NewzIntel.com

Category: Economy

  • MIL-OSI USA: SBA Economic Injury Disaster Loans Available to Hawaii Small Businesses

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – Small nonfarm businesses in Hawaii, Honolulu, Kalawao, Kauai and Maui counties are now eligible to apply for low‑interest federal disaster loans from the U.S. Small Business Administration, announced Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. These loans offset economic losses because of reduced revenues caused by drought in Honolulu and Kauai counties that began Aug. 6.

    “SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Sánchez said.

    When farmers face crop losses and a disaster is declared by the Secretary of Agriculture, SBA working capital loans become a lifeline for eligible small businesses. “These loans are the backbone that helps rural communities bounce back and thrive after a disaster strikes,” Sánchez continued.

    Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

    “Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for businesses and 3.25 percent for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Sánchez added.

    Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

    By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on Sept. 30.

    Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Service Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.

    Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to apply for economic injury is May 30, 2025.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Reserve Bank – RBNZ releases Annual Report 2024

    Source: Reserve Bank of New Zealand

    8 October 2024 – The Reserve Bank of New Zealand – Te Pūtea Matua has today published its Annual Report covering the year from 1 July 2023 to 30 June 2024.

    Board Chair Professor Neil Quigley says the past year’s achievements have laid the foundations to enable significant, multi-year programmes of work.

    “The Board’s major focus this year has been to evolve our strategy and performance framework. In June, we published our refreshed Statement of Intent for 2024-2028, which, alongside our Performance Expectations, outlines our accountability for delivering on our mandate,” Professor Quigley says.  

    Over the next few years, as we continue to develop as an organisation, we will also evolve how we assess and report on our achievement against our strategic themes, outcomes and key activities.

    Highlights this year include the implementation of one of the largest programmes of work, the Deposit Takers Act; commencing the implementation of the Foreign Reserves Management and Coordination Framework; delivering our Outsourcing Policy (BS11); and the new payments messaging format (ISO 20022). All of which have helped to ensure New Zealanders can have confidence in our financial system.

    Governor Adrian Orr acknowledges we continue to operate in a challenging external environment. Global economic growth remains below trend. However, our monetary policy actions have reduced capacity pressures in the New Zealand economy and lowered consumer price inflation to 3.3 percent in June 2024, down from 6 percent in June 2023.

    “I am proud of the gains we have made as we continue to progress our vision of a trusted, inclusive, resilient, and competitive financial system,” Mr Orr says.

    “We are also exploring the future of money and role of digital currencies; we have published our Approach to Financial Inclusion; updated our Te Ao Māori strategy – Te Waka Hourua; and we will release our first climate-related financial disclosure later in October. Each initiative is moving us closer towards our vision.”

    In line with our dividend principles, the RBNZ is required to recommend to the Minister the amount of dividend to be paid to the Crown at the end of each financial year. The Minister of Finance has agreed that the RBNZ will pay a dividend of $597 million in 2023/24.
     

    More information

    Annual Report 2024 – Reserve Bank of New Zealand – Te Pūtea Matua (rbnz.govt.nz) https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=038b58eb69&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: ASB delivering Kiwis the best in digital banking

    Source: CanStar

    October 8, 2024: Congratulations to ASB, the winner of Canstar’s Award for Bank of the Year | Digital Banking, for the third consecutive year.

    According to Canstar’s latest research, 96% of bank customers use digital banking, and 94% do all their banking online. However, digital banking habits are still evolving.

    Smartphones have transformed the way we manage our day-to-day finances: four years ago, half of Kiwis (49%) used mobile banking apps, while 42% accessed accounts through bank websites. Those figures now stand at: 70% mobile apps and 23% bank websites.

    And leading the field in transforming the way we access online banking is ASB.

    In awarding ASB Canstar’s Bank of the Year | Digital Banking title for the third year in a row, our research team noted that ASB had maintained its market-leading position across several key digital banking categories, via the ASB Mobile Banking app and its online banking portal.

    Tom Slee, Canstar Group Manager – Wealth, Health & New Zealand says, “Most of us rely on our phones to conduct all our everyday banking, and ASB’s customers truly have the power to control their finances at their fingertips.

    “ASB’s Mobile Banking app not only makes everyday banking easy, it empowers ASB customers to set savings goals and stick to them, thanks to innovated features such as Goal Planner, Spend Tracker and the Save the Change tool. Congratulations to ASB for achieving a hat-trick of Digital Banking Awards – it’s a well-deserved accomplishment.”

    ASB’s Executive General Manager Technology and Transformation, David Bullock says, “Financial wellbeing is at the heart of everything we do, and one of the many ways we are championing this is through tools such as Spend Tracker, Support Finder, Save the Change and Card Tracker. In the past financial year, more than half a million of our customers used at least one of our digital financial wellbeing tools to help get ahead and achieve their goals.

    “We’ve also continued to develop our communication channels for customers, with improvements to our chatbot, Josie, as well as introducing the ability for customers to message us directly through the ASB mobile banking app. We’re incredibly proud of the work we’re doing in this space and it’s great to have this recognised by Canstar.”

    Canstar Bank of the Year | Digital Banking Award

    Canstar’s expert research team assessed the winner of its 2024 rating methodology and feedback from 3851 bank customers. The offers customers the strongest combination of products, features and tools across offerings.

    The award is designed to help consumers make more informed financial choices and sits alongside Canstar’s other awards, covering banking, insurance and KiwiSaver products.

    Click here for more information on ASB’s win: https://www.canstar.co.nz/digital-banking/best-digital-banking/

    MIL OSI New Zealand News –

  • MIL-OSI: Liqueous LP Announces $65 Million Financing Program in Nuburu Inc. (BURU), Highlighting Comprehensive Financing with Limited Dilution

    Source: GlobeNewswire (MIL-OSI)

    DOVER, Del., Oct. 07, 2024 (GLOBE NEWSWIRE) — Liqueous LP, a leading multi-strategy fund, focused on leveraging emerging technologies to set a new industry standard for how micro, small, and mid-market issuers access growth capital, is pleased to announce a comprehensive $65 million financing program for Nuburu Inc. (NYSE American: BURU), a trailblazer in high-power industrial blue laser technology. This financing program, structured jointly with the team at Nuburu, provides terms designed to deliver predictable, strategic, and low-cost capital while minimizing dilution, significantly exceeding Nuburu’s current market cap of approximately $2.6 million, underscoring the company’s substantial intrinsic value and transformative potential across multiple industries.

    The investment includes a $15 million direct capital injection and the establishment of a $50 million equity line of credit (ELOC), designed to accelerate Nuburu’s expansion in sectors such as e-mobility, healthcare, defense, and consumer electronics. This strategic financing solution mitigates dilution through pre-funded warrants, executed at market prices at the time of investment, allowing for possible price appreciation and flexibility across each tranche. Liqueous LP’s investment is aligned with the market value, ensuring the PIPE is funded at market price without any discounts, resets, or toxic dilutive features

    Jacob M. Fernane, Managing Partner at Liqueous LP, commented:

    “This is a very comprehensive financing solution that provides Nuburu with predictable capital while minimizing dilution and market disruption. The financing is structured at market value with no toxic elements, ensuring our investment aligns with Nuburu’s continued success and growth. Our partnership with Nuburu reflects our strong confidence in the intrinsic value of the company’s technology and its potential to revolutionize multiple high-growth industries.”

    Under the Master Transaction Terms Agreement, Liqueous LP will provide Nuburu with immediate capital, including an initial $3 million investment via pre-funded warrants, followed by weekly capital infusions of $1.25 million until an additional $10 million is invested. Additionally, Nuburu will have access to a $50 million equity line of credit (ELOC), giving the company flexibility for future growth, including a $2.5 million convertible note that is available for immediate use.

    This financing has been structured in a way that avoids unnecessary dilution, leveraging pre-funded warrants with registration rights, while allowing the company to raise capital incrementally at market prices. This approach provides Nuburu with substantial liquidity to scale its operations while validating the company’s underlying value.

    Nuburu’s recent contracts with NASA, along with its pioneering blue laser technology and key clients including the U.S. Navy and GE Additive, demonstrate the company’s growing market presence in industries that require precision and high-speed processing, such as space exploration and aerospace.

    Brian Knaley, CEO of Nuburu, added:

    “We are excited to partner with Liqueous LP in what is a significant step forward for our company. This financing strengthens our financial position and underscores the confidence Liqueous has in our groundbreaking technology and our ability to transform key industries. The fact that this financing comes with favorable terms and limited dilution is a testament to the value both sides see in our long-term potential.”

    About Liqueous LP

    Liqueous LP is an innovative, multi-strategy fund focused on leveraging emerging technologies to provide a new industry standard for how micro, small, and mid-market issuers access growth capital. By utilizing proprietary technology and advanced risk management solutions, Liqueous delivers long-term, low-cost capital that optimizes value and mitigates risk for its portfolio companies. Liqueous specializes in bespoke financing structures including shareholder liquidity products such as REPOs, block trades, and other asset-backed instruments. To learn more, visit http://www.liqueous.com.

    Forward-Looking Statements

    This press release contains forward-looking statements that involve risks and uncertainties, including those related to Liqueous LP’s and Nuburu’s financial performance and future business activities. These statements are based on current expectations and projections, but actual results may differ due to market conditions or strategic shifts. Liqueous LP is under no obligation to update these forward-looking statements except as required by law.

    Contact:
    info@liqueous.com

    The MIL Network –

  • MIL-OSI USA: Cassidy, Warner Introduce Bill to Improve IRS Customer Service

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Mark Warner (D-VA) introduced legislation to improve customer service at the Internal Revenue Service (IRS). Specifically, the Improving IRS Customer Service Act would expand information regarding refunds available to taxpayers online. The bill would also require the IRS to inform taxpayers applying for installment agreements about available collection alternatives if they appear to have an economic hardship.
    “It should be easy for taxpayers to get the information they need from the IRS. Not every interaction with them has to be miserable,” said Dr. Cassidy. “We can streamline the process and give Americans the transparency they expect.”
    “The IRS has been the source of massive headaches for taxpayers for years,” said Senator Warner. “I am glad to introduce this legislation that will ease some of this frustration by increasing clear communication and making IRS resources more readily available.” 
    The Improving IRS Customer Service Act would:
    Establish a dashboard to inform taxpayers of backlogs and wait times;  
    Expand electronic access to information and refunds;
    Expand callback technology and online accounts; 
    Inform individuals facing economic hardship of collection alternatives. 
    “By introducing the Improving IRS Customer Service Act, Senator Warner and Senator Cassidy have earned the gratitude of every taxpayer who’s ever had to contend with the IRS’s notoriously inconsistent customer service,” said Pete Sepp, President, National Taxpayers Union. “The sensible reforms in this bill, which include a wait-time dashboard, better access to refund information, customer callback technologies, and fairer measurement of IRS service levels, will all make a big difference in solving some of the more frustrating problems that taxpayers have encountered for years. More complete information on tax collection alternatives for taxpayers facing financial hardships will likewise give hope for many struggling families. This legislation is exactly the kind of guidance Congress needs to provide the IRS for a successful transformation of our entire system of tax administration. National Taxpayers Union is proud to endorse this innovative legislation, and we urge every lawmaker to actively work toward its passage in the remaining days of this Congress.”
    “The AICPA strongly supports the legislative proposals outlined in S. 5280, which provide taxpayers and their tax advisors with clear and detailed information from the IRS in an intuitive and interactive format. Additionally, S. 5280 strives to protect the most economically vulnerable taxpayers by doing away with installment agreement fees and offering collection alternatives to those facing economic hardships. Collectively, these proposals will strengthen the public’s confidence in the tax administration system, and we thank Senators Warner and Cassidy for their leadership on this bipartisan bill,” said Melanie Lauridsen, Vice President of Tax Policy & Advocacy for the American Institute of CPAs.

