Category: Economy

  • MIL-OSI Asia-Pac: Union Minister Shri Pralhad Joshi Concludes Successful Three Day Visit to Germany, Boosts Energy Cooperation

    Source: Government of India

    Posted On: 09 OCT 2024 5:43PM by PIB Delhi

    Union Minister for New and Renewable Energy, Shri Pralhad Joshi, completed a successful visit to Germany from 6th to 9th October 2024. The visit, which coincided with the Hamburg Sustainability Conference (HSC), underscored India’s commitment to global sustainability and renewable energy, and facilitated key discussions on enhancing bilateral cooperation in the energy sector.

    On 7th October, the Minister delivered the keynote address at Hamburg Sustainability Conference, where he highlighted India’s role in global renewable energy and energy transition initiatives, including the International Solar Alliance, which now has the support of over 100 countries. Shri Joshi underscored India’s remarkable progress in renewable energy over the last decade, driven by Prime Minister Shri Narendra Modi’s vision and leadership. He emphasized India’s commitment to sustainability, particularly in sectors like green shipping, and called for strengthening international collaboration to tackle the challenges posed by the global energy transition.

    As part of the visit, Shri Joshi held numerous bilateral meetings with global leaders. His meeting with Mr. Achim Steiner, Administrator of the United Nations Development Programme (UNDP), focused on India’s growing renewable energy landscape and future collaborations for sustainable development. He also met Ms. Svenja Schulze, German Minister for Economic Cooperation and Development (BMZ), to discuss shared priorities in green energy and sustainability.

    Union Minister of New and Renewable Energy Shri Pralhad Joshi interacts with Chancellor of Germany Mr. Olaf Scholz

    On the sidelines of the HSC, Shri Joshi exchanged pleasantries with Mr. Olaf Scholz, the Chancellor of Germany. Union Minister Joshi also interacted with Mr. Karim Badawi, Egypt’s Minister of Petroleum and Natural Resources, and discussed bilateral relations and enhancing cooperation. He also met Ms. Roberta Casali, Vice President of the Asian Development Bank, and deliberated on renewable energy investments in India. Shri Joshi further engaged with Dr Jamshid Khodjaev, Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan, where they discussed global shifts in the energy landscape and avenues to support energy transition.

    The Minister also met with Ms. Anneliese Dodds, the UK’s Minister of Development, and they deliberated on scaling up international cooperation for a cleaner, more sustainable future. He also exchanged views with Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), on the IMF’s role in supporting global sustainability projects, and Mr. Ajay Banga, President of the World Bank, regarding India’s leadership in the green energy space.

    Union Minister of New and Renewable Energy Shri Pralhad Joshi with Dr. Robert Habeck, Germany’s Vice-Chancellor and Federal Minister for Economic Affairs and Climate Action

     

    In Berlin, Union Minister Shri Joshi was warmly received by Dr. Robert Habeck, Germany’s Vice-Chancellor and Federal Minister for Economic Affairs and Climate Action. Dr. Habeck also gave a special guided tour of German Federal Ministry of Economic Affairs and Climate Action. Dr Habeck acknowledged the stunning growth of India’s Renewable sector in the last 10 years to Union Minister Joshi and was very optimistic on India’s journey towards Mission 500 GW from Renewable energy.  Shri Joshi posted on X

    “Held a bilateral meeting with Dr. Robert Habeck, Germany’s Vice-Chancellor and Federal Minister for Economic Affairs and Climate Action, on the sidelines of #HSC2024. We had a fruitful discussion on strengthening cooperation in renewable energy. Deliberation on opportunities in green hydrogen, offshore wind, biogas, and recycling of solar waste was also held during the meeting. We were happy to note that India and Germany’s cooperation on energy transition is progressing well. Expressed confidence that in the coming years, India will emerge as a trusted source of green hydrogen for Germany.”

    Union Minister of New and Renewable Energy Shri Pralhad Joshi with Indian Diaspora in Berlin, Germany

    During his time in Berlin, Shri Joshi interacted with members of the Indian diaspora at an event hosted by the Embassy of India, where he lauded their contributions to Germany’s economy and their role in enhancing India’s global presence.

    During the RE-INVEST 2024 held in September, 2024, India and Germany had launched the India-Germany Platform for Investment in Renewable Energies showing the growing bond between the two countries in Renewable Energy. The platform will facilitate to create further business opportunities and new avenues for the increasing demand for capital, support technology transfer and enhance the development of innovative technical solutions in RE.

    Shri Pralhad Joshi’s visit to Germany concluded with a commitment to furthering India’s leadership in renewable energy cooperation and energy transition initiatives. The meetings and interactions during the visit have laid a strong foundation for deeper collaboration in energy transition, reinforcing India’s role as a global leader in the pursuit of a sustainable future.

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Results of Comprehensive Annual Modular Survey, July 2022- June 2023

    Source: Government of India (2)

    Posted On: 09 OCT 2024 5:44PM by PIB Delhi

    A. Key Findings

    (i) Approximately 96.9 percent of persons aged 15-24 years are able to read and write simple statements with understanding and also able to perform simple arithmetic calculations. In the same age group, the figure stands around 97.8 percent for males and 95.9 percent for females.

    (ii) The mean years of schooling in formal education, for persons age 15 years and above is 8.4 at the all-India level and the same is 7.5 for persons age 25 years and above.

    (iii) The average out-of-pocket medical expenditure per household on hospitalization during last 365 days in rural and urban areas are Rs 4,129/- and Rs 5,290/-respectively. Additionally, the average out-of-pocket medical expenditure per household on non-hospitalization during last 30 days in rural and urban areas are Rs 539/- and Rs 606/- respectively.

    (iv) Approximately 93.7 percent urban population has convenient access to low-capacity public transport (bus, car, taxi, auto etc) within 500 meters from the place of living.

    (v) 78.4% of youth aged 15-24 years can send messages with attached files, while 71.2% can use copy-and-paste tools. Additionally, 26.8% can perform more advanced tasks like searching for information, sending emails, and conducting online banking.

    (vi) 95.7% of persons aged 15-24 years in rural areas can use mobile phones, with the figure being 97% in urban areas.

    (vii)  82.1% of rural youth aged 15-24 years can use the internet, compared to 91.8% in urban areas.

    (viii) Around 94.6% persons aged 18 years and above, having an account individually are jointly in any bank / other financial institution at all India level.

     

    B. Introduction

    As a part of the 79th round of the National Sample Survey (NSS) the Comprehensive Annual Modular Survey (CAMS) was conducted from July, 2022 to June, 2023. The primary objective of CAMS was to collect data to generate indicators related to education, out-of-pocket medical expenditure, use of mobile and internet, financial inclusion, ICT skills, possession of assets, etc. In addition, information related to drinking water, sanitation, energy use, birth registration, access to transport facilities, etc., was also collected. The report is available on the Ministry’s website (http://www.mospi.gov.in).

    C. Sample Design

    In this survey, Two Stage Stratified Sampling was used, where First Stage Units (FSU) were villages/sub-units (SUs) in rural areas, and Urban Frame Survey (UFS) blocks/SUs in urban areas. The FSUs were allocated to States and UTs in proportion to the population as per Census 2011. The Second Stage Units (SSUs) were households in both rural and urban areas. The selection of FSUs and SSUs was done using Simple Random Sampling without Replacement (SRSWOR).

    D. Survey Coverage

    The survey covered the whole of the India Union except for some villages of Andaman and Nicobar Islands which were difficult to access. At the all-India level, the total number of first-stage units (FSUs) surveyed for the central sample was 15,298 (8,758 in rural areas and 6,540 in urban areas). The total number of households surveyed was 3,02,086 (1,73,096 in rural areas and 1,28,990 in urban areas) and the total number of persons enumerated was 12,99,988 (7,85,246 in rural areas and 5,14,742 in urban areas).

    E. Comparability of results and release of unit-level data

    The data collected in this survey represents the demand-side information of the households surveyed. In contrast, administrative data, wherever available, typically reflects the supply-side metrics. It is also important to recognize that respondents sometimes reluctant to provide specific information which may lead to under-reporting of some information, particularly in questions related to government schemes. Moreover, the coverage and definitions used in alternative data sources may not align perfectly with those adopted in this survey. To mention some specific cases, in this survey primary source of energy used by the household for cooking is defined as the source of energy which the household used majority of the time for cooking, whereas, the administrative record is based on the definition of the number of LPG connections/ consumers. Similarly, in this survey, the principal source of drinking water is defined as the source from which the household obtained most of its drinking water over the past 365 days, however, the administrative record is based on the number of pipe water connections provided. These variations in methodology, scope, and timeframes may affect the comparability of results across different data sources.

    Additionally, this survey attempted to collect person-level information on the formal education of erstwhile household members aged 18 years or above who are currently studying outside India. However, the total number of samples representing the information is insufficient to generate reliable estimates for the indicator. Since the dataset is not robust enough for policy purposes, the unit-level data collected to generate the indicator will not be disseminated to avoid possible ambiguity in interpreting the results.

    F. Major findings of the survey

    (i) Percentage of persons able to read and write short simple statements in their everyday life with understanding and also able to perform simple arithmetic calculations

     

    In rural areas, about 96.5 percent of persons in the age group 15-24 years are able to read and write short simple statements in their everyday life with understanding and also able to perform simple arithmetic calculations while in urban areas it has been around 97.9 percent. Sector-wise estimates for different age groups are shown in Figure 1.

    (ii) Mean years of schooling in formal education

    The gender-sector-wise mean years of schooling in formal education for age 15 years and above and 25 years and above is given in Figure 2 and Figure 3 respectively. The mean years of schooling in formal education is marginally higher in the age group 15 years and above compared to the age group 25 years and above.    

    (iii) Average out-of-pocket medical expenditure

    The average out-of-pocket medical expenditure per household and per person on hospitalized treatment during last 365 days and non-hospitalized treatment during last 30 days were estimated separately for rural and urban India. Figure 4 and Figure 5 present sector-wise expenditure on different types of treatment.

     

    F. In addition to the above, estimates of some of the indicators at the all-India level are given below:

     

    Sl No

    Item Description

    Rural

    Urban

    All

    (Rural + Urban)

    1

    Percentage of persons aged 15-24 years able to read and write short simple statements in their everyday life with understanding

    96.7

    98.0

    97.0

    2

    Percentage of persons of age 6 to 10 years who reported as currently enrolled in primary education (Class I to Class V) at the time of survey

    90.5

    89.2

    90.1

    3

    Percentage of persons of age 25 years and above with some secondary education

    30.4

    56.6

    38.6

    4

    Percentage of persons of age 6 to 18 years who never enrolled in formal education

    2.2

    1.9

    2.1

    5

    Percentage of persons aged 21-35 years who graduated in Science and Technology among all graduates

    31.4

    44.4

    37.8

    6

    Precentage of youth in formal and non-formal education and training in the previous 12 months in the age group 15-24 years

    45.9

    57.1

    49.0

    7

    Percentage of youth reported to be not in education, employment, or training, as on date of survey for the age group 15-24 years

    25.0

    19.0

    23.3

    8

    Percentage of persons (age ≥ 18 years) who have an account individually or jointly in any bank/ other financial institution/mobile money service provider

    94.6

    94.4

    94.6

    9

    Number of borrowers (age ≥ 18 years) per 1,00,000 persons

    18,714

    17,442

    18,322

    10

    Percentage of persons able to use mobile (including smart phone) as on date of survey (age 15-24 years)

    95.7

    97.0

    96.1

    11

    Percentage of persons who used mobile telephones with an active sim card, at least once, during the last three months preceding the date of the survey (age 15-24 years)

    92.6

    95.3

    93.3

    12

    Percentage of persons able to use internet as on date of survey (age 15-24 years)

    82.1

    91.8

    84.8

    13

    Percentage of persons who used internet during last three months preceding the date of survey (age 15-24 years)

    80.4

    90.8

    83.3

    14

    percentage of persons covered by 4G or above mobile technology

    99.5

    99.8

    99.7

    15

    Percentage of persons aged 15-24 years reported execution of skill of ‘sending messages (e.g., e-mail, messaging service, SMS) with attached files (e.g., documents, pictures, and video)’

    74.9

    87.3

    78.4

    16

    Percentage of persons aged 15-24 years reported execution of skill of ‘copy and paste tools to duplicate or move data, information, documents, etc.’

    67.1

    81.8

    71.2

    17

    Percentage of persons who can search internet for information and who can send or receive emails and who can perform online banking transactions simultaneously in the age group 15-24 years

    21.0

    40.2

    26.8

    18

    Percentage of households possessing telephone/ mobile phone1

    94.2

    97.1

    95.1

    19

    Percentage of households possessing computer2

    4.2

    21.6

    9.9

    20

    Percentage of the urban population having convenient access to high-capacity public transport (train, metro, ferry etc.) within 1 km from place of living

    41.6

    21

    Percentage of the rural population with all-weather roads within in a distance of 2 km from the place of living

    94.2

    22

    percentage of persons of age less than 5 years who have registered with civil authority for the birth certificate ever (including those who received birth certificates)

    90.5

    90.8

    90.6

    23

    Percentage of households using clean fuel for cooking (among households reported having cooking arrangements)

    49.3

    92.9

    63.4

    24

    Percentage of households having access to improved principal source of drinking water

    94.9

    97.5

    95.7

    25

    Percentage of households having access to improved latrine (among households with access to latrine)

    97.1

    98.9

    97.8

    Notes:

    1. telephone includes landline and mobile phone includes smart phone

    2. Computer includes desktop PC, laptop etc.

     

    *****

     

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  • MIL-OSI Asia-Pac: TCIL pays dividend of Rs. 33.72 Crore for the year 2023-24 to the Government of India

    Source: Government of India

    TCIL pays dividend of Rs. 33.72 Crore for the year 2023-24 to the Government of India

    CMD, TCIL handed over the Dividend Cheque to the Minister of Communications, Shri Jyotiraditya M. Scindia.

    This marks an annual jump of 137% in the dividend amount compared to the year 2022-23.

    Posted On: 09 OCT 2024 6:37PM by PIB Delhi

    Telecommunications Consultants India Ltd. (TCIL) today paid dividend of Rs. 33.72 crore to the Government of India for the year 2023-24.  Chairman & Managing Director Shri Sanjeev Kumar presented the dividend cheque to Shri Jyotiraditya M. Scindia, Minister of Communications, in the presence of Dr. Neeraj Mittal, Secretary, Department of Telecommunications (DoT).

    The Government holds 100 percent equity in the TCIL and in the year 2022-23, the PSU paid a dividend of Rs. 14.19 Crore for the year 2022-23 to the Government. This marks an annual jump of 137% in the amount of dividend paid by TCIL to the government, thus showing financial robustness and sustainability.

     

    TCIL, established in August 1978, operates under the administrative control of the Department of Telecommunications. The company, a Miniratna PSU, has consistently remained profitable over the years.

    TCIL is one of the most diversified PSU, executing Projects in the field of Telecommunications & Information Technology in India and abroad. TCIL has executed projects in over 70 countries across the globe. Its overseas operations are currently in the Kingdom of Saudi Arabia, Kuwait, Oman, Mauritius & Nepal apart from the ongoing prestigious Pan Africa e-Vidya Bharti & Arogya Bharti Network project operating in more than 15 African countries.

     

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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi Inaugurates Indian Institute of Skills (IIS) Mumbai

    Source: Government of India (2)

    Prime Minister Shri Narendra Modi Inaugurates Indian Institute of Skills (IIS) Mumbai

    The Institute to train 5000 students annually in Industry 4.0 skills

    Posted On: 09 OCT 2024 7:13PM by PIB Delhi

    The Prime Minister, Shri Narendra Modi laid the foundation stone for various development projects in Maharashtra worth over Rs 7600 crore via video conference today. In a significant step towards enhancing the employability of Indian youth for national and global opportunities, the Prime Minister inaugurated the Indian Institute of Skills (IIS) in Mumbai as one of these projects, which aims to cultivate an industry-ready workforce for Industry 4.0, equipped with cutting-edge technology and hands-on training across a range of trades including factory automation, digital manufacturing, mechatronics, artificial intelligence, data analytics, and additive manufacturing catering to both the services and manufacturing sectors, as well as other emerging businesses.

    Established through a Public-Private Partnership (PPP) model, the institute is a collaboration between the Ministry of Skill Development and Entrepreneurship, Government of India and Tata IIS (a section 8 company under Tata Trusts).

    The Prime Minister emphasized that the world only trusts a country when its youth is filled with confidence. He noted that the confidence of today’s young India is writing the story of a new future for the nation and highlighted that the global community sees India as a significant hub for human resources, with vast opportunities in education, skilling, healthcare, and software development across the globe. To prepare India’s youth for these opportunities, the Prime Minister emphasised that the government is aligning their skills with global standards.

     

    Expressing his happiness on the inauguration of IIS Mumbai, Shri Jayant Chaudhary, Hon’ble Minister of State (Independent Charge), Ministry of Skill Development and Entrepreneurship and Minister of State, Ministry of Education, Govt of India remarked, “Institutions like IIS are pivotal in shaping a future-ready workforce, translating the Hon’ble Prime Minister’s vision of India as the ‘Skill Capital of the World’ into a reality. By equipping our youth with cutting-edge expertise, this institute is not merely opening doors to opportunities within India but is positioning them to compete and excel in global markets as well.”

