

    A dynastic succession does not typically indicate a democratic transfer of power. Yet hopes were raised that Manet might reverse the increasingly authoritarian trajectory of his father’s rule.

    Where Hun Sen came of age fighting on the frontlines of Cambodia’s civil war, Hun Manet has had a more worldly upbringing. He was educated in the US and UK, and obtained a PhD in economics from the University of Bristol.

    Cambodian prime minister, Hun Manet, who succeeded his father Hun Sen in 2023.
    Sa sola / Shutterstock

    Some observers believed that the softly spoken and sharp-suited Manet might possess a more liberal worldview than that of his father, ushering a new era of renewed democracy.

    Hun Sen’s reign in Cambodia was characterised by an increasing reliance on what researcher Neil Loughlin terms the “politics of coercion” to cement his hold on power. The Hun family are at the centre of a network of tightly entwined business and state elites that exert a stranglehold over Cambodia’s politics and economy.

    This kleptocratic coalition is accused of asset-stripping the kingdom of its once-abundant natural resources, enriching themselves at the cost of impoverishing the many. As a result, popular dissent has grown.

    To quell any threat to its longevity, the ruling Cambodian People’s party (CPP) has led a concerted crackdown on freedoms of association, assembly and expression. Over the past decade, this has included the shuttering of almost all independent news outlets, the dissolution of the opposition Cambodian National Rescue party, and the detention of its leader, Kem Sokha, under house arrest.

    As the architect of the Paris Peace Accords that brokered the end to Cambodia’s civil war, the old guard of the party has sought to legitimise its heavyhanded approach by stressing the continued need to preserve order and stability to prevent descent into further unrest.

    A false dawn

    Manet has been keen to present himself as part of a new guard, ready to reengage with major powers such as the US and EU. Both the US and EU had cooled relations with Cambodia following the democratic deficits unleashed during Hun Sen’s premiership.

    Yet the cyberscam story and its growing repercussions have embarrassed Cambodia on the international stage. By apparently censoring Mech Dara for uncovering the scandal, rather than seeking to control party elements responsible for the cyberscam scourge, Manet appears to be showing where his true loyalties and sentiments lie.

    Dara is but one of a long line of dissenters charged with “incitement” by the CPP-controlled courts. With its explicit reference to the conjured threat of renewed social chaos, it harks to the CPP’s past as custodian of order and stability.

    The heavyhanded nature of the arrest itself, where Dara was apprehended by a convoy of six military vehicles while on vacation with his family, is also straight out of the CPP’s historic playbook. Persecution not by stealth but by flourish, it sends a wider message to civil society to deter any would-be imitators.

    More crucially, it signals a forceful intent to preserve the power, plunder and impunity of Cambodia’s elites, and a commitment to the continued silencing of dissenting voices who threaten their supremacy.

    Sabina Lawreniuk receives funding from UKRI’s Future Leaders Fellowship scheme.

    ref. Cambodia: journalist arrest signals false dawn for democracy as the country slides into authoritarianism – https://theconversation.com/cambodia-journalist-arrest-signals-false-dawn-for-democracy-as-the-country-slides-into-authoritarianism-240382

    MIL OSI – Global Reports

  • MIL-OSI Global: Despite progress on poverty, Mexico’s first female president inherits a shaky economy

    Source: The Conversation – UK – By Nicolas Forsans, Professor of Management and Co-director of the Centre for Latin American & Caribbean Studies, University of Essex

    shutterstock Octavio Hoyos/Shutterstock

    Mexico’s first female president, leftwing academic and climate scientist Claudia Sheinbaum, has set out her agenda. She pledged to maintain the social policies of her mentor and predecessor, the widely popular former president Andrés Manuel López Obrador (commonly known by his initials, AMLO).

    She promised a transition to green energy, and set out the need for new infrastructure in railways, ports and airports. Sheinbaum inherits a US$1.79 trillion (£1.4 trillion) economy closely integrated to that of the US – in fact, Mexico has the second-largest economy in Latin America. It is also the most populous Spanish-speaking country in the world with 128 million people.

    But Sheinbaum also inherits Mexico’s largest budget deficit since the 1980s.

    Despite social policies that have seen 9.5 million Mexicans lifted from poverty during AMLO’s six-year term, 36% of Mexicans are still poor and 7% live in extreme poverty. Access to health services remains problematic, and has worsened for those living in deprivation.

    Gross domestic product per capita, a measure of wealth, actually fell during the previous administration, which means the “average” Mexican is worse off now than at the start of AMLO’s presidency. And next year, the central bank estimates GDP will grow by only 1.2%, which will inevitably constrain Sheinbaum in her early years in office.

    While campaigning, she promised to continue the social and political policies of her predecessor. Now in office, she will not only grapple with the country’s security situation but also navigate serious economic and fiscal challenges.




    Read more:
    As Mexico’s new president takes office, a renewed battle to contain cartel violence begins


    In 2018, AMLO took office in a relatively stable fiscal environment. His predecessor, Enrique Peña Nieto, had implemented significant reforms early in his term aimed at reducing reliance on oil revenues and energy subsidies.

    Nieto also sought to strengthen the country’s two stabilisation funds. The Oil Revenue Stabilisation Fund is aimed at protecting Mexico’s budget from fluctuations in oil revenues. Meanwhile, the Budget Income Stabilisation Fund seeks to stabilise budget revenues from non-oil sources, such as taxes.

    These funds have been crucial for maintaining economic stability given the volatility of commodity prices, especially since oil has historically been a key contributor to Mexico’s public finances. However, under AMLO’s administration, both funds were used to plug gaps, leaving them depleted and raising concerns about the country’s ability to weather economic downturns. The country has not balanced its books since 2007.

    High energy subsidies introduced in 2019 are putting a strain on public finances. Driven by a commitment by AMLO to shield consumers from rising international oil prices, subsidies increased as a result of the COVID pandemic in 2020, and again in 2022 amid the war in Ukraine.

    The recent rise in social spending to fund universal state pensions, social programmes and debt servicing has created considerable strain, pushing the deficit close to 6% of GDP. Mexico’s debt-to-GDP ratio is 50% this year, up from its 2018 level.

    The tax issue

    In most countries, tax revenues are used to fund social investment. But Mexico’s ability to raise taxes has been extremely limited – tax revenues amount to just 17% of the country’s GDP, below the Latin American average of 22%, and well below that of countries in the Organisation for Economic Co-operation and Development (OECD) at 34%.

    Mexico has a large informal economy, with many workers and businesses not registered with tax authorities. Corruption, inefficiencies in tax administration and lack of trust in government institutions have led to low tax compliance, while efforts to increase taxes on the wealthy have met political resistance.

    Mexico has high levels of income inequality, and the wealthiest segments of society contribute relatively little to the overall tax revenue. Instead, the country had historically relied on oil revenues – which have declined – to fund public services and investment.

    AMLO had launched popular social programmes aimed at reducing poverty and inequalities. Now Sheinbaum has promised increased social spending while maintaining “fiscal responsibility” and not reforming tax (at least in her early presidency). That promise seems unrealistic. Without a change of approach, a fiscal crisis looms.

    However, she is expected to be a more pragmatic president than her predecessor. In part because she is less ideology-driven, but also because she won’t have a choice. If she wants to boost the economy and keep reducing poverty, she will need to attract foreign investment and encourage the private sector to play a much bigger role.

    Infrastructure will be a key focus, not least to ensure Mexico can benefit from the process of “near-shoring” – the relocation by multinationals of key processes away from Asia closer to the US market in order to minimise supply chain disruptions.

    Mexico stands to gain from the current desire by many companies to operate closer to the USA. As a result of the US-Mexico-Canada Agreement (USMCA), and its predecessor Nafta (North American Free Trade Agreement), Mexico enjoys tariff-free trade with its northern neighbours.

    But the country has not fully benefited from those opportunities. It lacks a consolidated investment promotion strategy and needs to produce more energy, ensuring it is from cleaner sources.

    It’s expected that Sheinbaum will continue government efforts to lift disadvantaged Mexicans out of poverty.