    MIL OSI USA News –

  • MIL-OSI USA: Reed Holds Manufacturing Roundtable to Help Ocean State Businesses Optimize Economic Growth

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    PAWTUCKET, RI – Highlighting Rhode Island’s vital manufacturing sector and the continued growth of advanced manufacturing across the Ocean State, U.S. Senator Jack Reed today convened a roundtable discussion with local businesses that produce Rhode Island made products.
    During the forum, small business leaders, industry experts, and manufacturing assistance organizations discussed key challenges and trends facing local manufacturers and several programs geared toward helping entrepreneurs grow and optimize their businesses.
    Partnering with Polaris MEP, a statewide non-profit ‘manufacturing extension partnership’ that serves as a manufacturing support center, and the Rhode Island Manufacturers Association, Senator Reed today heard from several local manufacturers about challenges, successes, and a wide range of issues from child care and health care to infrastructure and supply chains to workforce development and cutting red tape.
    “Rhode Island’s manufacturers are critical to our economy.  They are powered by innovation and produce a range of well-made products, as well as jobs and opportunities. When manufacturers grow and thrive, so does our economy.  That’s why I continue working at the federal level to support our small businesses and strengthen Rhode Island’s manufacturing ecosystem.  That includes investing in workforce development and making sure we have the right programs in place to connect people to in-demand job skills and ensure enough qualified candidates to fill job vacancies,” said Senator Reed.  
    Rhode Island is home to over 1,600 manufacturing companies that employ approximately 8.5 percent of the Ocean State’s total workforce.  Rhode Island’s manufacturers have a multiplying effect across the state’s economy, with every $1 in pay for manufacturing workers resulting in an income increase of 90 cents for other workers in the state. 
    According to Rhode Island Commerce, the total economic output from the state’s manufacturers was $5.28 billion in 2021.
    Senator Reed says that strengthening and expanding efforts on the federal level to support Rhode Island’s manufacturers will help increase wages, bolster the state’s economy, and better position the state to be a leader in numerous industries.
    “Hearing from today’s group of outstanding leaders in the manufacturing community, it is clear that our state’s manufacturing landscape continues to strengthen and evolve,” said Senator Reed.  “Today’s manufacturers rely on increasingly skilled and specialized employees to operate sophisticated, computer-based machinery and technology. I will continue to support our manufacturers, lower costs for businesses, and ensure the dedicated employees who power our economy are paid good wages for their hard work.  I will bring the messages I heard today back to our nation’s capital to ensure we can continue to support small business here in Rhode Island and nationwide.”
    Celebrated every October, Manufacturing Month recognizes and promotes the success of U.S. manufacturers in the global marketplace while encouraging sustained growth and innovation in a variety of industries.
    This year’s roundtable included business owners and representatives from the Cooley Group, a Pawtucket manufacturer of advanced textiles with industrial, commercial, and defense applications; Chi Kitchen, a Pawtucket food manufacturer; SENESCO Marine, a Quonset boatbuilder that works closely with the offshore wind industry and develops new, state-of-the-art hybrid ferries; Dewetron, an East Greenwich manufacturer of computerized testing technology used in the aerospace industry and by the National Aeronautics and Space Administration (NASA); and Reade Advanced Materials, an East Providence chemical manufacturer with a global reach.

    MIL OSI USA News –

  • MIL-OSI Submissions: Energy Sector – Equinor acquires a 9.8% minority stake in Ørsted

    Source: Equinor

    07 OCTOBER 2024 – Equinor ASA has acquired 41,197,344 shares in Ørsted A/S (“Ørsted”), corresponding to 9.8% of the shares and votes in the company.

    The transaction establishes Equinor as the second largest shareholder in Ørsted, after the Danish State, which holds a controlling stake in the company.

    “Equinor has a long-term perspective and will be a supportive owner in Ørsted. This is a counter-cyclical investment in a leading developer, and a premium portfolio of operating offshore wind assets. The exposure to producing assets complements Equinor’s operated offshore wind portfolio of large projects under development”, says Anders Opedal, CEO of Equinor.

    Equinor is supportive of Ørsted’s strategy and management, and is not seeking board representation.

    “This investment is in line with Equinor’s strategy of value driven growth in renewables. The offshore wind industry is currently facing a set of challenges, but we remain confident in the long-term outlook for the sector, and the crucial role offshore wind will play in the energy transition”, says Opedal.

    Ørsted has a net renewable generation capacity of around 10.4 GW, and a gross portfolio of offshore wind projects in execution of around 7 GW. The company’s ambition is to achieve a gross installed renewable capacity of around 35 to 38 GW by 2030. (1)

    Equinor’s ownership position has been built over time, through a combination of market purchases and a block trade.

    The current market value of Equinor’s holding in Ørsted is around USD 2.5bn, based on a closing price Friday 4 October of DKK 418 per share and a USD/DKK exchange rate of 6.8.

    Subject to obtaining regulatory approvals under applicable Foreign Direct Investment regulations, Equinor intends to increase its ownership to 10%. There are currently no plans to further increase the stake.

    The transaction will be executed within Equinor’s communicated financial framework.

    * * *

    (1) Net renewable generation capacity refers to the company’s equity share of offshore wind, onshore wind and solar generation capacity. Offshore wind projects in execution and the 2030 ambition are gross (100%) numbers. The ambition also includes onshore renewable energy, power-to-X and bioenergy. Source: Ørsted’s Q2-24 presentation and asset book.

    This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

    MIL OSI – Submitted News –

  • MIL-OSI New Zealand: Stats NZ information release: Tatauranga umanga Māori – Statistics on Māori businesses: June 2024 quarter

    Source: Statistics New Zealand

    Tatauranga umanga Māori – Statistics on Māori businesses: June 2024 quarter – information release – 8 October 2024 – Tatauranga umanga Māori – Statistics on Māori businesses: June 2024 quarter presents information on one subset of Māori businesses that contribute to our country’s economy. This release includes data on Māori authorities and related businesses. It does not cover all Māori businesses in Aotearoa New Zealand.

    Māori authorities are defined as businesses that receive, manage, and/or administer assets held in common ownership by iwi and Māori. Māori authorities are largely identified through their tax codes as registered with Inland Revenue. Any business within a Māori authority ownership group is also included for the purposes of Tatauranga umanga Māori.

    Key facts
    In the June 2024 quarter, around 1,450 Māori authorities and related businesses were in the Tatauranga umanga Māori population.

    All figures are actual values and are not adjusted for seasonal effects.

    In the June 2024 quarter compared with the June 2023 quarter:

    • the total value of sales by Māori authorities was $1,057 million, up $4.3 million (0.4 percent)
    • the total value of purchases by Māori authorities was $774 million, down $25 million (3.2 percent)
    • the total number of filled jobs for Māori authorities was 12,100, up 390 jobs (3.3 percent)
    • the total value of earnings by employees of Māori authorities was $219 million, up $15 million (7.4 percent)
    • Māori authorities exported $216 million worth of goods, up $5.6 million (2.7 percent).

    Visit our website to read this information release and to download CSV files:

    MIL OSI New Zealand News –

  • MIL-OSI Australia: $15 million program bringing international visitors back to Tropical North Queensland

    Source: Minister for Trade

    A resurgence in international visitors to Tropical North Queensland is being supported by a $15 million Australian Government program.

    The International Tourism Recovery Program has delivered 28 campaigns so far, generating bookings in the last financial year for 20,000 Chinese visitors, who it is estimated will inject $37 million into the local economy.

    The second year of the $15 million program, rolling out from 1 July 2024, is expected to create even stronger demand for the world-class tourism experiences in the sunshine state’s tropical north, including the Great Barrier Reef.

    The return of Cathay Pacific flights between Hong Kong and Cairns from December through to March is projected to bring in up to 13,000 additional international visitors, who are projected to collectively spend an estimated $20 million in the region.

    China was the region’s largest international market before the pandemic, accounting for one in four international visitors and injecting more than $200 million a year into the regional economy.

    Tropical North Queensland is one of Australia’s tourism regions that is most economically dependent on international visitation.

    The International Tourism Recovery Grant Program is providing Tourism Tropical North Queensland (TTNQ) with grants worth up to a total of $15 million over three years, helping to bring more international visitors to Tropical North Queensland.

    Quotes attributable to Senator Don Farrell, Minister for Trade and Tourism:

    “Queensland’s tropical north is a spectacular place that has always been a personal favourite, a sentiment I share with many Australians and people from around the world.

    “We understand how important international visitors are for tourism in the region and, having spoken with many local business operators, I know the challenges they’ve been facing.

    “I am pleased that the Albanese Labor Government’s support is bringing back more Chinese visitors to this remarkable part of our country where they can dive into the underwater wonders of the Great Barrier Reef or be guided by local First Nations peoples on a Dreamtime walk through one of the world’s oldest rainforests.”

    Quotes attributable to Special Envoy for the Great Barrier Reef, Senator Nita Green:

    “The Great Barrier Reef brings tourists from all across the world to Cairns and Far North Queensland.

    “Tourism is the lifeblood of our region, and welcoming international guests is vital to the success of our communities.

    “I am so proud that our Government’s investment in TTNQ is supporting the return of Chinese visitors to this incredible part of the country.”

    Quotes attributable to Mark Olsen, CEO – Tourism Tropical North Queensland:

    “The support from the International Tourism Recovery Program has given the region a boost when it needed it most, as our international numbers have been slower to recover than the capital cities.

    “China was our region’s single biggest international market in 2019, one in three Chinese visitors to Queensland came to see Cairns and the Great Barrier Reef. Rebuilding demand from China is vital with Cathay Pacific returning in December.

    “The 28 trade campaigns have been supported by a coordinated approach, with a publicity push generating over $16.5 million. Roadshows are bringing our operators back into China as a region – bringing back key trade partners to experience Tropical North Queensland and all the great experiences here first-hand.”

    MIL OSI News –

  • MIL-OSI Submissions: Stats NZ information release: Tatauranga umanga Māori – Statistics on Māori businesses: June 2024 quarter

    Source: Statistics New Zealand

    Tatauranga umanga Māori – Statistics on Māori businesses: June 2024 quarter – information release – 8 October 2024 – Tatauranga umanga Māori – Statistics on Māori businesses: June 2024 quarter presents information on one subset of Māori businesses that contribute to our country’s economy. This release includes data on Māori authorities and related businesses. It does not cover all Māori businesses in Aotearoa New Zealand.

    Māori authorities are defined as businesses that receive, manage, and/or administer assets held in common ownership by iwi and Māori. Māori authorities are largely identified through their tax codes as registered with Inland Revenue. Any business within a Māori authority ownership group is also included for the purposes of Tatauranga umanga Māori.