    Built on a sprawling 4-acre campus within the National Skill Training Institute (NSTI) in Chunabhatti, Mumbai, IIS is designed to cultivate an industry-ready workforce equipped with cutting-edge technology and hands-on training. IIS Mumbai will offer specialized training in key sectors such as factory automation, digital manufacturing, mechatronics, artificial intelligence, data analytics, and additive manufacturing.

    The institute will initially launch six specialized courses: Advanced Industrial Automation & Robotics, Industrial Automation Fundamentals, Advanced ARC Welding Techniques, Additive Manufacturing, Electric Vehicle Battery Specialist, and 2&3 Wheeler EV Technician. The institute will also extend hostel facilities for candidates to enhance their learning experience in the near future.

    “By imparting advanced technical skills and hands-on experience to our youth, we are positioning India at the forefront of global skill development. This initiative is about more than just training; it’s about creating pathways for young talent across the nation to not only excel but also become pivotal contributors to India’s economic and technological progress. We are forging strategic partnerships like these with cutting-edge industries to ensure our skilling frameworks are not only relevant but also visionary—preparing an agile, future-ready workforce capable of meeting the fast-evolving demands of a globalized economy,” Shri Chaudhary added.

    Mangal Prabhat Lodha, Minister for Skills, Employment, Entrepreneurship and Innovation, Government of Maharashtra said “The IIS centre launched today is going to be a state-of-the-art facility that will attract people from around the World. The Tata Group is a synonym for trust and growth. This is an opportunity for every candidate associated with this organization to work and learn. The Prime Minister has emphasized on prioritizing upskilling at many occasions and provided the necessary budget for ongoing and upcoming skilling initiatives.”

    The institute will initially have advanced laboratories developed in partnership with over 15 global and Indian Original Equipment Manufacturers (OEMs), ensuring that students gain practical experience at an affordable cost, using real industry equipment. Once their training is complete, they will be ready to be absorbed by new-age industries like EV manufacturers, AI, and robotics, among others.

    In addition to its core offerings, IIS will also provide short-term courses in collaboration with industry partners, such as Industrial Robotics with Fanuc India, Industrial Automation with SMC India, and Culinary & Core Housekeeping with Taj Skyline. With its innovative approach to vocational training and robust industry ties, Tata IIS Mumbai is poised to emerge as a premier institution for skill development in India.

    India’s growing economy increasingly demands a skilled, resilient workforce – which can, in turn, advance productivity, economic growth, prosperity, and national development. By equipping our youth with useful skills, we can empower them to lead lives of independence and dignity and prepare them to keep pace with the evolving needs of industry today. The Indian Institute of Skills, Mumbai, with its world-class facilities, is a symbol of the Tata Group’s vision to take bold and agile steps to solve the nation’s challenges and help the youth transition to employment and enterprise,” said Shri Venu Srinivasan, Chairman, Tata Indian Institute of Skills

    The event was graced by several distinguished dignitaries, including Shri Atul Kumar Tiwari, Secretary, Ministry of Skill Development and Entrepreneurship (MSDE), and Shri Nilambuj Sharan, Senior Economic Advisor, MSDE. Key figures from Tata Trusts and Tata companies were also in attendance, including Shri Venu Srinivasan, Chairman of Tata IIS, Shri Siddharth Sharma, CEO of Tata Trusts, Shri Sabyasachi Das, CEO of Tata IIS, and Shri Girish Krishnamurthy, CEO of Tata MD. Additionally, Shri H N Shrinivas, Senior Advisor at Tata IIS, along with other senior dignitaries, faculty members, and trainees from IIS Mumbai, were present to celebrate this milestone moment in the evolution of skill development in India.

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  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Praise Saudi Arabia’s Efforts to Promote Women’s Economic Empowerment, Ask about Progress in Abolishing the Male Guardianship System and Promoting Women’s Access to Justice

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today concluded its consideration of the fifth periodic report of Saudi Arabia, with Committee Experts praising the State’s measures promoting women’s economic empowerment and raising questions about its progress in abolishing the male guardianship system and promoting women’s access to justice.

    A Committee Expert welcomed initiatives for women within the Saudi Vision 2030.  The increase in women’s participation in the labour force showed the State’s efforts to promote the economic empowerment of women.

    One Committee Expert said the State party continued to entrust the protection of women to male guardians. The guardianship system led to women being controlled by their guardians and being subjected to domestic violence. When would the Kingdom abolish male guardianship?

    Nahla Haidar, Committee Expert and Rapporteur for Saudi Arabia, noted that there were barriers to access to justice for women in Saudi Arabia, including due to the guardianship system. What measures were in place to ensure women could benefit from legal services?

    Hala Mazyad Altuwaigri, President of the Human Rights Commission of Saudi Arabia and head of the delegation, said the Saudi Vision 2030 included numerous programmes that sought to increase women’s participation in the labour market.  The Government had launched the “Qurra” programme to support childcare services for working women, and part-time and remote work programmes for women. As a result of these national efforts, the participation rate of women in the labour market until the end of the second quarter of 2024 was 35.4 per cent.

    In 2017, the delegation reported, a Royal Decree was adopted that made the guardianship system obsolete.  Women no longer needed permission to receive State services, including police services. Husbands were not allowed to impose obedience on their wives; such actions were grounds for the dissolution of marriages.

    Access to justice was ensured for women on an equal footing with men, the delegation said. Women were allowed to access the judicial system in marriage and divorce matters.  An application had been developed that allowed the Ministry of Justice to share documents and rulings on court cases with women living in rural areas, giving them access to justice.

    In closing remarks, Ms. Altuwaigri said the recommendations provided by the Committee would be heeded and followed up on by Saudi Arabia. The Government was determined to take all measures necessary to fulfil women’s rights and eliminate discrimination of women, in cooperation with all relevant international bodies, including the Committee.

    Ana Peláez Narváez, Committee Chair, in her concluding remarks, said the dialogue had allowed the Committee to better understand the situation of women and girls in Saudi Arabia.  The Committee commended the State party for its efforts and encouraged it to take all necessary measures to better implement the Convention for the benefit of all women and girls in the country.

    The delegation of Saudi Arabia consisted of representatives from the Human Rights Commission; Shura Council; Ministry of Justice; Council of Ministers’ Experts Authority; Ministry of Education; Public Prosecution; Ministry of Foreign Affairs; Ministry of Islamic Affairs, Dawah and Guidance; Ministry of Human Resources and Social Development; Ministry of Information; Ministry of Interior; Ministry of Culture; Family Affairs Council; General Authority for Statistics; King Salman Humanitarian Aid and Relief Centre; National Women’s Observatory; Quality of Life Programme; Digital Transformation Programme Centre; Ministry of Economy and Planning; and the Permanent Mission of Saudi Arabia to the United Nations Office at Geneva.

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

    The Committee will next meet at 10 a.m. on Thursday, 10 October to consider the ninth periodic report of New Zealand (CEDAW/C/NZL/9).

    Report

    The Committee has before it the fifth periodic report of Saudi Arabia (CEDAW/C/SAU/5).

    Presentation of Report

    HALA MAZYAD ALTUWAIGRI, President of the Human Rights Commission of Saudi Arabia and head of the delegation, said significant changes had been achieved in Saudi Arabia in the interest of women and girls over the reporting period.  The empowerment of women was one of the goals of the National Transformation Programme, one of the programmes of the “Saudi Vision 2030”, which implemented more than 150 reforms and policy measures.  In the field of human rights, more than 50 legislative, institutional, judicial and procedural reforms and measures were devoted to women’s rights and empowerment.

    The report was prepared by the Standing Committee for the Preparation of Reports, which was established in January 2015; it was the national mechanism for the preparation of reports to treaty bodies and follow-up to the implementation of treaty body recommendations.  It had found that most of the Committee’s previous recommendations had been implemented.

    Many laws had been amended and issued to ensure gender equality and equal opportunities and promote women’s empowerment, and to harmonise them with international standards. Among these was the amendment of the travel document system to ensure that women had access to travel documents and travel abroad on an equal basis with men.  The civil status law was amended to allow women to obtain civil documents and to report marriages, divorces and deaths on an equal basis with men. The social insurance system was amended to achieve gender equality in the retirement age, which was now 60 years for both sexes. 

    The labour law was amended to ensure equality between women and men in job interviews, employment, wages, allowances, benefits and training.  The protection from abuse law was amended to enhance the protection of victims of violence, provide them with assistance, and prosecute perpetrators, by doubling penalties in specific cases that required severe punishment.  The personal status law strengthened the rights of women and girls by restricting the discretionary power of judges, as well as by setting a minimum age for marriage, giving women priority in the custody of their children, and prohibiting the banning of women from marrying those they consented to.  In 2017, a Royal Order was also issued that removed the requirement for women to obtain a guardian’s permission to obtain services or complete procedures in all aspects of life.

    The National Policy to Encourage Equal Opportunities and Equal Treatment in Employment and Occupation was released in January 2023 to eliminate all discrimination in the field of work, enabling marginalised groups to enter the labour market.  The Government had launched the “Qurra” programme to support childcare services for working women, the “Self-Employment Support” programme, which expanded opportunities to increase women’s income according to their skills, and part-time and remote work programmes, which enabled women to achieve a balance between work and family. 

    As a result of these national efforts, the participation rate of women in the labour market until the end of the second quarter of 2024 was 35.4 per cent.  The number of women in senior positions in government jobs in 2023 reached 27,942, an improvement of 38 per cent compared to 2019. The number of women in senior and middle positions in the private sector in 2023 increased by 282 per cent compared to 2019. 

    An initiative had been launched to empower women in the field of cybersecurity, which had resulted in an increase in women’s participation in communications and information technology jobs, from seven per cent in 2017 to 25 per cent in 2024. Around 250 women had been appointed to the judiciary in the Public Prosecution, and the number of female lawyers had reached 2,136.  Women also actively participated in the security and military sectors alongside men, and had played a role in the evacuation of civilians of various nationalities during the Sudanese crisis in 2023.

    In 1961, Saudi Arabia had only four female university students.  Today, the number of girls graduating from universities almost exceeded the number of male graduates.  There had been a significant increase in the enrolment rates of girls at various educational levels.  More than 1,000 educational projects have been launched in various regions and governorates of the Kingdom, and places in kindergartens had been increased by 400,000.

    The Government had provided a package of basic health services for women before and during pregnancy and after childbirth.  Mobile clinics covered remote and rural areas, providing maternal care, mental health, and programmes to prevent chronic diseases.  As a result of efforts in the field of health, the Kingdom ranked 44 out of 143 countries in the Global Women’s Health Index.

    Saudi Arabia worked in cooperation with friendly countries to promote and protect women’s rights by highlighting Islamic values that enhanced the status of women in society and ensured their enjoyment of all their rights.  The Kingdom would continue to fulfil its obligations under the Convention and endeavour to strengthen partnership and cooperation with international organizations and mechanisms concerned with human rights.  It would continue reforms in the field of women’s rights and empowerment to achieve the best possible results for women, within the framework of the “Saudi Vision 2030”.

    Questions by a Committee Expert 

    NAHLA HAIDAR, Committee Expert and Rapporteur for Saudi Arabia, welcomed Saudi Arabia’s reforms to improve the situation of women, including reforms allowing women the right to a driver’s licence and passports.  Reforms needed to be effectively implemented.  There were challenges to fulfilling women’s rights, however, including related to the guardianship system, free speech, the protection of foreign workers, domestic violence and the death penalty.

    The 1982 basic law did not include guarantees of non-discrimination and gender equality.  Would this law be amended?  It was welcome that the State party had a national human rights institute, but it was not in line with the Paris Principles.  Would the State party make it fully independent?

    There were barriers to access to justice for women, including due to the guardianship system.  How many female judges were there in Saudi Arabia?  What measures were in place to ensure women could benefit from legal services?  Was there gender sensitive handling of cases?  Did the country plan to amend the 2017 law on the financing of terrorism and the anti-cybercrime law to bring them in line with international standards? Could the State party provide data on the women subjected to the death penalty?  Would the State party implement a moratorium on the death penalty?

    How many complaints of discrimination against women had been received by the national human rights institute. Could women leave care centres without the permission of their guardians?  Would the State party stop issuing the death penalty to women who acted in self-defence?

    Another Committee Expert said that the State party’s reservation to the Convention was counter to article 27 of the Vienna Convention.  Would the State party review this reservation?

    Responses by the Delegation

    The delegation said that the basic law was based on transparency and justice and instilled the virtue of equality between men and women.  The Convention was included in State legislation and relevant agencies had been tasked with implementing it.  Discrimination against women was prohibited in law and in practice.

    There were seven women judges, and the State party was encouraging women to become judges.  Access to justice was ensured for women on an equal footing with men. Women were allowed to access the judicial system in marriage and divorce matters.  Marriage documents were provided to both spouses.  An application had been developed that allowed the Ministry of Justice to share documents and rulings on court cases with women living in rural areas, giving them access to justice.

    The national human rights institute was independent in its activities and worked in step with the Paris Principles. It was not directly linked to the executive power.  Its members were well-trained in human rights.  It received complaints through a hotline, prepared annual reports on the situation of human rights in the country, and expressed opinions on draft and promulgated laws.  The complaints it received were referred to competent authorities as required.

    There were thousands of members of civil society advocating for women’s rights in Saudi Arabia in the press and through social media.  Such practices were guaranteed so long as they did not threaten the security of society. Imprisoned persons had committed criminal acts under the Kingdom’s legislation, including inciting hatred.

    Capital punishment was only imposed for the most serious crimes.  Death penalties were required to be reviewed in appellate courts by 13 judges.  The State party was developing databases on domestic workers to inform policies related to such workers.  There were only two domestic workers on death row in 2023 and one in 2024.  One of these women had killed a child by suffocation, another had killed another woman using acid, while a third had set fire to a man while he was sleeping.

    Saudi Arabia had the right to express reservations to the international treaties to which it was a party.  The reservation made at the time of ratification was precautionary but had not been an obstacle to the State’s fulfilment of its commitments under the Convention.

    Questions by Committee Experts 

    A Committee Expert said Saudi Arabia had taken positive steps for women, including by establishing the Council of Family Affairs and the Committee for Women under the Ministry of Resources, which all contributed to the empowerment of women.  Did the Council have sufficient status and budget?  What outcomes had been achieved by these bodies? The Government had included a budget for the empowerment of women within the national budget.  What achievements had been made through this budget?

    There had been reports of torture by authorities against women who protested the male guardianship system. These individuals were imprisoned for long periods and issued travel bans.  Did the State party plan to lift travel bans and other laws inhibiting the activities of women activists?

    Another Committee Expert welcomed initiatives for women within the Saudi Vision 2030.  The increase in women’s participation in the labour force showed the State’s efforts to promote the economic empowerment of women.  Did the State party plan to increase the representation of women within the Shura Council from the current 20 per cent? What quota was being debated? What steps had been taken to collaborate with civil society to implement temporary special measures to fulfil the rights of women?  Did the Saudi Vison 2030 include plans to appoint female judges and lawyers?  Did women have access to training that prepared them for high-level Government positions and positions in science and technology fields?

    Responses by the Delegation

    The delegation said that the Council of Family Affairs was established in 2016.  It was independent of the Government.  The Committee on Women included specialists and experts.  It revised policies and took initiatives to empower women in all sectors.  The State party had developed a “Strategy of Women” which sought to provide economic opportunities and training to enhance women’s participation in information and communication fields and increase the work-life balance for women.  The budget for the Council for 2023 was 49 million riyals, which guaranteed the sustainability of its programmes.  The Ministry of Finance was working to establish a coding system to determine the overall budget allocated for women.

    The Saudi Vision 2023 aimed to empower civil society, which effectively partnered with the Government.  Civil society organizations received complaints of abuse from women and conducted awareness raising on the rights of women and the Convention.  They had produced a shadow report to the Committee.

    There was no restriction on the freedom of movement of women, except when they had violated the law. Restrictions aimed to ensure the security of society and prevent the repetition of crimes.

    The national strategy for women aimed to increase opportunities for women in leadership positions.  There were programmes in place to improve the quality of life of Saudi women in all facets of life.  There were indicators in place on women’s representation in leadership positions in the 13 districts in the State.  There had been an improvement in women’s representation in high-level Government positions by around 30 per cent between 2019 and 2023, and a three-fold increase in their representation in high-level positions in the private sector. The Government aimed to reach gender parity in the Shura Council.

    Laws in the Kingdom underwent constant review, including laws on terrorism and capital punishment. Persons could not be punished for exercising their right to self-defence.  The “Qurra” programme promoted childcare for working women. Over 117,000 women had benefitted from childcare programmes.  The cost of transport had also been reduced for working women, and women’s choices for specialisation in university and vocational education had been expanded.

    The Saudi Vision 2030 included numerous programmes that sought to improve access to services for women, increase women’s participation in the labour market, and strengthen the empowerment of women.  In 2024, women’s participation in the labour market had increased to 37 per cent.  The Government was also supporting women’s participation in sporting and cultural programmes.

    Follow-Up Questions by Committee Experts 

    A Committee Expert asked how the State party monitored and evaluated policies for women.