    Companies keen to invest in Mexico need access to low-emission hydrocarbons, as well as renewable energy. But AMLO viewed oil as a key part of Mexico’s sovereignty, eradicating previous reforms that had opened up the energy sector to private companies and preventing private investment in renewable energy. Instead, public finances were used to prop up ailing state-owned oil monopoly Pemex and national electricity company CFE.

    Given the fiscal challenges Sheinbaum inherits, Mexicans can expect the private sector to play a much greater role in infrastructure investment and in making the green energy transition a reality.

    As mayor of Mexico City, she championed public-private partnerships (PPP) while promoting solar energy. But to entice factories from Asia, she will also have to weaken the grip of the criminal organisations which are believed to control as much as a third of Mexico.

    During her tenure as mayor she halved the number of murders in the capital. But attempting to replicate this success throughout the country will be no small undertaking.

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

    ref. Despite progress on poverty, Mexico’s first female president inherits a shaky economy – https://theconversation.com/despite-progress-on-poverty-mexicos-first-female-president-inherits-a-shaky-economy-240136

    MIL OSI – Global Reports

  • MIL-OSI Global: How mainstream climate science endorsed the fantasy of a global warming time machine

    Source: The Conversation – UK – By Wim Carton, Associate Professor of Political Ecology, Lund University

    When the Paris agreement on climate change was gavelled into being in December 2015, it briefly looked like that rarest of things: a political victory for climate activists and delegates from the poorest regions of the world that, due to colonisation by today’s wealthy nations, have contributed little to the climate crisis – but stand to suffer its worst ravages.

    The world had finally agreed an upper limit for global warming. And in a move that stunned most experts, it had embraced the stretch target of 1.5°C, the boundary that small island states, acutely threatened by sea-level rise, had tirelessly pushed for years.

    Or so, at least, it seemed. For soon, the ambitious Paris agreement limit turned out to be not much of a limit at all. When the Intergovernmental Panel on Climate Change (or IPCC, the world’s foremost body of climate experts) lent its authority to the 1.5°C temperature target with its 2018 special report, something odd transpired.

    Nearly all modelled pathways for limiting global heating to 1.5°C above pre-industrial levels involved temporarily transgressing this target. Each still arrived back at 1.5°C eventually (the deadline being the random end point of 2100), but not before first shooting past it.

    Scientists responsible for modelling the response of Earth’s climate to greenhouse gas emissions – primarily caused by burning fossil fuels – called these “overshoot” scenarios. They became the dominant path along which mitigating climate change was imagined to proceed, almost as soon as talk of temperature limits emerged.

    De facto, what they said was this: staying below a temperature limit is the same as first crossing it and then, a few decades hence, using methods of removing carbon from the atmosphere to dial temperatures back down again.

    From some corners of the scientific literature came the assertion that this was nothing more than fantasy. A new study published in Nature has now confirmed this critique. It found that humanity’s ability to restore Earth’s temperature below 1.5°C of warming, after overshooting it, cannot be guaranteed. Many impacts of climate change are essentially irreversible. Those that are might take decades to undo, well beyond the relevant horizon for climate politics. For policy makers of the future, it matters little that temperatures might eventually fall back again; the impacts they will need to plan for are those of the overshoot period itself.

    Not coming back: tropical coral reefs face permanent destruction.
    Sabangvideo/Shutterstock

    The rise of overshoot ideology

    Even if global average surface temperatures are ultimately reversed, climate conditions at regional levels might not necessarily follow the global trend and might end up different from before. Delayed changes in ocean currents, for instance, could mean that the North Atlantic or Southern Ocean continue warming while the rest of the planet does not.

    Any losses and damages that accumulate during the overshoot period itself would of course be permanent. For a farmer in Sudan whose livestock perishes in a heatwave that would have been avoided at 1.5°C, it will be scant consolation to know that temperatures are scheduled to return to that level when her children have grown up.

    Then there is the dubious feasibility of planetary-scale carbon removal. Planting enough trees or energy crops to make a dent in global temperatures would require whole continents of land. Direct air capture of gigatonnes of carbon would consume prodigious amounts of renewable energy and so compete with decarbonisation. Whose land are we going to use for this? Who will shoulder the burdens for all this excess energy use?

    If reversal cannot be guaranteed, then clearly it is irresponsible to sanction a supposedly temporary overshoot of the Paris targets. And yet this is exactly what scientists have done. What compelled them to go down this dangerous route?

    Our own book on this topic (Overshoot: How the World Surrendered to Climate Breakdown, published last week by Verso) offers a history and critique of the idea.

    When overshoot scenarios were summoned into being in the early 2000s, the single most important reason was economics. Rapid, near-term emissions cuts were deemed prohibitively costly and so unpalatable. Cost optimisation mandated that they be pushed into the future to the extent possible.

    The models for projecting possible mitigation trajectories had these principles written into their code and so for the most part could not compute “low” temperature targets like 1.5 or 2°C. And because modellers could not imagine transgressing the deeply conservative constraints that they worked within, something else had to be transgressed.

    One team stumbled upon the idea that large-scale removal of carbon might be possible in the future, and so help reverse climate change. The EU and then the IPCC picked up on it, and before long, overshoot scenarios had colonised the expert literature. Deference to mainstream economics yielded a defence of the political status quo. This in turn translated into reckless experimentation with the climate system. Conservatism or fatalism about society’s capacity for change flipped into extreme adventurism about nature.

    Time to bury the time machine

    Just as the climate movement scored an important political victory, compelling the world to rally behind an ambitious temperature limit, an influential group of scientists, amplified by the world’s most authoritative scientific body on the subject, effectively helped water it down. When all is said and written about the post-Paris era, this surely should stand as one of its greatest tragedies.

    By conjuring up the fantasy of overshoot-and-return, scientists invented a mechanism for delaying climate action and unwittingly lent credibility to those (and they are many) who have no real interest in reigning in emissions here and now; who will seize on any excuse to keep the oil and gas and coal flowing just a little longer.

    A stable climate is not compatible with rising oil profits.
    Igor Hotinsky/Shutterstock

    The findings of this new paper make it perfectly clear: There is no time machine waiting in the wings. Once 1.5°C lies behind us, we must consider that threshold permanently broken.

    There then remains only one road to ambitious mitigation of climate change, and no amount of carbon dioxide removal can absolve us of its inconvenient political implications.

    Avoiding climate breakdown demands that we bury the fantasy of overshoot-and-return and with it another illusion as well: that the Paris targets can be met without uprooting the status-quo. One limit after the other will be broken unless we manage to strand fossil fuel assets and curtail opportunities for continuing to profit from oil and gas and coal.

    We will not mitigate climate change without confronting and defeating fossil fuel interests. We should expect climate scientists to be candid about this.



    Don’t have time to read about climate change as much as you’d like?

    Get our award-winning weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 35,000+ readers who’ve subscribed so far.


    Wim Carton receives funding for his work on carbon removal from the Swedish Research Council for Sustainable Development (Formas), the Swedish Energy Agency, the Marianne and Marcus Wallenberg Foundation, and the Independent Research Fund Denmark (DFF).

    Andreas Malm receives funding for his work on carbon removal from the Swedish Research Council for Sustainable Development (Formas).

    ref. How mainstream climate science endorsed the fantasy of a global warming time machine – https://theconversation.com/how-mainstream-climate-science-endorsed-the-fantasy-of-a-global-warming-time-machine-225597

    MIL OSI – Global Reports

  • MIL-OSI Security: Justice Department, Federal Trade Commission and Consumer Financial Protection Bureau Warn Consumers About Potential Scams and Price Gouging in the Wake of Hurricanes and other Natural Disasters

    Source: United States Attorneys General 1

    As the nation braces for another major hurricane, the Justice Department, along with the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB), is warning consumers about those looking to take advantage of natural disasters by engaging in potential fraud, price gouging and collusive schemes.

    Scammers quickly exploit weather emergencies and take advantage of people trying to recover or donate to disaster victims. Weather emergencies provide disruptions to the supply chain, which can also provide opportunities for wrongdoers to engage in collusive schemes that inflate prices charged to customers who are under extreme stress and therefore unable to fight back against collusive or anticompetitive prices.

    “Companies are on notice: do not use the hurricane as an excuse to exploit people through illegal behavior,” said Deputy Assistant Attorney General Manish Kumar of the Justice Department’s Antitrust Division. “The Antitrust Division and its law enforcement partners will act quickly to root out anticompetitive behavior and use every tool available to hold wrongdoers accountable.”