    Key facts
    In the June 2024 quarter, around 1,450 Māori authorities and related businesses were in the Tatauranga umanga Māori population.

    All figures are actual values and are not adjusted for seasonal effects.

    In the June 2024 quarter compared with the June 2023 quarter:

    • the total value of sales by Māori authorities was $1,057 million, up $4.3 million (0.4 percent)
    • the total value of purchases by Māori authorities was $774 million, down $25 million (3.2 percent)
    • the total number of filled jobs for Māori authorities was 12,100, up 390 jobs (3.3 percent)
    • the total value of earnings by employees of Māori authorities was $219 million, up $15 million (7.4 percent)
    • Māori authorities exported $216 million worth of goods, up $5.6 million (2.7 percent).

    Visit Statistics NZ’s website to read this information release and to download CSV files:

     

    MIL OSI –

  • MIL-OSI Submissions: Invest Moldova Agency – Moldova Receives ‘B+’ Rating with Stable Outlook from Fitch Ratings, Signaling Economic and Financial Resilience

    Source: Invest Moldova Agency

    Fitch Ratings has assigned the Republic of Moldova a Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’ with a Stable Outlook. (ref. https://invest.gov.md/en/fitch-ratings-assigns-moldova-a-b-rating-with-stable-outlook-reflecting-economic-and-financial-resilience )

    This rating highlights the country’s steady commitment to maintaining macroeconomic and financial stability through prudent fiscal policies, a credible inflation-targeting framework, and a flexible exchange rate regime. These factors, combined with a resilient banking sector, demonstrate Moldova’s progress in overcoming past challenges and building a more stable financial environment.

    One of the key elements supporting this rating is the resilience of Moldova’s banking sector. For the past 10 years, Moldova undertook a comprehensive overhaul of its regulatory standards. Today, the sector remains well-capitalized, profitable, and exhibits low levels of non-performing loans. These improvements have fortified the country’s financial system, enhancing confidence in its ability to withstand economic pressures.

    Victoria Belous, the Minister of Finance of the Republic of Moldova, emphasized the significance of the rating in strengthening Moldova’s financial standing:

    “The B+ rating with a stable outlook reflects our efforts to maintain financial stability and prudently manage public debt. It sends a strong signal to investors and confirms the effectiveness of our policies. This rating will open new financing opportunities and support Moldova’s expansion on international markets.”

    Her statement underscores the government’s focus on responsible fiscal management and how the rating aligns with Moldova’s ambitions to attract international investors.

    Dumitru Alaiba, the Minister of Economic Development and Digitalization of the Republic of Moldova, also commented on the positive impact of the Fitch rating on Moldova’s global investment attractiveness:

    “For many years, we have been striving to improve our country’s rating. The report from Fitch Ratings is a key indicator for financial markets and institutional investors. The better the rating, the more attractive and stable the country becomes, and the lower the cost of financing. We are acting on all reform fronts within our control. I am pleased to see that our efforts over the past three years are now yielding tangible results. We continue to work hard moving forward.”

    Moldova’s B+ rating, coupled with its stable outlook, confirms the country’s commitment to economic reforms and financial discipline. By maintaining prudent fiscal policies and a robust regulatory environment, Moldova is well-positioned to leverage new financing opportunities. As a result, this rating serves as a milestone for the country as it continues to expand its presence on international markets and strengthen investor confidence.

    The Invest Moldova Agency, under the Prime Minister’s Office, promotes Moldova as an investment destination and supports export growth. Managing the national brand, it fosters international partnerships, economic diplomacy, and sectoral growth, enhancing Moldova’s global economic appeal

    MIL OSI – Submitted News –

  • MIL-OSI New Zealand: Nigeria

    Source: New Zealand Ministry of Foreign Affairs and Trade – Safe Travel

    • Reviewed: 4 October 2024, 15:33 NZDT
    • Still current at: 8 October 2024

    Related news features

    If you are planning international travel at this time, please read our COVID-19 related travel advice here, alongside our destination specific travel advice below.

    Do not travel to the states of Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, Bayelsa, Borno, Delta, Gombe, Imo, Jigawa, Kaduna, Kano, Katsina, Kebbi, Niger, Plateau, Rivers (including Port Harcourt and Bonny Island), the river areas of Cross River state, Sokoto, Taraba, Yobe and Zamfara. There is an ongoing significant threat from terrorism and a very high threat of kidnapping, localised conflict, and armed attacks in these areas. The security situation is volatile. If you are in one of these areas you should consider departing as soon as it is safe to do so. (Level 4 of 4).

    Avoid non-essential travel elsewhere in Nigeria (except the cities of Calabar, Abuja and Lagos), due to the threat from terrorism, kidnapping and violent crime (level 3 of 4).

    Exercise increased caution in the cities of Calabar, Abuja and Lagos due to the threat of terrorism and violent crime (level 2 of 4).

    Nigeria

    Terrorism
    There is a very high threat from terrorism, especially in northern and northeastern states, and bandit groups are increasingly active in the northwest. No location in Nigeria should be viewed as being outside the scope of terrorist groups. Terror attacks occur very regularly in Nigeria. There have been many serious attacks which have resulted in a significant number of deaths and injuries. The terrorist group Boko Haram regularly mounts large-scale attacks in Nigeria, including bombings, gun assaults, assassinations, arson and mass kidnappings. Future attacks are highly probable, most likely by Boko Haram or Islamic State West Africa (ISWA). Attacks by bandit groups on civilians, motorists and local communities can involve gunfire, explosives, machetes and kidnapping.

    Most attacks take place in areas where we advise Do Not Travel, future attacks could occur anywhere in Nigeria. The Federal Capital Territory (Abuja) has been targeted in several attacks in recent years, resulting in high numbers of deaths and injuries. Further attacks in Abuja, Lagos and elsewhere are likely and could be indiscriminate.

    Armed groups often target transport routes. Avoid intercity transport via road or rail. If despite our advice you undertake travel within Nigeria, we advise that you seek professional security advice and support before departing.

    Other common targets include churches and mosques during times of worship, government and security institutions, hotels, restaurants, shopping centres, markets, educational facilities and police stations. Many attacks have occurred around religious or public holidays or festivals in public and crowded places. We advise New Zealanders to remain vigilant at all times. Locations frequented by foreigners have been attacked and may be targeted again. 

    Military operations against Boko Haram in northern and north-eastern parts of Nigeria are ongoing. New Zealanders in Nigeria should be aware that any increase in violence between security forces and terrorist groups is likely to increase the possibility of terrorism throughout Nigeria.

    Local authorities in Nigeria often impose, amend and lift curfews in response to security incidents at short notice. New Zealanders in areas affected by violence are advised to monitor local media for the latest information on possible curfews and restrictions on movement, and follow any advice from local authorities.

    Local authorities may also interrupt telecommunication services in the northeastern states without notice and for indeterminate periods of time. Neighbouring states may also be affected by these disruptions.

    New Zealanders throughout Nigeria are also advised to keep themselves informed of potential risks to safety and security by monitoring the media and other local information sources.

    Kidnapping
    There is a high threat of kidnapping throughout Nigeria, particularly in North and North-Eastern Nigeria and in the Niger Delta states. Attacks are often indiscriminate – residents and foreigners alike have been abducted and held captive, with some deaths being reported. Humanitarian aid workers may be targeted.

    There is an increasing risk of kidnapping by bandit groups throughout Nigeria, including in Abuja and Lagos. Kidnappers often target transport routes.

    Expatriate workers at oil and gas facilities in the Niger Delta states are at particular risk of kidnapping, which is typically financially motivated. New Zealanders working in the Niger Delta states against our advice are advised to seek professional security advice and ensure appropriate personal security measures are in place at all times.

    Violent Crime
    There are high rates of violent crime such as armed robbery, home invasion, mugging, carjacking, sexual assault and violent assault throughout Nigeria. Crime is more prevalent at night, particularly in urban areas, such as Lagos, and on the main highways.

    New Zealanders in Nigeria are advised to be security conscious at all times and should avoid walking and travelling at night, particularly to isolated areas. No resistance should be given if you are the victim of a robbery, mugging or carjacking as this could lead to an escalation in violence. As victims of robbery are often targeted due to their perceived wealth, it is advisable to avoid wearing or displaying items that appear valuable, such as electronic devices and jewellery. We also recommend carrying the minimum amount of cash required.   

    When driving you should keep doors locked, windows up and keep any valuables out of sight. Don’t use public transportation throughout Nigeria due to safety reasons. We recommend using prearranged transport only or making bookings through your hotel.

    Civil Unrest
    Numerous deaths and injuries have occurred as a result of violent civil unrest and inter-communal violence in Nigeria in recent years.  In the past government security forces have sometimes used live ammunition to disperse demonstrations. There is an ongoing heightened risk of violence, particularly in central and northern regions. Bystanders can get caught up in the violence directed at others. 

    New Zealanders are advised to avoid all large public gatherings, protests, demonstrations and political rallies as even those intended to be peaceful  have the potential to turn  violent. If you are in an area affected by unrest, you should leave the immediate vicinity, stay indoors and monitor local media to stay informed of developments.

    Piracy
    Piracy, including against off-shore oil rigs, is a significant problem in Nigerian waters. There have been armed robberies targeting ships in the coastal areas of the Gulf of Guinea, including in the Niger Delta region.

    Mariners are advised to take appropriate precautionary measures. For more information view the International Maritime Bureau’s piracy report. 

    Scams
    Commercial and internet fraud is common in Nigeria, including internet relationship scams. New Zealanders should be wary of any offers that seem too good to be true, as they may be a scam. For further information see our advice on Internet Fraud and International Scams and Internet dating scams.

    General Information
    As there is no New Zealand diplomatic presence in Nigeria, the ability of the government to provide assistance to New Zealand citizens is severely limited, particularly in areas where we advise against all travel.

    We offer advice to New Zealanders about contingency planning that travellers to Nigeria should consider.

    Modesty and discretion should be exercised in both dress and behaviour in Nigeria to avoid offending local sensitivities. Sharia law operates in many Northern states. Same-sex relationships are illegal in all parts of Nigeria.

    Photography of airports, government buildings and military installations is illegal, and can result in fines or imprisonment.

    Penalties for possession, use or trafficking of illegal drugs are severe and can include lengthy imprisonment or fines.

    Keep your passport in a safe place and only carry a photocopy for identification purposes. Checkpoints operate throughout the country. Police officers and individuals posing as police officers have been known to solicit bribes. New Zealanders should carry relevant personal identification and vehicle registration papers with them at all times.

    The possession, sale and export of African art, particularly antiquities, without authorisation may carry heavy penalties.

    New Zealanders travelling or living in Nigeria should have a comprehensive travel insurance policy in place that includes provision for medical evacuation by air.

    New Zealanders in Nigeria are strongly encouraged to register their details with the Ministry of Foreign Affairs and Trade.

     

    Travel tips

    The New Zealand Embassy Addis Ababa, Ethiopia is accredited to Nigeria

    Street Address Bole Sub City, Woreda 03, House No 111, Behind Atlas Hotel/close to Shala Park, (Namibia Street), Addis Ababa, Ethiopia Postal Address New Zealand Embassy, Ministry of Foreign Affairs and Trade, Private Bag 18-901 Wellington Mail Centre 5045, Wellington Telephone +251-11-515-1269 Fax +251-11-552-6115 Email aue@mfat.govt.nz Web Site https://www.mfat.govt.nz/ethiopia Hours Open to the public: Monday – Friday, 9am-12pm by appointment Note In an emergency or if you require urgent assistance after hours, please call the New Zealand Ministry of Foreign Affairs and Trade’s 24/7 Consular Emergency line on +64 99 20 20 20.