    Another Committee Expert asked why the State party had many more female lawyers than judges.  Were there plans to appoint more female judges?

    NAHLA HAIDAR, Committee Expert and Rapporteur for Saudi Arabia, asked if there was a possibility to reopen cases of travel bans issued for women human rights defenders.

    ANA PELÁEZ NARVÁEZ, Committee Chair, asked about obstacles to introducing a moratorium on the death penalty.

    Responses by the Delegation

    The delegation said the Council of Family Affairs ensured that Government bodies were playing their roles regarding matters concerning families and women.

    The right to go before the judicial system was guaranteed for all individuals.  Legal aid was provided to individuals to appeal decisions such as travel bans.  There were plans to support increased appointments of women judges and magistrates. The judiciary was completely independent and could not be interfered with.  This ensured that trials were fair and that human rights were respected.

    Questions by Committee Experts 

    A Committee Expert asked if the State party would develop a national action plan on women, peace and security that called for women’s leadership in the field.  The Committee acknowledged the State’s efforts to promote ceasefire talks between warring parties in Sudan.  How many women had participated in these talks?

    The State party continued to entrust the protection of women to male guardians.  The guardianship system led to women being controlled by their guardians and being subjected to domestic violence.  When women left home without permission, guardians could compel them to return through the courts.  When would the Kingdom abolish male guardianship?  Would it accord women with the same legal capacity as men?  Would the State party ensure that the definition of rape in the upcoming Penal Code was based on affirmative consent, and that the Code addressed psychological violence?

    Saudi women were subjected to various forms of digital violence.  The potential weaponizing of the cybersecurity law could shrink the civil space for women human rights defenders.  How would the State party address these issues?

    One Committee Expert said Saudi Arabia had developed many measures to prevent trafficking in persons and support victims of trafficking.  The Expert welcomed efforts to harmonise legislation on trafficking with international standards.  However, domestic workers continued to lack sufficient legal protections, making them vulnerable to trafficking.  The State’s anti-trafficking hotlines were available in only two languages, limiting access for migrants.  Domestic workers also lacked labour law protections, leading to a high risk of forced labour.  Did the State party plan to increase the number of shelters for victims of human trafficking?  How did the State party ensure that all persons in migration shelters were assessed to determine if they were victims of trafficking, and how was it protecting domestic workers from trafficking and forced labour?

    Responses by the Delegation

    The delegation said Saudi Arabia was implementing the Security Council resolution on women, peace and security. Women were engaging in conflict resolution efforts and humanitarian activities.

    In 2017, a Royal Decree was adopted that stipulated that women did not need permission to obtain State services. This Decree made the guardianship system obsolete.  Women no longer needed permission to receive State services, including police services. Women could marry a person of their choice.  Husbands were not allowed to impose obedience on their wives; such actions were grounds for the dissolution of marriages.  Decisions on guardianship considered the opinions of mothers and medical professionals.

    The Kingdom had set up a national committee to combat trafficking in persons and a national action plan on combatting the phenomenon, and had established the crime of trafficking in persons.  The national action plan enhanced measures to identify and protect victims and prosecute perpetrators.  The State party was enhancing cooperation mechanisms with international organizations and civil society to combat the crime.  It was working to ensure migrant workers were aware of their rights and complaints procedures.  Around 141 persons had been convicted between 2020 and 2024 for trafficking, with sentences of up to 15 years imprisonment issued.  All migrant workers had the right to keep their passports and they could not be ordered to work for more than 10 hours per day.  In 2021, 76 victims of trafficking were identified, and 128 were identified in 2023.  Victims of trafficking were given priority access to justice.

    State legislation regulated the behaviour of people in cyberspace and protected children from online abuse. Last month, a national conference on the empowerment of women in cyberspace was held.

    Questions by Committee Experts

    A Committee Expert commended Saudi Arabia for leading the implementation of the Security Council resolution on women, peace and security.  What support would the State party give to women in developing countries to access digital technology?  Remnants of the guardianship system still lingered in the Kingdom.  How was the State party addressing these?

    ANA PELÁEZ NARVÁEZ, Committee Chair, said that male guardianship of minors and persons with disabilities continued.  When would the State party abolish the guardianship system for women with disabilities?

    One Committee Expert said that since 2016, Saudi Arabia had shown a great capacity to promote change for women, but violence and discrimination against women persisted.  Implementation of the 2018 law on harassment was thus essential.

    Another Committee Expert said that children born to Saudi women married to foreign men were not automatically granted Saudi nationality.  Did the State party plan to amend nationality legislation in this regard?  It was welcome that kindergarten education was free for foreign children; did they have access to higher education and free healthcare?  How many children born to Saudi mothers and foreign fathers had been granted nationality in the past 12 months?  Foreign mothers did not have the right to register the births of their children. Why was this?  Saudi Arabia hosted a large population of Bedouins who were not eligible for Saudi citizenship.  How was the State party strengthening protections for this population?

    Responses by the Delegation

    The delegation said the State party had launched several initiatives to promote women’s empowerment in the digital environment.  Forty thousand women had been trained in artificial intelligence and digital security.

    There were numerous non-governmental organizations working to detect cases of trafficking and providing shelters for victims of trafficking. 

    Guardianship was only implemented for certain persons with disabilities who could not make autonomous decisions, not for all persons with disabilities.

    Women were included in the Saudi team working to achieve a peaceful resolution to the conflict in Sudan.  A large percentage of the State’s diplomatic corps were women.  There was no maximum representation of women in the Shura Council.  The Government had taken measures to protect women refugees, providing them with shelter, and psychological and legal aid.  The Government was addressing all forms of violence against refugee women and girls and helping them to integrate into their community.  Around 292 projects had been developed for displaced persons around the world. Female aid workers were providing aid in disaster zones.

    Saudi legislation ensured that foreign citizens could receive Saudi nationality if they fulfilled certain conditions, such as mastering Arabic, and forfeiting their original nationality.  A decree was passed that granted the children of Saudi women married to foreigners with the same rights as Saudi children.  Non-nationals could receive education in the State’s higher education facilities.

    The State party and its national human rights institute had implemented awareness raising campaigns on domestic violence, as well as training programmes for civil servants and civil society on the Convention and on combatting gender-based violence and domestic violence.

    Questions by Committee Experts 

    One Committee Expert congratulated Saudi Arabia on making education free and mandatory for children up to 15 years. It was commendable that 98 per cent of women had received an education.  What temporary special measures had been put in place to ensure that girls had the same opportunities as boys to participate in sports and physical education?  Women made up 69 per cent of students in higher education, but this did not translate to their employment.  There was a disproportionate percentage of men in sectors such as engineering and construction.  Why was this?  How had temporary special measures been used to encourage women’s representation in the oil and gas sector?  How many girls had pursued education outside of the country without the permission of guardians compared to boys?  How many women held professorships in universities?

    A Committee Expert asked about barriers that remained regarding women’s labour participation and how they were being addressed.  How was the State party working to narrow the gender pay gap and encouraging women to pursue non-traditional career paths?  How were the national policy on equality in work and anti-discrimination laws being enforced?  How was the State party combatting workplace harassment against women?

    Women had the right to maternity leave with full pay for up to 10 weeks.  What challenges had the State party encountered in enforcing maternity leave, and were there plans to extend maternity leave to 14 weeks in line with international standards?  What steps had been taken to establish labour inspections and complaints mechanisms for domestic workers?  How did the State party ensure that domestic workers were not penalised when they reported abuse?  Did the State party intend to ratify International Labour Organization Convention 189 on domestic workers?

    Responses by the Delegation

    The delegation said Saudi Arabia was working to implement measures to ensure quality education for boys and girls. Forty per cent of scholarships were granted to girls to receive education in science and technology. Around 75 per cent of teachers were female.

    The State party had prohibited discrimination and harassment in the public and private sector workplaces and implemented a code of workplace behaviour to prevent discrimination. Workers could submit complaints regarding wage discrepancies to the Government.  Inspections were carried out to ensure that labour laws were being respected.  Sanctions were issued to companies that discriminated against women in terms of wages. 

    Migrant workers could change jobs without requiring consent from their former employers; the State party had abolished the kafala system.  National legislation on domestic work prohibited employing workers under 21 years of age, and forbade discrimination and breaches of the dignity of migrant workers. Abuse of domestic workers was a crime. A law had been implemented in 2024 to protect domestic workers from being penalised for reporting abuse. There were housing units that provided shelter, and psychological and medical support to migrant victims of abuse. Persons who came to these units were screened to ensure that they were not victims of trafficking.

    Vocational training had been provided to 15,000 women, which had led to a 25 per cent increase in the number of women in the labour market.  There was also a digital training programme in place, which around 1,000 women had benefited from.  The State party had recently extended maternal leave to 12 weeks with full pay and four weeks with partial pay.

    Questions by Committee Experts 

    One Committee Expert asked about the reasons for gaps in education and employment outcomes between boys and girls. Why did the oil and gas sector have the lowest inclusion rate of women of all sectors?

    Another Committee Expert welcomed amendments to legislation to include “women’s health” as a public service and to make maternity healthcare free.  Did the State party include a gender sensitive approach in mental health programmes?  Did women still require guardians’ permission to access certain health services, such as reproductive health services?  Did women have full autonomy in relation to their reproductive health rights? 

    Abortion was illegal in Saudi Arabia except in cases to save a woman’s life.  Male guardians’ approval was necessary to receive abortions.  Did the State party plan to increase the situations in which abortion was allowed, including in cases of rape, and to remove the requirement of permission from male guardians to receive abortions? Would it decriminalise abortion? There were reports that migrants found to have AIDS were immediately detained and deported.  How did the State party ensure that migrant women, including women with AIDS, had access to health care?

    A Committee Expert asked how the State party was combatting stereotypes related to women in the labour force. Over 3,000 women had received business licences over the reporting period.  How did this compare to the number of licences issued to men?  Were there microfinancing programmes in place for women-led small businesses?  What reforms were being made to the social insurance scheme to benefit women, and what was the timeline for reforms?  How was the State party encouraging women’s participation in sports?

    Responses by the Delegation

    The delegation said the Government provided comprehensive health care services to all citizens on an equal footing. Reproductive and maternal health services were available for women across the State.  Around 88 per cent of women visited health care centres before childbirth.  Permission was not required from legal guardians to receive health care services. Abortion could only take place for medical reasons and needed to take place before the 20th week of pregnancy.

    The State party provided comprehensive health care and health care insurance to all residents, including non-nationals.  Persons with HIV/AIDS were guaranteed the right to education, work and psychological counselling.  Medical centres were required to provide services to persons with HIV/AIDS.

    The State party’s social security system supported the cost of living.  The State was supporting access to low-rate bank loans for women. Mortgage loans for women with favourable conditions were also being offered.  There had been a large increase in beneficiaries of these loans over the past five years.

    Saudi Arabia had six female ambassadors and 204 female diplomats who held key posts in the Foreign Ministry. The share of female diplomats had increased to over 30 per cent of the foreign service in 2024.

    There were seven women presidents of sports federations, which had over 50,000 female members.  The number of sport clubs for women had increased by 37 per cent from 2018 to 2024.  Sports facilities had been constructed in 590 schools for boys and girls.  Women were being encouraged to become physical education teachers.

    Questions by Committee Experts 

    A Committee Expert asked about the number of medical practitioners who had been punished for performing illegal abortions over the reporting period.

    One Committee Expert welcomed legal reforms to eliminate barriers to education and employment for women with disabilities, and efforts to combat desertification and drought and support small-scale rural farmers.  Far fewer women were employed in agriculture compared to men.  How would the State party ensure women’s equal participation in agriculture and the blue economy, and boost women’s knowledge of agribusiness?

    Female migrant workers, refugees and asylum seekers continued to face arbitrary detention and other forms of abuse. How was the State party addressing this? Did it intend to ratify the 1951 Refugee Convention?

    The Committee welcomed the State party’s initiatives to combat climate change.  Saudi Arabia regularly faced heatwaves and the adverse effects of climate change, which disproportionately affected marginalised women.  How were these women involved in climate change mitigation strategies and decision making on risk management?

    Another Committee Expert said that many public and private institutions continued to demand the permission of guardians without consequences.  Did the State party plan to impose sanctions for such actions?  Were there plans to provide training to officials on legislation on the provision of services?  What were the exceptional cases in which child marriage was allowed?  What awareness raising campaigns were in place regarding child marriage?  Men received a higher portion of inheritance than women.  Did the State party plan to amend legislation to provide women with equal access to inheritance?

    Many husbands reportedly prevented their wives from participating in work or education.  Muslim women could only marry Muslim men, but Muslim men could marry women of other faiths.  Women did not have the right to unilaterally end a marriage.  After divorces, the custody of children was automatically granted to women until the children reached age 15, but men retained guardianship of the children.  What measures were in place to provide equal marriage and divorce rights to women?

    A Committee Expert cited reports of Saudi women who sought asylum in other countries being intercepted by the Government.  Could the State party comment on these reports?

    Responses by the Delegation

    The delegation said rural women helped Saudi Arabia to achieve sustainable development.  The State party had implemented a programme that supported women farmers to access land and training without discrimination.  In 2022, there were 57,000 beneficiaries of the programme, 63 per cent of whom were women.

    The Kingdom provided humanitarian aid to refugees, helping them to access passports, health services, education, care and assistance.  It also guaranteed their freedom of movement.  The competent Saudi authorities were considering the possibility of ratifying the 1951 Refugee Convention.  The State party had responded to the individual cases brought to it by United Nations bodies regarding asylum seekers through written responses published on a Government website.

    Civil society organizations and the national human rights institute provided avenues for women to lodge complaints related to direct and indirect discrimination.  Saudi Arabia planned to develop its statistics on women and had created the National Observatory on Women towards this aim.

    Inheritance was regulated by the personal status law, which was based on the Islamic Sharia.  There were more than 30 situations in which inheritance was equal for women and men.  The Personal Status Code did not contain provisions that suppressed the rights of women. It promoted women’s rights and the best interests of the child

    Concluding Remarks 

    HALA MAZYAD ALTUWAIGRI, President of the Human Rights Commission of Saudi Arabia and head of the delegation, said the recommendations provided by the Committee would be heeded by Saudi Arabia and followed up on by the dedicated Standing Committee.  The Government was determined to take all measures necessary to fulfil women’s rights and eliminate discrimination of women, in cooperation with all relevant international bodies, including the Committee.

    ANA PELÁEZ NARVÁEZ, Committee Chair, said the dialogue had allowed the Committee to better understand the situation of women and girls in Saudi Arabia.  The Committee commended the State party for its efforts and encouraged it to take all necessary measures to better implement the Convention for the benefit of all women and girls in the country.  The Committee would select measures for immediate follow-up and called on the State party to report on the implementation of these measures within the required period.

     

     

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

     

    CEDAW24.024E

    MIL OSI United Nations News

  • MIL-OSI: Climb Global Solutions Sets Third Quarter 2024 Conference Call for October 31, 2024 at 8:30 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    EATONTOWN, N.J., Oct. 08, 2024 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb” or the “Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, will host a conference call on Thursday, October 31, 2024 at 8:30 a.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2024. The Company’s results will be reported in a press release prior to the call.

    Climb’s management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing CLMB@elevate-ir.com.

    Date: Thursday, October 31, 2024
    Time: 8:30 a.m. Eastern time
    Toll-free dial-in number: (800) 274-8461
    International dial-in number: (203) 518-9814
    Conference ID: CLIMB
    Webcast: Climb’s Q3 2024 Conference Call

    If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

    The conference call will also be available for replay on the investor relations section of the Company’s website at http://www.climbglobalsolutions.com.

    About Climb Global Solutions

    Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

    Additional information can be found by visiting http://www.climbglobalsolutions.com.

    Company Contact

    Drew Clark
    Chief Financial Officer
    (732) 389-0932
    Drew@ClimbGS.com

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    (720) 330-2829
    CLMB@elevate-ir.com

    The MIL Network

  • MIL-OSI: BigCommerce to Announce Third Quarter 2024 Financial Results on November 7, 2024

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Oct. 08, 2024 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (“BigCommerce”) (Nasdaq: BIGC), an open SaaS, composable ecommerce platform for fast-growing and established B2C and B2B brands and retailers, today announced it will report its financial results for the third quarter ended September 30, 2024, before market open on Thursday, November 7, 2024.

    The financial results and business highlights will be discussed on a conference call and webcast scheduled at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, November 7, 2024. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “BigCommerce conference call.” The live webcast of the conference call can be accessed from BigCommerce’s investor relations website at http://investors.bigcommerce.com.

    Following the completion of the call through 11:59 p.m. ET on Thursday, November 14, 2024, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 1719588. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

    About BigCommerce

    BigCommerce is a leading open SaaS and composable ecommerce platform that empowers brands and retailers of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated enterprise-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Burrow, Coldwater Creek, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit http://www.bigcommerce.com or follow us on X and LinkedIn.

    BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.

    The MIL Network

  • MIL-OSI USA: Joseph Franklin: The iron-willed leader

    Source: US International Brotherhood of Boilermakers

    Joseph Franklin’s 36-year tenure as International President (1908-1944) stands as a demonstration of unwavering leadership during some of the most turbulent periods in United States history. From the Great Depression to wartime chaos, Franklin’s leadership was characterized by resilience, adaptability and an unyielding commitment to the union and its members.

    When members voted for Franklin as president in 1908, the Brotherhood was facing existential threats. Membership and income had plummeted to the point where many doubted the union’s survival. Yet, under his leadership, the Brotherhood not only survived but thrived, weathering economic downturns, wars and shifting industries. His tenure saw the Brotherhood’s transformation from a primarily railroad union to a shipbuilders’ union during WWI, back to a railroad union in the interwar years, and again to shipbuilding during WWII.

    Born in 1868, Franklin’s early life was marked by hardship. His father died when Franklin was only six years old, and his formal education was brief. He entered the boilermaker trade in 1892. Seven years later, he joined the Boilermakers, becoming one of the charter members of Local 221 in Pittsburg, Kansas. His rise to the highest office was swift. By 1906, he was elected first International Vice President, and just two years later, members elected him International President.

    Franklin’s leadership style was shaped by his own experiences as a young man who’d been blacklisted for union activities. This experience instilled in him an intense determination to protect and advance the union and defend the working class. His efforts to improve conditions for Boilermakers extended beyond the union. In 1908, he was a key figure in founding the Railroad Employees Department, and in 1912, he co-founded the Federations of Railway Employees, which later became part of the AFL’s Railway Employees Department.

    Franklin’s influence also reached the highest levels of government. In 1918, President Woodrow Wilson appointed him assistant director of labor for the United States Railroad Administration. This role, which he held until the agency’s dissolution in 1920, demonstrated his ability to navigate both labor and management.

    One of Franklin’s most significant contributions was his focus on ensuring the union’s financial stability. In 1914, he convinced convention delegates to establish a fund to purchase a headquarters building. Four years later, he was instrumental in founding the Brotherhood Bank, where he served as the first board chairman. These institutions proved crucial during the Great Depression, when membership shrank, and many banks failed.

    His commitment to the Boilermakers earned him the unwavering loyalty of members, and his steadfast commitment to organizing and recruiting kept the union solvent and thriving throughout many turbulent years.

    Franklin passed away in Kansas City on Feb. 18, 1948, at the age of 79. His legacy as a leader who never compromised his principles remains today. His successor, Charles MacGowan, eulogized him as “a man, rugged and wholesome but noble and lovable. The dominant urge in his whole being was to render a full measure of service to the cause in which he had dedicated even life itself.”

    MIL OSI USA News

  • MIL-OSI New Zealand: Eke Panuku Development Auckland directors appointed

    Source: Auckland Council

    Auckland Council has appointed Brett Ellison and Aaron Hockly as directors of Eke Panuku Development Auckland.

    The council sought candidates with experience in the property industry relevant to the governance of Eke Panuku, experience in driving outcomes from board level and the ability to work in regulatory frameworks. Council also sought candidates who would bring expertise in iwi relationships, understanding of Te Ao Māori and tikanga Māori, legal expertise and experience of health and safety.

    Councillor Greg Sayers chaired the selection panel and welcomes the appointments.

    “I am pleased to welcome Mr Ellison and Mr Hockly to the Auckland Council whanau as two seasoned property professionals with the leadership skills and experience to provide real strength to the Eke Panuku board. They each bring a set of skills that will complement the existing board members and support the good governance of this organisation, with Mr Ellison providing the board with a strong Māori perspective and Mr Hockly bringing legal expertise,” says Cr Sayers.

    The appointment was approved by the Performance and Appointments Committee on 24 September. The committee is responsible for all appointments to the boards of council-controlled organisations, in accordance with the council’s Appointment and Remuneration Policy for Board Members and the Local Government Act.

    About Brett Ellison

    Brett is an experienced executive across the iwi commercial sector, having spent over 10 years in senior roles across the Ngāi Tahu Holdings Group and Te Rūnanga o Ngāi Tahu – focusing on their seafood and property sector, and Crown relationships and Settlement rights. He was formerly the GM for Business Development at Ngāi Tahu Property which has played a key role in the urban development of Christchurch.

    Brett is an Investment Manager with Koau Capital Partners and supports the property activity of various iwi, and acts as investment manager for the Hāpai property collective – an iwi owned and governed property vehicle with a focus across the commercial, development and housing sectors.

    Born and bred at Ōtākou, and a graduate (BA, MA) of the University of Otago, Brett has been a director on Rangitāne Holdings, and chairs Te Rūnaka Ōtākou Ltd.

    About Aaron Hockly

    Aaron Hockly has over 20 years’ experience in financial services, property and law and currently heads up the NZX-listed, Vital Healthcare Property Trust, which owns hospitals and other healthcare facilities across New Zealand and Australia valued at ~$3.2 billion. Originally from New Zealand, Aaron spent 17 years in the UK and Australia until returning in 2018. He was Chief Operating Officer for a large ASX listed property group for ~10 years where he was responsible for strategy, major transactions and investor relations.

    Among other qualifications, Aaron has a Masters in Applied Finance and a Bachelor of Arts and Bachelor of Laws from the University of Auckland. He is a Fellow of both Governance New Zealand and the Financial Services Institute of Australasia (FINSIA), a Chartered Member of the Institute of Directors (NZ) and a member of INFINZ.

    Aaron has served on the boards of several charities in both New Zealand and Australia and is currently a member of the Auckland Urban Design Panel.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Careers and Surveys – Have Kiwis lost their ambition? Only 11% consider career progression a priority

    Source: Robert Walters

    Only 11% of professionals consider career progression a top priority in their professional lives  

    Higher level job ads remaining vacant for over a year, as candidates want fewer responsibilities  

    47% say work-life balance is top priority when considering a new job  

    32% of new managers feel unsupported, 26% experience imposter syndrome and 20% feel overwhelmed and overworked  

    Recent research by recruitment specialists, Robert Walters, reveals that only 11% of professionals consider career progression as a top priority in their professional lives.

    When respondents were asked about the most appealing aspect of career progression, 47% emphasised the importance of work-life balance. Additionally, 29% expressed a preference for increased learning opportunities, while 21% highlighted promotions and job title changes. Just 4% cited increased responsibilities as a key factor.  

    The study further highlights the significance of work-life balance, with 43% of job seekers considering it the primary deciding factor when evaluating new job opportunities. In comparison, 22% prioritise a competitive salary, 19% focus on company culture, and just 17% prioritise career growth opportunities.  

    These findings coincide with the observation made by Robert Walters that candidates are increasingly seeking lower-level roles over management positions. Moreover, higher level positions are remaining vacant for extended periods, up to over a year, with potential candidates expressing concerns over the excessive responsibilities associated with these positions.  

    Work-life balance takes centre stage

    Jane Lowney, Senior Director at Robert Walters also mentioned that the current workforce, especially among Gen Z, is more driven by work-life balance. The increased demand for managers to handle remote work and other factors such as office culture has significantly increased the pressure and responsibilities associated with management roles, stressing that there has been a noticeable shift in the mindset of professionals when it comes to career advancement.  

    Jane said, “less individuals are interested in ‘climbing the corporate ladder’ as they question the value of management positions and the additional responsibilities they entail. Salary no longer comes first, work-life balance is now the priority, so people are hesitant about taking on more responsibilities. This trend could be concerning when we think about the potential consequences on retention of teams and the need to attract leaders over time.”  

    Manager roles have evolved

    Further research from the recruitment experts also emphasises the necessity for increased support for newly promoted managers. Among 2,000 managers surveyed, 32% admitted to feeling lacking in support, while 26% confessed to experiencing imposter syndrome. Additionally, 20% expressed feelings of being overwhelmed and overworked.  in their managerial roles. Only 22% reported feeling empowered and adequately supported in their positions.  

    Jane further explains the evolving role of managers in today’s world. “Previously, managers focused primarily on motivating employees and ensuring productivity. However, in the modern workforce, managers are expected to take on several additional responsibilities such as cultivating team culture and inclusivity, driving digital and AI adoption as well as identifying mental health struggles among team members, and effectively communicate challenging news such as delayed promotions or stagnant pay raises.”  

    Jane emphasised that it is essential to provide comprehensive training to equip managers with the skills necessary to navigate the complexities of the modern workforce. Current training protocols must be revised to align with the ever-changing demands of the workforce, acknowledging the need for ongoing support and development for newly appointed managers.  

    Case Study

    Gen Z top biller Maddy Shelest, Principal Consultant at Robert Walters was recently given a promotion from managing consultant to manager. However, she quickly realised that she was happier with fewer managerial responsibilities. After only 6 months in the new role, she made the decision to sidestep into an individual contributor role.    

    Maddy said, “Ensuring a healthy work-life balance is a top priority for me, and I already observed a change in this aspect in the few weeks I was a manager. I found myself carrying work-related concerns home, which wasn’t as much of a problem when I was in a lower position. I soon realised that this added stress wasn’t worth it, so I quickly made the decision to step down. I believe that the conventional career path no longer resonates with the modern workforce. People have learnt how to say no and feel more comfortable deviating from traditional routes of career progression.”  

    Maddy also highlighted the new complexities of the modern workforce, saying “todays managers have added responsibilities regarding mental health and the need to manage remote work. Being a manager isn’t the same as it might have been 10 years ago.”  

    She also emphasised that as a young manager, being only 25 when she was promoted, she faced challenges in establishing boundaries between her friendships and her role as a manager. She said, “Being friends with my team members before I became their manager made me feel somewhat uncomfortable. There’s such an expectation to be the ‘cool’ manager, which made it difficult for me to transition from being their friend to managing them. I also think my age posed difficulties in providing guidance in certain situations. For instance, at 25, I was going through similar experiences as my team members and dealing with my own challenges, so it was difficult for me as a 25-year-old to offer advice to other individuals of the same age.”  

    Maddy said the decision was also influenced by the nature of the billing industry, which already places a high workload and pressure on individuals. She said, “Adding the additional pressures of management on top of billing responsibilities and expectations was not something I wanted to take on. When I was a manager, I noticed my billings went down. It was high stress, low reward. I prefer to focus on maximising my billing potential and did not want to divert my energy and time towards the complexities of managing people.”  

    To keep up with the evolving workforce, organisations need to adapt their training and support programs for new managers. It is evident that the role of managers has undergone significant changes, and as such, their training should be updated accordingly. Additionally, employee priorities have shifted, with a greater emphasis on time outside of work and work-life balance, especially in the post-Covid era. With the introduction of Gen Z into the workforce, it is imperative for organisations to take steps to make manager positions more appealing to this generation.

    About Robert Walters:    

    Robert Walters is one of the world’s leading specialist professional recruitment consultancies with a global presence spanning 31 countries. The New Zealand business recruits across the fields of accounting & finance, property, general management, human resources, information technology, legal, risk management, compliance & audit, sales, marketing & communications, secretarial & business support and supply chain & procurement.   

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: New Zealand Climate Change Ambassador appointed

    Source: New Zealand Government

    Climate Change Minister Simon Watts has announced the appointment of Stuart Horne as New Zealand’s Climate Change Ambassador.

    “I am pleased to welcome someone of Stuart’s calibre to this important role, given his expertise in foreign policy, trade, and economics, along with strong business connections,” Mr Watts says.

    “Stuart’s understanding of the transition to a net-zero economy will be a huge asset, with climate change becoming a more central focus to strengthening New Zealand’s relationships with key counterparts. His expertise will be beneficial in supporting New Zealand’s economic, trade, and climate goals.”

    Mr Horne is the Divisional Manager of the Ministry of Foreign Affairs and Trade’s Economic Division. He is a senior diplomat who has previously led the Ministry’s Middle East and African Division and served as New Zealand’s Special Coordinator to the Small Island Developing States Conference in 2014. Mr Horne has undertaken overseas postings in Samoa and Brussels.

    Mr Horne holds a Bachelor of Arts and Bachelor of Laws (Hons) from the University of Otago. He will take up his new, Wellington-based role effective immediately, replacing Kay Harrison. 

    MIL OSI New Zealand News

  • MIL-OSI: Element to Announce Q3 2024 Results and Host Conference Call on November 14, 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 08, 2024 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX: EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, will hold its Q3 2024 results conference call and webcast for investors and analysts on Thursday, November 14, 2024 at 8:00 a.m. Eastern Time. Element’s financial results for the period will be issued after market close on Wednesday, November 13, 2024 and will be available on the Company’s website at elementfleet.com/investor-relations/public-disclosures.

    The conference call and webcast can be accessed as follows:

    Call Date: Thursday, November 14, 2024
    Call Time: 8:00 a.m. (Eastern Time)

    Webcast:   http://www.elementfleet.com/thirdquarter2024 
    Telephone:   Click here to join the call most efficiently,
    or dial one of the following numbers to speak with an operator:
      Canada/USA toll-free: 1-844-763-8274
      International: +1-647-484-8814

    The webcast will be available on the Company’s website for three months thereafter. A taped recording of the conference call may be accessed through December 14, 2024 by dialing 1-855-669-9658 (Canada Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 8023973.

    About Element Fleet Management Corp.

    Element Fleet Management (TSX: EFN) is the largest publicly traded, pure-play automotive fleet manager in the world, providing the full range of fleet services and solutions to a growing base of loyal, world-class clients – corporations, governments, and not-for-profits – across North America, Australia, and New Zealand. Element’s services address every aspect of clients’ fleet requirements, from vehicle acquisition, maintenance, accidents and remarketing, to integrating EVs and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce fleet operating costs and improve productivity and performance. For more information, visit elementfleet.com/investor-relations.

    The MIL Network

  • MIL-OSI USA: Be Alert to Fraud After Tropical Storm Helene

    Source: US Federal Emergency Management Agency

    Headline: Be Alert to Fraud After Tropical Storm Helene

    Be Alert to Fraud After Tropical Storm Helene

    ATLANTA — Tennesseans should be aware that con artists and criminals may try to obtain money or steal personal information through fraud or identity theft after Tropical Storm Helene. In some cases, thieves try to apply for FEMA assistance using names, addresses and Social Security numbers they have stolen from people affected by the disaster.

    If a FEMA inspector comes to your home and you did not submit a FEMA application, your information may have been used without your knowledge to create a FEMA application. If this happens, please inform the inspector that you did not apply for FEMA assistance so they can submit a request to stop further processing of the application. 

    If you did not apply for assistance but you received a letter from FEMA, please call the FEMA Helpline at 800-621-3362. Helpline specialists will submit a request to stop further processing of that application.

    If you do want to apply for FEMA assistance after stopping an application made in your name without your knowledge, helpline specialists will assist you in creating a new application.

    Scams

    FEMA Disaster Survivor Assistance teams, housing inspectors and other officials will be working in areas impacted by Tropical Storm Helene. They carry official photo identification badges. FEMA representatives never charge applicants for disaster assistance, inspections or help in filling out applications. Their services are free.

    Don’t believe anyone who promises a disaster grant in return for payment. 

    Don’t give your banking information to a person claiming to be a FEMA housing inspector. FEMA inspectors are never authorized to collect your personal financial information. 

    If you believe you are the victim of a scam or price gouging, or you want to report a person or company for disaster relief scams or price gouging, immediately contact your local police or sheriff’s department. You may also report it to the Tennessee Division of Consumer Affairs by calling 615-741-4737; or go online and file a fraud complaint at TN Division of Consumer Affairs. 

    If you have knowledge of fraud, waste or abuse, you can report these tips – 24 hours a day, seven days a week – to the FEMA Disaster Fraud Hotline at 866-720-5721. You can also email StopFEMAFraud@fema.dhs.gov to report a tip.

    For the latest information about Tennessee’s Tropical Storm Helene recovery, visit fema.gov/disaster/4832. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.

    sandra.habib

    MIL OSI USA News

  • MIL-OSI USA: Project to Protect Hudson River Water Quality Complete

    Source: US State of New York

    Governor Kathy Hochul today announced the completion of the City of Newburgh’s North Interceptor Sewer Improvement Project, crucial to protecting the water quality of the Hudson River and increasing storm resiliency. It’s the first clean water infrastructure construction project in New York State completed with funding in part from the federal Bipartisan Infrastructure Law. The more than $31 million project was funded by State and federal investments, including $28 million in grants and $3 million in interest-free financing. Under the leadership of Governor Hochul, New York State continues to get the federal funding out the door equitably and efficiently to help communities undertake and complete critical wastewater and drinking water projects, minimizing the financial impact on local ratepayers.

    “Combined with our state’s unprecedented clean water investments, funding from the Bipartisan Infrastructure Law provides a crucial opportunity to make significant environmental improvements that will protect public health across the state for generations to come,” Governor Hochul said. “These upgrades are vital to protecting the environment and enhancing quality of life in Newburgh, and my administration will continue to work hard to get funding out the door to help communities undertake and complete critical projects, and to do so as affordably as possible.”

    In addition to $6 million in federal grants and interest-free financing from the BIL, the project received $15 million in state grants from the Water Quality Improvement Project and Water Infrastructure Improvement programs, a $5 million grant from the Clean Water State Revolving Fund, a $3 million federal Community Grant, and a $2 million grant from the federal American Rescue Plan Act.

    The significant state and federal investments supported construction of 8,700 linear feet of new, larger sewer pipes and other crucial upgrades to strengthen the city’s ability to withstand high water events and reduce pollution in the Hudson River. Innovative microtunneling techniques were used to install over 2,000 linear feet of underground sewer pipeline, reducing disruption for community residents and expediting construction. The new, larger pipes are increasing system capacity and reducing pollution discharged to the Hudson River by diverting more flows to the city’s treatment plant during wet weather events.

    The federal funding is administered through the State Revolving Funds by the New York State Environmental Facilities Corporation (EFC) in coordination with the Departments of Environmental Conservation and Health. EFC closed on $96 million in federal funding for eight projects as part of a record $2.2 billion investment in clean water infrastructure in State Fiscal Year 2024.

    EFC President & CEO Maureen A. Coleman said, “Under Governor Hochul’s leadership, EFC is committed to working with local communities to safeguard water quality throughout New York State, making record investments to protect public health and the environment while ensuring these projects are affordable. EFC’s ongoing partnership with the City of Newburgh to complete critical wastewater upgrades is helping to make marked improvements in the water quality of the Hudson River, saving an estimated $24 million for local ratepayers.

    DEC Interim Commissioner Sean Mahar said, “Completion of the city of Newburgh’s $31 million sewer improvement project will have a lasting positive impact for local residents and the health of the Hudson River. Thanks to Governor Hochul’s sustained and generational investments in water quality bolstered by funding from the Biden-Harris Administration’s Bipartisan Infrastructure Law, the major upgrades to clean water infrastructure completed today will enhance community storm resiliency while reducing pollution, benefitting the entire region.”

    Senate Majority Leader Charles Schumer said, “I fought hard to pass the Bipartisan Infrastructure & Jobs law to help fund projects like the vital North Interceptor Sewer Improvement Project in Newburgh, which will install modern sewer pipes to increase protection against storms and help keep the Hudson River clean. For years, I’ve worked with the City of Newburgh, Riverkeeper, the Newburgh Clean Water Project, and other local advocates to improve Newburgh’s water infrastructure to make our beloved Newburgh neighborhoods healthier and safer places to live and work. I thank Governor Hochul for her work using federal funds to complete the first clean water infrastructure project in New York with support from the Bipartisan Infrastructure & Jobs Law, and will continue fighting to deliver funding to support our Hudson Valley communities.”

    EPA Regional Administrator Lisa F. Garcia said, “Right here in Newburgh, the Biden- Harris Administration has delivered on its promise to invest in the health, equity and resilience of communities across the nation to address the generational challenge of combined sewer overflows. When we invest in wastewater infrastructure, we not only invest in the health of a beloved natural resource like the Hudson River but also in the community members who live along its banks. Congratulations to Newburgh for being the first in New York State to complete a clean water project funded under the Bipartisan Infrastructure Law. This is an exciting milestone and just the first of many success stories here in New York.”

    Senator Kirsten Gillibrand said, “Clean water should be accessible to all Americans regardless of where they live. High-quality wastewater systems are vital to protect the environment and public health, and I am grateful to see federal funding being used to upgrade this critical infrastructure. I worked hard to help pass the Bipartisan Infrastructure Law, and I am proud that funding from this historic legislation is already making a difference for communities in New York.”

    Representative Pat Ryan said, “Clean water is vital for our families’ health and for our environment to thrive. I’m proud that this project, fueled by landmark investments from the historic Bipartisan Infrastructure Law, marks a new chapter for Newburgh families by delivering cleaner water today and for generations to come. I’ll keep working to bring more of these monumental federal investments home and keep fighting for the clean water every Hudson Valley family deserves.”

    Assemblymember Jonathan Jacobson said, “Congratulations to the City of Newburgh for completing this monumental environmental project in record time — 2 ½ years. This project has stopped 56 MILLION gallons of raw sewage from being dumped into the Hudson River. Newburgh took advantage of a once-in-a-lifetime opportunity through funding from the Federal Bipartisan Infrastructure Act, the American Rescue Plan, and the State. More than half of the funding came from New York State — $15 million. This vital project was completed at minimal cost to Newburgh taxpayers. Thank you to the hard-working union members and my partners in State government, including Governor Kathy Hochul, as well as Federal government and local officials, for getting this project over the finish line.”

    Mayor of Newburgh Torrance R. Harvey said, “Governor Hochul understands the policy imperative of hardening municipal infrastructure to combat the effects of climate change, and the moral obligation of stewardship for our vital natural resources. Governor Hochul’s administration efficiently and effectively delivered state and federal funding from the Biden-Harris Administration’s Bipartisan Infrastructure Law directly to the City of Newburgh for this transformative clean water project that will benefit all Hudson River communities. The City of Newburgh is forever grateful to Governor Hochul for her leadership and commitment to the health of our residents, and to all residents of the Hudson Valley.”

    Riverkeeper Senior Director of Advocacy, Policy, and Planning Dan Shapley said, “Riverkeeper has advocated for more than 50 years to stop pollution in the Hudson. As communities up and down the river make investments to eliminate overflows from water treatment infrastructure that combines sewage and stormwater, this project means we’ll get to enjoy cleaner water. That’s good for all the life that relies on the Hudson, including us humans. Already most of the river is safe for swimming, most of the time – and this project will help open more opportunities for safe recreation in the future. We want to thank Newburgh, as well as the state and federal leaders who have made funding available for projects like these. As we move toward the next legislative session in Albany, Riverkeeper will be advocating for continued commitments to the Clean Water Infrastructure Act and Environmental Protection Fund so that communities can continue to make these kinds of improvements.”

    New York’s Commitment to Water Quality
    New York State continues to increase its nation-leading investments in water infrastructure, including more than $2.2 billion in financial assistance from EFC for local water infrastructure projects in State Fiscal Year 2024 alone. With $500 million allocated for clean water infrastructure in the FY25 Enacted Budget announced by Governor Hochul, New York will have invested a total of $5.5 billion in water infrastructure between 2017 and this year. Governor Hochul’s State of the State initiatives are helping to ensure ongoing coordination with local governments and ensure communities can leverage these investments. The Governor increased WIIA grants for wastewater projects from 25 to 50 percent of net eligible project costs for smaller, disadvantaged communities. The Governor also expanded EFC’s Community Assistance Teams to help small, rural and disadvantaged communities leverage this funding and address their clean water infrastructure needs. Any community that needs help with its water infrastructure is encouraged to contact EFC.

    The funding, in addition to other substantial water quality investments, includes the voter-approved $4.2 billion Clean Water, Clean Air and Green Jobs Environmental Bond Act of 2022 which is advancing historic levels of funding to update aging water infrastructure and protect water quality, strengthen communities’ ability to withstand severe storms and flooding, reduce air pollution and lower climate-altering emissions, restore habitats; and preserve outdoor spaces and local farms. The first round of funding under the Environmental Bond Act was awarded through the WIIA/IMG programs in December, when Governor Hochul announced $479 million in grants to 156 projects across New York State, including $309 million made available to disadvantaged communities. Disadvantaged Communities will receive at least 35 percent of the benefits of Bond Act funding, with a goal of 40 percent.

    MIL OSI USA News

  • MIL-OSI New Zealand: Innovative solution gives hope for migratory fish at Wairewa/Lake Forsyth

    Source: Environment Canterbury Regional Council

    Ko Awa Ika o Wairewa is an innovative take on a conventional fish pass; an apparatus designed principally by Wayne Alexander to connect the lake to the Pacific Ocean 24/7. Effectively a long box anchored to the seabed, this highly engineered equipment represents several years of meticulous planning.

    With designs now completed, the next major steps will be consenting and securing funding for construction. The apparatus can be turned off and on and could be replicated in other areas with similar problems.

    “We’ve already lost 80-90 per cent of the tuna population in the northern hemisphere,” Robin said.

    “In Aotearoa, we could be facing the same situation. Losing these taonga species is not something we’re willing to accept.

    “We’re extremely grateful for the commitment of Canterbury Regional Council (Environment Canterbury) and Christchurch City Council for their support and for considering unique and innovative solutions to crucial issues.”

    History of success in iwi-led innovation

    Civil engineering innovation is no stranger to Wairewa, with the Rūnanga already investing significantly in the development of an outlet canal, bridge and groyne as a more effective method of lake-level management and to prevent widescale flooding.

    Compared to the traditional method of a direct cut opening the lake to the ocean, the infrastructure enables control over the lake levels and prevents saltwater from entering the lake when it is open, mitigating issues like algal blooms.

    Since it was put in place 15 years ago, water quality continues to track in a positive direction. Cyno-toxic algal blooms have decreased by 99.6 per cent and macrophyte beds (aquatic plants) are flourishing, providing habitat, oxygen and food sources for fish, invertebrates and wildlife.

    “We’re always trying to be on the front of the waka in terms of our lake knowledge,” Robin said. “We believe Te Roto o Wairewa is the only low-land lake in the country that has been able to reverse this level of decline.”

    Funding support available for fish passage initiatives

    The Fish Habitat Fund is an initiative to address site-specific issues that threaten native fish populations and provide financial support towards remediating these issues. Up to $100,000 per year is available for projects that support general fish passage, any threatened/at risk freshwater fish species, increasing resilience of native fish strongholds in the face of climate change.

    Find out more about managing instream structures on your land

    MIL OSI New Zealand News

  • MIL-OSI USA: FACT SHEET: UPDATE: Biden-⁠ Harris Administration Continues Life-Saving Preparations for Hurricane  Milton

    US Senate News:

    Source: The White House
    The Biden-Harris Administration continues to mobilize a whole-of-government effort to prepare for the impacts of Hurricane Milton, including pre-positioning resources and personnel and expediting debris removal efforts in Florida. These actions supplement the ongoing response and recovery efforts to the impacts of Hurricane Helene across the Southeast and Appalachia.
    Today, President Biden was briefed by members of his Administration who are driving preparations for Hurricane Milton and recovery efforts for Hurricane Helene. The President directed his team to do everything possible to save lives and help communities before, during, and after these extreme weather events.
    The President urges everyone to be aware of the evacuation orders that are in effect in multiple Florida counties. Shelters are open, and evacuation assistance is available. If you are told to evacuate, do so immediately for your safety and that of your loved ones. If you need a safe place to go nearby, text SHELTER & your zip code to 43362 to get a list of open shelters near you.
    Yesterday, President Biden had calls with Florida Governor Ron DeSantis and Tampa Mayor Jane Castor to get firsthand reports on recovery efforts for Hurricane Helene and to discuss preparations for Hurricane Milton. The President also spoke with National Weather Service Director Ken Graham, who briefed the President in detail on the forecast and expected impacts of Hurricane Milton for the State of Florida. 
    At the direction of President Biden, FEMA Administrator Deanne Criswell was on the ground in Tampa, Florida, yesterday, where she met with local leaders to coordinate preparations ahead of Milton’s landfall.
    Yesterday, President Biden quickly approved the Governor of Florida’s request for a pre-landfall emergency declaration. Under an emergency declaration, FEMA provides direct Federal support to states for life-saving activities and other emergency protective measures, such as evacuation, sheltering, and search and rescue. Earlier today, the President also approved an emergency declaration request from the Chairman of the Seminole Tribe of Florida.
    The Administration has been in touch with officials from the State of Florida, as well as more than 60 local officials in cities and counties along the likely path of impact, to ensure needs are met in advance of the storm. The Administration has also been in touch with officials from the Seminole and Miccosukee Tribes. The Administration has also reached out to state officials in South Carolina and Georgia and will continue outreach efforts based on Hurricane Milton’s latest trajectory.
    FEMA has sufficient funding to both support the response to Hurricane Milton and continue to support the ongoing response to and recovery from Hurricane Helene– including funding to support first responders and provide immediate assistance to disaster survivors.
    Additional updates include:
    Pre-Staging Personnel and Resources
    FEMA is pre-staging a full slate of response capabilities in Florida and the region, including seven FEMA Incident Management Assistance Teams, eight FEMA Urban Search & Rescue and swift water rescue teams, three U.S. Coast Guard Swift Water Rescue teams, four Health Care System Assessment Teams, five Disaster Medical Assistance Teams and an Incident Management Team from the U.S. Department of Health and Human Services.
    Additional pre-staged capabilities include U.S Army Corps of Engineers temporary power teams, debris experts and a roofing team, U.S. Environmental Protection Agency debris removal and wastewater experts, and 300 ambulances. In addition, the U.S. Department of Defense is posturing and staging forces to support FEMA and state partners including helicopters for search-and-rescue operations and to enable movement of personnel, equipment and commodities; and High Water Vehicles.  
    FEMA has five incident staging bases with commodities including food and water. Right now, FEMA currently has 20 million meals and 40 million liters of water in the pipeline to deploy as needed to address ongoing Helene and Milton response efforts and can expand as needed.
    Protecting Public Health and Health Care Systems
    Today, U.S. Department of Health and Human Services (HHS) Secretary Xavier Becerra declared a Public Health Emergency for Florida to address the health impacts of Hurricane Milton, the second public health emergency declaration for the state to aid in a hurricane response within the past two weeks.
    The Department’s Administration for Strategic Preparedness and Response (ASPR) pre-positioned approximately 100 responders in Atlanta along with medical equipment and supplies to support the delivery of health care services in Florida following the landfall of Hurricane Milton. The deployed personnel include ASPR Health Care Situational Assessment Teams who stand ready to work with state officials to assess the storm’s impacts on hospitals, nursing homes, dialysis centers, and other health care facilities and a Disaster Medical Assistance Team (DMAT) from ASPR’s National Disaster Medical System (NDMS) for rapid response following health care assessments. A second DMAT is being pre-positioned in Atlanta to support additional response to either Hurricane Helene or Hurricane Milton, as needed.
    In addition to the assessment teams and disaster medical system personnel, ASPR deployed personnel from an Incident Management Team and Regional Emergency Coordinators who integrate with FEMA, state health authorities, and emergency response officials to anticipate and assist Florida in meeting public health and medical needs in the wake of the storm. Logisticians and security personnel are also pre-positioned to provide support. ASPR is prepared to facilitate Public Health Emergencies for Hurricane Milton upon request. ASPR has also supported the HHS emPOWER program, which is available to identify the number of Medicare beneficiaries in affected zips codes who rely on electricity-dependent durable medical equipment and certain healthcare services, such as dialysis, oxygen tank, or home health, to help anticipate, plan for, and respond to the needs of at-risk citizens in potentially impacted areas.
    Preparing for Impacts to Infrastructure
    The Department of Transportation is deploying a Federal Aviation Administration (FAA) Air Traffic Field Incident Response (FIR) team to Florida and pre-staging operations in Jacksonville to prepare support for any impacted towers and airports. The team will work with the state and local authorities and the Department of Defense within the established Emergency Operations Center. The Department of Transportation is also deploying the FAA Communication Support Team (CST), which plays a critical role in supporting communication restoration at impacted airports. Specifically, the CST will set up Starlink and Mobile Phone Bonding kits, which increase signal stability and data throughout the region. The FAA is placing aircraft on standby to transport personnel from various agencies, mobilize resources, and support damage assessments to infrastructure.
    In addition, similar to the approach on Hurricane Helene, the FAA will continue to closely coordinate with the Department of Defense, the Armed Services, including Active Duty and National Guard units, and State Emergency Operations Centers to support their use of drones to support response and recovery.  Drones can play a critical role in supporting search and rescue operations and damage assessments by providing real time video, imagery, and sensor capabilities in hard-to-reach places.       The Department of Transportation’s Federal Highway Administration is coordinating with the Florida Department of Transportation and monitoring the situation to be prepared to support.
    The Environmental Protection Agency is working closely with Federal, state, local, and Tribal partners to support water systems, prepare for debris management, and ensure facilities, including Superfund sites, maintain critical public health and environmental protections while they recover from Hurricane Helene and prepare for Hurricane Milton. The agency has personnel on the ground in regional and national operations centers who are continuing to respond to Hurricane Helene and are preparing to offer support, guidance, and assistance to the State of Florida and everyone in the new storm’s path.
    Additional Pre-Landfall Preparations
    The Department of the Interior’s U.S. Geological Survey (USGS) is deploying wave sensors at eight locations in Florida between Naples and Crystal River to measure the coastal waves caused by the storm. USGS Field crews are also installing one rapid-deployment gauge on the Sunshine Skyway bridge in St. Petersburg, Florida. This specialized piece of equipment is a fully-functional streamgage designed to be deployed quickly and temporarily to measure and transmit real-time water level data in emergency situations. This data can be used by decision makers and emergency managers to monitor water levels as they work to save lives and property.
    The Department of Energy’s Energy Response Organization remains activated to respond to storm impacts. Via the Electricity Sub-Sector Coordinating Council and Oil and Natural Gas Sub-Sector Coordinating Council, the Department of Energy has been coordinating continuously with energy sector partners on both the ongoing Hurricane Helene response and potential impacts from Hurricane Milton.
    The U.S. Department of Housing and Urban Development (HUD) has notified local public housing authorities and owners of its assisted multifamily and heath care properties within the State of Florida to immediately implement all appropriate safety protocols for residents and workers. HUD is committed to ensuring that residents of its assisted homes and properties receive critical information that can save lives during extreme weather events. HUD is also conducting outreach and communications on the programmatic flexibilities and waivers that can be utilized to assist communities and survivors.
    The Export-Import Bank of the United States (EXIM) announced it is extending measures to assist customers, U.S. exporters, and financial institutions impacted by Hurricane Helene and forecasted to be impacted by Hurricane Milton. EXIM is offering assistance to allow businesses and financial institutions that participate in EXIM’s programs to return to their business concerns when appropriate and without penalty due to missed deadlines or other timeliness issues.

    MIL OSI USA News

  • MIL-OSI Global: Is sustainable development possible? Only if we take a unified approach

    Source: The Conversation – Canada – By Davide Elmo, Professor, Keevil Institute of Mining Engineering, University of British Columbia

    With this year’s annual United Nations Framework Convention on Climate Change Conference of the Parties (COP29) summit set to take place in a little over a month in Azerbaijan, the world’s attention once again turns to climate change, resource security and the goals of sustainable development.

    The aims of sustainable development are to build a system that meets the needs of society without compromising the ability of future generations to fulfil their own. The UN adopted 17 sustainable development goals in 2015 and real progress has been made in advancing some of them. But can true sustainable development be achieved, and how might it work in practice?

    I am an engineer with experience in mining and geotechnics. To help answer these questions, I have been researching the interplay between sustainability challenges in the natural resource sector, the evolving concept of the circular economy and the implications of economic models founded upon sustained growth.




    Read more:
    Mining the depths: Norway’s deep-sea exploitation could put it in environmental and legal murky waters


    Striking a balance between resource extraction and environmental sustainability is essential for the continued existence of human societies and the risks of biodiversity loss must be accounted for in all resource extraction activities. At the same time, the need to protect the rights of all people — including Indigenous rights — remains paramount.

    To help better understand the nuances of sustainable development, in my forthcoming research I propose a model of the impact(s) of human activities on the Earth’s planetary boundaries, which I refer to as the (un)sustainable machine.

    Sustainable mining requires looking at the practices required to ensure long-term economic development remains in equilibrium with environmental and social considerations. The (un)sustainable machine model describes the delicate balancing acts at play, highlighting the intricate relationship between what drives minerals demand and consumption and how these forces impact Earth’s planetary boundary.

    (Un)sustainable development

    While progress may be being made in some areas of sustainable development — particularly around areas of poverty and malnutrition — as a planetary system, the report is much less positive. Take, for example, the issue of recycling.

    Can recycling keep up with increased demand and counter resource extraction? Over 3.3 billion tonnes of metals are produced globally each year, and most demand predictions show rising consumption of metals in the coming decades.

    Models developed by the World Bank indicate that by 2050, secondary supply (recycling) for aluminum, copper and nickel could meet about 60 per cent of the demand. Despite the enthusiasm among researchers and economists, however, these long-term projections indicate the difficulty of transitioning to a circular economy. Indeed, these predictions show that a 40 per cent unmatched demand must continue being supplied by primary sources like mining.




    Read more:
    Slow mining could be a solution to overconsumption in an increasingly fast-paced world


    In my model, recycling is represented as a set of springs resisting the extraction of additional mineral resources. To achieve 100 per cent recycling of the entire spectrum of the mineral resources, our economy needs to solve problems that are not achievable with today’s technology. Furthermore, when developed on an industrial scale, recycling plants raise some of the same environmental challenges of large mineral processing and smelting plants.

    Amidst this backdrop, the circular economy has presented itself as a transformative solution predicated on keeping products and materials in use, and regenerating natural systems. It challenges the linear extract-produce-dispose approach and questions the sustainability of perpetual economic growth, especially in a world with finite resources and known environmental constraints. Analogous to the (un)sustainable machine model, I also propose the model of the (un)sustainable cone of demand and consumption.

    The (un)sustainable cone model highlights the discrepancy between an economic concept based on the idea of a closed-loop system (circular economy) and the current financial framework based on the idea that infinite growth is possible. The larger the unbalanced cross-sectional area of the (un)sustainable cone of demand and consumption, the larger the stresses imposed upon Earth’s planetary boundaries.

    A different path?

    To remain within Earth’s planetary boundaries requires solutions beyond simple technical means. Actions by a few individuals are not sufficient. As engineers, we often believe it is possible to develop solutions to mitigate the anthropogenic impacts on Earth’s planetary boundaries. However, by doing so, we fail to realize that finite barriers to growth remain and that our engineering solutions may in time become part of the problem.




    Read more:
    GDP is not enough to measure a country’s development. What if we used the Sustainable Development Goals instead?


    It is essential for individuals who are not economists or environmental scientists to think about the meaning of sustainability in the context of extracting mineral resources. At the same time, economists and social-environmental scientists need to recognize that when it comes to mineral resources, policies and permitting regulations should not be addressed separately from the technical and economic aspects of mining engineering problems.

    To paraphrase the work of eminent American social scientist Garrett Hardin:

    Therein is the tragedy. Each financial market is locked into a system that compels it to increase its value without limit – in a world with finite resources. Earth’s ruin is the destination toward which all companies rush, each pursuing its own best interest in a market that (only) believes in the benefits of the shareholders.

    Simply put, while both policy and technology are necessary to achieve true sustainability, unless our efforts are unified across discipline and economies, there is little hope for staying within the finite bounds of what our planet can provide.

    Davide Elmo receives funding from NSERC (Natural Sciences and Engineering Research Council of Canada) and MITACS

    ref. Is sustainable development possible? Only if we take a unified approach – https://theconversation.com/is-sustainable-development-possible-only-if-we-take-a-unified-approach-237438

    MIL OSI – Global Reports

  • MIL-OSI: Canoe EIT Income Fund Announces 2024 Voluntary Cash Redemption

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 08, 2024 (GLOBE NEWSWIRE) — Canoe EIT Income Fund (“Canoe” or the “Fund”)(TSX – EIT.UN) today announced the 2024 voluntary cash redemption.

    Voluntary Annual Cash Redemption

    The redemption date for the Fund’s annual voluntary cash redemption will be December 6, 2024. Unitholders are entitled to redeem units of the Fund at a price equal to 95% of the Average Net Asset Value (NAV) of the three trading days preceding the December 6, 2024 redemption date, less direct costs. Direct costs are expected to be less than 1%. If all redemption requests exceed 10% of the aggregate outstanding units of the Fund on November 15, 2024, the final day to submit units for redemption, the Fund will process redemptions to this maximum on a pro-rata basis based on the total number of units tendered. Payment for units that have been tendered and accepted for redemption will be made on or before December 31, 2024.

    Unitholders wishing to redeem their units must provide notice of their intent to do so with their investment advisor or brokerage office no later than November 15, 2024. Please note that investment firms may impose an earlier deadline in order to facilitate the processing of redemption requests. Unitholders are strongly urged to consult their investment advisor or brokerage office directly to confirm their internal deadlines. Registered unitholders (those who hold a physical share certificate in their name) should contact the Fund’s transfer agent, Alliance Trust Company, at 1-877-537-6111 to redeem their units. Units that have been submitted for redemption will remain eligible for the October 2024 and November 2024 distributions, which are paid in November 2024 and December 2024, respectively.

    Please note that any redemption requests made by non-resident unitholders may be subject to withholding tax.

    Key Dates

    October 8 – November 15, 2024 Unitholders may tender units for redemption
    December 3,4,5 2024 Redemption price determined based on Average NAV of these trading days
    December 6, 2024 Redemption date
    December 31, 2024 Payment of redemption proceeds on or before this date
       

    About Canoe EIT Income Fund

    Canoe EIT Income Fund is one of Canada’s largest closed-end investment funds, designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high quality securities. The Fund is listed on the TSX under the symbol EIT.UN, and is actively managed by Robert Taylor, Senior Vice President and Chief Investment Officer, Canoe Financial.

    About Canoe Financial

    Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing approximately $18.0 billion in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal.

    Contact
    Investor Relations
    1–877–434–2796
    info@canoefinancial.com

    Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

    The Fund makes monthly distributions of an amount comprised in whole or in part of Return of Capital (ROC) of the net asset value per unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the fund, which could reduce the fund’s ability to generate future income. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the Fund on http://www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated. This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.

    The MIL Network

  • MIL-OSI Economics: IMF Staff Completes 2024 Article IV Mission to Timor-Leste

    Source: International Monetary Fund

    October 8, 2024

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

    • Timor-Leste’s growth is expected to rise in 2024, supported by an increase in public spending and strong credit growth. From a high level in 2023, inflation has fallen sharply and is projected to continue easing with the moderation of global food prices.
    • A key policy priority is ensuring that Timor-Leste’s substantial savings are best utilized to support development while achieving fiscal sustainability. Improving the composition and quality of public spending would boost growth, while containing overall spending is needed to preserve fiscal sustainability.
    • Promoting private sector development requires well-sequenced structural reforms, and the authorities are rightly prioritizing an ambitious agenda of legal reforms of the financial sector.

    Washington, DC: An International Monetary Fund (IMF) team led by Mr. Yan Carrière-Swallow visited Dili during September 25-October 8 to conduct discussions for the 2024 Article IV consultation with Timor-Leste. At the conclusion of the discussions, Mr. Carrière-Swallow issued the following statement:

    “Timor-Leste has made impressive progress since its independence. Yet, the economy remains under-diversified and highly dependent on the public sector. The IMF stands ready to continue providing capacity development to assist the government’s development and reform efforts.

    “Growth is expected to rise in 2024, supported by an increase in public spending and strong credit growth, and will maintain its momentum in 2025. From a high level in 2023, inflation has fallen sharply and is projected to continue easing with the moderation of global food prices. Risks to the outlook are balanced.

    “The draft 2025 budget contains an appropriate increase in spending on capital projects, health, and education, but also an excessive increase in recurrent spending. Large fiscal deficits are expected to persist as spending remains high, requiring excess withdrawals from the Petroleum Fund that will lead to its full depletion by the end of the 2030s. We recommend a 10-year reform scenario that supports economic diversification through structural reforms and gradually reduces fiscal deficits to stabilize the Petroleum Fund.

    “We welcome the government’s ambitious financial sector reform agenda to address structural impediments to lending, which is essential for private sector development. We recommend accelerating the issuance of land titles, which would offer a crucial source of collateral to households and businesses seeking credit from banks.

    “The team had fruitful discussions with Prime Minister Kay Rala Xanana Gusmão, Minister of Finance Santina Cardoso, Central Bank Governor Hélder Lopes, other senior officials, development partners, the private sector, and civil society. On behalf of the IMF team, I would like to thank the Timorese authorities for their hospitality and excellent cooperation.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    @IMFSpokesperson

    MIL OSI Economics

  • MIL-OSI Economics: IMF Reaches Staff-Level Agreement with Papua New Guinea on a Resilience and Sustainability Facility (RSF) Arrangement and the Third Reviews Under the Extended Credit Facility and the Extended Fund Facility

    Source: International Monetary Fund

    October 8, 2024

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

    • The Papua New Guinea authorities and the IMF team reached staff-level agreement on the request for access under the Resilience and Sustainability Facility (RSF) for about US$265 million to enhance resilience to climate change. The IMF Executive Board will consider the request in the coming weeks.
    • The authorities and the IMF team also reached staff-level agreement on the third reviews of the authorities’ reform program supported by the IMF’s Extended Credit Facility and the Extended Fund Facility.
    • Papua New Guinea’s outlook remains positive, with economic growth increasing to 4.5 percent in 2024, and the authorities continue to make progress in implementing their homegrown economic reform program.

    Port Moresby, Papua New Guinea: An International Monetary Fund (IMF) team led by Mr. Tahsin Saadi Sedik, visited Port Moresby from September 26 to October 9, 2024, to review progress under the authorities’ homegrown economic reforms supported by the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements of SDR684.3 million (about US$918 million), and to discuss the authorities’ request for access to the Resilience and Sustainability Facility (RSF).

    At the conclusion of the mission, Mr. Saadi Sedik issued the following statement:

    “I am pleased to announce that IMF staff and the Papua New Guinea (PNG) authorities have reached a staff-level agreement on (i) the policies needed to complete the third reviews of the ECF and EFF arrangements; and (ii) a new 24-month RSF arrangement with access of SDR197.4 million (about US$265 million), which will run in parallel to the ECF-EFF arrangements, to support the authorities’ policy agenda aimed at enhancing resilience to climate change.

    “To enhance PNG’s capacity to address challenges posed by climate change and reinforce its resilience, the proposed RSF arrangement, subject to approval by the IMF Executive Board, would help build policy buffers and contribute to enhancing the effective implementation of PNG’s climate commitments. PNG would become the first Pacific Island country to benefit from RSF support. Building on these commitments, reforms under the proposed RSF arrangement will focus on strengthening disaster risk management capacity, supporting the inclusion of climate considerations in public investment decisions, encouraging the development of green finance, and enhancing mitigation policies. These reforms, which will be supported by capacity development activities from PNG’s international partners, are expected to catalyze financing for climate and sustainable development. 

    “The completion of the third reviews of the ECF-EFF, upon approval by the Executive Board of the IMF, would allow for the immediate disbursement of SDR94.75 million (approximately US$127 million) in financing, bringing the total IMF financial support disbursed thus far under the ECF-EFF arrangements to SDR321.12 million (about US$430 million). Adding the new RSF support, the total IMF commitment under all these arrangements would be SDR881.72 million (about US$1.19 billion).

    “Papua New Guinea’s economic outlook remains positive. Growth is expected to increase to 4.5 percent in 2024 from 2.9 percent in 2023, supported by the resumption of activities at the Porgera gold mine and improvements in access to foreign exchange. Average headline inflation is projected to remain historically low at 1.3 percent in 2024, while core inflation, which excludes volatile items such as betel nut, is projected to moderately increase to 3.9 percent in 2024, while staying below the historical average, mainly driven by food and transportation costs. Gross international reserves stood at US$3.2 billion at end-June 2024, providing space to continue implementing central banking reforms.

    “Performance since the start of the ECF-EFF arrangements has been strong. The government of PNG has continued to make progress in implementing its structural reform agenda, focused on advancing budget repair, modernizing central banking, and improving governance. These reforms are bearing fruit, with notable positive outcomes including: (i) the easing of foreign exchange shortages, which contributes to improving the business environment; (ii) the reduction of excess liquidity in the banking sector, which enhances monetary policy transmission; (iii) a lower fiscal deficit, which strengthens public debt sustainability; and (iv) progress in the operationalization of the anti-corruption framework.

    “The government remains committed to an ambitious fiscal consolidation strategy set out in its 13-year budget repair plan. After reducing the fiscal deficit by 0.9 percentage points of GDP in 2023, while creating space for more social spending, the authorities are on track to deliver an additional 0.4 percentage points of GDP reduction in 2024. The authorities remain committed to implementing their prudent borrowing strategy aimed at preserving debt sustainability.

    “The Bank of Papua New Guinea (BPNG) has continued to actively implement its roadmap of reforms to help alleviate foreign exchange shortages, gradually return to kina convertibility, and modernize its monetary policy operations. The increased flexibility of the exchange rate under the de facto crawl-like arrangement, combined with the BPNG’s foreign exchange intervention strategy, has supported improved access to foreign exchange, particularly for essential import orders. The reduction of the structural misalignment of the kina will help enhance the competitiveness of PNG’s exports, including in the agricultural sector, and thus increase rural incomes and improve living standards. The BPNG continues monitoring developments in domestic financial markets and stands ready to calibrate its policy stance accordingly. The BPNG is also modernizing its monetary policy operations, enabling commercial banks to improve their liquidity management. Amendments to the Central Banking Act, adopted in September by Parliament, have significantly improved the mandate, governance, and autonomy of the BPNG.

    “The governance and anti-corruption frameworks are being strengthened. The Independent Commission Against Corruption (ICAC), benefiting from a significant increase in funding, has successfully defined its operational procedures and set up more secure information systems.

    “The IMF will continue to work closely with the Papua New Guinea authorities and stands ready to help them, not only through financing and policy advice, but also through technical assistance.

    “The IMF staff team is grateful to the authorities for their warm hospitality, productive collaboration, and candid policy dialogue. The IMF team held meetings with Minister for Treasury Ian Ling-Stuckey, Governor of BPNG Elizabeth Genia, Secretary of Treasury Andrew Oaeke, and other senior government officials. The team also had constructive meetings with representatives from the private sector and development partners.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    @IMFSpokesperson

    MIL OSI Economics

  • MIL-OSI USA: enator Wicker Discusses Defense Spending, Shipbuilding, China, VP Harris, and Israel on “The Hugh Hewitt Show”

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker

    WASHINGTON – Yesterday, U.S. Senator Roger Wicker, R-Miss., the highest-ranking Republican on the Senate Armed Services Committee, joined “The Hugh Hewitt Show” program and discussed several national defense topics, including the October 7th Anniversary, China’s shocking growth in naval shipbuilding, and the Biden-Harris administration’s weak record on China.

    The interview follows Senator Wicker’s October 7th Anniversary statement which was released on Monday.

    Read selected excerpts from the interview below, or watch the full segment here.

    On a Harris presidency & China policy: “If it’s any indication of how her party has done with their leader in the U.S. Senate, yes, it’s very much a concern [how Harris would do with China]. Every time we’ve wanted to spend a few extra dollars – a few percentage points of our huge economy – to defend ourselves, the Democrats say: “well, we won’t do that unless we can increase domestic spending, too.” So, it’s been like pulling teeth getting a few extra ships built.”