    “Wrongdoers are looking to exploit opportunities and victims of natural disasters for their own personal gain,” said U.S. Attorney Ronald C. Gathe Jr. for the Middle District of Louisiana, who is also Executive Director of the National Center for Disaster Fraud (NCDF). “The Justice Department, including the NCDF, stands ready to prevent these bad actors from fraudulent activity. We are here to support victims of natural disasters during these difficult times together with our state, local and federal partners, and agencies. In an effort to assist the most vulnerable neighbors who are susceptible to these types of fraudulent schemes, we encourage you to be diligent in reporting suspicious activity on their behalf.”

    “As Americans seek safety from natural disasters, we’re hearing troubling reports of price gouging for essentials that are necessary for people to get out of harm’s way — from hotels to groceries to gas,” said FTC Chair Lina M. Khan. “No American should have to worry about paying grossly inflated prices when fleeing a hurricane. In partnership with state enforcers, the FTC will keep fighting to ensure that Americans can get the relief they need without being ripped off by bad actors exploiting a crisis.”

    “Price gouging during a natural disaster is just plain wrong, and excessive price increases can be unfair under the law,” said CFPB Director Rohit Chopra. “The CFPB will be on the lookout for financial companies that take advantage of natural disasters to rip people off.”

    Possible types of natural disaster scams include:

    • Fraudulent charities soliciting donations for disaster victims that often imitate the names of charities linked to the disaster;
    • Scammers impersonating government officials, offering disaster relief in exchange for personal information or money;
    • Scammers promoting non-existent businesses or investment opportunities related to disaster recovery, such as rebuilding or flood-proofing;
    • Price gouging for essential goods and services needed by disaster victims; and
    • Businesses using supply chain disruptions as a cover for collusion to overcharge customers.

    To avoid scams and frauds while you’re recovering from a hurricane or another natural disaster, remember only scammers will insist you pay for services by wire transfer, gift card, payment app, cryptocurrency or in cash. Avoid anyone who promises they can help you qualify for relief for a fee. That’s a scam. You are not required to pay a fee to get disaster relief. Never sign your insurance check over to someone else. Be sure to research contractors and get estimates from more than one before signing a contract for work. Get a written contract for repairs and read it carefully before signing it.

    The Justice Department established the NCDF in the wake of Hurricane Katrina to deter, investigate and prosecute fraud in the wake of disasters. More than 50 federal, state and local agencies participate in the NCDF, which reminds the public to be aware of and report any instances of alleged fraudulent activity related to relief operations and funding for victims. Complaints of fraud may be reported online at http://www.justice.gov/DisasterComplaintForm. Complaints may also be reported to the NCDF at (866) 720-5721, a hotline that is staffed 24 hours a day, seven days a week.

    Consumers and businesses with concerns about potentially anticompetitive conduct like price-fixing, bid-rigging, or customer-allocation can report those concerns to the Antitrust Division’s Citizen Complaint Center at 1-888-647-3258 or by visiting http://www.justice.gov/atr/report-violations.

    MIL Security OSI

  • MIL-OSI: Subsea7 awarded contract in the US Gulf of Mexico

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 9 October 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) announced today the award of a sizeable 1 contract for a subsea tieback development in the US Gulf of Mexico.

    Subsea7 will be responsible for transporting and installing the flowline, umbilical, and associated subsea components for the tieback. Project management and engineering work will begin immediately at Subsea7’s office in Houston, Texas, and offshore activity is expected to start in 2025.

    Craig Broussard, Vice President for Subsea7 Gulf of Mexico, said: “Our strategy of early engagement and close collaboration with clients allows us to approach projects with an open mind and a deep understanding of client needs. This helps us explore innovative, cost-effective ways to deliver optimized energy solutions.”

    1. Subsea7 defines a sizeable contract as being between $50 million and $150 million

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 20 8210 5568
    ir@subsea7.com

    Contact for media enquiries:
    Ashley Shearer
    Communications Manager
    Tel +1-713-300-6792
    ashley.shearer@subsea7.com

    Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 9 October 2024 at 18:20 CET.