    See our regional advice for Africa

    Top of page

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Tourism to become $91 billion cornerstone of NSW economy

    Source: New South Wales Premiere

    Published: 8 October 2024

    Released by: The Premier, Minister for the Arts, Minister for Music and the Night-time Economy, Minister for Tourism

    Millions of extra airline seats, tens of thousands of hotel rooms and a focus on experience-led tourism will transform the state’s visitor economy into a $91 billion powerhouse as set out in a government review of the NSW Visitor Economy Strategy.

    The Minns Government will adopt a more ambitious goal of $91 billion in annual visitor economy expenditure by 2035 – a 40% increase on the previous goal. The accelerated growth is expected to provide a big economic windfall for regional communities, with $44 billion (48%) of the $91 billion expected to be spent in regional NSW. 

    This ambitious growth trajectory will further cement tourism as a critical pillar of future growth in the NSW economy, driving up to 150,000 new jobs by 2035.

    The next decade of growth in the visitor economy will be underpinned by a potential increase of 8.5 million airline seats due to the new Newcastle Airport international terminal opening in 2025, the opening of the Western Sydney International Airport in 2026, increased capacity at Sydney Airport and growth in cross-border arrivals through Canberra Airport and Gold Coast Airport.

    The Minns government has already been working to boost aviation capacity through support for the recently announced Turkish Airlines route to Sydney Airport and an agreement to support Newcastle Airport to attract more international routes.

    This additional capacity will increase competition, providing a greater incentive for European travellers to choose NSW as their holiday destination and put downward pressure on the cost of holidays for NSW families.

    To meet the $91 billion stretch goal, the review highlights key challenges including:

    • The need for 40,000 extra hotel rooms, a 41% increase on what’s currently available
    • Significant worker and skills shortages in roles such as tour guides and chefs
    • Need for increased business event facilities in Sydney, Western Sydney and priority regional areas.

    The review sets out a series of recommendations for achieving the stretch goal including:

    • Prioritise the NSW Visitor Economy Strategy as a government-wide economic focus.
    • Anchor the Visitor Economy Strategy around ‘experience tourism’
    • Celebrate First Nations culture and businesses through authentic visitor experiences.
    • Increase accommodation quality across regional NSW and quantity in Greater Sydney.
    • Boost aviation capacity in key domestic and international markets.
    • Leverage leisure events to grow season al visitation and showcase NSW’s strengths.
    • Dominate Australia’s business events sector.
    • Capitalise on NSW’s status as being number one for international students.
    • Foster a diverse, skilled visitor economy workforce.

    The Minns government has begun work on attracting more business events with a $1.5 million increase in funding for Business Events Sydney in FY25.

    Confirming the international appeal of the experiences on offer in Sydney, last week the NSW capital was voted ‘best city in the world’ in the Condè Nast Traveller UK’s 2024 Readers’ Choice Awards. The poll cited Sydney’s ‘unique, indoor-outdoor way of life’ which speaks directly to the review’s recommendation to focus the NSW Visitor Economy Strategy on ‘experience tourism.’

    The NSW visitor economy is the biggest in Australia, achieving a record $53 billion in expenditure in FY24 and employing almost 300,000 workers. The NSW Visitor Economy Strategy 2030 had a target of $65 billion. The review into the 2030 strategy will inform the new NSW Visitor Economy Strategy 2035, which will be released in the coming months.

    A summary of the review of the NSW Visitor Economy Strategy 2030 is available here.

    Premier of New South Wales Chris Minns said:

    “From pristine beaches to lush national parks, NSW is an unbeatable hotspot for tourists across the globe.

    “People coming to New South Wales for a holiday is at an all time high, but this review shows there are opportunities to grow it even more, partially due to more airports opening and more flight routes being secured.

    “We are ready to put our shoulder to the wheel and attract even more travellers to NSW, boosting local business and creating thousands of jobs.”

    Minister for the Arts, Minister for Music and the Night-time Economy, and Minister for Jobs and Tourism John Graham said:

    “This is a very exciting moment for the NSW visitor economy. We’re taking a sector that is already very strong and raising our ambitions even higher.

    “This review dares us to dream big, but it also outlines the hard work needed to meet the opportunity.

    “To reach this ambitious new target we need to build more hotel rooms, attract and train more workers and create and market the experiences that connect visitors with the culture, nature and people of NSW.

    “NSW has the nature, the culture and incredible experiences. We just need to match it with hard work and planning.”

    MIL OSI News –

  • MIL-OSI Australia: Gone Fishing Day returns on Sunday 13 October 2024

    Source: New South Wales Premiere

    Published: 8 October 2024

    Released by: Minister for Agriculture, Minister for Regional NSW

    The Minns Government is proud to celebrate the wealth of fishing opportunities on offer in NSW with the return of Gone Fishing Day on Sunday 13 October.

    The Government will be hosting free community events across the state, giving both novice and experienced fishers a chance to enjoy fishing fun with family and friends.

    Gone Fishing Day events will be held at Gordon Park in Nambucca, Queen Elizabeth Park in Taree, Lake Keepit, Lakeside Parkin Narrabeen, Spencer Park in Merimbula and Apex Park in Wagga Wagga, with activities kicking off at 9am.

    Many fishing clubs, organisations and community groups will also run their own community fishing events and activities in their own local area on Gone Fishing Day, with support from NSW Government.

    A total of 62 fishing clubs and organisations have been sent fishing packages with gear to use at their local events while another 49 clubs and organisations are receiving grants of up to $2000 to help run their events.

    An open day and Gone Fishing Day event will also be held at the Gaden Trout Hatchery near Jindabyne to give the community a chance to see the newly renovated, state-of-the-art facilities, with the Government investing $8.6 million in upgrades to help futureproof NSW’s iconic trout fishing sector.

    A range of family-friendly activities will be on offer at the Gaden Trout Hatchery open day, including guided tours, Try Fishing sessions, fishing demonstrations, fish feeding opportunities, children’s face painting and much more.

    Gone Fishing Day is another example of the NSW Government’s ongoing work to promote and improve recreational fishing in NSW, with funding from the NSW Recreational Fishing Trusts.

    To find out more on the DPIRD Gone Fishing Day community events near you or for more information, visit Gone Fishing NSW Day.

    Minister for Agriculture and Regional NSW Tara Moriarty said:

    “Gone Fishing Day is a great opportunity for people to get out on the water and take advantage of the many exceptional fishing locations we have across our great state.

    “Whether you are an experienced angler or you’ve never held a rod before – we want everyone to get involved and wet a line!”

    “It is a fantastic opportunity to attract keen fishers to take to the water and introduce kids to fishing, with casting competitions and Try Fishing sessions.

    “We know that fishing provides so much more than just a nutritious food source and Gone Fishing Day allows us to share the benefits of this fun outdoor activity to everyone around the State.

    “Recreational fishing is a $3.4 billion industry in NSW, so it is important that we acknowledge this day and the positive impact this industry has on our economy and communities.”

    MIL OSI News –

  • MIL-OSI USA: Brown Addresses the Ohio Defense and Aerospace Forum

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown
    WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH) gave remarks at the Ohio Defense and Aerospace Forum, presented by the Dayton Development Coalition. Brown joined leaders in the defense and aerospace industries to discuss the importance of investing in the state’s national security leadership. The event provided an opportunity for defense installation leadership, community leaders, industry representatives, and elected officials to connect, build awareness, and gain a deeper understanding of the current defense environment and the role they play in supporting all facets of national defense.
    “Ohio’s leadership in defense and aerospace is a testament to what we can accomplish when we put politics aside and work together for our state,” said Brown. “Our job is to work together to support the tens of thousands of workers and servicemembers who have made our state the center of aviation – these industries are crucial to our economy and our national security. Together we will make sure that our state continues to keep America safe and secure in the years to come.”
    “The defense sector keeps growing in importance to the regional’s economic development and job creation. In recent years, we have seen transformational projects come to the Dayton Region, leveraging the region’s connection to Wright-Patterson Air Force Base, and there is a growing hub of advanced air mobility activity in Springfield, home of the national advanced air mobility center of excellence. I appreciate Senator Brown’s commitment to maintaining Wright-Patterson, the Springfield Air National Guard Base, and the jobs generated in the region by the defense sector,” said Jeff Hoagland, President and CEO, Dayton Development Coalition.
    Brown has long been a champion for Ohio’s aerospace innovation and military installations. Last week, Brown called on the Biden Administration to include $50 million in funding in the President’s Budget Request for fiscal year 2026 to upgrade and maintain Wright-Patterson Air Force Base’s primary runway. In September, following his push, Brown announced that the U.S. Air Force selected the Rickenbacker Air National Guard Base in Columbus as one of seven finalists to become the main operating base for the new KC-46A. In July, Brown celebrated the arrival of the first of eight new C-130J Super Hercules Aircraft at the Youngstown Air Reserve Station. Last year, Brown helped secure Joby Aviation’s investment to build its first scaled aircraft production facility in Dayton.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Liverpool Charity Hosts a Week of Fun Events to Celebrate and Support Kinship Carers

    Source: City of Liverpool

    To mark National Kinship Carers Awareness Week (7th–11th October), Liverpool-based charity Kinship Carers Liverpool is organising a week long series of exciting events.

    Kinship children are those who are looked after by a family member or a family friend. As the longest-running and largest kinship care support group in the UK, the charity has been championing the vital work of kinship carers since establishing this awareness week in October 2016. The aim is to bring attention to the often-overlooked carers who step in to raise children, keeping them out of local authority care.

    Are you a grandparent, relative, or family friend raising someone else’s child? If so, Kinship Carers Liverpool invites you to get involved in this special week. Based at Ellergreen Community Centre in Norris Green, the charity has organised activities to raise awareness and celebrate the essential role kinship carers play in the lives of the children they care for.

    Kinship carers take on the responsibility of raising children due to various circumstances, such as the death of a parent, imprisonment, or challenges like mental health issues, or drug and alcohol addiction. Research shows that children raised in kinship care often experience positive outcomes, but many carers find themselves unprepared emotionally and financially, especially in the current economic climate.

    Fortunately, Kinship Carers Liverpool provides invaluable support, offering practical advice and emotional guidance. Their services include one-on-one and group support for the entire family, helping kinship carers navigate complex legal, financial, and parenting challenges.

    Pauline Thornley, Project Co-ordinator for Kinship Carers Liverpool, said:

    “Our project supports the often-hidden carers who are raising family members and keeping them out of local authority care. We provide training, events, and activities for both carers and young people, offering the tailored support these families need to face life’s challenges.”

    The charity’s work extends beyond local support. Kinship Carers Liverpool has helped ensure that the voices of young people in kinship care are heard nationally. This includes collaborations with the Children’s Commissioner for England and participation in discussions at the Labour Party Conference about the unique challenges faced by kinship families.

    The organisation has also developed a pioneering Kinship Charter in partnership with Liverpool Children’s Services, outlining best practices for professionals supporting kinship families.