    On shipbuilding: “China has 200 times the Navy shipbuilding capacity we do. When you talk about [how] we need to increase the number of fighter jets, or submarines, or ships, some people say: “well, we don’t even have the industrial capacity. We don’t have enough manufacturing plants.” And of course, the answer to that is: let’s get some. We’re going to have to increase our national defense to keep us out of a war. The idea is to keep the peace by being so strong that nobody will take a chance on us.

    On a future DOD budget: “What we need to do – and what I’ve advocated – and what military experts past and present are saying is that we need to go back to Ronald Reagan’s ‘peace through strength.’ And that does involve about five percent of our economy used to get us ready to defend ourselves in a war…if we spend five percent of our gross domestic product on defending America, we can save hundreds of billions and trillions of dollars by staying out of a war…the last time our Senate Republicans met with President Trump, he was very clear that he shared our determination to increase our Navy and get it back up to the point where we’re able to protect America and deter somebody from attacking us. So that was very much an encouraging statement from President Trump.”

    On Israel: “Remember this: the attack one year ago today was an attack on a civilian concert with Americans present and killed at the concert. 1,200 innocent civilians were killed in the most brutal way…there’s no way that after all the Israelis have encountered over 70 years and all the things the Jewish people have encountered over the centuries, there’s no way that Israel is going to give up its right to that tiny little piece of real estate in the Middle East. As a matter of fact, I think that Netanyahu is doing the world a favor by saying, ‘I’m going to totally eliminate these Iranian-backed terrorists – Hamas, the Houthis that are firing weapons on American ships, and Hezbollah, the largest terrorist group in Lebanon’…and I’ll tell you this: Lebanon will be far, far better off when and if Hezbollah is completely removed from their country.”

    MIL OSI USA News

  • MIL-OSI USA: 10.08.2024 ICYMI: Sen. Cruz Demands Transparency on Tim Walz’s Ties to the Wuhan Institute of Virology

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    WASHINGTON, D.C. – In case you missed it, last week, U.S. Sen. Ted Cruz (R-Texas) sent a letter to the Hormel Institute regarding its partnership with the Wuhan Institute of Virology (WIV) and financial resources secured for the Hormel Institute by Governor Tim Walz. The WIV has been credibly implicated as the point of origin of COVID-19 and conducts its activities under the auspices of the Chinese Communist Party.
    In the letter, Sen. Cruz wrote, “For over a decade, Governor Tim Walz has acted as one of the Institute’s most ardent supporters, securing millions of taxpayer dollars to fund its operations, including over $2 million in federal funding for technology acquisitions and a $5 million earmark to expand your Institute’s reach. The Governor’s support for the Hormel Institute has remained steadfast, continuing even after the FBI concluded on February 28, 2023 that COVID-19 pandemic likely originated from the WIV.
    “Governor Walz’s personal connections to China—his honeymoon there, over 30 trips, and public comments downplaying the strategic threat posed by the CCP13—only raise further questions about his motivations for promoting your institution. 
    “Your institute’s ongoing partnership with the Wuhan Institute of Virology, and by extension the People’s Liberation Army, reflects a troubling disregard for national security concerns…The American people deserve assurance that their resources and institutions are not inadvertently supporting the goals of our chief geopolitical adversary.”
    Read the full letter here or below:
    Dear Director Clarke:
    I write to you today with growing concern regarding the Hormel Institute’s longstanding partnership with China’s Wuhan Institute of Virology (WIV). 
    The WIV, as you are certainly aware, has been credibly implicated as the likely point of origin of the COVID-19 pandemic. Even more troubling are its direct ties to China’s People’s Liberation Army (PLA) and its involvement in classified military research including laboratory animal experiments under the auspices of the Chinese Communist Party (CCP) at least as recently as 2017. Despite these alarming connections which raise obvious national security concerns, the institute you lead has not only maintained its collaboration with WIV but it has done so with the backing of Minnesota’s top elected official. 
    For over a decade, Governor Tim Walz has acted as one of the Institute’s most ardent supporters, securing millions of taxpayer dollars to fund its operations, including over $2 million in federal funding for technology acquisitions and a $5 million earmark to expand your Institute’s reach. The Governor’s support for the Hormel Institute has remained steadfast, continuing even after the FBI concluded on February 28, 2023 that COVID-19 pandemic likely originated from the WIV.
    In recent years, researchers at the Hormel Institute have collaborated with the Wuhan Institute of Virology on a variety of projects, including a 2020 COVID-19 study and, as more recently as of 2024, on structural biology research.
    The COVID-19 study, titled “A dynamic regulatory interface on SARS-CoV-2 RNA polymerase,” was authored by four WIV researchers, three Hormel Institute researchers, and a Yale School of Medicine professor. Similarly, in January 2024, Hormel Institute researchers published a study on genes with the WIV’s Lina He, Wei Zhou, and Yangbo Hu. In 2023, WIV’s Yangbo Hu also worked with the Hormel Institute’s Dmytro Kompaniiets, Dong Wang, and Bin Liu on research titled “Structure and molecular mechanism of bacterial transcription activation,” among other collaborations. 
    Furthermore, the resignation of your predecessor, Dr. Zigang Dong, who served as Executive Director for nearly 18 years and resigned following an FBI investigation into his “possible failure to disclose foreign backing when applying for grants,” should have prompted a thorough reassessment of your institute’s engagements with foreign entities. Yet, despite this disconcerting event, Governor Walz continues to promote and direct public resources to your institute. Even after the U.S. government ceased funding to organizations working with the WIV, Governor Walz toured your facility and publicly praised its work.
    Governor Walz’s personal connections to China—his honeymoon there, over 30 trips, and public comments downplaying the strategic threat posed by the CCP—only raise further questions about his motivations for promoting your institution. 
    Additionally, in 2020, the Hormel Institute’s disclosure in a 2020 EMBO Journal Study that it received “help from the Core Facility and Technical Support” of the WIV for “radioactive and fluorescent tests” adds to the concern. Further raising suspicions is that Bin Liu, a professor at the Hormel Institute who worked on that 2020 EMBO Journal study, attended Wuhan University. Federal records indicate that the researchers for this particular study included those affiliated with the WIV, in addition to the University of Chinese Academy of Sciences and China’s Zhengzhou University. 
    In light of these recently-disclosed facts, it is critical to understand the full extent of your institute’s involvement in a partnership that risks benefitting our nation’s chief geopolitical adversary. Accordingly, for the purposes of oversight, I request that you respond to the following questions and requests by October 31, 2024: 
    1. How much public and private funding has the Hormel Institute received specifically for projects involving collaboration with the Wuhan Institute of Virology (WIV)? Please provide an itemized accounting of all such funding. 
    2. When did the Hormel Institute first initiate collaboration with the WIV, and what were the specific reasons for choosing to partner with a facility known to have ties to China’s People’s Liberation Army? 
    3. What actions has the Hormel Institute taken to ensure that its collaborative work with the WIV does not benefit China’s military or pose a risk to U.S. national security? 
    a. If no such actions were taken, what was the rationale behind this decision? 
    4. Given the WIV’s ties to China’s military, why has the Hormel Institute not publicly disclosed the full extent of its collaborations with the WIV? 
    a. If this information has been withheld, please explain why. 
    5. Please provide all internal documentation or communications related to the Hormel Institute’s partnerships with Chinese research facilities, including but not limited to the WIV. 
    6. What was the Institute’s reasoning behind continuing its collaboration with the WIV, even after serious concerns about the origins of COVID-19 and the lab’s military affiliations became widely known? 
    7. How can the American public trust that the Hormel Institute’s partnerships with the WIV are not inadvertently advancing China’s geopolitical goals, particularly in biotechnology and biomedical research? 
    8. Given the U.S. government’s cessation of funding to other nonprofits with ties to the WIV, what justifications does the Hormel Institute offer for continuing its relationship with the WIV? 
    9. Why did the Hormel Institute continue collaborating with the WIV after your predecessor, Dr. Zigang Dong, resigned amid an FBI investigation into his failure to disclose foreign funding when applying for grants? 
    10. The Hormel Institute’s work with the WIV includes research on gene structures and SARS-CoV-2 RNA polymerase. What measures have been taken to ensure that no sensitive intellectual property or technology has been transferred to China’s military-backed labs during these studies? If no measures were taken, why not? 
    11. Please provide any documentation or communications between the Hormel Institute and the Office of the Minnesota Governor regarding the Institute’s partnerships with Chinese research facilities, particularly the WIV. 
    Your institute’s ongoing partnership with the Wuhan Institute of Virology, and by extension the People’s Liberation Army, reflects a troubling disregard for national security concerns. The devastating impact of COVID-19 has highlighted the seriousness of these issues, as the pandemic has severely affected lives and economies worldwide. The American people deserve assurance that their resources and institutions are not inadvertently supporting the goals of our chief geopolitical adversary. As Executive Director, it is crucial that you address these concerns transparently. Failure to do so will only deepen public mistrust and undermine confidence in your institute’s integrity and intentions. 
    The American people look forward to your timely and comprehensive response. 
    Sincerely, 
    /X/

    MIL OSI USA News

  • MIL-OSI USA: Brown Calls on Administration to Provide Disaster Loans to Small Businesses Affected by May Explosion in Downtown Youngstown

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown

    WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH) called on the Biden Administration to grant Ohio’s request to make Economic Injury Disaster Loans (EIDL) available to Youngstown businesses impacted by the downtown Realty Tower explosion on May 28, 2024.

    In a letter to U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman and Associate Administrator Francisco Sánchez Jr., Brown detailed the impact of the explosion on local businesses and urged SBA to provide assistance. The letter follows an official request from the state that was submitted on Monday.

    “While downtown businesses have re-opened, many were significantly impacted and have requested help. Following the May explosion, I heard directly from businesses, workers, and residents who were negatively affected by the explosion. Business owners shared the economic challenges this emergency brought, and I urge you to answer their call for support,” Brown wrote.

    In July, Brown called on the Secretary of the Treasury and the IRS Commissioner to declare that relief payments Youngstown residents received from the Red Cross, the United Way, and Enbridge Gas in connection to the explosion be deemed tax exempt. Brown is pushing the IRS to declare the tragic explosion “of a catastrophic nature,” and qualify the payments as nontaxable. Earlier that week, Brown hosted a roundtable with government officials, businesses, workers and residents of downtown Youngstown who have been negatively affected by the May 28 Realty Tower Explosion. Brown and residents discussed the ongoing recovery efforts.

    Full text of the letter can be found HERE or below.

    Dear Administrator Casillas Guzman and Administrator Sanchez: 

    I write to urge you to act swiftly on the request by Ohio Governor Mike DeWine for the Small Business Administration (SBA) to make Economic Injury Disaster Loans (EIDL) available to Youngstown businesses impacted by the downtown explosion on May 28, 2024. 

    The explosion resulted in one fatality, nine serious injuries, and massive property damage. In addition, the event displaced hundreds of residents from their homes, forced several businesses to close temporarily, and required the demolition of a historic building.

    While downtown businesses have re-opened, many were significantly impacted and have requested help. Following the May explosion, I heard directly from businesses, workers, and residents who were negatively affected by the explosion. Business owners shared the economic challenges this emergency brought, and I urge you to answer their call for support. In his request for SBA EIDL assistance, Governor DeWine has found that the sustained losses to businesses meet the threshold for SBA disaster assistance and that businesses are in need of financial assistance not otherwise available on reasonable terms.

    I fully support Governor DeWine’s request and urge your prompt consideration. Thank you for your attention to this urgent matter. 

    Thank you,

    MIL OSI USA News

  • MIL-OSI USA: Senator Markey Celebrates Port of New Bedford’s Completion of North Terminal Expansion

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    $42.7 million project increases the Port’s economic competitiveness

     

    Left: Sen. Markey, Sen. Warren, Rep. Keating, Mayor Mitchell and other officials cutting the ribbon at the North Terminal expansion project 

    Right: Senator Markey speaking at the ribbon-cutting 

    Boston (October 8, 2024) – Senator Edward J. Markey (D-Mass.), a member of the Senate Environment and Public Works Committee, today joined Senator Elizabeth Warren (D-Mass.), Representative Bill Keating (MA-09), New Bedford Mayor Jon Mitchell, and local administrators and elected officials at a ribbon-cutting to celebrate the successful completion of the North Terminal expansion project, a maritime facility that will strengthen the Port’s competitiveness in fishing, offshore wind, and other industries. The expansion, which has created 630 linear feet of new bulkhead and 5.05 additional acres of terminal area, will support growing infrastructure needs of port users and ensure long-term economic growth for New Bedford and the South Coast region. With upgraded bulkheads, new berthing facilities, enhanced dredging, and expanded laydown space, North Terminal is designed to streamline logistics for businesses and facilitate future Port expansions. 

    The expansion of North Terminal is the latest piece of the modernization of the Port of New Bedford. Over the past ten years, the Port has seen the largest set of infrastructure upgrades in generations, which will top $1 billion upon completion.  

    “The Port of New Bedford is a triple threat: the number one fishing port by value in the nation, an innovator on offshore wind development, and a regional leader in maritime technology industries,” said Senator Markey. “This expanded infrastructure will be a game changer for New Bedford and beyond. I look forward to working with the City as they continue to put historic investments into their port infrastructure.” 

    Funding for the $42.7 million project came from a mix of local, state and federal sources, including: 

    • FY18 Department of Transportation BUILD Grant 

    $   15.6M 

    • FY19 MassWorks Dredging Grant 

    $   11.4M 

    • Commonwealth of Massachusetts 

    $     1.0M 

    $   11.8M 

    • City of New Bedford (through the American Rescue Plan Act) 

    $     2.3M 

    • New Bedford Port Authority 

                      $     0.6M 

    • Total Infrastructure Investments

    $   42.7M 

    “The Port of New Bedford is the primary driver of economic activity in Southeastern Massachusetts. The North Terminal expansion project was a critical step to advancing the Port’s ability to meet the emerging demands of New Bedford’s offshore wind and maritime technology industries. I thank Senators Markey and Warren, Rep. Keating and the rest of the federal delegation, Gov. Healey and our state delegation, and everyone at the New Bedford Port Authority and on the local level for helping us overcome various legal, financial and engineering challenges to get this project to the finish line,” said Jon Mitchell, Mayor of New Bedford

    “This project came to fruition because of the continuing commitment our federal, state, and local leaders make to position the Port of New Bedford for the future. The North Terminal project exemplifies our obligation to provide first-rate infrastructure that supports the thriving maritime industries of New Bedford. This development will allow us to meet the needs of our fishing fleet, welcome new offshore wind ventures, and foster regional economic growth,” said Gordon Carr, Executive Director of the New Bedford Port Authority

    Senator Markey has secured funding for various projects for the Port of New Bedford. In 2018, Senator Markey led a letter of support for the Port of New Bedford and helped secured $15 million from the “Better Utilizing Investments to Leverage Development” (BUILD) grant to improve the infrastructure and environment.   

    In 2023, Senator Markey, Senator Warren, and Congressman Keating helped secure $24.4 million in Maritime Administration Port Infrastructure Development Program funding for the Leonard’s Wharf Extension project. Senators Markey and Warren also secured $4 million in FY24 Congressionally Directed Spending for New Bedford and Fairhaven Harbor for the US Army Corps of Engineers to dredge and repair damaged areas of the steel sector gates.  

    MIL OSI USA News

  • MIL-OSI: Norwood Financial Corp Announces Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    HONESDALE, Pa., Oct. 08, 2024 (GLOBE NEWSWIRE) —

    James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp (NASDAQ Global Market – NWFL) and its subsidiary Wayne Bank, announced that the Board of Directors has declared a $0.30 per share cash dividend, which is payable November 1, 2024, to shareholders of record as of October 18, 2024. The $0.30 per share equals the per share dividend declared in the second quarter of 2024 and represents a 3.5% increase over the cash dividend declared in the third quarter of 2023.

    Mr. Donnelly commented, “The Board is extremely pleased to provide our shareholders with this quarterly dividend. It reflects the Company’s financial strength and strong capital position which has contributed to our solid performance.”

    Norwood Financial Corp, through its subsidiary, Wayne Bank operates fifteen offices in Northeastern Pennsylvania and fourteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. As of June 30, 2024, Norwood had total assets of $2.235 billion, loans outstanding of $1.641 billion, total deposits of $1.811 billion and total capital of $182.2 million. The Company’s stock is traded on the Nasdaq Global Market under the symbol “NWFL”.

    Forward-Looking Statements.

    Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

       
    CONTACT: John M. McCaffery
      Executive Vice President and Chief Financial Officer
      NORWOOD FINANCIAL CORP
      (272) 304-3003
      http://www.waynebank.com
       

    The MIL Network

  • MIL-OSI Submissions: Australia – Have Aussies lost their ambition? Only 11% consider career progression a priority

    Source: Robert Walters

    • Only 11% of professionals consider career progression a top priority in their professional lives 
    • Higher level job ads remaining vacant for over a year, as candidates want fewer responsibilities 
    • 47% say work-life balance is top priority when considering a new job 
    • 32% of new managers feel unsupported, 26% experience imposter syndrome and 20% feel overwhelmed and overworked.

    Recent research by recruitment specialists, Robert Walters, reveals that only 11% of professionals consider career progression as a top priority in their professional lives.

    When respondents were asked about the most appealing aspect of career progression, 47% emphasised the importance of work-life balance. Additionally, 29% expressed a preference for increased learning opportunities, while 21% highlighted promotions and job title changes. Just 4% cited increased responsibilities as a key factor.

    The study further highlights the significance of work-life balance, with 43% of job seekers considering it the primary deciding factor when evaluating new job opportunities. In comparison, 22% prioritise a competitive salary, 19% focus on company culture, and just 17% prioritise career growth opportunities.

    These findings coincide with the observation made by Robert Walters that candidates are increasingly seeking lower-level roles over management positions. Moreover, higher level positions are remaining vacant for extended periods, up to over a year, with potential candidates expressing concerns over the excessive responsibilities associated with these positions.

    Work-life balance takes centre stage

    Jane Lowney, Senior Director at Robert Walters Brisbane also mentioned that the current workforce, especially among Gen Z, is more driven by work-life balance. The increased demand for managers to handle remote work and other factors such as office culture has significantly increased the pressure and responsibilities associated with management roles, stressing that there has been a noticeable shift in the mindset of professionals when it comes to career advancement.

    Jane said, “less individuals are interested in ‘climbing the corporate ladder’ as they question the value of management positions and the additional responsibilities they entail. Salary no longer comes first, work-life balance is now the priority, so people are hesitant about taking on more responsibilities. This trend could be concerning when we think about the potential consequences on retention of teams and the need to attract leaders over time.”  

    Manager roles have evolved

    Further research from the recruitment experts also emphasises the necessity for increased support for newly promoted managers. Among 2,000 managers surveyed, 32% admitted to feeling lacking in support, while 26% confessed to experiencing imposter syndrome. Additionally, 20% expressed feelings of being overwhelmed and overworked.  in their managerial roles. Only 22% reported feeling empowered and adequately supported in their positions.

    Jane further explains the evolving role of managers in today’s world. “Previously, managers focused primarily on motivating employees and ensuring productivity. However, in the modern workforce, managers are expected to take on several additional responsibilities such as cultivating team culture and inclusivity, driving digital and AI adoption as well as identifying mental health struggles among team members, and effectively communicate challenging news such as delayed promotions or stagnant pay raises.”

    Jane emphasised that it is essential to provide comprehensive training to equip managers with the skills necessary to navigate the complexities of the modern workforce. Current training protocols must be revised to align with the ever-changing demands of the workforce, acknowledging the need for ongoing support and development for newly appointed managers.

    Case Study

    Gen Z top biller Maddy Shelest, Principal Consultant at Robert Walters Sydney was recently given a promotion from managing consultant to manager. However, she quickly realised that she was happier with fewer managerial responsibilities. After only 6 months in the new role, she made the decision to sidestep into an individual contributor role.  

    Maddy said, “Ensuring a healthy work-life balance is a top priority for me, and I already observed a change in this aspect in the few weeks I was a manager. I found myself carrying work-related concerns home, which wasn’t as much of a problem when I was in a lower position. I soon realised that this added stress wasn’t worth it, so I quickly made the decision to step down. I believe that the conventional career path no longer resonates with the modern workforce. People have learnt how to say no and feel more comfortable deviating from traditional routes of career progression.”  

    Maddy also highlighted the new complexities of the modern workforce, saying “todays managers have added responsibilities regarding mental health and the need to manage remote work. Being a manager isn’t the same as it might have been 10 years ago.”

    She also emphasised that as a young manager, being only 25 when she was promoted, she faced challenges in establishing boundaries between her friendships and her role as a manager. She said, “Being friends with my team members before I became their manager made me feel somewhat uncomfortable. There’s such an expectation to be the ‘cool’ manager, which made it difficult for me to transition from being their friend to managing them. I also think my age posed difficulties in providing guidance in certain situations. For instance, at 25, I was going through similar experiences as my team members and dealing with my own challenges, so it was difficult for me as a 25-year-old to offer advice to other individuals of the same age.”

    Maddy said the decision was also influenced by the nature of the billing industry, which already places a high workload and pressure on individuals. She said, “Adding the additional pressures of management on top of billing responsibilities and expectations was not something I wanted to take on. When I was a manager, I noticed my billings went down. It was high stress, low reward. I prefer to focus on maximising my billing potential and did not want to divert my energy and time towards the complexities of managing people.”

    To keep up with the evolving workforce, organisations need to adapt their training and support programs for new managers. It is evident that the role of managers has undergone significant changes, and as such, their training should be updated accordingly. Additionally, employee priorities have shifted, with a greater emphasis on time outside of work and work-life balance, especially in the post-Covid era. With the introduction of Gen Z into the workforce, it is imperative for organisations to take steps to make manager positions more appealing to this generation.  

    About Robert Walters  

    Robert Walters is one of the world’s leading specialist professional recruitment consultancies with a global presence spanning 31 countries. The Australian business recruits across the fields of accounting & finance, banking, engineering & operations, general management, human resources, information technology, legal, risk management, compliance & audit, sales, marketing & communications, secretarial & business support and supply chain & procurement.

    MIL OSI – Submitted News

  • MIL-OSI New Zealand: BusinessNZ – ACC accounts under pressure

    Source: BusinessNZ

    Better claims management and more transparent levy-setting are needed to return ACC Accounts to financial health, BusinessNZ says.
    BusinessNZ’s submission on ACC’s levy-setting for 2025-28 notes that some ACC Accounts are currently underfunded, a situation which will lead to unjustified pressure on future levy payers.
    BusinessNZ Chief Executive Katherine Rich says ACC needs to be adequately resourced to ensure injured people receive rapid and cost-effective treatment and rehabilitation where required while at the same time being responsive to levy payers to minimise overall costs.
    “While we understand why ACC is proposing levy increases across the various Accounts, many levy payers will not welcome the proposed increases – which will add further pressure on businesses, workers and motor vehicle owners during challenging economic times and cost-of-living pressures.
    “The Government is responding to the economic challenge by seeking to restrain core Crown operating spending and has called on local government to focus on ‘doing the basics brilliantly.’ We believe ACC should do likewise.”
    Mrs Rich says there’s concern at the fact that the Earners Account is currently only 90% funded, with a shortfall of $1.6 billion, and given proposed levy rates, will fall to only 67% funded in 10 years.
    “ACC legislation requires all Accounts to be fully funded to ensure they can meet the lifetime cost of current claims. We believe this legal requirement is currently not being met.
    “There is also concern at the longer-term trend of claim volumes rising faster than population growth.
    “We believe ACC should proactively improve systems for accepting, managing and monitoring claims, and should manage all Accounts transparently, without cross-subsidies.
    “It is important that the businesses, workers and vehicle owners contributing levies to the ACC Scheme have confidence that the Scheme is being funded and managed according to its statutory requirements,” Mrs Rich said.
    The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

    MIL OSI New Zealand News

  • MIL-OSI USA: Rep. Gabe Vasquez Touts Good Paying Jobs, Inflation Reduction Act at Array Technologies

    Source: United States House of Representatives – Representative Gabe Vasquez’s (NM-02)

    ALBUQUERQUE, N.M. – Today, October 2, U.S. Representative Gabe Vasquez (N.M.-02) toured Array Technologies and spoke with executives, site leaders and New Mexico’s Energy, Minerals and Natural Resources Department officials about the impact of the Inflation Reduction Act (IRA) on solar manufacturing.

    “New Mexico’s homegrown company, Array Technologies, is creating domestic manufacturing jobs thanks to the Inflation Reduction Act. These jobs are leading the way to securing our domestic energy supply and harnessing the power of our natural resources. Array’s new facility in my district will employ over 300 New Mexicans, powering the growth of the West Mesa,” said Vasquez. “Array’s expansion is expected to inject over $300 million into the local economy over the next decade. This is the kind of economic impact that strengthens our district and keeps families here in New Mexico.” 

    During the roundtable, they discussed plans for the new production facility in the district and how these investments will bring more good-paying jobs to the area. Array Technologies, an Albuquerque-based global leader in solar tracking systems, recently broke ground on a new production facility on Albuquerque’s West Side. 

    The IRA is a game changer for renewable energy. The 45X Advanced Manufacturing Production Tax Credit is directly supporting the growth of solar manufacturing at Array. This credit incentivizes domestic production, which means more investments in local workforces and supply chains. These efforts, along with the strategic investments in solar manufacturing, are part of Vasquez’s broader commitment to ensuring New Mexico remains a hub for renewable energy innovation.

    Once fully operational, Array’s new facility will increase production of solar tracker systems, key elements of utility-scale solar installations. Thanks to the domestic content bonus credit from the IRA, Array is on track to offer 100 percent U.S.-made solar trackers by 2025, strengthening local supply chains and creating more opportunities.

    ###

    MIL OSI USA News

  • MIL-OSI Russia: IMF Staff Completes 2024 Article IV Mission to Timor-Leste

    Source: IMF – News in Russian

    October 8, 2024

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

    • Timor-Leste’s growth is expected to rise in 2024, supported by an increase in public spending and strong credit growth. From a high level in 2023, inflation has fallen sharply and is projected to continue easing with the moderation of global food prices.
    • A key policy priority is ensuring that Timor-Leste’s substantial savings are best utilized to support development while achieving fiscal sustainability. Improving the composition and quality of public spending would boost growth, while containing overall spending is needed to preserve fiscal sustainability.
    • Promoting private sector development requires well-sequenced structural reforms, and the authorities are rightly prioritizing an ambitious agenda of legal reforms of the financial sector.

    Washington, DC: An International Monetary Fund (IMF) team led by Mr. Yan Carrière-Swallow visited Dili during September 25-October 8 to conduct discussions for the 2024 Article IV consultation with Timor-Leste. At the conclusion of the discussions, Mr. Carrière-Swallow issued the following statement:

    “Timor-Leste has made impressive progress since its independence. Yet, the economy remains under-diversified and highly dependent on the public sector. The IMF stands ready to continue providing capacity development to assist the government’s development and reform efforts.

    “Growth is expected to rise in 2024, supported by an increase in public spending and strong credit growth, and will maintain its momentum in 2025. From a high level in 2023, inflation has fallen sharply and is projected to continue easing with the moderation of global food prices. Risks to the outlook are balanced.

    “The draft 2025 budget contains an appropriate increase in spending on capital projects, health, and education, but also an excessive increase in recurrent spending. Large fiscal deficits are expected to persist as spending remains high, requiring excess withdrawals from the Petroleum Fund that will lead to its full depletion by the end of the 2030s. We recommend a 10-year reform scenario that supports economic diversification through structural reforms and gradually reduces fiscal deficits to stabilize the Petroleum Fund.

    “We welcome the government’s ambitious financial sector reform agenda to address structural impediments to lending, which is essential for private sector development. We recommend accelerating the issuance of land titles, which would offer a crucial source of collateral to households and businesses seeking credit from banks.

    “The team had fruitful discussions with Prime Minister Kay Rala Xanana Gusmão, Minister of Finance Santina Cardoso, Central Bank Governor Hélder Lopes, other senior officials, development partners, the private sector, and civil society. On behalf of the IMF team, I would like to thank the Timorese authorities for their hospitality and excellent cooperation.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/08/pr24360-timor-leste-imf-staff-completes-2024-article-iv-mission

    MIL OSI

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  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement with Papua New Guinea on a Resilience and Sustainability Facility (RSF) Arrangement and the Third Reviews Under the Extended Credit Facility and the Extended Fund Facility

    Source: IMF – News in Russian

    October 8, 2024

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

    • The Papua New Guinea authorities and the IMF team reached staff-level agreement on the request for access under the Resilience and Sustainability Facility (RSF) for about US$265 million to enhance resilience to climate change. The IMF Executive Board will consider the request in the coming weeks.
    • The authorities and the IMF team also reached staff-level agreement on the third reviews of the authorities’ reform program supported by the IMF’s Extended Credit Facility and the Extended Fund Facility.
    • Papua New Guinea’s outlook remains positive, with economic growth increasing to 4.5 percent in 2024, and the authorities continue to make progress in implementing their homegrown economic reform program.

    Port Moresby, Papua New Guinea: An International Monetary Fund (IMF) team led by Mr. Tahsin Saadi Sedik, visited Port Moresby from September 26 to October 9, 2024, to review progress under the authorities’ homegrown economic reforms supported by the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements of SDR684.3 million (about US$918 million), and to discuss the authorities’ request for access to the Resilience and Sustainability Facility (RSF).

    At the conclusion of the mission, Mr. Saadi Sedik issued the following statement:

    “I am pleased to announce that IMF staff and the Papua New Guinea (PNG) authorities have reached a staff-level agreement on (i) the policies needed to complete the third reviews of the ECF and EFF arrangements; and (ii) a new 24-month RSF arrangement with access of SDR197.4 million (about US$265 million), which will run in parallel to the ECF-EFF arrangements, to support the authorities’ policy agenda aimed at enhancing resilience to climate change.

    “To enhance PNG’s capacity to address challenges posed by climate change and reinforce its resilience, the proposed RSF arrangement, subject to approval by the IMF Executive Board, would help build policy buffers and contribute to enhancing the effective implementation of PNG’s climate commitments. PNG would become the first Pacific Island country to benefit from RSF support. Building on these commitments, reforms under the proposed RSF arrangement will focus on strengthening disaster risk management capacity, supporting the inclusion of climate considerations in public investment decisions, encouraging the development of green finance, and enhancing mitigation policies. These reforms, which will be supported by capacity development activities from PNG’s international partners, are expected to catalyze financing for climate and sustainable development. 

    “The completion of the third reviews of the ECF-EFF, upon approval by the Executive Board of the IMF, would allow for the immediate disbursement of SDR94.75 million (approximately US$127 million) in financing, bringing the total IMF financial support disbursed thus far under the ECF-EFF arrangements to SDR321.12 million (about US$430 million). Adding the new RSF support, the total IMF commitment under all these arrangements would be SDR881.72 million (about US$1.19 billion).

    “Papua New Guinea’s economic outlook remains positive. Growth is expected to increase to 4.5 percent in 2024 from 2.9 percent in 2023, supported by the resumption of activities at the Porgera gold mine and improvements in access to foreign exchange. Average headline inflation is projected to remain historically low at 1.3 percent in 2024, while core inflation, which excludes volatile items such as betel nut, is projected to moderately increase to 3.9 percent in 2024, while staying below the historical average, mainly driven by food and transportation costs. Gross international reserves stood at US$3.2 billion at end-June 2024, providing space to continue implementing central banking reforms.

    “Performance since the start of the ECF-EFF arrangements has been strong. The government of PNG has continued to make progress in implementing its structural reform agenda, focused on advancing budget repair, modernizing central banking, and improving governance. These reforms are bearing fruit, with notable positive outcomes including: (i) the easing of foreign exchange shortages, which contributes to improving the business environment; (ii) the reduction of excess liquidity in the banking sector, which enhances monetary policy transmission; (iii) a lower fiscal deficit, which strengthens public debt sustainability; and (iv) progress in the operationalization of the anti-corruption framework.

    “The government remains committed to an ambitious fiscal consolidation strategy set out in its 13-year budget repair plan. After reducing the fiscal deficit by 0.9 percentage points of GDP in 2023, while creating space for more social spending, the authorities are on track to deliver an additional 0.4 percentage points of GDP reduction in 2024. The authorities remain committed to implementing their prudent borrowing strategy aimed at preserving debt sustainability.

    “The Bank of Papua New Guinea (BPNG) has continued to actively implement its roadmap of reforms to help alleviate foreign exchange shortages, gradually return to kina convertibility, and modernize its monetary policy operations. The increased flexibility of the exchange rate under the de facto crawl-like arrangement, combined with the BPNG’s foreign exchange intervention strategy, has supported improved access to foreign exchange, particularly for essential import orders. The reduction of the structural misalignment of the kina will help enhance the competitiveness of PNG’s exports, including in the agricultural sector, and thus increase rural incomes and improve living standards. The BPNG continues monitoring developments in domestic financial markets and stands ready to calibrate its policy stance accordingly. The BPNG is also modernizing its monetary policy operations, enabling commercial banks to improve their liquidity management. Amendments to the Central Banking Act, adopted in September by Parliament, have significantly improved the mandate, governance, and autonomy of the BPNG.

    “The governance and anti-corruption frameworks are being strengthened. The Independent Commission Against Corruption (ICAC), benefiting from a significant increase in funding, has successfully defined its operational procedures and set up more secure information systems.

    “The IMF will continue to work closely with the Papua New Guinea authorities and stands ready to help them, not only through financing and policy advice, but also through technical assistance.

    “The IMF staff team is grateful to the authorities for their warm hospitality, productive collaboration, and candid policy dialogue. The IMF team held meetings with Minister for Treasury Ian Ling-Stuckey, Governor of BPNG Elizabeth Genia, Secretary of Treasury Andrew Oaeke, and other senior government officials. The team also had constructive meetings with representatives from the private sector and development partners.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/08/pr24359-papua-new-guinea-imf-reaches-sla-rsf-arrangement-3rd-rev-ecf-eff

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