    Attachment

    The MIL Network

  • MIL-OSI USA: Jefferson, The Fed’s Discount Window: 1990 to the Present

    Source: US State of New York Federal Reserve

    Thank you, Steve, for that kind introduction and for the opportunity to talk to this group today.1
    Let me start by saying that I am saddened by the tragic loss of life, destruction, and damage resulting from Hurricane Helene in North Carolina, and throughout this region. My thoughts are with the people and communities affected. For our part, the Federal Reserve and other federal and state financial regulatory agencies are working with banks and credit unions in the affected area to help make sure they can continue to meet the financial services needs of their communities.
    Yesterday I shared my historical perspective on the discount window at Davidson College.2 In 1913, when the Federal Reserve was established, the discount window was the main tool it used to provide the nation with a safer, more flexible, and more stable monetary and financial system. More than 110 years later, the discount window continues to play an important role in supporting the liquidity and stability of the banking system, and the effective implementation of monetary policy.
    Today I would like to discuss with you how the discount window has evolved in the 21st century, including recent steps the Federal Reserve Board has taken to solicit feedback from the public on discount window operations. Before I address our most recent efforts, however, I will review some important episodes in discount window history that brought us to where we are today.
    First, I will recount briefly events in the 1980s and early 1990s that provide important context for the reappraisal of the discount window in the early 2000s. Second, I will summarize revisions to the discount window that the Fed made in 2003 and some additional changes made since then. Third, I will describe efforts that the Fed has taken to ensure that the discount window remains effective today, including the request for information that the Board recently issued on operational aspects of the discount window and intraday credit. After completing my discussion of the discount window, I will conclude with my outlook for the U.S. economy.
    Events before the 2003 Discount Window RevisionsI would like to pick up today where I left off yesterday in my speech at Davidson College: the 1980s and early 1990s. This was a period of widespread problems in the commercial banking sector. Troubled institutions borrowed from the discount window for extended periods of time as the Federal Deposit Insurance Corporation (FDIC) sought to find merger partners or otherwise manage the closure of these institutions. As a result, the discount window became associated strongly with lending to troubled institutions. Healthy banks’ reluctance to borrow from the discount window increased. The greater reluctance to borrow from the discount window made it less effective both as a monetary policy tool and as a crisis-fighting tool.3 This led to a reassessment of the discount window in the early 2000s and to eventual revisions implemented in 2003.
    A Reassessment of the Discount Window in the Early 2000sThe key challenge in the reassessment of the discount window was to establish a lending program that would not only operate effectively and support monetary policy implementation, but also mitigate moral hazard and provide sufficient controls to minimize risk to Reserve Banks and, ultimately, to American taxpayers. After the reassessment, the Fed implemented several changes aimed to achieve the right balance.
    The Board replaced the adjustment credit program, which was extended at a below-market rate, with a new type of discount window credit called primary credit. This new type of discount window credit became effective in 2003.4 It is available as a backup source of liquidity to depository institutions in generally sound financial condition at an above-market rate. Making the discount rate a penalty rate is more consistent with the long-standing practice of other major central banks. This feature was intended to reduce the need for administrative pressures based on Reserve Bank staff judgment of inappropriate usage when the discount rate was below market rates. Although those measures effectively limited usage that was deemed inappropriate at the time, they also presented communication challenges regarding when it was appropriate to use the discount window and perpetuated the perception that the Fed discouraged its use.
    Primary credit is a “no questions asked” facility in which eligible depository institutions are no longer required to have exhausted other sources of funding or be subject to restrictions on the use of the borrowed funds. The Fed initially set the primary credit rate 100 basis points above the target federal funds rate.5 Since March 2020, the Fed has set the primary credit rate at a level equal to the top of the target range for the federal funds rate.6
    At the same time primary credit was established, another new program, called secondary credit, replaced the extended credit program. Secondary credit is available to depository institutions that are not eligible for primary credit. It was initially available at an interest rate 50 basis points higher than the primary credit rate, which is the spread in effect today. In contrast to primary credit, extensions under secondary credit are subject to higher collateral discounts and may involve ongoing oversight on the use of funds obtained under the program, reflecting the less-sound condition of secondary credit borrowers. Typically, Reserve Banks review a depository institution’s plan to repay the loan and return to market sources of funding.
    This two-tiered structure of providing the no-questions-asked primary credit program for healthy depository institutions and the secondary credit program for less-than-healthy depository institutions was designed primarily to instill public confidence in the health of institutions borrowing from the primary credit program and to reduce the reluctance of healthy depository institutions to borrow.7 In addition, having two separate facilities would reinforce the notion that healthy and troubled depository institutions alike should regard borrowing from the Fed as an option in the event of a need for additional funds.
    In the early years of the switch to the new facilities, there were signs that healthy depository institutions became more willing to borrow from the discount window. For example, some research found that after the 2003 discount window revisions, banks borrowed more from the discount window when the federal funds rate spiked than they had previously.8 This finding suggests that the redesign of the discount window was effective in reducing banks’ reluctance to borrow. As a result, the discount window may have been more effective in placing a ceiling on short-term funding rates, aiding the implementation of monetary policy, and serving as a liquidity tool when needed.
    Nevertheless, it is important to acknowledge that it is difficult to measure reluctance to borrow from the discount window. When the interest rate on primary credit is above the target federal funds rate and the federal funds rate is close to its target, the aggregate volume of primary credit is expected to be low. In other words, a low average level of discount window borrowing does not necessarily mean that there is a reluctance to borrow; instead, it could simply reflect a situation in which depository institutions do not currently need to borrow. In addition, when there is an abundance of liquidity in the banking system, as is the case in the current ample-reserves monetary policy regime, depository institutions may have less need to obtain additional liquidity via the discount window. Again, this does not necessarily mean that there is a reluctance to borrow. Conversely, the presence of discount window borrowing does not necessarily reflect the absence of a reluctance to borrow. It could be the case that, although aggregate usage increases, there are still some depository institutions that are willing to pay well above the primary credit rate even when they could have borrowed readily from the discount window. For these reasons, it is important that we complement data with market outreach information to assess the effectiveness of the discount window.
    Changes and Challenges since the Introduction of Primary and Secondary CreditPrimary and secondary credit exist today, but some changes have been made to primary credit since its inception. For example, although the discount window was used extensively and played an important role in the emergency measures taken during the financial crisis of 2007–09, some depository institutions during this period still were willing to borrow funds from the market at rates above the discount rate.9 This suggested that there was a reluctance to borrow before the crisis, and that reluctance appeared to grow over the course of the crisis. To promote the restoration of orderly conditions in financial markets and provide depository institutions with greater assurance about the cost and availability of funding, the Board approved temporary changes to its primary credit discount window facility during the crisis.10 In addition, in late 2007, the Board established the Term Auction Facility (TAF).11
    Concerns about lending to troubled depository institutions reemerged after the 2007–09 financial crisis. In the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010, Congress required the Fed to publish detailed individual institution borrowing data with a two-year lag.12 This action was intended to enhance the transparency and accountability of Federal Reserve lending while still preserving a measure of confidentiality to avoid discouraging depository institutions from borrowing.
    More recently, in March 2020, the Fed announced changes to the provision of primary credit that were intended to encourage depository institutions to use the discount window to meet demands for credit from households and businesses in connection with the COVID-19 pandemic. These changes included setting the primary credit rate at a level equal to the top of the federal funds target range—a step that enhanced the ability of the discount window to support trading within the Federal Open Market Committee’s (FOMC) target range for the federal funds rate—and communicating the terms of borrowing as 90 days, prepayable and renewable on a daily basis. To further encourage depository institutions to use the discount window, the Fed also made changes to its reporting of Reserve Bank–level aggregate weekly discount window borrowing. It consolidated amounts previously reported as “loans,” which include discount window borrowing, into a broader category of assets.13 The changes made in 2020 remain in effect.
    During and after the spring 2023 stress events, the discount window again played an important role in supporting both monetary policy and financial stability. Depository institutions that came under severe stress turned to the discount window. The discount window also served an important role in providing ready access to funding, especially for depository institutions experiencing spillovers from the bank failures. To further ensure that depository institutions had the ability to meet the needs of all their depositors, the Board announced the creation of a new emergency program, the Bank Term Funding Program (BTFP). Although the BTFP was established pursuant to the Board’s emergency lending authority in section 13(3) of the Federal Reserve Act, the BTFP used the discount window infrastructure to lend to eligible depository institution borrowers.14 By relying on the existing discount window infrastructure, the BTFP was able to begin operating right away. The program ceased extending new loans on March 11, 2024, as scheduled.
    Today the discount window continues to be an effective tool, but it is important to acknowledge that economic and banking conditions continue to evolve. Since the 2003 discount window reassessment, we have seen an increased focus on liquidity in banking regulation, including the advent of quantitative liquidity requirements for large banking organizations; technological changes in the banking system; a general trend toward faster and 24-7-365 payment systems; changes in the composition and posture of Federal Home Loan Bank lending; and the move to an ample-reserves monetary policy implementation regime.
    In light of these developments, the Federal Reserve System has taken important steps to ensure that the discount window performs its functions successfully in the 21st-century economy. For example, last year the Board, along with the other federal banking agencies and the National Credit Union Administration, issued guidance on contingency funding plans that encouraged depository institutions to be ready to borrow from the discount window.15 This includes taking steps to establish borrowing relationships with the Federal Reserve, such as providing certain legal documentation and ensuring that collateral to secure loans is ready to pledge. In connection with interagency initiatives, Reserve Banks have conducted outreach to depository institutions and made efforts to guide them in using the discount window.