    All kinship carers are welcome to join the events at Ellergreen Community Centre (Ellergreen Road, Norris Green, L11 2RY). For more information, call 0151 280 2108, email eve@kinshipcarersliverpool.co.uk, or visit http://www.kinshipcarersliverpool.co.uk.

    MIL OSI United Kingdom –

  • MIL-OSI USA: PHOTOS: Capito Highlights Health Care and Economic Development During Mingo County Stops

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    MINGO COUNTY, W.Va. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.) made two stops in Mingo County focused on health services and economic development.
    First, Senator Capito, Ranking Member of the Senate Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies (Labor-HHS), visited Williamson Memorial Hospital to get an in-person update about ongoing upgrades at the facility. This was Senator Capito’s first visit to the facility under new leadership.
    “West Virginians in Mingo County and surrounding areas rely on Williamson Memorial Hospital for a range of health services,” Senator Capito said. “That’s why it was welcome news when Dr. Beckett purchased the hospital, and since then has made investments and renovations to improve the facility, filling a critical health care gap. I enjoyed the opportunity to meet with hospital leadership and staff, as well as tour the facility and learn more about the operations, which will undoubtedly have a positive impact in and around the region in the near future.”
    “Returning Williamson Memorial to our community is an endeavor that has drawn all of us together, starting here in Williamson, extending throughout the Tug Valley and reaching across our state,” Williamson Health & Wellness Center CEO Dr. C. Donovan “Dino” Beckett said. “We are honored Sen. Capito is a part of it and excited to share with her a look at the extraordinary strides we’ve made at the new Williamson Memorial. Our hospital represents the resolve, commitment and ingenuity of West Virginia and is a testament to our overarching mission at Williamson Health & Wellness Center: Health for everyone.”
    “We are so pleased to have Sen. Capito join with us in celebrating the great strides we’ve made with the return of Williamson Memorial,” Tim Hatfield, CEO of the new Williamson Memorial said. “She recognizes, as we do, the importance of this effort. It means greatly improved access to care for the people of our community and it means the return of valuable jobs to our economy. And because of the upgrades to the facility and our reliance on an integrated care model, the new Williamson Memorial is not only back, it is better than ever and here to stay.”
    Next, Senator Capito traveled to the Buck Harless Wood Products Industrial Park in Whitman, W.Va. where she met with community business leaders and participated in a roundtable discussion. Additionally, Senator Capito received a tour of the Coal-Mac Trucking facility and a demonstration at JP Technical Services.
    “It was great to meet with business leaders today in Mingo County and hear more about the success they have had at the Industrial Park. Whether it’s the employee growth Coal-Mac is experiencing or the expansion of services JP Technical Services is offering, I enjoyed the opportunity to hear about what is working for these local businesses and how I can continue to be a good partner to them in the Senate. I look forward to taking insights from our conversation today back to Washington in order to better support West Virginia workers,” Senator Capito said.
    Photos from today’s visits are included below:

    U.S. Senator Shelley Moore Capito (R-W.Va.) visits Williamson Memorial Hospital in Williamson, W.Va. on Monday, October 7, 2024.

    U.S. Senator Shelley Moore Capito (R-W.Va.) visits the Buck Harless Wood Products Industrial Park in Whitman, W.Va. on Monday, October 7, 2024.

    U.S. Senator Shelley Moore Capito (R-W.Va.) meets with Mingo County business leaders at the Buck Harless Wood Products Industrial Park in Whitman, W.Va. on Monday, October 7, 2024.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Strengthened cyber security support for New Zealand businesses

    Source: New Zealand Government

    The Government has reaffirmed its commitment to ensuring New Zealand is a safe and secure place to do business with the launch of new cyber security resources, Small Business and Manufacturing Minister Andrew Bayly says.

    “Cyber security is crucial for businesses, but it’s often discounted for more immediate business concerns. That’s why we’ve developed these practical, easy-to-use resources to help businesses safeguard themselves against cyber threats.

    The programme, Unmask Cyber Crime, offers a series of short, educational videos that have been designed to raise awareness and provide small to medium business owners with the confidence to adopt effective cybersecurity practices. It comes as New Zealand businesses are increasingly identifying cyber security as a key concern for their business.

    “Cyber-attacks can severely impact businesses and business owners, leading to financial losses and reputational harm. Many New Zealand SMEs are especially vulnerable due to limited resources. This initiative equips them with the tools to understand and mitigate these risks.”

    Each video focuses on a specific aspect of cyber security, outlining risks to be aware of and practical steps that can be taken to enhance security. The videos are free and available to all businesses.

    “The government will continue working alongside the business sector to ensure these resources reach as many businesses as possible, supporting them to be resilient against cyber threats.

    Notes to editor:

    MIL OSI New Zealand News –

  • MIL-OSI USA: Hoeven-Led Working Group Announces Community Plan to Build Veterans Memorial Center at FNC

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    10.07.24
    After Securing Veterans Cemetery Expansion, Senator Coordinating Efforts to Secure VA Approval of FM Honor Guard Proffer, Utilizing Impact Foundation for Financial Oversight
    FARGO, N.D. – Senator John Hoeven, joined by the Fargo Memorial Honor Guard, Fargo Mayor Tim Mahoney, Moorhead Mayor Shelly Carlson, West Fargo Mayor Bernie Dardis and FMWF Executive Director Shannon Full, today announced a community plan to develop a Veterans Memorial Center at Fargo National Cemetery (FNC). This follows Hoeven’s efforts as a member of the Senate Military Construction and Veterans Affairs Appropriations Committee to secure an expansion and enhancements for FNC, with the U.S. Department of Veterans Affairs (VA) having purchased land to expand the cemetery’s footprint from 5 to 35 acres. The expansion comes with significant investment by the VA, both in developing a new master plan for adding infrastructure to the land, as well as ongoing operations, staffing and maintenance.
    Hoeven has since been working to coordinate efforts among veterans groups, local stakeholders and the VA to build a facility at the FNC that incorporates local input and adequately addresses the needs of veterans, their families and volunteers. As a result:
    Stakeholders from the region have formed a working group to support the development effort, consisting of Senator Hoeven’s office, the mayors of Fargo, Moorhead and West Fargo and the executive director of the FMWF Chamber.
    The Hoeven-led group is working with the VA to vet and officially name the Fargo Memorial Honor Guard as the 501(c)(3) responsible for building the Veterans Memorial Center.
    Hoeven advanced this option with the VA to save the project time and cost, using a process wherein a local nonprofit may develop and donate a commemorative work, such as a visitor’s center, to the National Cemetery Administration (NCA).
    Hoeven continues working to ensure the VA follows through on its commitment to support this project moving forward, having raised this priority in a Senate committee hearing with VA Secretary Denis McDonough.

    The Honor Guard will utilize the Impact Foundation to provide financial oversight of the project.
    The Honor Guard has prepared a proffer to submit to the VA for review, in collaboration with Hoeven’s working group.

    The working group will continue its efforts to communicate with the public and ensure local support for the project.
    “Since the time of its establishment, we have worked to bring enhanced facilities to the Fargo National Cemetery that properly honor our veterans and their families, while supporting the efforts of volunteers. Now, we have a solid community plan in place and the buy-in of the essential stakeholders, and we’re bringing that plan to the VA,” said Senator Hoeven. “With the partnership of our working group with the Fargo Memorial Honor Guard and the Impact Foundation, we are positioned to secure VA approval for this project, which will be built and donated by the Honor Guard. But our work isn’t done, and we will continue to coordinate efforts to deliver the kind of facility that our veterans have earned.”
    Under the proffer developed by the working group and the Honor Guard, the approximately $3.7 million Veterans Memorial Center will include the following amenities:
    Gathering area to be used by family and friends of the deceased veteran prior to or following the interment.
    Gallery to showcase the lives and service of our veterans.
    Offices for VA staff.
    Breakroom for the Honor Guard members.
    Indoor restrooms.
    Garage to accommodate a hearse.
    Parking lot.

    MIL OSI USA News –

  • MIL-OSI Submissions: Australia – CBA doubles Career Comeback program for 2025

    Source: Commonwealth Bank of Australia (CBA)

    The expanded program offers a wider range of opportunities across both Institutional Banking & Markets and the bank’s Chief Operations Office to support people returning to work from a career break.

    Commonwealth Bank’s Career Comeback Program is helping even more professionals overcome the barriers of returning to the corporate workforce, as the Group’s Chief Operations Office (COO) joins the Institutional Banking & Markets (IB&M) division in offering roles for the 2025 cohort.

    Entering its fifth year, CBA’s Career Comeback program aims to help individuals who have taken a career break of two years or more to transition back into the workforce at a mid-to-senior level.

    The 2025 program has been expanded to more than double the size of past intakes, offering roles across business operations, product management, institutional banking coverage, markets and project management. The paid, 12-week program includes a comprehensive induction process, coaching and technology upskilling, with the potential for successful participants to roll into a permanent position with the institutional bank or the chief operations office.

    “We know a team that is diverse in skills, experiences and perspectives is stronger and more capable and brings greater value to our clients. I’m proud to see our Career Comeback initiative expand to Group COO and support even more experienced professionals to return to a rewarding career in banking, markets and operations,” said Andrew Hinchliff, Group Executive IB&M at CBA.

    “Our people are our point of differentiation and are core to our strategy and our success. With the expansion of Career Comeback across COO, I hope to empower future leaders to consider a career in CBA where they can make a real difference for our customers,” said Sinead Taylor, Chief Operations Officer at CBA.

    Jo Reardon participated in IB&M’s Career Comeback program in 2021 – the first year of the initiative. Ms Reardon had stepped away from a career in institutional foreign currency sales in 2016 and was looking for options to return to the finance sector in late 2020 when she came across CBA’s program.

    “I wanted to go back into banking, but with more flexibility than the client-facing sales roles I’d had in the past, and an operating office role was that perfect middle ground for me,” she said, adding that being part of the Global Markets Chief Operating Office team leveraged her experience of currency markets and supporting institutional customers.

    Jo Reardon

    Today, Ms Reardon works as a Director in the Global Markets Sales Chief Operating Office, delivering strategic initiatives and projects to support the Markets sales team with serving the bank’s wholesale clients.

    “I encourage anyone considering re-entering the workforce to apply for this program. There’s a lot of recognition of the skills and experiences people develop away from a corporate context, and that they translate well into a professional environment, and you get the benefit of being part of a cohort who are in the same boat navigating that transition back into the workplace and helping each other bridge any gaps in technology or new systems and processes,” she said.

    Applications for the 2025 Career Comeback Program are now open and close on 1 November 2024. Successful candidates of the program will commence in March 2025.

    For more information on the CommBank Career Comeback Program, visit: commbank.com.au/careercomeback

    MIL OSI – Submitted News –

  • MIL-OSI New Zealand: Farmers demand rural banking system reform – Federated Farmers

    Source: Federated Farmers

    Farmers are angry about a rural banking system that isn’t working properly, poor bank behaviour, and Reserve Bank rules that hamstring the agricultural sector.
    The Federated Farmers submission to Parliament’s banking inquiry includes more than 1500 comments from farmers fed up with paying over the odds for banking services.
    “Lack of competition in rural banking, unfair practices, unjustifiably high interest margins and overly cautious Reserve Bank restrictions are seriously disadvantaging the nation’s food producers and export income earners,” Federated Farmers banking spokesperson Richard McIntyre says.
    Federated Farmers believes farmers are currently paying up to 1.7% more in borrowing costs than they should in a fair and open market.
    “We’re calling for urgent banking reform in the agricultural sector, where $62.5 billion in lending means even a 1% difference in margins represents $625 million,” McIntyre says.
    One of Federated Farmers’ key recommendations is for the Government to revise the Reserve Bank’s stringent one-in-200-year financial shock standard, which significantly raises borrowing costs for farmers.
    Moving to a one-in-100-year standard would still ensure stability while lowering costs for rural borrowers, McIntyre says.
    As well as the extensive feedback from farmers, Federated Farmers’ 140-page submission to the inquiry includes experts’ opinions, former bankers’ perspectives and research.
    More than one in five Kiwi farmers say their bank isn’t allowing them to structure their debt to minimise interest payments as much as possible.
    Too many farmers are pressured to use overdrafts to manage debt repayments or fund capital projects – tasks overdrafts were never intended for.
    In fact, 12% of farmers say their bank has asked them to fund capital work using an overdraft.
    “This is unacceptable,” McIntyre says.
    “Overdrafts are designed for managing seasonal cash flow, not to burden farmers with higher-interest debt to boost bank profits.”
    Federated Farmers’ submission says agricultural loans should have risk-weighted assets (RWAs) more in line with residential mortgages.
    “Rural loans, backed by valuable land, currently carry higher RWAs, inflating borrowing costs for farmers. A fairer system would provide more equitable access to credit.”
    The Government should ensure Kiwibank is properly funded and instructed to enter the agricultural lending market. Increased competition from a well-capitalised Kiwibank would give farmers better loan options, McIntyre says.
    “Our survey data found 40% of respondents would consider moving to Kiwibank if it offered agricultural banking services. Many farmers feel trapped by their current banking relationships.”
    Farmers also want more accountability and transparency from rural banking services.
    “Major banks should be required to present annually to a select committee, fully disclosing interest rates, lending practices, and profit margins related to agricultural lending.”
    Farmhouses should be classified as residential properties for mortgage purposes, not as commercial or agricultural loans.
    “We also think banks should offer more interest-only loans to farmers with sufficient equity, particularly those with Loan-to-Value Ratios (LVRs) of 50% or more,” McIntyre says.
    “These loans would provide financial relief during tough times without increasing systemic risk.”
    Among other recommendations in the Federated Farmers submission is a push to implement open banking regulations.
    “These would allow farmers to more easily compare financial products and switch banks, fostering greater competition and lowering borrowing costs.”
    McIntyre says Federated Farmers is not arguing for special treatment for farmers, just fairness and transparency.
    “We want to get back to those times when banks worked hard to maintain strong relationships with rural clients through regular on-farm visits, especially for those with substantial loans.
    “The banking inquiry is a huge opportunity for Parliament to significantly reduce costs in the agricultural sector and put in place competition that helps ensure farmers are treated fairly when they access capital to invest.”

    MIL OSI New Zealand News –

  • MIL-OSI China: Hong Kong Chamber of Shipping launched

    Source: China State Council Information Office 2

    The Hong Kong Chamber of Shipping was officially established on Monday with an aim to shore up Hong Kong’s status as an international shipping hub.
    Addressing a launch reception, Leung Chun-ying, vice chairman of the National Committee of the Chinese People’s Political Consultative Conference, who is also a founder member and adviser of the newly established industry body, said that the institutional advantage of the “one country, two systems” underpins and constitutes the unique edge of Hong Kong’s shipping sector.
    Leung called for harnessing the strengths of Hong Kong, looking at the bigger picture and walking the walk to coordinate among the shipping, trade, financial, professional and educational sectors toward the same goal.
    He hoped that Hong Kong can harness and combine the strengths of the Chinese mainland for an integrated national maritime ecosystem, while inching towards the high value-added end of the value chain.
    The sky is the limit for Hong Kong’s maritime sector if such potential could be fully tapped, Leung believed.

    MIL OSI China News –

  • MIL-OSI Australia: Making it easier for regional patients who need to travel for healthcare

    Source: New South Wales Government 2

    Headline: Making it easier for regional patients who need to travel for healthcare

    Published: 8 October 2024

    Released by: Minister for Health

    The NSW Government is improving access to healthcare for people living in rural and regional communities, providing financial assistance to more than 41,400 patients in the past year through the Isolated Patients Travel and Accommodation Assistance Scheme (IPTAAS).

    IPTAAS provides financial assistance to patients who need to travel long distances for specialist healthcare, not available locally.

    NSW patients have also received more money back in their pockets thanks to increased subsidies, with the average reimbursement per patient higher than ever before at $482.

    In 2023-24, 99,600 applications were approved, an increase of 21,200 applications from the previous year.

    The number of IPTAAS applications from Aboriginal and Torres Strait Islander patients has also increased, up by 2,200 to 8,500 in 2023-24.

    IPTAAS is reducing the financial burden on rural NSW residents like Noeline Nicholls who lives in Pilliga, almost 100 kilometres west of Narrabri. Noeline regularly visits Aboriginal Health Worker Jacob Shanley at Tamworth Hospital’s Healthy Deadly Foot Clinic to receive essential medical care.

    In the 2023-24 financial year, $48,885,696 was provided in IPTAAS claims across NSW, helping  41,417 patients access specialist health treatment.

    IPTAAS payments for 2023-24 by local health district are:

    • Central Coast: $339,168
    • Far West: $3,613,345
    • Hunter New England: $12,757,239
    • Illawarra Shoalhaven: $1,297,680
    • Mid North Coast: $4,764,257
    • Murrumbidgee: $7,961,022
    • Nepean Blue Mountains: $345,373
    • Northern NSW: $3,243,997
    • Northern Sydney: $66,629
    • South Eastern Sydney: $50,996
    • South Western Sydney: $327,845
    • Southern NSW: $5,274,675
    • Sydney: $13,672
    • Western NSW: $8,517,565
    • Western Sydney: $53,516
    • Outside of NSW: $258,716*

    *Applications from locations outside of NSW are patients who reside in another state and are donating an organ or tissue to a NSW resident, or patients who reside on Lord Howe Island.

    Reducing the financial burden for country patients to travel for their healthcare is just part of a comprehensive range of measures the NSW Government is embracing to improve access to care in our regional, rural and remote communities, including:

    • Delivering more health worker accommodation in the bush;
    • Doubling rural health worker incentives for the most critical and hard to fill positions to improve recruitment and retention;
    • Boosting doctors in our regional GP surgeries as well as hospitals through the single employer model; and
    • Deploying an extra 500 regional paramedics.

    Quotes attributable to Minister for Health Ryan Park:

    “We’re making it easier for regional people to access healthcare through the Isolated Patients Travel and Accommodation Assistance Scheme (IPTAAS). More people are accessing IPTAAS than ever before and they’re getting more money back in their pocket thanks to increased subsidies.

    “We know that people living in rural, regional and remote NSW sometimes have to travel a long way for specialist care. The financial assistance they get through IPTAAS not only helps cover the costs of travel and accommodation, it can mean the difference between seeking care or not.

    “Pleasingly, we’re seeing big increases in the number of people accessing IPTAAS, including those using the scheme for the first time, which means the money we’re providing is getting straight to the people who need it the most.

    “Through important initiatives like IPTAAS, we will continue to support residents of NSW to access high-quality, timely and appropriate healthcare, particularly those living in rural, regional and remote communities.”

    Quotes attributable to Pilliga resident Noeline Nicholls:

    “If it wasn’t for IPTAAS, I wouldn’t be here.

    “Where we live, we travel to get food, petrol and medical. If I didn’t have IPTAAS, I wouldn’t have been able to receive the medical care I needed.”

    MIL OSI News –

  • MIL-OSI Australia: From the Shadows to the Podium: Central Banks and the Press

    Source: Reserve Bank of Australia

    It’s a privilege to be with you today and to announce the shortlist for the 2024 Walkley Business Journalism Award.

    I am not the first senior official of the RBA to address this event – but, to put it mildly, our central banking predecessors a hundred years ago would have been surprised to see us here.

    The high priest of central banking in the mid-1920s was Montagu Norman, Governor of the Bank of England. Norman was an extraordinary character – a devotee of mysticism, who wore a long flowing cloak and travelled under the fake name of Professor Clarence Skinner. His communications strategy was succinctly summarised in the pithy phrase ‘never explain, never apologise’.

    He regularly put those words into practice. When asked by a Parliamentary select committee in 1930 to rationalise a particular course of action, for example, he simply tapped the side of his nose three times and stared into the distance.

    Despite – or perhaps because of – this unusual behaviour, journalists loved him. A breathless 1932 New York Times pen portrait, entitled ‘Banker and Legend’, purred: ‘Mr Norman is all elusiveness, technique, finesse … he sits silent, discreet, unseen … exercising a power unthought of by old-fashioned tyrants and only glimpsed by alchemists of long ago poring over their crucibles.’

    Sadly, that passion went unreciprocated. Indeed, Norman made titanic efforts to avoid the press. Once, aboard ship in rough seas, word reached him that reporters were gathering to question him at the next port. He promptly leapt over the rails, shimmied down a rope ladder, and made his escape in a dinghy.

    ‘Never explain, never apologise’ permeated every aspect of the Bank of England’s operations at that time. Not for them, the modern paraphernalia of glossy reports, explainers and press conferences. For much of the 20th century, changes in official interest rates were communicated solely through the medium of a large printed card, placed in the Bank’s ornate lobby, and a simultaneous verbal announcement by the ‘government broker’ to traders in the government bond market. To effect that announcement, the broker removed his top hat, stood upon a bench, and bellowed at the top of his voice. Fleet Street’s finest played no role.

    Indeed, even when I joined the Bank of England in the early 1990s, the main job of the Head of the Press Office was still said to be, with little irony: ‘keep the Bank out of the press and the press out of the Bank’.

    That mindset extended well beyond the United Kingdom.

    The US Federal Reserve, for example, was established in conditions of such extreme secrecy, that those meeting to agree its charter in 1910 tried to pass off their discussions as a recreational duck hunting trip to Jekyll Island, Georgia. Three quarters of a century later, they were still at it. In 1987, Alan Greenspan famously told members of the US Congress: ‘since I’ve become a central banker, I’ve learned to mumble with great incoherence … if I seem unduly clear to you, you must have misunderstood what I said.’ He was only half joking.

    Over recent years, however, things have changed profoundly as central banks have emerged blinking into the sunlight of greater transparency – a process dubbed the ‘quiet revolution’ by Alan Blinder.

    The revolution certainly began quietly. The RBA, for example, only began announcing changes to its policy rate to the media in 1990. Prior to that, market participants were expected to draw their own conclusions about what had happened by scrutinising the detail of the Bank’s market operations.

    In the years since, however, the revolution has got louder. Central banks now produce a vast stream of material, from written inflation reports, research material and policy committee minutes, to increasingly interactive public appearances, including speeches, Parliamentary scrutiny, conference panels, on-the-record interviews and press conferences.

    All of that reflects two key drivers.