    Data suggest that this encouragement is working. By the end of 2023, 3,900 banks, or roughly 80 percent of all banks, had completed the legal documentation required to borrow from the discount window.16 Of those, nearly 2,000 banks had pledged collateral, with an aggregate lendable value of over $2.6 trillion after applying appropriate discounts. These figures are notably above their levels at the end of 2021 and 2022. Although I am pleased to see the improvements in discount window readiness statistics, continued outreach is still important. To that effect, this summer, Federal Reserve Banks hosted an Ask the Fed® session to discuss the purpose of the discount window, its facilities, and recommendations for depository institutions on how to prepare to borrow from the Fed.17
    Additionally, the Federal Reserve System has made important investments to enhance the technology that supports discount window activities. Earlier this year, the System launched Discount Window Direct, which is an online portal for depository institutions to request and prepay loans as well as securely message their local Reserve Bank.18 Discount Window Direct generally is accessible 24 hours a day. We are actively encouraging the use of Discount Window Direct.
    Seeking Feedback on the Discount WindowTo complement our efforts to enhance discount window operations, the Federal Reserve Board recently announced that it is collecting feedback from the public on operational frictions associated with the discount window and intraday credit through the issuance of a request for information. As some of you may know, a request for information is a formal document through which a government agency solicits feedback. Members of the public can submit comments in response to the request for information until December 9, 2024.19
    The Board requests input on various discount window and intraday credit operational practices, such as the process for requesting, receiving, and repaying discount window loans as well as Reserve Bank discount window and intraday credit communications practices. Through the request for information, the Board hopes to gain further insight into the operational aspects that are the most costly or burdensome for depository institutions. This will help the Fed consider further improvements to promote efficiency and reduce burden on depository institutions. Ultimately, the Fed’s goal is to build on the current discount window operations and processes so that the discount window will continue to provide ready access to funding against a wide range of collateral in the future. I encourage members of the public to submit comments on the request for information, and I look forward to considering the feedback that we receive.
    Economic OutlookBefore concluding, let me share with you a summary of my outlook for the U.S. economy, as I did yesterday with the audience at Davidson. Economic activity continues to grow at a solid pace. Inflation has eased substantially. The labor market has cooled from its formerly overheated state.
    Personal consumption expenditures (PCE) prices rose 2.2 percent over the 12 months ending in August, well down from 6.5 percent two years earlier. Excluding the volatile food and energy categories, core PCE prices rose 2.7 percent, compared with 5.2 percent two years earlier. Our restrictive monetary policy stance played a role in restraining demand and in keeping longer-term inflation expectations well anchored, as reflected in a broad range of inflation surveys of households, businesses, and forecasters, as well as measures from financial markets. Inflation is now much closer to the FOMC’s 2 percent objective. I expect that we will continue to make progress toward that goal.
    While, overall, the economy continues to grow at a solid pace, the labor market has modestly cooled. Employers added an average of 186,000 jobs per month during July through September, a slower pace than seen early this year. The unemployment rate now stands at 4.1 percent, up from 3.8 percent in September 2023. Meanwhile, job openings declined by about 4 million since their peak in March 2022. The good news is that the rise in unemployment has been limited and gradual, and the level of unemployment remains historically low. Even so, the cooling in the labor market is noticeable.
    Congress mandated the Fed to pursue maximum employment and price stability. The balance of risks to our two mandates has changed—as risks to inflation have diminished and risks to employment have risen, these risks have been brought roughly into balance. The FOMC has gained greater confidence that inflation is moving sustainably toward our 2 percent goal. To maintain the strength of the labor market, my FOMC colleagues and I recalibrated our policy stance last month, lowering our policy interest rate by 1/2 percentage point.
    Looking ahead, I will carefully watch incoming data, the evolving outlook, and the balance of risks when considering additional adjustments to the federal funds target range, our primary tool for adjusting the stance of monetary policy. My approach to monetary policymaking is to make decisions meeting by meeting. As the economy evolves, I will continue to update my thinking about policy to best promote maximum employment and price stability.
    Thank you.
    ReferencesArtuç, Erhan, and Selva Demiralp (2010). “Provision of Liquidity through the Primary Credit Facility during the Financial Crisis: A Structural Analysis,” Federal Reserve Bank of New York, Economic Policy Review, vol. 16 (August), p. 43–53.
    Bernanke, Ben S. (2009a). “The Federal Reserve’s Balance Sheet,” speech delivered at the Federal Reserve Bank of Richmond 2009 Credit Markets Symposium, Charlotte, N.C., April 3.
    ——— (2009b). “The Federal Reserve’s Balance Sheet: An Update,” speech delivered at the Federal Reserve Board Conference on Key Developments in Monetary Policy, Washington, October 8.
    Board of Governors of the Federal Reserve System (2002a). “Extensions of Credit by Federal Reserve Banks; Reserve Requirements of Depository Institutions,” final rule, technical amendment (Docket Nos. R-1123 and R-1134), Federal Register, vol. 67 (November 7), pp. 67777–87.
    ——— (2002b). “Publication of Final Rule Amending Regulation A (Extensions of Credit by Federal Reserve Banks),” press release, October 31.
    ——— (2020). “Federal Reserve Actions to Support the Flow of Credit to Households and Businesses,” press release, March 15.
    ——— (2023). “Federal Reserve Board Announces It Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Their Depositors,” press release, March 12.
    ——— (2024a). “Bank Term Funding Program: Frequently Asked Questions (PDF),” updated January 24.
    ——— (2024b). “Request for Information and Comment on Operational Aspects of Federal Reserve Bank Extensions of Discount Window and Intraday Credit,” request for information and comment (Docket No. OP-1838), Federal Register, vol. 89 (September 10), pp. 73415–18.
    Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (2023). “Agencies Update Guidance on Liquidity Risks and Contingency Planning,” joint press release, July 28.
    Clouse, James A. (1994). “Recent Developments in Discount Window Policy (PDF),” Federal Reserve Bulletin, vol. 80 (November), pp. 965–77.
    Jefferson, Philip N. (2024). “A History of the Fed’s Discount Window: 1913-2000,” speech delivered at Davidson College, Davidson, N.C., October 8.
    Madigan, Brian F. (2009). “Bagehot’s Dictum in Practice: Formulating and Implementing Policies to Combat the Financial Crisis,” speech delivered at the Federal Reserve Bank of Kansas City’s Annual Economic Symposium, Jackson Hole, Wyo., August 21.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See Jefferson (2024). Return to text
    3. For more details about this period, see Clouse (1994). In response to the wave of depository institution failures, Congress placed legal limitations on Federal Reserve lending to troubled institutions. Specifically, section 142 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) amended section 10B of the Federal Reserve Act to place restraints on discount window lending to undercapitalized and critically undercapitalized insured depository institutions. FDICIA also imposed liability on the Board of Governors for excess losses incurred by the FDIC that are attributable to lending beyond those limits. The provisions of FDICIA were intended to reduce moral hazard in the banking system and limit taxpayer losses. Return to text
    4. For more details, see the October 31, 2002, Federal Reserve press release (Board of Governors, 2002b) and the final rule implementing the changes (Board of Governors, 2002a). Return to text
    5. In 2003, when primary credit was implemented, there was a single federal funds target rate. The Federal Open Market Committee adopted a federal funds target range on December 16, 2008. Return to text
    6. For details on the change to the rate spread announced in March 2020, see the press release (Board of Governors, 2020). As will be discussed in greater detail later, before 2020, the spread between the primary credit rate and the target federal funds rate (or top of the target range) had changed a few times to address economic conditions during the 2007–09 financial crisis and the subsequent recovery. Return to text
    7. This design feature also would help Reserve Banks manage risk more easily by establishing a standardized approach and risk controls when lending through a facility reserved for troubled depository institutions. Loans to troubled depository institutions entail more risk to the lending Reserve Bank, and depository institutions that are undercapitalized or critically undercapitalized are subject to lending limitations under FDICIA. Return to text
    8. See Artuç and Demiralp (2010). Return to text
    9. See Bernanke (2009a) and Madigan (2009) for a retrospective that elaborates on some of the emergency measures taken during the 2007–09 financial crisis and the reasoning for discount window rate changes during the financial crisis. Return to text
    10. Throughout this crisis, the Board approved numerous reductions in the primary credit rate and narrowed the spread between the primary credit rate and the target federal funds rate twice. With the narrowing of the spread in August 2007 from 100 basis points to 50 basis points and in March 2008 to 25 basis points, the Board announced that the maximum term for primary credit loans would be extended, first to 30 days and then to 90 days, respectively. As economic conditions improved, in 2010, the Board increased the spread between the primary credit rate and the target federal funds rate to 50 basis points and shortened the maximum term for primary credit loans to overnight. Return to text
    11. The TAF provided fixed quantities of term credit to depository institutions through an auction mechanism and seemed to have largely addressed banks’ concern that borrowing from the Federal Reserve would imply weakness. According to Bernanke (2009b, paragraph 7), this was “partly because the sizable number of borrowers provides a greater assurance of anonymity, and possibly also because the three-day period between the auction and auction settlement suggests that the facility’s users are not using it to meet acute funding needs on a particular day.” Return to text
    12. See section 1103 of the Dodd-Frank Act, which amended section 11 of the Federal Reserve Act. Return to text
    13. The Board’s H.4.1 statistical release, “Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks,” is published weekly. It presents a balance sheet for each Federal Reserve Bank, a consolidated balance sheet for all 12 Reserve Banks, an associated statement that lists the factors affecting reserve balances of depository institutions, and several other tables presenting information on the assets, liabilities, and commitments of the Federal Reserve Banks. For additional details on the consolidation of “loans” into a broader category of assets, see the March 19, 2020, H.4.1 announcement, available on the Board’s website at https://www.federalreserve.gov/releases/h41/20200319. Return to text
    14. As with the discount window, an eligible institution participated in the BTFP through its local Reserve Bank. The legal agreements and process for pledging securities in the BTFP also relied on those used in discount window lending. Nevertheless, the BTFP differed from the discount window in various ways, including the term of lending, scope of eligible collateral, collateral valuation, and interest rate. For more information on the differences between the BTFP and the discount window, see the response to question A.3 in Board of Governors (2024a, p. 3). For additional details on the BTFP, see the March 12, 2023, press release (Board of Governors, 2023). Return to text
    15. See Board of Governors and others (2023). Return to text
    16. The statistics in this paragraph are available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/discount-window-readiness.htm. Return to text
    17. More information on Ask the Fed is available on the Federal Reserve Bank of St. Louis’s website at https://bsr.stlouisfed.org/askthefed/Auth/Logon. Return to text
    18. Additional details on Discount Window Direct can be found on the Federal Reserve Bank Services website at https://www.frbservices.org/central-bank/lending-central. Return to text
    19. See the information on discount window operations in section II.A of Board of Governors (2024b). Return to text

    MIL OSI USA News

  • MIL-OSI USA: Rep. Panetta and a Bipartisan Coalition Introduce Legislation to Foster Alignment of Middle East Partners, Counter Iran

    Source: United States House of Representatives – Congressman Jimmy Panetta (D-Calif)

    Washington, DC – United States Representative Jimmy Panetta (CA-19) introduced bipartisan, bicameral legislation to improve security and military readiness between the United States and Abraham Accords nations.  The Learning Integrated National Knowledge (LINK) Act would connect strategic, operational, and tactical senior commanders through an exchange program to foster greater integration and alignment. 

    This legislation was introduced as tensions continue to rise in the Middle East due to the actions by Iran and Iranian-backed proxies and follows the fourth anniversary of the historic Abraham Accords.  Leading this legislation alongside Rep. Panetta are Reps. Zach Nunn (IA-03), Brad Schneider (IL-10), Ann Wagner (MO-02), David Trone (MD-06), and Cathy McMorris Rodgers (WA-05).  Companion legislation has been introduced by Senators Jacky Rosen (D-NV) and Joni Ernst (R-IA) in the Senate.

    Iran and its proxy forces, including Hamas, Hezbollah, and the Houthis, continue to conduct terrorist operations across the Middle East, from firing missiles within Lebanon, to attacks against commercial vessels in the Red Sea.  Through the establishment of a subject matter expert exchange program, American senior military officials will be able to bolster capabilities and deepen cooperationto enable the U.S. and its allies to respond to continuing and unforeseen aggression more effectively.

    “The increasingly aggressive actions by Iran and its terrorist proxies threaten the stability, security, and economy of the broader Middle East,” said Rep. Panetta.  “A military expert exchange program between Abraham Accords countries will ensure leaders are coordinating an integrated response to counter these malign activities in the region.  These partnerships are vital to our efforts to further strengthen the diplomatic, defense, and economic relationships between the United States, Israel, and our Arab partners.”

    “The Iranian Regime and its proxies cannot be left unchecked,” said Rep. Nunn.  “As Israel continues to withstand attacks from Iran, Hamas, and Hezbollah, now is the time to bring together the best and brightest military minds within the Abraham Accords.  This partnership will bring a more secure and peaceful Middle East.”

    “The combined efforts last week by Israel, the United States, and other allies to intercept nearly 200 Iranian ballistic missiles before they could cause unimaginable destruction demonstrates the importance of strengthening the coordination between CENTCOM and our allies,” said Rep. Schneider.  “As Iran and its proxies—including Hezbollah and the Houthis—continue to escalate threats to Israel, and the entire Middle East, it is critical that our partners have access to experienced military experts who can offer sound guidance during these escalations.  Through the LINK Act, we are strengthening our ties with Abraham Accords nations, ensuring both Israel and our Arab allies have the expert support needed to address these evolving threats and maintain regional security.”

    “Iran’s unprecedented missile attack on Israel on October 1 shows the Ayatollah is bent on Israel’s destruction and is willing to drag the region into war to accomplish its violent agenda,” said Rep. Wagner.  “As Iran continues to attack Israel directly and through its proxies, regional security cooperation remains vital to stability in the Middle East—and the defense of American allies against aggression.  My work with colleagues in the Abraham Accords Caucus has shown me how important it is to have our experts work closely with our partners and allies in the region to develop sound strategies and tackle threats together.   The ongoing instability and fighting in the region demand a more effective path forward to address threats from dictatorial governments and terrorists and ensure the safety of our own citizens at home and abroad.  This bill will ensure our partners in the Middle East support one another as we work towards that goal.”

    “Now more than ever, leaders in the Middle East and around the world must work together against growing threats, including Iran,” said Rep. Trone.  “With that goal in mind, it is imperative that we continue to share vital resources and encourage international cooperation to better equip our intelligence and military operations. With the LINK Act, we’re doing just that.”

    “Iran’s ballistic missile attack on Israel was an escalation that threatens to plunge the entire Middle East into chaos. Now more than ever, we need to strengthen military coordination and defense planning between Abraham Accords countries to safeguard against these increasingly aggressive attacks by Iran and its terrorist proxies,” said Rep. McMorris Rodgers.  “The LINK Act is a critical bipartisan effort to ensure military experts are in place to protect the diplomatic and economic relationships we’ve worked so hard to promote, while showing the world that we unequivocally stand with Israel.”

    This legislation has been included in the House and Senate versions of the FY25 National Defense Authorization Act, building upon the work of the Armed Services Committee to integrate air and missile defense capabilities, maritime domain awareness, cyber and AI readiness, and space satellites to deter Iranian aggression.

    ###

    MIL OSI USA News

  • MIL-OSI Global: Ultra-processed foods: we have the technology to turn them from foe into friend

    Source: The Conversation – UK – By David Benton, Professor Emeritus (Human & Health Sciences), Medicine Health and Life Science, Swansea University

    Ultra-processed foods can be cheap, convenient and they usually taste good. PeopleImages.com – Yuri A/Shutterstock

    Ultra-processed foods are the latest nutritional villains, associated with several diseases of the modern world, from obesity to heart disease. However, many nutritionists question whether the term “ultra-processed” does any more than create confusion. It only considers the way food is produced, ignoring other important factors like calories and nutrients.

    My work suggests that instead of being viewed as the problem, ultra-processed foods could actually be part of the solution. With advances in food science, we have the technology to create low-calorie, nutritious and affordable processed foods.

    There is no consensus about how ultra-processed foods should be defined. But a common approach was proposed by the nutrition and public health scholar, Carlos Monteiro. He coined the term about 15 years ago, defining foods that undergo significant industrial processing and often contain multiple added ingredients. In Portugal, ultra-processed food make up about 10% of the average diet, whereas in Germany it’s 46%, the UK 50% and in the US 76%.

    Ultra-processed foods three major advantages – they are cheap, convenient and they usually taste good. Their affordability in particular is an important factor.

    Producing food in bulk reduces costs. For instance, the Heinz factory in Wigan is the largest baked bean factory in the world. It produces 3 million cans of baked beans a day, ensuring they are widely available and affordable.

    In 1961, scientists in Chorleywood, Hertfordshire developed a new method for making bread. Today, more than 80% of loaves in Britain are produced this way. These loaves are softer, last longer and cost less than traditional bread.

    The affordability of ultra-processed food makes them a staple for many, particularly people on lower incomes. As around 30% of children in the UK live in poverty, calls to remove such foods from diets need to address how poorer families will be able to afford fresher and more nutritious food. Current ultra-processed foods may not offer a perfect diet, but they do provide calories when money is scarce.




    Read more:
    Ultra-processed foods: here’s what the evidence actually says about them


    Convenience is another notable benefit of ultra-processed food. Preparing meals from scratch can be time-consuming, involving buying ingredients, cooking and cleaning up afterwards. Ultra-processed foods offer a shortcut, saving valuable time. This is especially important for parents trying to balance jobs and family life. For those with busy lives who are working long hours, time is a luxury that ultra-processed food can help reclaim.

    Finally, ultra-processed foods are designed to be tasty. We’re genetically inclined to be attracted to sweet and fatty foods. Having a pleasant taste is one of the reasons we select our food.

    This convenience, affordability and taste come at a cost, however, as ultra-processed foods are often high in sugar, salt and saturated fats, while lacking in fruits, vegetables and essential nutrients.

    Are all ultra-processed foods bad for us?

    It’s not always clear if it’s the “ultra-processed” nature of these foods or their high calorie and low nutrient content that causes health issues. Nutrition is more complex than just considering how food is processed. We also need to consider calories, fibre, vitamins, minerals and other essential nutrients.

    For example, while baked beans are considered ultra-processed, they’re also high in fibre – something often missing from UK diets – low in fat and calories, and a good source of plant-based protein.

    Inside the world’s largest baked bean factory in Wigan.

    Some studies suggest that many health problems linked to ultra-processed food, like obesity and diabetes, may be caused by excess calorie consumption rather than the processing itself. When people cut out ultra-processed foods, they often end up eating fewer calories, which could explain the health benefits they experience.

    The link between ultra-processed foods and poverty suggests that many of the health issues linked to ultra-processed food may be caused by factors associated with poverty itself. Poor nutrition is often just one part of a wider picture that includes limited access to healthcare, higher stress levels and fewer opportunities for physical activity – all of which can contribute to poor health.

    Can ultra-processing be used for good?

    Ultra-processing has been used to fortify foods in the UK for decades. For example, the Bread and Flour Regulations 1998 requires certain nutrients like calcium, iron, thiamine (vitamin B1) and niacin (vitamin B3) to be added to any non-wholemeal flour. This fortification plays an important role in public health, providing around 35% of calcium intake, 31% of iron and 31% of thiamine to the average UK diet. Without these added nutrients, the risk of deficiencies would rise.

    The UK government took a further step in 2022 by requiring folic acid be added to flour. It was a move aimed at preventing birth defects such as spina bifida, where a baby’s spine and spinal cord doesn’t develop properly in the womb, and anencephaly, where a baby is born without parts of the brain and skull.

    Breakfast cereals, often criticised for their sugar content, can also boost the intake of essential nutrients like vitamins B2, B12, folate and iron. Some experts would like to see mandatory food fortification be extended much further.

    Food scientists are exploring other ways to make ultra-processed foods healthier. One approach involves reducing sugar by making it taste sweeter more quickly, which means less sugar is needed to achieve the same taste.

    Another is using scientific techniques to increase the speed at which salt is released from food. Similarly, this results in it being tasted more quickly, leading to lower consumption.

    Other innovations to lower the calories in foods by changing the recipe include creating creamy, low-calorie sauces without dairy, or plant-based burgers that are virtually indistinguishable from their meat counterparts, but have fewer calories.

    These types of innovations show that ultra-processing doesn’t necessarily mean unhealthy and calorie-dense food – it’s about the choices made in production. If scientists focus on creating affordable, nutritious ultra-processed foods, they could become part of the solution to the obesity crisis, rather than the enemy.

    I have never had funding that has anything to do with ultra-processed foods. However, I have worked on other aspects of nutrition and have worked with the likes of Novartis, Danone, Yakult, Beneo and Pepisco. Much of my work has been on micro-nutrients or the glycaemic response to carbohydrate. 

    ref. Ultra-processed foods: we have the technology to turn them from foe into friend – https://theconversation.com/ultra-processed-foods-we-have-the-technology-to-turn-them-from-foe-into-friend-239683

    MIL OSI – Global Reports

  • MIL-OSI Global: Kamala Harris is suddenly embracing the media spotlight – but is it working?

    Source: The Conversation – UK – By Colleen Murrell, Full Professor in Journalism, Dublin City University

    Kamala Harris appears to have drastically changed her media strategy for the final few weeks of the US election race. From largely avoiding media interviews, she has begun embracing them.

    The Democratic presidential candidate demonstrated she was a serious and consensus-building leader on 60 Minutes with Bill Whitaker. She told amusing anecdotes and drank a beer on The Late Show with Stephen Colbert; gave fast, snappy returns on The Howard Stern Show; and for 40 minutes talked women’s rights, domestic violence and reproductive health on the high-profile Call Her Daddy podcast.

    With less than a month to go until the presidential election, Harris is trying to hit all demographics with her media message campaign. She appeared to be most at home, or “real”, on Call her Daddy with Alex Cooper, where she talked about the lessons she’d learned from her mother, and how an abused school friend helped ignite her desire to fight for justice for the vulnerable.

    The podcast, which focuses on women’s issues, has 5 million listeners. Harris already leads the voting among women by a majority of 55% to former president Donald Trump’s 43%, according to a MaristPoll conducted last month in swing state Pennsylvania.

    More significant was the CBS 60 Minutes interview. This show, which averages 8.4 million viewers, has been a must for presidential candidates to appear on for the last half century.

    The first controversy came a week before the broadcast when Trump pulled out, with his team allegedly complaining the programme would fact-check the interview. Trump also claimed he needed an apology from CBS over disputed facts related to his 2020 interview, specifically about Hunter Biden’s laptop. No apology was forthcoming.

    The former president’s spokesperson, Steven Cheung, alleged Trump had never actually confirmed the interview, calling it “fake news”. CBS reporter Scott Pelley, who was due to do the Trump interview, was scathing about the “shifting explanations” that had been given for his no-show.

    In advance of Harris’s 60 Minutes interview, I asked Nick Bryant, author of The Forever War: America’s Unending Conflict with Itself, why he thought Trump had pulled out. “Scott Pelley is a seasoned pro,” Bryant replied. “On abortion, on January 6th, on accepting the 2020 result, he could skewer Trump. In a cost-benefit analysis, Trump has more to lose from a 60 Minutes interview than gain.”

    Harris, on the other hand, had all to gain because, despite a clear win in the debate against Trump, she has stayed at relatively low visibility. During what was a fairly tough interview, she was quizzed on America’s inability to rein in Israel’s prime minister, Benjamin Netanyahu, how she would fund her economic policies, how her administration would handle Ukraine, and whether or not she had flip-flopped on policies about fracking, immigration and Medicare.


    The world is watching as the US election campaign unfolds. Sign up to join us at a special Conversation event on October 17. Expert panellists – Thomas Gift, Natasha Lindstaedt and Inderjeet Parmar – will discuss the upcoming election and its possible fallout.


    Her answer regarding changing policies was not to deny this, as she had previously, but to say that over the past four years of being vice-president, she had travelled the country “listening to folks and seeking what is possible in terms of common ground. I believe in building consensus.” This strong answer managed to differentiate her starkly from her opponent’s more divisive approach.

    Bryant believed that Harris’s lack of interviews before this latest round was worrying, because “she is not match fit” and her previous answers regarding the economy had been “tossed-salad like” and “strangely inarticulate”.

    This time around, it wasn’t the economy that tripped Harris up, but answers about Israel and Netanyahu. After the interview, Fox News and the Trump campaign were quick to allege that an answer on Israel broadcast in the 60 Minutes trailer was different to the answer broadcast during the programme.

    They argued that, once again, Harris had given a chaotic response in the trailer, while the answer in the programme was much more considered and neatly delivered. Trump’s national press secretary, Karoline Leavitt, asked: “Why did 60 Minutes choose not to air Kamala’s full word salad, and what else did they choose not to air?” So far, there has been no comment from 60 Minutes.

    Last-ditch swerves

    The other factor that has dogged the Harris-Walz ticket is the claim that Governor Tim Walz had inserted himself, Walter Mitty-like, into being in Beijing at the time of the Tiananmen Square crackdown in 1989.

    He was first asked about this during the vice-presidential debate, where he answered that he was a “knucklehead” at times who had misspoken. Pressed on this in his part of Monday’s 60 Minutes interview, Walz said that people would understand the difference between him, who “got the date wrong”, and “a pathological liar like Donald Trump”.

    Harris on 60 Minutes.

    After Trump’s disastrous performance in the September debate with Harris, he refused a second one. This can be attributed to his answers resulting in countless memes of him declaring erroneously that Haitian migrants in Springfield, Ohio, were eating people’s cats and dogs. Social media subsequently exploded in a similar way to Republican vice-presidential candidate J.D. Vance’s earlier claims that the country was being run by “a bunch of childless cat ladies”.

    And then Melania Trump threw a curve ball into the mix. Her autobiography, published this week, sets out her position on abortion, which conflicts with that of evangelic Republicans – a big Trump support base. “Restricting a woman’s right to choose whether to terminate an unwanted pregnancy is the same as denying her control over her own body,” she writes. “I have carried this belief with me my entire adult life”.

    In these final weeks of campaigning, with the two sides so close in the polls, the gloves seem to have come off and we can expect further spats in the media. Once again, the power of misinformation and disinformation to sow conflict will continue to unfold on social media – especially now that X’s owner Elon Musk is openly campaigning, and jumping, in support of a Trump win.

    Colleen Murrell received a grant from Ireland’s media regulator, Coimisiún na Meán, for researching and writing the Reuters Digital News Report Ireland (2020-24).

    ref. Kamala Harris is suddenly embracing the media spotlight – but is it working? – https://theconversation.com/kamala-harris-is-suddenly-embracing-the-media-spotlight-but-is-it-working-240262

    MIL OSI – Global Reports

  • MIL-OSI: Planisware – Availability of the 2024 half-year financial report

    Source: GlobeNewswire (MIL-OSI)

    Availability of the 2024 half-year financial report

    Paris, France, October 9, 2024 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announces that it has made available to the public and filed with the Autorité des marchés financiers its half-year financial report as of June 30, 2024.

    This report is available for consultation and downloading on http://www.planisware.com in the Investor, Regulated Information section.

    The 2024 half-year financial report includes:

    • The 2024 half-year activity report;
    • The condensed consolidated interim financial statements 2024;
    • The Statutory auditors’ review report on the half-year financial information for 2024;
    • The declaration by the person responsible for the half-year financial information for 2024.

    Upcoming events

    • October 23, 2024:        Q3 revenue publication

    Contact

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

    With more than 700 employees across 14 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”). For more information, visit: https://planisware.com/

    Connect with Planisware on: LinkedIn and X (formerly Twitter).

    Attachment

    The MIL Network

  • MIL-OSI Canada: Indigenous Natural Resource Partnerships Program

    Source: Government of Canada News

    The Indigenous Natural Resource Partnerships (INRP) program aims to increase the economic participation of Indigenous communities and organizations in the development of natural resource projects that will increasingly be needed in the clean economy.

    Background

    The Indigenous Natural Resource Partnerships (INRP) program aims to increase the economic participation of Indigenous communities and organizations in the development of natural resource projects that will increasingly be needed in the clean economy.

    INRP has $80 million in contributions funding for projects that:

    • increase the capacity of Indigenous communities to engage in, benefit from, actively participate in and/or capitalize on economic development opportunities in the natural resource sectors; and
    • increase the investment and/or collaboration between Indigenous Peoples and other natural resource development stakeholders, including governments, industry and non-governmental organizations.

    Giyak Mishkawzid Shkagmikwe Inc (GMS)

    Natural Resources Canada will provide $2.7 million to Giyak Mishkawzid Shkagmikwe Inc. (GMS) to help purchase two production mining drills. GMS will lease these drills to Aki-eh Dibinwewziwin Limited Partnership (ADLP), a joint venture among Atikameksheng Anishnawbek, Wahnapitae First Nation and Technica Mining to extract nickel and copper at the Vale Mine in Sudbury.

    The investment of $2.7 million through INRP will allow GMS and its joint venture partners to purchase two production mining drills, enabling them to secure a three-year drilling contract at Vale’s Stobie Open Pit Project. The project will be a significant revenue-generating opportunity for both Atikameksheng Anishnawbek and Wahnapitae First Nation.

    In July 2024, Vale signed an agreement for Stobie Open Pit Mining Project with mining services company Theiss, United Steelworkers and two Indigenous businesses: Z’Gamok Construction LP (ZCLP), owned by Sagamok First Nation, and Aki-eh Dibinwewziwin Limited Partnership (ADLP), operated in partnership with Atikameksheng Anishnawbek, Wahnapitae First Nation and Technica Mining. 

    The $205-million Stobie Open-Pit Mining Project is a short-term extension of the historic Stobie Pit, which ceased operations in 2017 after over 100 years of operations. The Stobie project is the first phase of Vale’s C$945 million plans to revitalize the copper complex in Sudbury. The project will produce nickel and copper, with an initial production target of 300,000 tonnes of nickel and copper ramping up to 1.5 million tonnes annually by 2025 and continuing until 2027 or 2028. Pre-feasibility studies are currently being conducted for the project, which if advanced is expected to begin operating in 2025. 

    Critical Minerals Infrastructure Fund

    The Critical Minerals Infrastructure Fund (CMIF) is Natural Resources Canada’s flagship program under the Canadian Critical Minerals Strategy — to support enabling clean energy and transportation infrastructure projects necessary to increase Canada’s supply of responsibly sourced critical minerals, and the development of domestic and global value chains for the green and digital economy. 

    With the launch of the Strategy in December 2022, the Government of Canada signalled the need for strategic investments in clean energy and transportation infrastructure to realize Canada’s critical mineral potential. To contribute to the implementation of the Strategy, Budget 2022 proposed up to $1.5 billion, until 2030, for infrastructure investments to support expanded sustainable critical mineral production and unlock critical mineral rich regions.

    Canada Nickel Company Ltd. and Transmission Infrastructure Partnerships 1 Limited are planning two pre-development projects related to the Crawford Nickel project in Timmins, Ontario:

    Canada Nickel Company Ltd.

    • Canada Nickel Company Ltd. is planning to conduct studies to inform the Crawford Nickel Sulphide Project’s electrification plan and related grid connection infrastructure. Pending final due diligence, Natural Resources Canada has conditionally approved an investment of up to $4.4 million under the CMIF for this project. 

    Magna Mining Inc. is planning three pre-development projects related to the Shakespeare and Crean Hill mine projects near Sudbury, Ontario:

    • to complete pre-construction milestones to advance a six-kilometre transmission line to connect its Shakespeare mine to the Ontario grid. This work will include identifying the most suitable option for a Hydro One grid power connection to support the proposed nickel-copper mine.
    • to complete pre-construction milestones to advance the upgrade of an existing 30-kilometre forest access road for its Shakespeare mine.
    • to conduct a pre-feasibility study and engagement activities and to acquire permits and regulatory approvals for a connection to the Ontario power grid for its Crean Hill project. The Crean Hill project is restarting an existing mine to help meet demand for copper and nickel as demand for use in clean technologies increases.
    • Pending final due diligence, Natural Resources Canada has conditionally approved these investments to Magna Mining Inc. for a total of up to $1.6 million under the CMIF. 

    MIL OSI Canada News

  • MIL-OSI: Lendmark Financial Services Expands Kentucky Presence with Florence Branch, Marking its 22nd Location in the State

    Source: GlobeNewswire (MIL-OSI)

    FLORENCE, Ky., Oct. 09, 2024 (GLOBE NEWSWIRE) — Lendmark Financial Services (Lendmark), a leading provider of household credit and consumer loan solutions, continues to expand its Kentucky footprint, opening a new branch in Florence.

    The branch is located at 212 Mount Zion Road and is expected to serve hundreds of customers in its first year. Elaine Gambill, who serves as the branch manager, will be responsible for administration of all daily operations. These include building personal relationships with customers and integrating into the community to ensure area residents receive a superior level of individualized loan services that meet their unique financial needs.

    “Planned and unplanned life events still happen, causing many consumers to look for financial resources to meet these needs,” said EJ Ryan, Vice President of Branch Operations at Lendmark. “Our team will be laser focused on serving the Florence community, delivering personalized and convenient household credit solutions that meet their respective financial needs.”

    In addition to serving consumers directly, Lendmark provides financing solutions for thousands of retailers and independent auto dealerships, allowing these businesses’ customers to obtain Lendmark financing. Local businesses that are interested in partnering with Lendmark to provide financing solutions for their customers should visit the branch or call 859-474-5598.

    Lendmark’s ‘Climb to Cure’ is its signature cause-related initiative. The company has committed to raising $10 million by 2025 to mark its 10-year anniversary partnering with CURE Childhood Cancer. So far, Lendmark’s employees, partners and customers have raised $8.83 million to support CURE, an Atlanta-based nonprofit dedicated to funding targeted pediatric cancer research that is utilized nationwide.

    Lendmark customers can participate by donating $1 when closing their loan. Lendmark matches the donation.

    About Lendmark Financial Services
    Lendmark Financial Services (Lendmark) provides personal and household credit and loan solutions to consumers. Founded in 1996, Lendmark strives to be the lender, employer, and partner of choice by protecting household wealth, offering stability and helping consumers meet both planned and unplanned life events through affordable loan offerings. Today, Lendmark operates more than 515 branches in 22 states across the country, providing personalized services to customers and retail business partners with every transaction. Lendmark is headquartered in Lawrenceville, Ga. For more information, visit http://www.lendmarkfinancial.com.

    Media Contact
    Jeff Hamilton
    Senior Manager, Corporate Communications
    jhamilton@lendmarkfinancial.com
    678-625-3128

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4de73a45-0f99-4be1-8ac5-4dd139567888

    The MIL Network