    The first is the recognition that the huge powers conferred on central banks by the granting of operational independence – powers that affect every citizen in the country – come with an essential quid pro quo. And that is the obligation to account for our actions: to explain, and to be scrutinised and challenged. That need for explicit public accountability has been further amplified by the burgeoning scale, scope and complexity of central bank operations; by back-to-back crises; and by the more demanding public expectations of public institutions generally.

    But transparency and challenge isn’t just something we have to do: it manifestly also drives better policymaking. Public understanding and trust in our mission helps to anchor inflation expectations – a vital component of effective monetary policy. Knowing how central banks see the economic outlook, and how policy will respond to changes to that outlook – our so-called ‘reaction functions’ – affects behaviour today. Indeed, for many economies, the vast majority of the effect of monetary policy comes not from changes in today’s official interest rate, but through expectations about how those rates will evolve in the future. So communications is everything – or almost everything.

    But those benefits only accrue if we get our message across – not just to the modern descendants of those top-hatted bankers, but to the public at large. And that’s where we need all of you in this room. Because, let’s face it, central bankers globally have had a mixed track record historically when it came to clear and effective communications – even when they were trying. Back in 2017, Andy Haldane – then Chief Economist of the Bank of England – estimated the minimum reading age required for a range of public communications, including central bank publications, the Economist, Elvis Presley’s lyrics and Donald Trump’s speeches. He found that Trump’s speeches could be understood by three-quarters of the population, and Elvis’s lyrics by only slightly less. But the complexity of most central banking communications at that time meant they could reach at most only 10 per cent of the public. That is no basis for building broad-based trust, credibility and understanding.

    It was clear we could do better – and we are. Research from the European Central Bank (ECB) shows that its current President, Christine Lagarde, uses language that is far more widely comprehensible than her predecessors, on Haldane’s measures. Similarly, the approach adopted by our own Governor, Michele Bullock, at the RBA’s new press conferences has won widespread praise for its clarity and simplicity.

    But the fact is that most people still hear about us through you. Despite the increasingly fractured landscape of social media and on-demand streaming, overwhelmingly the dominant source of information about central bank policy remains the good old press, TV and radio. So we need your skills as translators and explainers.

    More importantly still, we need your challenge. As public officials, knowing your analysis has to withstand public scrutiny drives an enormous lift in the quality and robustness of that analysis. I saw that up close at the Bank of England in the 1990s when we first embraced real transparency. Poor arguments, which once went unquestioned in grey smoke-filled rooms, did not survive the rigour of public examination. So, whatever may have been alleged in some quarters, both I and the RBA strongly welcome challenge, scrutiny and debate.

    Of course, it’s sometimes less fun when robust press scrutiny bleeds over from the purely technocratic to the personal. That’s certainly familiar to someone, like me, who comes from a country whose press managed to summarise a particularly salacious episode in the central bank’s life as ‘It’s the Bonk Of England’, filmed a live runoff between a recent prime minister and a decaying lettuce, and followed the Bank of England Governor to the office every day for a week during Covid in a somewhat confused attack on the Bank’s policy on working from home. Some past RBA Governors have had to face similar treatment.

    But all of us in public life must – and do – recognise the privilege that comes with our roles, and the accountability we owe, via you, to the public at large. So I want to thank you – not just for the vital role you play in helping to explain the complexities of economic policy, but also for your informed scrutiny and challenge, which forces us to raise our game and stay accountable for the huge powers we wield. If the cleansing effect of transparency is to continue to be effective, so must your role.

    With that, let me turn to my main task here today, which is to announce the finalists for the 2024 Walkley Business Journalism Award. The goal of these Awards is to encourage journalists to pursue rigorous and fearless reporting in the field of business, economics and finance. And they have certainly met that brief this year!

    And with that I look forward to our discussion here today. Thank you.

    MIL OSI News –

  • MIL-OSI: CORRECTION – Liqueous LP Announces $65 Million Financing Program in Nuburu Inc. (BURU), Highlighting Comprehensive Financing with Limited Dilution

    Source: GlobeNewswire (MIL-OSI)

    DOVER, Del., Oct. 07, 2024 (GLOBE NEWSWIRE) — In a release issued under the same headline on Monday, October 7th by Liqueous LP, there are changes in the text. The following release removes U.S. Navy and GE Additive and corrects it to U.S. Air Force:

    Liqueous LP, a leading multi-strategy fund, focused on leveraging emerging technologies to set a new industry standard for how micro, small, and mid-market issuers access growth capital, is pleased to announce a comprehensive $65 million financing program for Nuburu Inc. (NYSE American: BURU), a trailblazer in high-power industrial blue laser technology. This financing program, structured jointly with the team at Nuburu, provides terms designed to deliver predictable, strategic, and low-cost capital while minimizing dilution, significantly exceeding Nuburu’s current market cap of approximately $2.6 million, underscoring the company’s substantial intrinsic value and transformative potential across multiple industries.

    The investment includes a $15 million direct capital injection and the establishment of a $50 million equity line of credit (ELOC), designed to accelerate Nuburu’s expansion in sectors such as e-mobility, healthcare, defense, and consumer electronics. This strategic financing solution mitigates dilution through pre-funded warrants, executed at market prices at the time of investment, allowing for possible price appreciation and flexibility across each tranche. Liqueous LP’s investment is aligned with the market value, ensuring the PIPE is funded at market price without any discounts, resets, or toxic dilutive features.

    Jacob M. Fernane, Managing Partner at Liqueous LP, commented:

    “This is a very comprehensive financing solution that provides Nuburu with predictable capital while minimizing dilution and market disruption. The financing is structured at market value with no toxic elements, ensuring our investment aligns with Nuburu’s continued success and growth. Our partnership with Nuburu reflects our strong confidence in the intrinsic value of the company’s technology and its potential to revolutionize multiple high-growth industries.”

    Under the Master Transaction Terms Agreement, Liqueous LP will provide Nuburu with immediate capital, including an initial $3 million investment via pre-funded warrants, followed by weekly capital infusions of $1.25 million until an additional $10 million is invested. Additionally, Nuburu will have access to a $50 million equity line of credit (ELOC), giving the company flexibility for future growth, including a $2.5 million convertible note that is available for immediate use.

    This financing has been structured in a way that avoids unnecessary dilution, leveraging pre-funded warrants with registration rights, while allowing the company to raise capital incrementally at market prices. This approach provides Nuburu with substantial liquidity to scale its operations while validating the company’s underlying value.

    Nuburu’s recent contracts with NASA, along with its pioneering blue laser technology and key clients including the U.S. Air Force, demonstrate the company’s growing market presence in industries that require precision and high-speed processing, such as space exploration and aerospace.

    Brian Knaley, CEO of Nuburu, added:

    “We are excited to partner with Liqueous LP in what is a significant step forward for our company. This financing continues our commitment to strengthening our balance sheet and financial position and underscores the confidence Liqueous has in our groundbreaking technology and our ability to transform key industries. The fact that this financing comes with favorable terms and limited dilution is a testament to the value both sides see in our long-term potential.”

    About Liqueous LP

    Liqueous LP is an innovative, multi-strategy fund focused on leveraging emerging technologies to provide a new industry standard for how micro, small, and mid-market issuers access growth capital. By utilizing proprietary technology and advanced risk management solutions, Liqueous delivers long-term, low-cost capital that optimizes value and mitigates risk for its portfolio companies. Liqueous specializes in bespoke financing structures including shareholder liquidity products such as REPOs, block trades, and other asset-backed instruments. To learn more, visit http://www.liqueous.com.

    About NUBURU

    Founded in 2015, NUBURU, Inc. (NYSEAM: BURU) is a developer and manufacturer of industrial blue lasers that leverage fundamental physics and its high-brightness, high-power design to produce higher quality welds and parts at a faster rate than current lasers can produce for laser welding and additive manufacturing of copper, gold, aluminum and other industrially important metals. NUBURU’s industrial blue lasers produce minimal to defect-free welds at a rate that is up to eight times faster than traditional welding methods — all with the flexibility inherent to laser processing. For more information, please visit http://www.nuburu.net.

    Forward-Looking Statements

    This press release contains forward-looking statements that involve risks and uncertainties, including those related to Liqueous LP’s and Nuburu’s financial performance and future business activities. These statements are based on current expectations and projections, but actual results may differ due to market conditions or strategic shifts. Liqueous LP is under no obligation to update these forward-looking statements except as required by law.

    Contact:
    info@liqueous.com

    The MIL Network –

  • MIL-OSI China: China supports UN to be more active, effective

    Source: China State Council Information Office

    China is ready to work with all parties to support the United Nations to be more active and effective, and transform the political commitments of the Pact for the Future into concrete actions, said Fu Cong, China’s permanent representative to the United Nations, on Monday.

    In remarks at the UN General Assembly plenary meeting on the implementation of the outcomes of the major UN conferences and summits and the strengthening and reform of the UN system, Fu said the current international situation is undergoing a turbulent transition, while the lack of security order, uneven development, and ineffective governance have become increasingly prominent and the shadow of war lingers with heartbreaking humanitarian disasters.

    People of all countries call for a more equal, secure, prosperous and sustainable world, and they look to the United Nations to play a key role to that end, he said.

    “Whether we can unite and act effectively now will not only determine the safety and well-being of the present generation, but will also have a profound impact on the generations to come,” Fu pointed out.

    Through arduous efforts, the Summit of the Future, held at the UN headquarters in New York on Sept. 22-23, adopted the Pact for the Future, sending a clear political signal for strengthening unity and cooperation to improve global governance and pointing the direction of the efforts to meet global challenges, said the ambassador. “We must maintain the positive momentum of the Summit, promote the implementation of the outcomes with greater determination and courage, and work together for our common future.”

    Fu stated that accelerating the implementation of the 2030 Agenda for Sustainable Development is the purpose and mission of the Summit of the Future, and the Pact for the Future puts the development agenda at its center, reaffirms the principle of common but differentiated responsibilities across all areas of development, and clarifies the direction of the reform of international financial architecture.

    “We call on developed countries to use the implementation of the Pact as an opportunity to effectively shoulder their historical responsibilities such as development assistance and climate financing, take concrete actions, and provide financing support to truly help developing countries overcome practical difficulties,” he said.

    The Pact for the Future and the Global Digital Compact as its annex have sent a clear political signal on the governance of artificial intelligence, he said, underscoring the importance of upholding and maintaining the leading role of the United Nations in international governance of artificial intelligence.

    The ambassador noted that the international community, faced with geopolitical conflicts occurring one after another, expects more and better from the Security Council.

    “Reasonable reform of the Security Council is necessary,” said Fu, adding that “the key is to ensure the right direction, to truly enhance the representation and voice of the vast developing countries, including African countries, and allow more small- and medium-sized countries with independent foreign policies to participate in the decision-making of the Security Council.”

    “The Pact for the Future is not an end, but rather a starting point,” the envoy noted, adding that the more complex the situation and the more prominent the challenges, “the more we must uphold the authority of the United Nations and leverage its central role.”

    China is “ready to work with all parties to support the United Nations to be more active and effective, transform the political commitments of the Pact for the Future into concrete actions, jointly build a community with a shared future for mankind, and embrace a brighter future for all,” he said.

    MIL OSI China News –

  • MIL-OSI China: Hong Kong, Macao aim to be global talent hubs

    Source: China State Council Information Office 2

    Fireworks celebrating the 75th anniversary of the founding of the People’s Republic of China illuminate the sky over Victoria Harbour in Hong Kong, Oct 1, 2024. [Photo/Xinhua]
    Experts from the Hong Kong and Macao special administrative regions said the central government’s new directive to transform the two regions into international hubs for top-tier talent will fulfill local demand for talent while propelling the country’s high-quality development.
    To achieve this objective, both regions should leverage their distinct advantages and policy incentives to attract and retain external talent, while strengthening mechanisms to nurture local talent, they said.
    The resolution on further deepening reform comprehensively to advance Chinese modernization, which was adopted on July 18 at the third plenary session of the 20th Central Committee of the Communist Party of China, voiced support for Hong Kong and Macao in building themselves into international hubs for high-caliber talent.
    Luo Yong, chairman of the Hong Kong Quality and Talent Migrants Association, said the resolution marks the first explicit directive from the central authorities regarding the SAR’s talent policies, demonstrating Hong Kong’s significant importance to national development.
    Daniel Lee Ho-wah, president of the Hong Kong People Management Association, a professional human resources management body, said that Hong Kong will be a direct beneficiary of the resolution.
    Official data shows that the city’s population is projected to reach 8.19 million by mid-2046, with one-third being age 65 or older.
    Building Hong Kong into an international talent hub will help address the city’s challenges related to its aging population and labor shortage.
    The welcome influx of talent will also spur the growth of various industries in Hong Kong, upgrade the city’s economic structure and attract more investment, Lee said.
    Lau Siu-kai, a consultant with the Chinese Association of Hong Kong and Macao Studies, a Beijing-based think tank, said he believes that professionals attracted to Hong Kong will leverage the city as a gateway to the Chinese mainland and overseas.
    These professionals will not only contribute to the development of Hong Kong and the mainland but also help foster a positive global narrative of the country, Lau added.
    The Hong Kong SAR government has ramped up talent-attraction initiatives since late 2022. As of June 30, the city had received more than 320,000 applications through various talent programs, of which 200,000 had been approved, and more than 130,000 of the applicants had arrived in Hong Kong.
    Leveraging advantage
    Luo of the Hong Kong Quality and Talent Migrants Association said the “one country, two systems” principle has always been a magnet for global professionals, and the city should further leverage this advantage to enhance its appeal. Considering Hong Kong’s relatively narrow industry scope, the city needs to collaborate with mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area on talent policies.
    Luo’s association has been hosting talent summits and fostering exchanges with high-end talent organizations and international talent groups. He noted that professionals, whether from Hong Kong, the mainland or overseas, share a common interest in exploring growth prospects in the city, especially for foreigners who hope to tap mainland opportunities through Hong Kong.
    Luo emphasized the magnetic effect of career-advancement prospects on high-caliber professionals, suggesting that providing such opportunities is key to attracting the world’s best.
    Shang Hailong, a lawmaker and chairman of the Hong Kong Top Talent Services Association, proposed targeted scholarship programs to entice people from countries involved in the Belt and Road Initiative to study in Hong Kong.
    Hong Kong should not just attract professionals, but also needs to retain them, Shang said.
    As the city prepares for a wave of visa renewals in the coming years, the government could use the opportunity to address the practical challenges faced by newcomers.
    Lee of the Hong Kong People Management Association underlined the need to address expatriates’ concerns in finding suitable accommodations for their families and the right schools for their children.
    Lee suggested that the government collaborate with international or English-language schools to reserve spots for the children of senior professionals. Additionally, enterprises can help provide them with affordable transitional housing.
    He emphasized that going to Hong Kong is not just an individual decision by the professionals, but a family matter as well. Resolving livelihood challenges is essential to encouraging them to relocate to the city, Lee said.
    Zhou Ping, director of the Macao One Belt, One Road Research Center at City University of Macao, said the plenary session’s resolution provides crucial guidance for advancing Macao’s talent framework.
    He said Macao’s emphasis on new industries in recent years boasts several advantages that are distinct from those of Hong Kong in attracting talent. Macao’s “1+4” industry diversification strategy, unveiled in 2023, involves promoting the growth of one key sector — tourism and leisure — alongside the advancement of the big health, modern finance and high-tech industries, as well as conventions, exhibitions, culture and sports.
    This strategic approach opens doors for experts to swiftly assume leadership positions within these industries, Zhou said.
    Wong Kam-fai, a legislator and an associate dean of the faculty of engineering at Chinese University of Hong Kong, said fostering local talent is critical for the long-term development of Hong Kong’s talent base.
    Despite Hong Kong’s established prowess in finance, innovation and technology, trade and aviation, there remains a shortage of skilled human resources in some applied technology disciplines such as information technology, electrical and mechanical engineering, maritime engineering and logistics, he said.
    To address this gap, Wong proposed strengthening cooperation with the city of Shenzhen, Guangdong province, in training talent with applied skills.
    Hong Kong can establish vocational training colleges on the mainland, offering programs with mutually recognized qualifications, Wong said, adding that graduates from these colleges could be allowed to work in Hong Kong, becoming a force in the city’s talent pool.
    The government could also construct primary and secondary boarding schools, offering mainland and international curriculums that cater to the needs of families from Shenzhen and Hong Kong. These institutions could serve as incubators for Hong Kong’s future professionals.
    Addressing challenges
    Addressing the challenges in fostering innovation and technology talent, Wong suggested that the government establish a committee to focus on the issue. This committee could help the Education Bureau of the Hong Kong SAR create and update the innovation and technology program framework, and systematically develop the professionals required by various industries, he added.
    Zhou from City University of Macao also emphasized the importance of local talent development. He said the Macao SAR government should offer greater support to the region’s 10 higher education institutions, with a focus on disciplines integral to the city’s future growth.
    He also encouraged these institutions to consider establishing branches on Hengqin island of Zhuhai, Guangdong province, to capitalize on the synergy of the whole Greater Bay Area.

    MIL OSI China News –

  • MIL-OSI Economics: Money Market Operations as on October 07, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,23,299.71 6.23 1.93-6.50
         I. Call Money 11,161.74 6.43 5.10-6.50
         II. Triparty Repo 3,51,569.00 6.20 6.11-6.31
         III. Market Repo 1,59,200.97 6.30 1.93-6.45
         IV. Repo in Corporate Bond 1,368.00 6.40 6.40-6.48
    B. Term Segment      
         I. Notice Money** 313.50 6.34 5.95-6.50
         II. Term Money@@ 432.25 – 6.50-7.20
         III. Triparty Repo 150.00 6.32 6.32-6.32
         IV. Market Repo 399.99 6.47 6.30-6.65
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Mon, 07/10/2024 4 Fri, 11/10/2024 36,825.00 6.49
    3. MSF# Mon, 07/10/2024 1 Tue, 08/10/2024 2,730.00 6.75
    4. SDFΔ# Mon, 07/10/2024 1 Tue, 08/10/2024 89,452.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -123,547.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       6,850.74  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -33,884.26  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -157,431.26  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 07, 2024 10,27,404.10  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 10,01,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 07, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 4,18,318.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad            
     Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1243

    MIL OSI Economics –

  • MIL-OSI Economics: Targeted Policies for Digital Creative Industries Can Drive Economic Growth in Asia and Pacific

    Source: Asia Development Bank

    MANILA, PHILIPPINES (8 October 2024) — Coherent national strategies that develop talent and expand digital creative industries can help developing countries tap into the global creative economy, generating high-quality jobs that contribute to economic growth, according to a new report published today by the Asian Development Bank (ADB).

    “Digital disruption of creative industries can present huge economic potential in Asia and the Pacific,” said ADB Director General for Climate Change and Sustainable Development Bruno Carrasco about the launch of A Review of Digital Creative Industries in Asia: Opportunities and Policies to Foster Growth and Create High-Quality Jobs.

    “Yet the policy environment does not always allow creatives to thrive and connect with the global value chain,” added Mr. Carrasco. “This report can help industry and policy makers shape Asia and the Pacific’s digital creative industries, foster opportunities to bridge the region’s rich cultural heritage with the rest of the world and drive economic growth.”

    Based on more than 40 interviews with key individuals across India, Indonesia, Thailand, and Viet Nam—including with industry associations and creative professionals in the film, gaming and music industries—the report highlights opportunities for emerging countries to boost their digital creative industries, assess domestic talent development, and encourage policies that create high-quality jobs.

    While there is strong demand from global entertainment companies to produce local content and work with local talent, there are not enough skilled local producers, screenwriters, and programmers. To address this, the report recommends that governments and industry define the essential knowledge and skills required to perform different creative roles, build lifelong training systems, incentivize businesses to upskill their workers, and improve creative industry working standards.

    Such long-term strategies have helped creative powerhouses—such as Canada, the Republic of Korea, Singapore, and the United Kingdom—to grow their domestic talent pools and attract foreign investment. The report distills key lessons from these countries that can help guide policymakers aiming to develop creative industries.

    Another barrier identified is a severe lack of funding in the four countries examined in South and Southeast Asia. This limits the potential for local film producers, game developers, and musicians to grow, even as high-speed internet, streaming platforms, and portable devices have enabled them to reach much wider audiences.

    Establishing structured funding facilities, including loans, credit guarantees, grants, and venture capital financing, can transform creative ideas into concrete projects, according to the report. With sufficient support from the government or through public–private collaboration, these businesses can be provided with a financial safety net to innovate.

    The report was produced with support from Netflix, the video entertainment streaming service. As ADB’s knowledge partner, Netflix provided experts to be interviewed for the report and enabled access to key stakeholders in the digital creative industry. The work on the report is part of the two organizations’ ongoing collaboration to generate knowledge and boost Asia and the Pacific’s creative industries.
        
    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Economics: Additional ADB Grant to Strengthen Energy Security in Central Asia

    Source: Asia Development Bank

    DUSHANBE, TAJIKISTAN (8 October 2024) — The Asian Development Bank (ADB) has approved additional grant financing of $15 million to help Tajikistan scale up an ongoing project to reconnect the country’s power system to the Central Asian Power System (CAPS) through interconnections with neighboring Uzbekistan.

    “Through the Central Asia Regional Economic Cooperation (CAREC) program, ADB actively promotes regional power trade among countries in Central Asia and beyond,” said ADB Director General for Central and West Asia Yevgeniy Zhukov. “Our support improves the sustainability of the regional power system and helps reduce greenhouse gas emissions in the region.”

    The additional financing will construct a new 22 kilometer, 500-kilovolt transmission line in northern Tajikistan—between the country’s Sughd substation and the New Syrdarya substation in Uzbekistan. It will scale up the transmission capacity for power exports and imports among CAPS countries, which include Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan, and strengthen infrastructure to prevent grid failures which lead to blackouts.

    The project will also help ensure Tajikistan’s power system is ready to provide regulating capacity for the smooth integration of renewable energy in the region. In the long term, it will become a key component of the power evacuation scheme for the Rogun hydropower plant in Tajikistan.

    Tajikistan joined ADB in 1998. For 26 years, ADB has supported a wide range of sectors from strategic road and energy infrastructure to health, education, agriculture, urban development, public sector management and finance for a total of over $2.7 billion in assistance—including over $2.1 billion in grants.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics –