Category: Economy

  • MIL-OSI USA: Blumenauer Proposes Overhaul to Hospice Benefit

    Source: United States House of Representatives – Congressman Earl Blumenauer (OR-03)

    If enacted, the legislation would be the single most significant update to the hospice benefit and payment structure since its inception in 1982.

     WASHINGTON, D.C — Today, Congressman Earl Blumenauer (D-OR), a senior member of the Ways and Means Committee, introduced the Hospice Care Accountability, Reform and Enforcement Act (Hospice CARE Act) to modernize Medicare’s hospice benefit, which has remained largely unchanged since its inception in 1982. The proposal comes as egregious reportsof fraud and abuse within the benefit persist, despite action from Centers for Medicare & Medicaid Services (CMS). The legislation is the product of years of collaboration between stakeholders, lawmakers, and industry leaders. It builds on Blumenauer’s decades-long commitment to ensure the federal government supports families at a time of great stress and vulnerability: the end of life. 

    “The United States spends significantly more on health care than other developed nations for worse outcomes. Nowhere is this more egregious than in the hospice industry,” said Congressman Earl Blumenauer. “Patients and families deserve better. We need a reset. It is past time for Congress to act to end the fraud, waste, and abuse within the hospice benefit and bring it into the 21st century.”

    To protect patients and taxpayers, the Hospice CARE Act would institute a number of long overdue reforms to crackdown on fraud while incentivizing high-quality care. Critically, it would:

    • Reform the payment structure: The underlyinghospice per-diem payment structure—which generally pays hospices for each day of care regardless of if care is provided on a given day—rewards bad actors who exploit the benefit for financial gain. The legislation revises the payment structure to ensure that providers are incentivized to deliver high-quality care and meet the current needs of individuals and their families.

    • Bolster program integrity: Additional safeguards and oversight is needed to prevent fraudulent providers from enrolling in Medicare, especially for new hospices. That includes temporarily preventing new hospices from enrolling in Medicare, with exceptions where additional access to care is needed, increasing survey frequency, and increasing ownership transparency

    A one-page fact sheet can be found here. Bill text here. 

    “The hospice benefit, while unique, is ripe for change. This legislation is a first-of-its-kind opportunity to improve it,” said Katie Smith Sloan, president and CEO, LeadingAge, the association of nonprofit providers of aging services, including hospice, on the Hospice Care Accountability, Reform and Enforcement (CARE) Act of 2024. “Revising a benefit that has not been altered significantly since its creation in 1982 is a formidable undertaking – but a necessary one. Done right, changes will expand the benefit to support the realities of modern-day hospice care and address vulnerabilities that are currently being exploited.  There is more work to do and we look forward to continuing our productive partnership to ensure this bill achieves these goals.” 

     “The National Partnership for Healthcare and Hospice Innovation (NPHI) is thankful for the work of Congressman Blumenauer, his staff, and the Ways and Means Committee staff who worked with the hospice and advanced illness community to put forward the Hospice Care Accountability, Reform, and Enforcement (CARE) Act. This legislation is an encouraging and unique opportunity to consider reforms that would strengthen the Medicare hospice benefit by ensuring it continues to support patients, families, and the non-profit providers who were the original foundation of hospice care,” said Tom Koutsoumpas, CEO and founder of NPHI. “We look forward to continuing to work closely with Congress and relevant stakeholders on efforts to modernize the hospice benefit and improve care of those at the end-of-life.

    “The Coalition to Transform Advanced Care (C-TAC), truly appreciates the introduction of the Hospice Care Accountability, Reform, and Enforcement (Hospice CARE) Act. We commend Representative Earl Blumenauer (D-OR-3rd) for this important work and for his decades of support for compassionate end-of-life care and for bringing policies to the national stage with bi-partisan support,” stated Jon Broyles, C-TAC CEO.  “We have had the privilege to work with the Congressman, his staff, Ways & Means Committee staff and other advocates on this bill and it is an important starting point for ideas that will lead to modernizing the hospice program and improving the lives of people with serious illness and their family caregivers.”

     

    MIL OSI USA News

  • MIL-OSI: Unity Bank Awards $50,000 in Grants to Local Businesses Through FHLB Small Business Recovery Grant Program

    Source: GlobeNewswire (MIL-OSI)

    CLINTON, N.J., Sept. 26, 2024 (GLOBE NEWSWIRE) — Unity Bank is proud to announce that five local businesses have each been awarded $10,000 grants through the Federal Home Loan Bank of New York (FHLB) Small Business Recovery Grant (SBRG) Program.

    These grants aim to help businesses overcome challenges posed by inflation, supply chain constraints, rising energy costs, and a volatile rate environment. As a committed member of FHLB, Unity Bank continues to champion local businesses, providing vital support as they navigate today’s economic challenges.

    By leveraging their SBRG Program, Unity Bank granted $10,000 each to five businesses:

    Isaac Simon Realty LLC – Child Care Services, Brooklyn, NY

    Sontort Realty Holding LLC – Full Service Restaurant, Flemington, NJ

    Lebanon Hotel – Full Service Restaurant, Lebanon, NJ

    Ionian Sky Inc. – Full Service Restaurant, Edison, NJ

    Statewide Environmental – Environmental Consulting Services, Bridgewater, NJ

    James A. Hughes, President & CEO of Unity Bank, said, “Small businesses are the lifeblood of our local economy, and these grants will provide critical relief to ensure they can continue to serve our communities. By utilizing the FHLB’s Small Business Recovery Grant Program, we’re able to deliver meaningful support where it’s needed most.”

    Unity Bank’s partnership with FHLB highlights its ongoing commitment to empowering small businesses and fostering community growth. The SBRG Program has been instrumental in addressing the financial pressures many small enterprises face due to the current economic climate.

    Learn more about the SBRG program at this website: https://www.fhlbny.com/community/sbrg/program-overview/

    About Unity Bancorp, Inc.

    Unity Bancorp, Inc. (NASDAQ: UNTY) is the parent company of Unity Bank, a financial services organization based in Clinton, New Jersey. Unity Bank operates 21 branches across New Jersey and the Lehigh Valley, Pennsylvania, offering community-focused commercial banking services, including deposit accounts, loans, and digital services. For details, visit unitybank.com or call 800-618-BANK (800-618-2265). Unity Bank is a member of the Federal Deposit Insurance Corporation (FDIC). To learn about FDIC insurance, visit FDIC.gov.

    Contact:
    Crystal Rose
    Marketing Director
    (908) 713-4310
    Crystal.Rose@unitybank.com

    The MIL Network

  • MIL-OSI USA: Congressman Meuser Introduces Bill to Halt Aid to Afghanistan Until American Hostages are Released

    Source: United States House of Representatives – Congressman Dan Meuser (PA-9)

    Washington, D.C– This week, Congressman Dan Meuser (PA-09) introduced H.R. 9763 the No Funding Without Freedom Act, which would prohibit U.S. financial aid to Afghanistan until every wrongfully detained American citizen is released by the Taliban.

    The bill is a direct response to the wrongful detainment of American citizens Ryan Corbett and George Glezmann. Corbett, who grew up in Susquehanna County, Pennsylvania, was detained by the Taliban in August 2022 while working in Afghanistan, and Glezmann was detained in December 2022 during a five-day cultural trip. Both men have been held in deplorable conditions, with their health rapidly deteriorating.

    The United States is the single largest humanitarian donor in Afghanistan. The U.S. has provided $2.6 billion in humanitarian assistance to Afghanistan since mid-August 2021.

    Meuser said, “Last month marked three years since the Biden-Harris Administration’s disastrous withdrawal from Afghanistan, which allowed the Taliban to seize control of the country. And despite the Taliban’s wrongful imprisonment of Americans like Ryan Corbett and George Glezmann, this administration has continued to provide billions of dollars in humanitarian aid to the terror group. The United States is the largest humanitarian donor to Afghanistan, and my legislation would ensure that not one penny more will be sent until every American hostage is released. We must leverage all options, including withholding financial aid, to secure the release of Ryan and George.”

    Original cosponsors of the No Funding Without Freedom Act include: Bill Posey (FL-08), Andy Biggs (AZ-05), French Hill (AR-02), Claudia Tenney (NY-24), Vern Buchanan (FL-16), Nicole Malliotakis (NY-11), Randy Weber (TX-14), and Greg Lopez (CO-04).

    Text of the legislation can be found here.

    Specifically, H.R. 9763 would:

    1. Prohibit funds from assisting Afghanistan unless the Secretary of State certifies that all unlawfully or wrongfully detained U.S. nationals in Afghanistan have been released.
    1. Allow the President to waive the funding limitation if it is necessary to secure the release of unlawfully detained U.S. nationals, provided that Congress is informed with a detailed justification.
    1. Require that 30 days after the bill is enacted, and every 90 days thereafter, the Secretary of State must report to Congress on the status of unlawfully detained U.S. nationals in Afghanistan and on efforts to secure their release.

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    MIL OSI USA News

  • MIL-OSI Translation: Government of Canada launches Autism Canada Framework, Autism Canada Strategy, and call for applications for National Autism Network

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French 1

    The Government of Canada is committed to meeting the needs of all persons with disabilities in Canada, including people with neurodevelopmental disorders such as autism, and those who care for them.

    September 26, 2024 | Ottawa, Ontario | Public Health Agency of Canada

    The Government of Canada is committed to meeting the needs of all persons with disabilities in Canada, including people with neurodevelopmental disorders such as autism, and those who care for them.

    The Honourable Mark Holland, Minister of Health, tabled in Parliament today: Autism Framework in Canada (Framework). The Framework describes the principles and benchmark practices that will guide autism policy, programs and activities in Canada. It leverages the Government of Canada’s leadership role in advancing best practices to support autistic people of all ages, their families and caregivers.

    The Public Health Agency of Canada (PHAC) has also launched the Autism Strategy in Canada(Strategy). The Strategy is a multi-year action plan that supports the federal government’s implementation of the Framework. It outlines short- and medium-term initiatives specific to the federal government and builds on existing programs and measures to address key priority areas. The Strategy will be updated regularly, based on the evolving needs and priorities of autistic people of all ages living in Canada.

    The Framework and Strategy were developed by the Federal-Provincial-Territorial Working Group in collaboration with autistic people, their families, caregivers, provinces, territories, Indigenous organizations and other stakeholders. Implementation will require coordinated efforts from governments across Canada, as well as many partners, organizations and individuals whose work touches on autism initiatives. The Government of Canada will continue to work with provinces and territories to address the needs of autistic people in Canada.

    Finally, today we officially launched the process of creating a National Autism Network. This Network is intended to bring together the skills and resources of organizations and stakeholders in the field of autism, including people with lived experience, in order to support the implementation of activities guided by the Framework and the Strategy. We invite eligible organizations to respond to the call for applications linked to the Network by November 25, 2024.

    This sets out a vision to improve screening, diagnosis and services across Canada; strengthen economic inclusion; improve data collection, public health surveillance and research; increase public awareness, understanding and acceptance; and facilitate access to evidence-based autism resources and tools.

    “Through this Framework and Strategy, our government is taking concrete steps to break down the barriers faced by persons with disabilities in Canada. In the spirit of ‘Nothing Without Us,’ we are working with the autism community to create a strategy that meets the diverse needs of the community, which will better support and equip autistic persons, their families and caregivers.”

    The Honourable Kamal KheraMinister of Diversity, Inclusion and Persons with Disabilities

    Autism (also known as autism spectrum disorder or ASD) is a neurodevelopmental disorder that lasts throughout life. People with autism may communicate and connect with others differently, have differences in sensory processing, or focus intensely on certain interests or activities. People with autism may also have other physical, intellectual, learning, or mental health conditions that can create additional complexities and challenges.

    It is estimated that 1 in 50 children and youth aged 1 to 17 years have been diagnosed with autism spectrum disorder in Canada. The Government of Canada is exploring options to measure and report on autism in adults living in Canada. This information will help build the evidence base needed to inform public health actions to improve the health and well-being of people with autism across the lifespan.

    Since 2018, the Canadian Institutes of Health Research has invested approximately $88 million in autism research. This research increases our understanding of autism and guides the development of innovative tools and more effective ways to support people on the autism spectrum and their families.

    Budget 2021 provided an investment of $15.4 million over two years for PHAC to work collaboratively with provinces, territories, families and stakeholders to create an autism strategy.

    In 2022, the Canadian Academy of Health Sciences published aevaluation reporton autism in which she highlights gaps in knowledge about the needs and situation of autistic adults, particularly with regard to quality of life, daily activities, loneliness and mental health.

    The Framework is aligned with other disability-related activities, such as the Action Plan for the Inclusion of People with Disabilities (DIAP), which was presented on October 7, 2022. The DIAP is a comprehensive, whole-of-government approach to disability inclusion that integrates disability considerations into government programs while identifying targeted investments in important areas to drive change.

    The National Autism Network will be a not-for-profit organization, working independently from the Government of Canada to share expertise, knowledge and resources, supporting key autism priorities and providing a forum for ongoing engagement on federal policies and programs. The Network will work directly with provinces and territories on specific provincial/territorial initiatives and will coordinate and integrate autism investments, while bringing together the knowledge and experience of local autism organizations and partners, as well as the perspectives of people with lived experience of autism. It will also lead targeted national public awareness campaigns and provide sustainable, accessible and culturally relevant resources (available online and elsewhere) to support autistic people in Canada, their families and caregivers.

    PHAC hosted two national autism conferences in November 2022 and August 2024. The first to bring together people from across Canada to identify potential short-, medium- and long-term priority actions for an autism strategy and the second to discuss the five priority areas of the Framework and the actions needed to advance them.

    There Act respecting a federal framework relating to autism spectrum disorder received Royal Assent on March 30, 2023. This Act sets out a commitment to the development of a federal framework to support autistic people in Canada, as well as their families and caregivers.

    Matthew KronbergPress SecretaryOffice of the Honourable Mark HollandMinister of Health343-552-5654

    Media RelationsHealth Canada and the Public Health Agency of Canada613-957-2983media@hc-sc.gc.ca

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI USA: Historic NFFE-IAM 52nd Convention Wraps Up In Minneapolis

    Source: US GOIAM Union

    The National Federation of Federal Employees (NFFE) recently concluded its 52nd Convention in Minneapolis Minnesota. 
     
    America’s first federal employee union, the National Federation of Federal Employees (NFFE), on its 107th birthday, announced the re-election of Randy Erwin as National President and Maximo Alonzo as National Secretary-Treasurer. Erwin and Alonzo were elected by delegates at the Convention.

    Watch Video Here.

    Any NFFE member is eligible to run for the National President or National Secretary-Treasurer role. Erwin and Alonzo were the only candidates nominated for these positions, and as such, were elected by acclamation. Erwin has served as National President since being elected in 2016. Alonzo has served as National Secretary Treasurer since July of this year.

    “I am incredibly humbled to continue leading this union as National President,” said Erwin. “I view each NFFE member as family and I couldn’t be prouder to represent our nation’s dedicated public servants for a third term. Together, we will continue to grow this union, to positively influence policy in Congress, and to fight for NFFE members at thebargaining table.”

    “I am thrilled to continue serving this union as National Secretary-Treasurer,” said Alonzo. “Together, we have grown this union at an incredible rate over the past few years and I am excited to continue that momentum. I am honored to have the responsibility of making sure our union’s finances are used intelligently to improve the lives of our members and their families.

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    MIL OSI USA News

  • MIL-OSI USA: Horsford Introduces Bill to Make Healthcare More Affordable for Families

    Source: United States House of Representatives – Congressmen Steven Horsford (NV-04)

    WASHINGTON – Congressman Steven Horsford (NV-04) introduced the Dependent Income Exclusion Act of 2024 to make health insurance more affordable and accessible for families with dependents who are working part-time, attending school, or enrolled in job training programs. The bill would adjust the household income calculation used to determine eligibility for Affordable Care Act (ACA) premium subsidies, which would ease financial burdens and expand health coverage. 

    “While I’ve worked to lower prescription drug costs and expand healthcare tax credits through the Inflation Reduction Act, families in Nevada and across the country continue to face unacceptably high health insurance costs,” said Congressman Horsford. “This bill will help parents and guardians and make healthcare more affordable and attainable by easing the unintended costs on families with working children. As a member of the House Ways and Means Committee and its Subcommittee on Health, I will continue to push for policies that expand access to affordable, quality healthcare to all families.”

    “Congressman Horsford is a champion of hardworking families and making health care affordable,” said Brad Woodhouse, Executive Director of Protect Our Care. “The Dependent Income Exclusion Act will ensure that families with children who pick up a part-time job or enroll in a job training program aren’t penalized by having to pay more for their health care. This bill demonstrates how Democrats are working tirelessly to give families more room to breathe and to ensure that people can afford the health care they need to thrive.”  

    The Dependent Income Exclusion Act would address the healthcare affordability gap by allowing families to exclude a portion of their dependents’ income from the modified adjusted gross income used to determine eligibility for premium tax credits. Specifically, this exclusion applies to dependents under the age of 18 or those under 24 who are part-time students, apprentices, or participants in job training programs. The excludable income is capped at 15 percent of the filer’s income. 

    By expanding the availability of premium tax credits, this legislation will allow previously ineligible families to access ACA subsidies and increase the credit for those who already qualify. The bill aims to ensure that families with young adults working toward a brighter future—whether through education, apprenticeship, or job training—aren’t penalized when it comes to affordable healthcare access. 

    The bill is supported by Protect Our Care.

    MIL OSI USA News

  • MIL-OSI USA: Dingell, Mast Reintroduce Bipartisan Forage Fish Conservation Act to Protect Marine Ecosystem and Fishing Economy

    Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

    Representatives Debbie Dingell (D-MI) and Brian Mast (R-FL) today introduced bipartisan legislation to strengthen key protections for fisheries and promote responsible management of forage fish. The Forage Fish Conservation Act improves protections for forage fish – including herring and shad – that support marine ecosystems as well as other recreationally and commercially important species such as tuna, salmon, and cod. These populations have experienced substantial decline because of human activity, which threatens the viability of marine ecosystems as well as opportunities for recreational fisherman. Currently, there are few management measures in place to address this decline.

    “Safeguarding fish stocks from further decline is critical to protecting marine ecosystems and strengthening coastal economies,” said Dingell. “This legislation’s science-based conservation framework for forage fish will both help promote sustainable fisheries and preserve marine wildlife for the enjoyment of future generations.”

    “On the Treasure Coast we know firsthand how irresponsible management of our marine ecosystem devastating ripple effects on our environment can have, food supply, fishing industry and overall economy,” Mast said. “This is important and bipartisan sustainability legislation that will help protect our coastal health, environment and economy.”

    The bill is endorsed by the National Audubon Society and Theodore Roosevelt Conservation Partnership.

    “Forage fish are essential for seabirds, larger fish, marine life, and our economy,” said Romaric Moncrieffe, marine conservation policy manager for the National Audubon Society. “This legislation builds on nearly 50 years of successful fisheries management to protect these small but important fish.”

    “The Forage Fish Conservation Act seeks to strengthen the Magnuson-Stevens Act by prioritizing the protection of forage fish, which are crucial for sustaining recreationally important fish populations, and ensuring that fisheries management supports vibrant fishing communities and a healthy marine ecosystem,” says Joel Pedersen, President and CEO of the Theodore Roosevelt Conservation Partnership. “We thank Representative Dingell and Representative Mast for their commitment to bolstering our coastal economies and ecosystems.”

    The Forage Fish Conservation Act builds upon the successes of the Magnuson-Stevens Act, the primary federal law governing marine fisheries management. To improve the conservation of forage fish and strengthen the marine ecosystem, the legislation:

    1. Requires the Secretary of Commerce to develop a science-based definition for forage fish in federal waters with advice from the fisheries councils;
    2. Assesses the impact a new commercial forage fish fishery could have on existing fisheries, fishing communities, and the marine ecosystem prior to the fishery being authorized;
    3. Account for predator needs in existing management plans for forage fish;
    4. Specifies that managers consider forage fish when establishing research priorities;
    5. Ensures scientific advice sought by fishery managers includes recommendations for forage fish;
    6. Conserves and manages river herring and shad in the ocean; and
    7. Preserves state management of forage fish fisheries that occur within their jurisdiction.

    MIL OSI USA News

  • MIL-OSI USA: Team Maryland Looks to the Future of the Chesapeake Bay After Current Multi-State Agreements Expire in 2025

    Source: United States House of Representatives – Congressman Glenn Ivey – Maryland (4th District)

    WASHINGTON – U.S. Senators Ben Cardin and Chris Van Hollen, and Congressmen Steny Hoyer, Dutch Ruppersberger, John Sarbanes, Kweisi Mfume, Jamie Raskin, and Glenn Ivey met Wednesday at the U.S. Capitol with senior representatives from the U.S. Environmental Protection Agency (EPA), U.S. Department of the Interior and Maryland Department of Natural Resources to discuss planning for the next stage of the Chesapeake Bay program and restoration efforts. This is a critical time for the Bay and the Chesapeake Bay Watershed Agreement, which was signed in 2014. Many of the goals and outcomes for the Bay had a target of 2025. As this date approaches, the Chesapeake Bay Program is determining how best to meet these goals and outcomes, incorporate new science and strategies, and strengthen the multi-state partnership.

    At the meeting, members of the Maryland delegation heard from key federal agency and state leaders working towards the next stage of the agreement. Leading the discussion was Adam Ortiz, who serves as the Administrator for EPA Region 3, which governs the Mid-Atlantic Region. In this role Administrator Ortiz is deeply involved in EPA’s role in the Chesapeake Bay Program. The delegation also heard from Department of Interior Deputy Assistant Secretary for Fish, Wildlife, and Parks, Matt Strickler, who serves at the Chesapeake Bay Program’s Principal’s Staff Committee Chair. In 2022, the Chesapeake Executive Council tasked its Principal’s Staff Committee with making recommendations for the future of the EPA Chesapeake Bay Program’s work. Representing senior state leadership was Maryland Department of Natural Resources Secretary Josh Kurtz, who directs Maryland’s role in the multi-state partnership and has deep expertise in the stakeholder community.

    The planning effort marked a milestone this summer when the Chesapeake Bay Program Beyond 2025 Steering Committee released its Beyond 2025 Draft Report and invited public feedback.

      

    “Team Maryland will always fight for the Bay. The Chesapeake Bay is a national treasure, and its restoration is a model for regional, multi-jurisdictional landscape stewardship. It is a model for other regions and other environmental protection efforts at many scales – and it is not simple,” said Senator Cardin. “As the Chesapeake Bay program is recalibrated for the next phase of action, we are committed to securing additional federal resources. We have high expectations for future results.”

    “We have a responsibility to protect the Chesapeake Bay – our people, our economy, and our environment depend on it. That’s why we’ve fought to deliver major federal investments to improve the Bay’s health – and while we know they’re making a real difference, the watershed states have more work to do to reach our restoration goals. As we near the Bay Agreement’s 2025 benchmark, we must take stock of the challenges faced in meeting its goals and work together to drive further progress toward a healthier Chesapeake Bay,” said Senator Van Hollen.

    “I’ve been proud to work with our delegation to support the health of the Chesapeake Bay and its tributaries throughout my career – especially in the past decade since we secured the 2014 Chesapeake Bay Watershed Agreement,” Congressman Hoyer said. “I was pleased our delegation could meet with our partners in federal and state government to discuss the progress we’ve made toward fulfilling the various goals we laid out in that agreement and to assess the important work that remains. The Chesapeake Bay is the beating heart of Maryland and a true national treasure, and we will continue working to preserve it for generations to come.”

    “Ten years ago, we set aggressive but necessary goals to restore and protect our treasured Chesapeake Bay, which has taken an all-hands-on-deck approach from every level of government,” Congressman Ruppersberger said. “As we approach our deadline, we must ensure we are leveraging new technologies and sciences and collaborating with our other watershed states as effectively as possible. I appreciated this opportunity to come together and discuss our long and short-term strategies, especially as my own time in office draws to a close.”

    “Today’s discussions provided an opportunity to reaffirm our collective vision for the future of the Chesapeake Bay. It is imperative that the next phase of watershed restoration is centered around achieving goals and outcomes that reflect the current, best available science to ensure the health of our communities, the vitality of our region and a sustainable future for Bay ecosystems and natural resources. We look forward to sustained collaboration with federal, state and local government partners as we continue to support Beyond 2025 planning,” said Congressman Sarbanes.

    “Marylanders across our state depend on a healthy Chesapeake Bay — the largest estuary in the United States — for food, recreation, and to make a living,” said Congressman Kweisi Mfume. “Continued collaboration at the federal, state, and local levels is vital to ensure this national treasure flourishes and effective restoration and conservation projects are enacted throughout the Bay and its ecosystem,” he concluded.

    “Team Maryland is united in our efforts to restore and protect the Chesapeake Bay, a treasured natural resource and cornerstone of our local ecosystem,” said Congressman Raskin. “I’m grateful to our EPA and Maryland state government partners for their continued collaboration with the Maryland Congressional delegation to preserve the Bay for generations to come.”

    “Protecting the Chesapeake Bay is everyone’s responsibility.  We are grateful for our longtime Maryland advocates now on the federal and state level, Adam Ortiz, and Josh Kurtz, respectively.  Local, state, and federal partnerships can help keep our national treasure, the Chesapeake Bay, available for all to appreciate and partake in.  Crabbing, fishing, sailing and otherwise being active in and around its shores are activities we want to cherish well into the future and our actions today will make sure that our kids and grandkids can benefit from the Bay in their tomorrow’s,” said Congressman Ivey.

    EPA Region 3 Administrator, Adam Ortiz

    “The Moore-Miller administration thanks the Maryland congressional delegation for their continued strong leadership on the restoration of the Chesapeake Bay. Their efforts have resulted in improvements in water quality and the health of the ecosystem,” said Maryland Department of Natural Resources Secretary Josh Kurtz. “It was an honor today to discuss our plans to focus our work post-2025 on rebuilding habitat, creating resiliency in the face of climate change, and charting a new future for the Chesapeake Bay.”

          

    The Chesapeake Executive Council consists of the governors of the six watershed states, the mayor of the District of Columbia, the chair of the Chesapeake Bay Commission and the administrator of the U.S. Environmental Protection Agency. It establishes the policy direction for the restoration and protection of the Chesapeake Bay.

    The Principals Staff Committee (PSC) acts as the policy advisors to the Executive Council, accepting items for Council consideration and approval, and setting agendas for Council meetings. Individual members of the PSC arrange and provide briefings to their principals, the Agreement signatories. The PSC also provides policy and program direction to the Management Board.

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    MIL OSI USA News

  • MIL-OSI: Groupama Group 2024 half-year results

    Source: GlobeNewswire (MIL-OSI)

    Premium income (insurance premiums and other income) of €12.0 billion, up +8.7%

    • Growth in property and casualty insurance (+5.0%)
    • Increase in premium income in health and protection insurance (+10.0%)
    • Strong growth in the savings and pensions business (+20.7%)
    • Insurance revenue (IFRS 17) of €7.9 billion

    Net income of €398 million

    • Economic operating income of €409 million, impacted by events in New Caledonia and by a better understanding of the seasonality effect
    • Fairly moderate weather loss experience
    • Combined non-life ratio of 95.9%

    Strong solvency ratio of 190% without transitional measure 

    • Solvency ratio of 249% with transitional measure on underwriting reserves
    • Group’s IFRS equity of €9.3 billion
    • Contractual services margin of €3.6 billion

    The Board of Directors of Groupama Assurances Mutuelles met on 26 September 2024, under the chairmanship of Laurent Poupart, and approved the Group’s combined financial statements for the first half of 2024. The half-year financial statements underwent a limited review by the statutory auditors.

    Activity (insurance premiums and other income)

    As at 30 June 2024, Groupama’s combined premium income stood at €12.0 billion, a +8.7% increase from 30 June 2023. The increase came from property and casualty insurance (+5.0%), health and personal protection insurance (+10%), and savings and pensions (+20.7%).

    Groupama premium income as at 30 June 2024

    in millions of euros 30/06/2024 Like-for-like change (%)
    Property & casualty insurance 6,470 +5.0%
    Health & personal protection 3,690% +10.0%
    Savings & pensions 1,734 +20.7%
    Financial businesses 120 +16.3%
    GROUP TOTAL 12,014 +8.7%

    In France

    Insurance premium income in France as at 30 June 2024 amounted to €10.3 billion, up +8.8% compared with 30 June 2023.

    In property and casualty insurance, premium income totalled €5.3 billion as at 30 June 2024, up +4.6% compared with 30 June 2023. All segments were up, including agricultural (+5.0%), home insurance (+3.9%) and motor insurance (+1.7%).

    The health and personal protection business continued to grow (+9.4%) to €3.5 billion as at 30 June 2024, driven by individual health insurance (+5.5%) and growth in group insurance (+15.9%).

    In savings and pensions, premium income increased significantly (+24.7%) to €1.5 billion as at 30 June 2024 thanks to strong inflows from unit-linked products. Unit-linked products accounted for more than 60% of premium income in individual savings and pensions.

    Abroad

    Over the first half of 2024, business reached €1.6 billion, up +7.6% at constant scope and exchange rates compared with 30 June 2023, mainly from the sustained business growth in Hungary (+14.2%) and Italy (+6.1%).

    In property and casualty insurance, premium income totalled €1.1 billion as at 30 June 2024, up +7.2% compared with the previous period. This increase was due to the growth in home insurance in particular (+15.1%), mainly in Hungary and Greece, motor insurance (+5.5%) in Hungary and Italy, and good performance in business and local authorities casualty insurance (+13.5%).

    Health and protection businesses grew significantly (+22.0%) to €195 million, benefiting from the growth of the group health and personal protection segments (+42.3%), particularly in Romania and Bulgaria. 

    Premium income in savings and pensions was stable (-0.3%), with strong growth in unit-linked products (+24.8%) mitigating the decline in euro funds (-33.8%).

    Financial businesses

    The Group’s premium income was €120 million, including €116 million from Groupama Asset Management and €4 million from Groupama Epargne Salariale.

    Results

    The Group’s economic operating income amounted to €409 million as at 30 June 2024 compared with €612 million as at 30 June 2023.

    It came from property and casualty insurance for €181 million (€378 million as at June 30, 2023) and health and protection insurance for €68 million (€182 million as at June 30, 2023). The non-life combined ratio stood at 95.9% as at 30 June 2024, up +4.2 points compared with 30 June 2023. This increase was largely due to the cost of the events in New Caledonia in May and June 2024 as well as the recognition of a seasonality reserve, making it possible to better capture the effects of seasonal fluctuations. Weather claims remained at a fairly moderate level, comparable with the level at the end of June 2023. The operating costs ratio was virtually stable at 28.7% as at 30 June 2024.

    Economic operating income in savings and pensions was €208 million as at 30 June 2024 compared with €57 million as at 30 June 2023. It benefited from the result of the switch of the share reinsured by Groupama Gan Vie to CNP Retraite in the PREFON Retraite reinsurance treaty, effective 1 January 2024.

    Economic operating income amounted to +€20 million from financial businesses and -€68 million from the Group’s holding company business as at 30 December 2024.

    The transition from economic operating income to net income includes non-recurring items, in particular the realisation of capital gains or losses, the change in the fair value of financial assets, and financing expenses. Overall, the Group’s net income amounted to €398 million as at 30 June 2024 compared with €447 million as at 30 June 2023.
      

    Balance sheet

    Group’s equity totalled €9.3 billion as at 30 June 2024 compared with €9.9 billion as at 31 December 2023. This change was mainly due to the redemption in May 2024 of perpetual subordinated bonds issued in 2014 for €871 million, partially offset by the positive contribution of the result. Note that the perpetual subordinated debt issued in early July 2024 for €600 million is not included in the 2024 half-year financial statements.

    The Group’s contractual service margin, which represents the deferred future profits of outstanding contracts in savings and pensions and long-term protection, calculated discounted, was stable at €3.6 billion as at 30 June 2024.

    As at 30 June 2024, the Solvency 2 ratio, without transitional measure on underwriting reserves, was 190%. The 7-point decrease in this ratio compared with end-2023 was mainly due to the redemption of subordinated bonds issued in 2014, mitigated by the result over the period. The perpetual subordinated debt issued at the beginning of July 2024 is not included in the ratio as at 30 June 2024. Including the transitional measure on underwriting reserves, authorised by the ACPR, the ratio was 249%.

    The Group’s financial strength is highlighted by Fitch Ratings, which confirmed in March 2024 the IFS Groupama’s rating of ‘A+’ with a ‘Stable’ outlook.

    Group Communications Department

    For the financial statements as at 30/06/2024, the Group’s financial information consists of:

    • this press release, which is available on the website groupama.com,
    • Groupama Group’s half-year financial report, which will be filed with the AMF on 30 September 2024 and posted on the groupama.com website on the same day. The English version will be available on 22 October 2024.

    About Groupama Group

    For more than 100 years, Groupama Group has based its actions on timeless, humanist values to enable as many people as possible to build their lives in confidence. It relies on humane, caring, optimistic and responsible communities. The Groupama Group, one of the leading mutual insurers in France, carries out its insurance and service business activities in ten countries. The Group has 12 million members and customers and 31,000 employees throughout the world, with premium income of €17.0 billion.

    Appendix: Groupama key figures

    Premium income (insurance premiums and other income)

    € million 30/06/2023
    pro forma*
    30/06/2024 Change **
    as %
    > France  9,507 10,339 +8.8%
    Property & casualty insurance 5,102 5,335 +4.6%
    Health & personal protection 3,195 3,495 +9.4%
    Savings & pensions 1,210 1,508 +24.7%
    > International & Overseas 1,445 1,555 +7.6%
    Property & casualty insurance 1,059 1,135 +7.2%
    Health & personal protection 160 195 +22.0%
    Savings & pensions 227 226 -0.3%
    Total Insurance 10,952 11,894 +8.6%
    Financial businesses 103 120 +16.3%
    Groupama premium income 11,055 12,014 +8.7%

    * Based on comparable data
    ** Change on a like-for-like exchange rate and consolidation basis

    Net income

    € million 30/06/2023 30/06/2024
    Insurance – France
    Insurance – International
    545
    71
    396
    62
    Financial businesses 15 20
    Holding companies -19 -68
    Economic operating income 612 409
    Recurring financial margin -69 31
    Others -96 -43
    Net income 447 398

    Balance sheet

    € million 31/12/2023 30/06/2024
    Group’s IFRS quity 9,862 9,280
    Subordinated debts 3,009 2,140
    – equity instrument  871
    – financing debts 2,138 2,140
    Contractual services margin 3,649 3,638
    Total balance sheet 91,949 88,587

     

    Main ratios

      30/06/2023 30/06/2024
    PAA combined ratio 91.6% 95.9%
      31/12/2023 30/06/2024
    Solvency 2 ratio (with transitional measure*) 267% 249%
    Solvency 2 ratio (without transitional measure*) 197% 190%

    * transitional measure on underwriting reserves

    Insurer Financial Strength rating – Fitch Ratings

      Rating Outlook
    Groupama Assurances Mutuelles and its subsidiaries A+ Stable

    Attachment

    The MIL Network

  • MIL-OSI Africa: CORRECTION: The International Islamic Trade Finance Corporation (ITFC) and Union of Comoros Strengthen Partnership with New EUR 330 Million Framework Agreement and Food Security Facility

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

    JEDDAH, The Kingdom of Saudi Arabia, September 26, 2024/APO Group/ —

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, and the Union of Comoros have signed a new EUR 330 Million Framework Agreement, reinforcing their strong partnership. The agreement was signed by ITFC’s CEO, Eng. Hani Salem Sonbol, Comoros’ Minister of Finance, Budget, and Banking Sector, and IsDB Governor, H.E. Mr. Mohamed Ibrahim Abdourazak, during his visit to ITFC’s headquarters in Jeddah.

    The new 3-year Framework Agreement builds on the success of the previous EUR 330 million agreement, which achieved 83% of its target. It will focus on key sectors such as energy, agriculture, and SME support, aiming to mobilize trade financing and enhance economic development in Comoros. Since 2008, ITFC has approved over US$ 712 million in financing for Comoros, demonstrating a long-standing commitment to the country’s growth.

    Commenting on the signing, Eng. Hani Salem Sonbol, CEO of ITFC said, “We are proud to strengthen our partnership with the Union of Comoros through this new framework agreement, which reflects our shared commitment to fostering sustainable economic development. By focusing on key sectors such as energy, agriculture, and SME development, we aim to support the country in achieving its long-term goals under the Emerging Comoros Plan. Our efforts, including the newly signed Food Security Facility, demonstrate our dedication to addressing critical needs such as food security while empowering key industries to drive growth.”

    The Minister of Finance, Budget and Banking of the Union of Comoros, Mr. Mohamed Ibrahim Abdourazak, also commented: “I am proud and optimistic to sign today this framework agreement between the Union of Comoros and the International Islamic Trade Finance Corporation (ITFC). This agreement marks a key milestone for the development of vital sectors such as energy, agriculture, and SMEs, the driving forces of our economy. In addition, ITFC signed a EUR 20 Million Food Security Facility in favor of the Union of Comoros and with two local banks, BDC and AFG Bank, as Executing Agencies, to support the continuous supply of essential foodstuffs at affordable prices to address food security challenges in the country. The Government of Comoros remains firmly committed to the priority programs and projects of the “Plan Comores Émergents”. Finally, on behalf of the Comorian Government and on my behalf, I would like to warmly thank ITFC for its ongoing support and look forward to strengthening our collaboration.” 

    ITFC’s broader support for Comoros includes capacity-building initiatives, such as the Reverse Linkage Project with Morocco for the sustainable tourism sector, and the equipment of the Central Vanilla Buying and Marketing Center under the Aid for Trade Initiative for the Arab States (AfTIAS 2.0) program. These efforts underline ITFC’s commitment to fostering sustainable development through integrated trade solutions.

    MIL OSI Africa

  • MIL-OSI USA: Rubio, Moolenaar Introduce Bill to Revoke Capital Gains Rate for Investments in Communist China

    US Senate News:

    Source: United States Senator for Florida Marco Rubio

    Rubio, Moolenaar Introduce Bill to Revoke Capital Gains Rate for Investments in Communist China

    Sep 26, 2024 | Press Releases

    Many Wall Street financial firms choose to invest in Communist China, pouring hundreds of billions of dollars into enterprises that maintain Communist China’s military, rely on slave labor, and violate trade rules to dismantle American businesses and jobs. This benefits neither the American people nor the American economy, and threatens U.S. national security. 

    Nonetheless, the U.S. tax code rewards these investments with a generously low capital gains tax rate.

    U.S. Senator Marco Rubio (R-FL) and U.S. Representative John Moolenaar (R-MI) introduced the bicameral Patriotic Investment Act to prevent the U.S. tax code from rewarding investments in Communist China.

    • “The Capital gains tax rate was meant to encourage investment in American innovation, not fund an oppressive communist regime, but Wall Street continues to give money to our adversaries and reap rewards from the American tax system. Enough is enough. My Patriotic Investment Act will level the playing field and ensure that our tax code no longer encourages investments that undercut American businesses and workers.” – Senator Rubio
    • “For too long, Americans investing in China’s military-industrial complex have been given unfair tax breaks that allow them to profit from funding our adversary. That’s wrong and Senator Rubio and I are introducing this legislation to put a stop to this special treatment. Our nation’s tax code should be incentivizing investment in the United States, not collaboration with the CCP.” – Congressman Moolenaar

    Specifically, this bill would encourage divestment from Chinese securities by removing  the beneficial capital gains tax rate for these investments. Chinese investments would instead be taxed at the highest income rate. This increased rate would only apply to financial gains that accrue in the future, not gains that have already accrued. Companies and individuals would have six months to divest after passage of the Patriotic Investment Act, and they would be given the ability to spread tax payments over three years.

    MIL OSI USA News

  • MIL-OSI USA: Duckworth Statement on Senate Passage of Continuing Resolution

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth

    September 25, 2024

    [WASHINGTON, D.C.] – U.S. Senator Tammy Duckworth (D-IL) issued the following statement after the Senate passed a continuing resolution to fund the federal government through December 20, 2024, keeping our government open and sparing working families the pain of a shutdown:

    “Today’s vote is good for working families, our economy and our entire nation because it prevents another damaging, needless MAGA shutdown that only hurts our servicemembers, Veterans and taxpayers.

    “The House GOP’s efforts to include partisan poison pills and bring our nation to the brink of a shutdown have failed, proving once again that bipartisanship is the only way to move forward. I look forward to continuing to work in a bipartisan manner ahead of the December funding deadline to pass the critical appropriations bills that our nation needs to keep our government fully funded and working for working families.”

    -30-



    MIL OSI USA News

  • MIL-OSI USA: Duckworth, Moran, Boozman, Klobuchar Launch Senate Sustainable Aviation Caucus

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth

    September 25, 2024

    [WASHINGTON, D.C.] – U.S. Senator Tammy Duckworth (D-IL)—Chair of the U.S. Senate Commerce Subcommittee on Aviation Safety, Operations and Innovation—U.S. Senator and Subcommittee Ranking Member Jerry Moran (R-KS), John Boozman (R-AR) and Amy Klobuchar (D-MN) recently launched the Senate Sustainable Aviation Caucus to promote the longevity of the aviation industry and renewable fuels.

    “As we continue our work to reduce emissions and foster energy independence, one of the most important things we can do is make aviation more sustainable by increasing the use and supply of American-grown, American-made sustainable aviation fuel,” said Senator Duckworth. “To help us do just that, I’m proud to join Senators Moran, Klobuchar and Boozman in launching the Senate’s first-ever Sustainable Aviation Caucus. With this new caucus, I look forward to continuing our work to protect and grow American SAF production for use around the world, while also reducing our carbon footprint and supporting our domestic farmers and economy.”

    “As the aviation industry strives for lower emissions and cleaner energy sources, the development and utilization of sustainable aviation fuel will be a critical element,” said Senator Moran. “To help spur development, I am launching the Senate Sustainable Aviation Caucus. The caucus will work together to find ways to promote technologically innovative solutions to create a sustainable aviation industry and increase our nation’s competitiveness in the domestic production of sustainable aviation fuel.”

    “I’m pleased to join this initiative to promote education and policies that support sustainable industry practices,” said Senator Boozman. “I look forward to working with leaders of the caucus and stakeholders to advance measures that continue to advance aviation in an environmentally sound manner.”

    “Airlines across the country are committed to developing technologies to reduce carbon emissions from air travel,” said Senator Klobuchar. “The expanded use of sustainable aviation fuel will create jobs in rural areas, bolster our national security, and slash carbon emissions. This caucus aims to promote data, research, and innovation in sustainable aviation to ensure that the U.S. maintains its leadership in this field.”

    Duckworth has been a leader in supporting biofuels, including expansion of sustainable aviation fuel (SAF). Earlier this year, she helped introduce the Farm to Fly Act which would help accelerate the production and development of SAF through existing U.S. Department of Agriculture (USDA) programs to allow further growth for alternative fuels to be used in the aviation sector and create new markets for American farmers.

    Last year, Duckworth introduced the bipartisan Sustainable Aviation Fuels Accuracy Act of 2023 which would identify the standards required to meet the definition of SAF at the Federal Aviation Administration (FAA). Additionally, the Senator created a pilot project in the Fiscal Year (FY) 2023 National Defense Authorization Act (NDAA) to promote the use of SAF at military installations and will continue to increase these efforts to expand the use on biofuels whenever possible.

    Congresswoman Sharice Davids (D-KS-03) and Congressman Dusty Johnson (R-SD-AL) also created the Congressional Sustainable Aviation Caucus for members of the U.S. House of Representatives.

    -30-

    MIL OSI USA News

  • MIL-OSI Global: How history can teach us to prevent deaths at sea

    Source: The Conversation – UK – By Guy Collender, Post Doctoral Senior Research Associate, Centre for Port Cities and Maritime Cultures, University of Portsmouth

    AndriiKoval/Shutterstock

    The rapid sinking of the Bayesian superyacht and the loss of seven lives, including tech entrepreneur Mike Lynch, in August 2024 cruelly emphasised the potentially lethal perils of the sea. This tragedy, although much publicised, is far from unusual. Globally, accidents at sea lead to thousands of deaths every year – but the true scale of the problem is unknown.

    Undoubtedly, life at sea remains hard and dangerous in the 21st century, but this is difficult to quantify. There were 215 shipping industry related deaths at sea recorded in 2022. However, due to a lack of standardised data and under-reporting this figure is likely to be an underestimate.

    Efforts to raise awareness and improve safety at sea today have much to learn from historic and successful safety initiatives in the UK’s docks. My research on early 20th century docks shows that proper data is a prerequisite to understanding a problem and identifying trends. Such an assessment can then lead to the allocation of resources, targeted safety measures – and life-saving change.

    These steps all apply to improving safety at sea, but the lack of accurate data is a real stumbling block.

    Life and death at sea

    Fishing is widely recognised as the “most dangerous occupation globally”, but estimates of deaths among the fishing community vary enormously from 32,000 to more than 100,000 deaths per year. Of course, such deaths also occur inland in lakes and rivers, as well as at sea.

    Twenty-six vessels of over 100 gross tonnes were recorded lost in 2023, with 13 sinking beneath the waves. This is low when compared with the loss of more than 200 vessels a year in the 1990s, but there have also been recent worrying trends such as attacks on shipping in the Red Sea. So far in 2024, four Red Sea seafarers have been killed by Houthi rebels from Yemem, with others injured and held hostage.

    Desperation and war are also leading to deaths and risks elsewhere. A total of 3,155 migrants crossing the Mediterranean were recorded as missing or dead in 2023.

    Nevertheless, such challenges and risks to life are increasingly being recognised and efforts are underway to address them. Importantly, better data collection and monitoring is in the pipeline.

    An amendment to the 2006 international maritime labour convention is expected to come into force in December 2024. It will require countries that have agreed to the convention to report deaths of seafarers on an annual basis to the UN’s International Labour Office.

    These will be published in a global register, and they will be investigated. It remains to be seen how such reporting will operate in practice and how deaths will be categorised – but it will be a good start.

    History lessons

    This is where it is helpful to learn from the past. I have researched the historic reduction of the dangers of dock work in the UK for Hindsight Perspectives for a Safer World – a collaboration between History and Policy and Lloyd’s Register Foundation.

    My study shows how progress was linked to gathering better data, and recognising the risks of loading and unloading cargo. The counting and scrupulous categorisation of accidents helped identify the problems and appropriate safety measures.

    In 1900, factory inspectors identified five causes of dock accidents, including falls (into the ship’s hold, or into the water), and shunting accidents involving trains. The docks were classified as one of the “dangerous trades” in the Factory and Workshop Act, 1901.

    Under the dock regulations of 1904, “life-saving appliances” – chains or floats – were introduced to prevent drownings. Lifting machinery was also subject to stringent checks to prevent deaths from falling loads.

    And more and more proactive inspections took place as the number of inspectors rose from 137 in 1900 to 320 by 1939. All these safety measures and others contributed to dock deaths falling from 115 a year in 1899 to 69 a year in 1939.

    Today’s safety initiatives at sea often echo the work of those safety pioneers in the early 20th century. Together in Safety, a consortium of companies dedicated to improving safety in the maritime sector, suggests a three-step safety process – assess the situation, act to improve, appraise the progress – which replicates the work of those early legislators and inspectors.

    Together in Safety’s clear and succinct golden safety rules show how to mitigate the risks of maritime work, including working over water and entering enclosed spaces.

    What’s more, Lloyd’s Register Foundation – a charity that helps to protect life and property at sea, on land, and in the air – is undertaking work to “assure the safety of people as the ocean economy grows” as part of its Global Maritime Trends 2050 Research Programme.

    Two million seafarers face daily dangers to keep the global supply chain operating smoothly. Doing more to highlight their safety will hopefully lead to a better understanding of the challenges they face. This, in turn, should lead to better safety procedures and practices to save lives at sea.

    Guy Collender was commissioned and paid to research the history of dock safety in the UK for Hindsight Perspectives for a Safer World – a collaboration between History and Policy and Lloyd’s Register Foundation. He is currently employed by the University of Portsmouth on the ‘Sail to Steam, Carbon to Green’ research project, which is funded by Lloyd’s Register Foundation.

    ref. How history can teach us to prevent deaths at sea – https://theconversation.com/how-history-can-teach-us-to-prevent-deaths-at-sea-237432

    MIL OSI – Global Reports

  • MIL-OSI Banking: New ADB–IFFEd Partnership to Unlock $500 Million in Concessional Education Financing in Asia and Pacific

    Source: Asia Development Bank

    MANILA, PHILIPPINES (26 September 2024) — The Asian Development Bank (ADB) has signed an agreement with the International Finance Facility for Education (IFFEd) that will enable at least $500 million in new concessional education funding for lower middle-income countries (LMICs) in Asia and the Pacific.

    Under the financing partnership, IFFEd—a sovereign-backed Swiss foundation established in 2023 to invest in education and skills in LMICs—will guarantee $125 million of ADB’s sovereign loan exposure across all sectors, known as a synthetic portfolio, and provide an initial $50 million in grants.

    By blending IFFEd’s guarantees to ADB with grants that will comprise 10% of every loan, the first-of-its-kind arrangement facilitates a four times leverage ratio of the guarantee, boosting the amount of capital ADB can lend while lowering borrowing costs for the bank’s developing member countries (DMCs).

    “Education is the cornerstone of modern, prosperous, and inclusive societies, and we are pleased to announce this partnership with IFFEd,” said ADB Vice-President for Sectors and Themes Fatima Yasmin. “By pooling catalytic and concessional financing, this initiative means our lower middle-income DMCs can scale up their investments in education and skills—vital to building knowledge-based economies—along with other sectors at the same time.”

    LMICs face an education crisis. More than 50% of students in these countries are not able to read simple text by age 10 despite attending school, and graduates do not have the skills to find jobs, leaving employers unable to fill vacancies.

    As countries move from lower to lower middle-income status, they tend to get caught in a financing “missing middle” where they are no longer eligible to receive grants but cannot afford nonconcessional financing—forcing a difficult decision of where to invest, exacerbated by limited domestic financing.

    By bringing concessional or grant resources to developing countries seeking to strengthen their education systems, the ADB–IFFEd partnership’s key innovation lies in the fact that—at a time of rapid change—it will help ADB’s DMCs prepare for a future characterized by digital transformation, climate change, demographic transitions, and rapid urbanization.

    IFFEd’s sovereign donors include Canada, Sweden, and the United Kingdom, while the Atlassian Foundation, Jacobs Foundation, Porticus, Rockefeller Foundation, and the Soros Economic Development Fund (the investment arm of Open Society Foundations) have provided seed capital. IFFEd, which benefits from a strong credit rating, will initially focus on Asia and the Pacific, and Africa, in collaboration with multilateral development banks (MDBs).

    “Investing in education and skills in LMICs—home to nearly half of the world’s children and youth—is key to powering long-term economic growth and making progress on global health, climate, and equity goals,” said IFFEd Founding Chief Executive Officer Karthik Krishnan.

    “IFFEd has been recognized by the G20 MDB Capital Adequacy Framework Review as one of the most significant development finance innovations in the past decade and delivers seven times more impact than traditional grants. ADB played a key role in shaping the IFFEd instrument and as our first founding MDB partner, ADB is showcasing its unwavering commitment to alleviating poverty and powering economic growth in Asia and the Pacific,” added Mr. Krishnan.

    The following ADB DMCs are currently eligible for IFFEd funding: Bangladesh, India, Mongolia, Pakistan, Papua New Guinea, the Philippines, Sri Lanka, Timor-Leste, Uzbekistan, and Viet Nam.

    IFFEd-funded education projects can support ADB programs at any level of the education system—from early childhood development and school education to technical and vocational training, skills development and tertiary education.

    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 68 members—49 from the region.

    MIL OSI Global Banks

  • MIL-OSI USA: $7 Million For Community Environmental Education

    Source: US State of New York

    In celebration of Climate Week, Governor Kathy Hochul today announced $7 million in competitive grant funding for community-based, not-for-profit, and tribal organizations to support the construction, or renovation of existing facilities, to create community environmental education centers, which will offer classes and programs on environmental awareness. The centers must be located within or serve a disadvantaged community or an environmental justice community and will help inspire exploration, discovery, and learning about the environment.

    “New York State’s innovative work to protect the environment and address climate change’s disproportionate impacts on disadvantaged communities includes ensuring the next generation of environmental advocates have access to nature where they live, work and play,” Governor Hochul said. “Environmental education centers supported by this funding will equip visitors with the knowledge they need to join the charge against climate change, protect our environment for future generations, and encourage people to discover and support local cultural preservation.”

    New York’s Climate Leadership and Community Protection Act (Climate Act) recognizes that climate change doesn’t affect all communities equally and charged the Climate Justice Working Group with the development of criteria to identify disadvantaged communities to ensure frontline and otherwise under-resourced communities benefit from the state’s historic transition to cleaner, greener sources of energy, reduced pollution, cleaner air, and improved economic opportunities. Visit New York’s Climate Act website to view an interactive map and a list of disadvantaged communities statewide.

    Funding for this grant opportunity is provided from the State’s Environmental Protection Fund (EPF) and is available to support capital costs of new construction or renovation proposals. Grants ranging from $250,000 to $3 million will be awarded to fund education centers that explore a broad range of topics such as urban ecology, environmental justice challenges, green technology, and urban environmental sustainability. Proposals may include capital costs, such as purchasing of building or land; construction or renovation; expansion or updating a facility; purchasing furniture, fixtures, and equipment; and purchasing technological hardware.

    New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, “DEC recognizes that bolstering environmental education is critical to supporting real action to fight climate issues affecting disadvantaged and environmental justice communities statewide. Environmental education centers provide a variety of accessible programs and services for individuals, families, and groups and serve as valuable community assets where people gather to hold events, learn about cultural preservation and environmental stewardship, build community resilience, and engage in community climate action.”

    Possible uses or programming for a center include:

    • Education about indoor air pollution and modeling methods to reduce exposure to indoor air pollution;
    • Education about environmental justice challenges;
    • Cultural preservation and environmental stewardship;
    • Green jobs training and education;
    • Programs, information and exhibits that increase awareness and stewardship of the local environment;
    • Models of sustainable development, including LEED Green Building Certification, green infrastructure, and agriculture;
    • Extreme weather shelters with innovative architecture or engineering demonstrations;
    • Research and monitoring programs, focusing on watershed issues, combined sewer overflow, vehicle emissions, energy generation, solid waste transfer activities and/or other environment issues;
    • Community space for local community-based organizations, community events, and workshops;
    • K-12 educational programming in STEAM that may include ecology, environmental harms/risks/issues, green technology, and environmental sustainability;
    • College level electives in ecology, green energy technology and environmental sustainability; and
    • Outdoor components such as community gardens or farms.

    The deadline for all applications is 3 p.m. on Jan. 22, 2025. The request for applications (RFA) is only available online through The Statewide Financial System of New York (sfs.ny.gov). Not-for-profit community-based organizations must be registered and prequalified in SFS to apply.

    New York State’s Nation-Leading Climate Plan

    New York State’s climate agenda calls for an orderly and just transition that creates family-sustaining jobs, continues to foster a green economy across all sectors and ensures that a minimum of 35 percent, with a goal of 40 percent, of the benefits of clean energy investments are directed to disadvantaged communities. Guided by some of the nation’s most aggressive climate and clean energy initiatives, New York is advancing a suite of efforts – including the New York Cap-and-Invest program (NYCI) and other complementary policies – to reduce greenhouse gas emissions 40 percent by 2030 and 85 percent by 2050 from 1990 levels. New York is also on a path toward a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and economy-wide carbon neutrality by mid-century. A cornerstone of this transition is New York’s unprecedented clean energy investments, including more than $28 billion in 61 large-scale renewable and transmission projects across the State, $6.8 billion to reduce building emissions, $3.3 billion to scale up solar, nearly $3 billion for clean transportation initiatives and over $2 billion in NY Green Bank commitments. These and other investments are supporting more than 170,000 jobs in New York’s clean energy sector as of 2022 and over 3,000 percent growth in the distributed solar sector since 2011. To reduce greenhouse gas emissions and improve air quality, New York also adopted zero-emission vehicle regulations, including requiring all new passenger cars and light-duty trucks sold in the State be zero emission by 2035. Partnerships are continuing to advance New York’s climate action with more than 400 registered and more than 150 certified Climate Smart Communities, over 500 Clean Energy Communities, and the State’s largest community air monitoring initiative in 10 disadvantaged communities across the State to help target air pollution and combat climate change.

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Smooth arrival of giant pandas gifted by Central Government in Hong Kong (with photos)

    Source: Hong Kong Government special administrative region

    Smooth arrival of giant pandas gifted by Central Government in Hong Kong (with photos)
    Smooth arrival of giant pandas gifted by Central Government in Hong Kong (with photos)
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         The two giant pandas gifted by the Central Government to the Hong Kong Special Administrative Region (HKSAR) arrived smoothly in Hong Kong today (September 26) from Dujiangyan, Sichuan. The Chief Secretary for Administration, Mr Chan Kwok-ki, officiated at the Welcome Ceremony to greet the two giant pandas.     The two giant pandas left the Dujiangyan Base of the China Conservation and Research Centre for the Giant Panda at 3.05am today. They then left Chengdu Shuangliu International Airport this morning and arrived at the Hong Kong International Airport at 11.05am.     Speaking at the ceremony, Mr Chan said that it doubled the happiness to welcome the two recently matured and energetic giant pandas, which were again gifted to the HKSAR by the Central Government, to join the Hong Kong family in the run-up to the 75th anniversary of the founding of the People’s Republic of China.     He said, “I would like to take this opportunity to express my heartfelt gratitude to the Hong Kong and Macao Affairs Office of the State Council, the National Forestry and Grassland Administration, the China Conservation and Research Centre for the Giant Panda, and the Sichuan Provincial Government for their time and tremendous effort in arranging the transfer of the giant pandas to Hong Kong over the past few months. This fully demonstrates the Central Government’s care and support for the HKSAR and recognises our efforts in conservation, caring and rearing of giant pandas, which is of great significance to Hong Kong.”     Mr Chan also thanked Cathay Cargo for arranging and sponsoring the entire transportation of the giant pandas from Sichuan to the Ocean Park Hong Kong (Ocean Park); and the Hong Kong Jockey Club Charities Trust for their contribution in enhancing the new giant panda facilities at the Ocean Park, as well as their support for the Park’s conservational education work related to giant pandas.     Upon their arrival in Hong Kong, the giant pandas were immediately transported to the Ocean Park. They will undergo a one-month quarantine period, followed by approximately one month to adapt to the new environment. The Culture, Sports and Tourism Bureau (CSTB) will maintain close communication with experts from the Agriculture, Fisheries and Conservation Department and Ocean Park, and subject to the health and adaptation conditions of the giant pandas, arrange them to meet the public as early as possible.     The two giant pandas have already had names in the China Conservation and Research Centre for the Giant Panda. The male giant panda is named “An An” and the female giant panda “Ke Ke”. To welcome these two giant pandas to the Hong Kong family, the CSTB will soon hold a citywide naming competition, inviting all Hong Kong citizens to exercise creativity and suggest meaningful new names for the giant pandas that highlight their characteristics. Besides, the CSTB will organise a large-scale painting competition, inviting all citizens to vividly depict the adorable nature of the giant pandas through their artwork. Details of the two competitions will be announced shortly.     In collaboration with the Ocean Park and Hong Kong Tourism Board (HKTB), the CSTB is also organising various promotional and marketing activities. The Government will seize the opportunity brought by the arrival of the giant pandas to connect different sectors of the society to actively plan and launch related promotional initiatives and create a joyful atmosphere to welcome the giant pandas in Hong Kong, thereby generating business opportunities for different sectors and boosting the economy.           ???To provide citizens and visitors with more information, the HKTB has launched a one-stop “Giant Panda Special Page” on its tourism information platform “Discover Hong Kong”. The Ocean Park has also established a “Hong Kong Giant Panda Fans Page” to provide update on the living condition of the two new giant pandas after their arrival in Hong Kong.

     
    Ends/Thursday, September 26, 2024Issued at HKT 22:45

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    MIL OSI Asia Pacific News

  • MIL-OSI USA: Free Legal Help Available for South Dakotans Affected by Summer Storms

    Source: US Federal Emergency Management Agency

    Headline: Free Legal Help Available for South Dakotans Affected by Summer Storms

    Free Legal Help Available for South Dakotans Affected by Summer Storms

    SIOUX FALLS, S.D. – A Disaster Legal Services hotline is now available to provide legal assistance to South Dakotans impacted by this summer’s severe storms and flooding. The hotline connects residents in Davison, Lincoln, Turner, and Union counties with free legal services for those who cannot afford an attorney.

    Residents can reach the hotline at 605-444-3719 during business hours from 8 a.m. to 5 p.m. Callers can also
    leave a message outside of business hours, and a representative will return your call.

    The hotline may provide help with legal issues such as:

    ▪ Home repair contracts and property insurance claims
    ▪ Redoing wills and other important legal documents destroyed in the disaster
    ▪ Price gouging, scams, or identity theft
    ▪ Landlord and tenant problems, or threats of foreclosure
    ▪ Disability related access to federal state and local disaster programs
    ▪ FEMA and U.S. Small Business Administration financial benefits

    The hotline cannot help in all cases. For example, they cannot take cases where a settlement could include legal fees or an award, but they may refer those cases to other legal help. The service is a partnership between the American Bar Association Young Lawyers Division, FEMA, and East River Legal Services.

    tiana.suber

    MIL OSI USA News

  • MIL-OSI USA: Governor Lamont Announces Changes to Connecticut’s Early Child Care and Education Programs That Will Enable More Children To Enroll and at Less Cost to Parents

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont today announced that his administration is making several changes to Connecticut’s early child care and education programs that will result in more children being able to receive access to these programs, while also lowering the associated costs to their parents.

    “Access to child care and early education programs is massively important to the success of our state, not only because these programs provide valuable tools for children that will lead them to success in the future, but also because being able to enroll your child in care right now means that parents themselves can have an opportunity to obtain employment and earn an income that supports their family,” Governor Lamont said. “Right now, Connecticut is expanding access to child care for high-need communities to levels we’ve never experienced and I am determined to continue this trend. I appreciate the Biden-Harris administration for working with our state to make expanding access to child care a priority.”

    Effective January 1, 2025, family fees for Care 4 Kids – the state program that supports low to moderate-income families with some of the costs of paying for child care – will be capped at 7% of household income, which is down from the current rate of 10%. This means that the fees required to participate in Care 4 Kids will decrease for all participating families. On average, it is estimated that this change will save families about $200 per month.

    Additionally, effective October 1, 2024, in an effort to reduce the benefit cliff that families enrolled in Care 4 Kids can face, families participating in this program will be able to remain enrolled until their household income reaches 85% of the state median income, which is an increase from the current limit of 65%. This means that if a parent receives a promotion or pay raise from their employer, it is more likely they can accept the pay increase and not worry that it will prevent their child from continuing to receive this care.

    Both of these changes bring Connecticut in alignment with federal requirements and can be implemented using existing federal funds.

    An additional 1,500 children will be enrolled in Care 4 Kids, bringing the total number of children served under this program from 21,500 to 23,000, using existing state and federal funding.

    In addition to the Care 4 Kids changes, the state is adding 900 new state-funded early care and education spaces for young children through the School Readiness and Child Day Care program by maximizing existing state funds.

    These programs are administered by the Connecticut Office of Early Childhood.

    “Connecticut continues to look for ways to leverage state and federal resources to increase access to affordable child care for families,” Connecticut Early Childhood Commissioner Beth Bye said. “Today’s announcement is about adding capacity and affordability. It’s good for families, good for child care programs, and good for Connecticut’s economy.”

    This added capacity brings the total number of children receiving municipal, state, and federally funded early childhood programs in Connecticut to 62,400, which is well ahead of the Connecticut Blue Ribbon Panel on Child Care’s goal of 60,000 children being funded in these programs by fiscal year 2026. With these new investments, 29% of children under 5 years of age will be enrolled in more affordable early childhood education programs in the current fiscal year.

    “Child care is a necessity for Connecticut’s working families and the Biden-Harris administration commends the state for moving swiftly to implement a new federal rule to lower costs for families participating in the child care subsidy program,” Ruth Friedman, director of the Office of Child Care for the U.S. Department of Health and Human Services, said.

    “Few things are more frustrating for parents than trying to find affordable child care,” U.S. Senator Chris Murphy said. “These new changes are going to make a big difference for thousands of families by lowering costs and opening up more spots in child care and early education programs. It’s a big deal for those kids’ development, but it will also give the state’s economy a boost. I’ll keep fighting to increase the federal government’s investment in child care in Connecticut.”

    “I am thrilled to see federal funding be used to take bold steps that will make more child care slots available in our state and lower costs by capping fees for low and middle-income families receiving assistance at 7% of their household income,” U.S. Congressman John B. Larson (CT-01) said. “Under Governor Lamont’s leadership, Connecticut is leading the nation to ensure working families can access the child care they need to make ends meet. I will continue to work with President Biden, Vice President Harris, and the entire Connecticut Congressional delegation to build on this progress in Washington so every family can afford high-quality child care.”

    “Affordable child care is essential for families to thrive,” U.S. Congresswoman Rosa DeLauro (CT-03) said. “And yet, they struggle with the high cost – making difficult decisions on their budget to ensure their children are cared for when they go to work. I am proud to have secured American Rescue Plan Act funding and Child Care and Development Fund dollars to help bring down the cost of childcare in Connecticut. Ensuring parents pay no more than seven percent of their income for childcare, will help families keep more of their hard-earned dollars.”

    Governor Lamont made these announcements today during a news conference at the Enfield Child Development Center.

    “We are very proud to serve families in our community who are working or attending training or college who are supported thorough the Care 4 Kids program,” Eileen Gardner, senior site manager for the Enfield Child Development Center, said. “These changes will help our families pay for child care and other critical household needs. We are also committed to partnering with the Office of Early Childhood to deliver state-funded high-quality early care and education services to our youngest children.”

    “I began working at the Enfield Child Development Center two years ago as a teacher’s aide in the toddler program,” Ashley Plaza Torres said. “I have two children, 8 years old and 2 years old, and I am thankful to have the support of Care 4 Kids because it gives me the opportunity to work and afford child care for two children.”

    These changes and their impacts on Connecticut’s workforce and its economy are projected to increase the state’s gross domestic product by $351 million and state revenue by $29.7 million. For every dollar invested in adding these child care slots, there is an expected one-year return of approximately $13.50 in total economic benefits. If it is assumed an additional slot enables on additional parent to join the workforce, even at minimum wage, this would add $33,000 in household earnings.

    For information on Care 4 Kids, visit ctcare4kids.com.

     

    MIL OSI USA News

  • MIL-OSI Asia-Pac: 5th Belt and Road Initiative Tax Administration Cooperation Forum concludes successfully (with photos)

    Source: Hong Kong Government special administrative region

    5th Belt and Road Initiative Tax Administration Cooperation Forum concludes successfully (with photos)
    5th Belt and Road Initiative Tax Administration Cooperation Forum concludes successfully (with photos)
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         The 5th Belt and Road Initiative Tax Administration Cooperation Forum (BRITACOF) hosted by the Inland Revenue Department concluded successfully today (September 26). This three-day annual mega event in the international tax community attracted about 500 tax officials, tax experts, as well as representatives from international organisations, academic institutions and enterprises from nearly 50 countries and regions to discuss emerging tax issues and exchange tax administration experiences under the theme “Deepening Tax Administration Cooperation for High-Quality Belt and Road Development”.      The Executive Secretary of the Belt and Road Initiative Tax Administration Cooperation Mechanism (BRITACOM) Secretariat and the Deputy Commissioner of the State Taxation Administration (STA), Mr Wang Daoshu, announced the outcomes of the 5th BRITACOF at the closing ceremony today, including four outcomes of the task forces of the Nur-Sultan Action Plan (2022-2024), the Joint Statement of the Fifth BRITACOF, the Hong Kong Action Plan (2025-2027), the Annual Report of the BRITACOM (2024), the joining of Maldives Inland Revenue Authority as a new BRITACOM Council member tax administration, and the establishment of the BRITA·Algiers. The relevant documents set out in detail the efforts made by various parties in promoting the establishment of BRITACOM and the achievements made, reflecting the importance of BRITACOM in international tax co-operation. The documents also advocate multilateral and equal-footed dialogue to create a positive impact through facilitating the enhancement of the international tax environment amidst a future global tax administration landscape.      Speaking at the closing ceremony, the Commissioner of Inland Revenue and the Chairman of the 5th BRITACOF, Mr Tam Tai-pang said, “The knowledge and insights gained from this forum are invaluable to all of us in our endeavours to improve our tax systems and enhance the quality and capacity of our tax administrations, which are vital to economic development in our respective jurisdictions.”      He pointed out that BRITACOM had achieved significant outcomes and reached consensus on the work of deepening tax administration co-operation of the Belt and Road jurisdictions in the future. The success of the Belt and Road Initiative hinges on all parties’ ability to work together, and the collective efforts in tax administration co-operation will be pivotal in achieving shared goals.      Hong Kong also took the opportunity of the 5th BRITACOF to deepen tax co-operation within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). On the margins of the 5th BRITACOF, the Chief Executive, Mr John Lee, met with the Commissioner of the STA, Mr Hu Jinglin, and witnessed the signing of a memorandum of understanding (MOU) on tax co-operation within the GBA among the finance and taxation departments of Guangdong Province, Shenzhen, the Hong Kong Special Administrative Region (SAR) and the Macao SAR. The MOU will promote the co-ordination of tax administration and services in the GBA and facilitate Hong Kong’s active integration into the overall national development.      As regards international tax co-operation, during the 5th BRITACOF the Secretary for Financial Services and the Treasury, Mr Christopher Hui, held bilateral meetings separately with representatives from Kazakhstan, Maldives, Tajikistan and Türkiye to discuss deepening tax co-operation at the international and Belt and Road levels. He also signed a comprehensive avoidance of double taxation agreement (CDTA) with the Government of the Republic of Türkiye on behalf of the Hong Kong SAR Government, marking a significant step forward for Hong Kong in its continuous fostering of international tax co-operation and expansion of the CDTA network.      The 5th BRITACOF fully demonstrates Hong Kong’s unique advantages as a “super connector” and a “super value-adder”. The exchange of tax administration experiences has deepened relations among countries and regions, and facilitated the sharing of opportunities and achievements brought by the Belt and Road Initiative, contributing to the high-quality Belt and Road development.      To showcase Hong Kong’s hospitality and tell the good story of Hong Kong, the Inland Revenue Department, as the host of the 5th BRITACOF, arranged various experiential activities for the participants to give them first-hand experience of Hong Kong’s unique charisma as an East-meets-West metropolis. Highlights include a cruise tour to enjoy the magnificent view of the Victoria Harbour, visits to the Hong Kong Palace Museum and M+ museum, and rides on Ngong Ping 360 cable cars.      Established in 2019 under the lead of the STA, BRITACOM is a non-profit official mechanism for discussions on tax administration co-operation among countries and regions along the Belt and Road. BRITACOF, the annual signature event of BRITACOM, is hosted by member tax administrations in rotation. It was announced at the closing ceremony that the 6th and 7th BRITACOF would be held in Nepal in 2025 and Indonesia in 2026 respectively.      For details of the 5th BRITACOF, please visit the thematic website (www.ird.gov.hk/BRITACOF/eng/index.html).

     
    Ends/Thursday, September 26, 2024Issued at HKT 22:17

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    MIL OSI Asia Pacific News

  • MIL-OSI USA: Barr, Supporting Market Resilience and Financial Stability

    Source: US State of New York Federal Reserve

    Thank you, and thank you for the opportunity to speak to you today.1
    It is great to be here again, particularly because this year marks the 10th annual conference on the Treasury market, a milestone that is worth celebrating. I want to acknowledge the Federal Reserve Bank of New York for its leadership in this area, including the dedication and excellence it has brought to hosting this conference over the past decade, in collaboration with the Inter-Agency Working Group on Treasury Market Surveillance, led by the Treasury Department. The Treasury market is the means by which our government meets its financing needs in service to the American people, and it is also the bedrock of the financial system. Promoting the resilience of the Treasury market and ensuring it can continue to fulfill these roles requires the collaboration of agencies and individuals across the government along with the private sector.
    As others have pointed out today, we have made important progress since last year’s conference. The Securities and Exchange Commission has finalized a rule on central clearing of Treasury transactions, the Treasury Department has instituted a program for buying back less-liquid Treasury securities, and the Office of Financial Research is preparing for its permanent collection of data on non-centrally-cleared bilateral repurchase agreement (repo) transactions, which will support our understanding of this market segment as it evolves.
    I will share some thoughts with you on how I see the work of the Federal Reserve in supporting Treasury market resilience. Our capital and liquidity regulations, our supervision of the firms over which we have authority, and our liquidity facilities play important roles in supporting market resilience and financial stability. Earlier this month, I gave a speech where I reiterated the crucial role of capital in serving these objectives, and the need to balance resilience and efficiency in designing our rules. In that speech, I also outlined the elements of a capital re-proposal that I believe will have broad consensus at the Federal Reserve Board. The adjustments are in response to a robust public comment process, and some of them are designed to address interactions and market functioning concerns raised by commentators.
    In terms of rulemaking, today I will focus on some additional aspects of our regulatory framework—namely, enhancements to our liquidity regulations. I will share some perspective on how our liquidity regulations work together and are supportive of market functioning and the smooth implementation of monetary policy.
    The Intersection of Monetary Policy Tools and Supervision and RegulationWe consider how all of the Fed’s tools work together to support our objectives. In previous speeches, I have talked about the role of the discount window and the standing repo facility (SRF) in supporting both monetary policy implementation and financial stability, noting how important it is that eligible institutions be ready to use these facilities.2 Today I want to dig into this topic a bit more, including how these tools support monetary policy implementation through appropriate incorporation into liquidity regulations and supervisory practices.
    After the banking stress in March 2023, we saw a substantial improvement among banks of all sizes in their level of readiness to tap the discount window both in taking the necessary steps for set-up and in their pledging of collateral. Since that time, over $1 trillion in additional collateral has been pledged to the discount window, and additional banks have established access to the SRF. Both of these facilities are potential venues for monetizing assets and raising liquidity to address volatility in private funding market rates or gaps in the availability of private-market funding.
    We had been hearing that some were confused about how banks could incorporate ready access to the discount window and the SRF into their contingency funding plans and internal liquidity stress tests. Supervisors have a role in assessing the viability of large banks’ plans to meet stressed outflows in their stress scenarios, and we have been asked whether the discount window, the SRF, and also Federal Home Loan Bank advances can play a role in those scenarios. The answer to this question is “yes.”
    We provided clarity to the public in August on permissible assumptions for how firms can incorporate the discount window and the SRF into their internal liquidity stress-test scenarios. There are a couple of principles that underlie our response in the frequently asked questions we posted on the Board’s website.3 One principle is that our tools are readily available to firms. This means that we see it as acceptable and beneficial for firms to incorporate our facilities to meet liquidity needs in both planning and practice. If firms plan to use our facilities, we expect them to demonstrate ex ante that they are fully capable of doing so, including through test transactions. An additional principle underlying our approach is that, while firms should be ready to use a range of funding sources, firms need to hold sufficient highly liquid assets to meet their potential liquidity needs. That is, they need to self-insure against their own liquidity risks. A third principle is that firms should be ready and able to use private channels to turn these assets into cash, in addition to any public channels they may plan to use.
    I want to dig a bit deeper into the benefits to both individual firms and the financial system when firms incorporate Fed facilities into their stress preparedness planning. Again, a design feature of our liquidity regulations is that large banks must self-insure against major liquidity risks. Our regulations also provide flexibility in terms of the portfolio composition such banks use to do so. This flexibility allows them to adjust their portfolios based on market conditions and firm needs. A key component of this flexibility is that reserves and certain high-quality liquid assets (HQLA), such as Treasury securities, are equivalent in terms of being treated as the highest quality of liquid assets. This feature is important because, while it allows firms to manage their liquidity buffers more flexibly, it also allows for greater flexibility in our monetary policy implementation and it supports market functioning. We have heard over the years, however, that the degree of substitutability among these assets has been limited by concerns about capacity in stress for the market to turn securities into reserves immediately; these concerns are valid. This constraint can be addressed in part by the appropriate incorporation of Federal Reserve facilities into monetization plans in firms’ internal liquidity stress tests.
    When firms understand that they will not be fully constrained by the capacity of private markets or their individual credit lines to monetize HQLA immediately in stress, they can reduce their demand for reserves in favor of Treasury securities, all else being equal, for their stress planning purposes. This dynamic improves the substitutability of holding reserves and holding Treasury securities either outright or through repo transactions.
    When banks exhibit a high degree of substitutability of demand for these assets, money market functioning improves. Let me explain with an example. If a bank sees holding reserves and investing in Treasury repo as near substitutes in its liquidity portfolio, it should lend into Treasury repo markets when repo rates rise above the interest rate earned on reserves. When banks can nimbly adjust portfolios in response to price incentives, the efficiency of reserves redistribution through the system improves, and market functioning is enhanced.
    In aggregate, this activity can prevent rates from rising further, all else being equal. The point at which banks, in aggregate, have a relatively immutable demand for reserves, and are unwilling to lend them out, is evident when a small decrease in the supply of reserves results in a sharp increase in the cost to borrow them. Our monetary policy tools are well positioned to help us avoid this outcome. But, of course, greater willingness of banks to reallocate across close substitutes should help avoid the emergence of sudden pressures in money markets by reducing money market frictions.
    In 2021, the Federal Reserve launched the SRF, which, along with the discount window, should help cap upward pressure in repo markets that could spill over into the federal funds market. Use of these facilities also increases the supply of reserves in the system. The enhanced clarity for firms that Fed facilities are a fully acceptable venue to get same-day liquidity for their HQLA should help reassure firms about holding reserves and their close substitutes, such as Treasury securities, in their liquidity portfolios.
    Of course, as I stated earlier, for the largest banks, there is a requirement that they hold highly liquid assets to address their own liquidity risks. They must also be ready to use private markets to monetize these assets. It is also critical that banks recognize and manage the interest rate and liquidity risk of their securities portfolios to ensure those securities held for liquidity purposes can be monetized in stress without creating other adverse effects on a firm’s safety and soundness. In 2022 and 2023, certain large banks did not effectively manage the risks of rising rates, and suffered significant fair value losses on their securities holdings, including those in held-to-maturity (HTM) portfolios. These losses affected their ability to respond to liquidity stress, as monetizing the assets could result in realizing losses. When the banking stress hit in March 2023, these securities could not be sold to meet stressed outflows because large unrealized losses inhibited their sale without significant capital implications. This is further complicated in the case of HTM securities, which cannot be sold without risking revaluing a firm’s entire HTM portfolio. Selling HTM securities to generate liquidity would therefore have had a particularly large effect on these firms’ capital levels, likely increasing the stress on these firms. Further, some firms were unable to rely on private channels such as repo markets for monetization because they were not prepared, they were not regular participants in the market, and market participants were unwilling to lend because of counterparty credit concerns. This combination of factors meant that HTM securities that had been identified by banks as available to serve as a liquidity buffer of assets in stress could not effectively serve that function.
    Improvements to Our Liquidity RegulationsAs I have mentioned in previous speeches, to address the lessons about liquidity learned in the spring of 2023, we are exploring targeted adjustments to our current liquidity framework.4 Many firms have taken steps to improve their liquidity resilience, and the regulatory adjustments we are considering would ensure that large banks maintain better liquidity risk–management practices going forward. Improvements to our liquidity regulations will also complement the other components of our supervisory and regulatory regime by improving banks’ ability to respond to funding shocks.
    Specifically, we are exploring a requirement that larger banks maintain a minimum amount of readily available liquidity with a pool of reserves and pre-positioned collateral at the discount window, based on a fraction of their uninsured deposits. Community banks would not be covered, and we would take a tiered approach to the requirements. The collateral pre-positioned at the window could include both Treasury securities and the full range of assets eligible for pledging at the discount window. It is vital that uninsured depositors have confidence that their funds will be readily available for withdrawal, if needed, and this confidence would be enhanced by a requirement that larger banks have readily available liquidity to meet requests for withdrawal of these deposits. This requirement would be a complement to existing liquidity regulations such as those that require the internal liquidity stress tests (ILST) I described earlier as well as meeting the liquidity coverage ratio (LCR).5
    Incorporating the discount window into a readiness requirement would also reemphasize that supervisors and examiners view use of the discount window as appropriate under both normal and stressed market conditions.
    In addition, as I have discussed previously, we identified significant gaps in interest rate risk management in the March 2023 banking stress, including in portfolios of highly liquid securities. Relatedly, we saw that banks faced constraints in monetizing HTM assets with large unrealized losses in private markets because they were unable to repo these securities or sell these securities without realizing significant losses. To address these gaps, we are considering a partial limit on the extent of reliance on HTM assets in larger banks’ liquidity buffers, such as those held under the LCR and ILST requirements. These adjustments would address the known challenges of banks being able to use these assets in stress conditions.
    Finally, we are reviewing the treatment of a handful of types of deposits in the current liquidity framework. Observed behavior of different deposit types during times of stress suggests the need to recalibrate deposit outflow assumptions in our rules for certain types of depositors. We are also revisiting the scope of application of our current liquidity framework for large banks.
    These enhancements to our liquidity regulations will help bolster firms’ ability to manage liquidity shocks, and they will also be well integrated with our monetary policy tools and framework.
    Modernizing Our Tools to Meet Current and Future NeedsTurning back to the discount window, I also want to note that the discount window has served its role well in recent years, and that we are also engaging in ongoing work to improve its operations. Given the crucial role of the discount window in providing ready access to liquidity in a wide variety of market conditions, we continuously work to assess and improve its functionality while engaging with current and potential users of the window.
    Among the steps we have taken recently include that we now have an online portal, Discount Window Direct, that allows firms to request and prepay discount window loans in a more streamlined manner than was previously possible. We also recently published a request for information on discount window operations and daylight credit asking about key components of these functions. Feedback from the public will help us prioritize areas for improvement, so I strongly encourage anyone with an interest in this topic to weigh in during the comment period. Your feedback will help us ensure that the discount window continues to improve in its role of providing ready access to funding under a variety of market conditions.
    Thank you.

    1. The views I express here are my own and not necessarily those of my colleagues on the Board of Governors of the Federal Reserve System or the Federal Open Market Committee. Return to text
    2. See Michael S. Barr (2023), “The 2023 U.S. Treasury Market Conference,” speech delivered at the Federal Reserve Bank of New York, New York, November 16. Return to text
    3. See “Subparts D and O—Enhanced Prudential Standards” in Board of Governors of the Federal Reserve System (2024), “Frequently Asked Questions about Regulation YY,” webpage. Return to text
    4. See Michael S. Barr (2024), “On Building a Resilient Regulatory Framework,” speech delivered at Central Banking in the Post-Pandemic Financial System, 28th Annual Financial Markets Conference, the Federal Reserve Bank of Atlanta, Fernandina Beach, Fla., May 20. Return to text
    5. The LCR and ILST are two separate, but complementary, liquidity requirements. The LCR is a standardized liquidity measure across banks, meaning the outflow assumptions are the same for each bank. The ILST is a nonstandardized liquidity measure across banks, meaning each bank determines its own outflow assumptions, subject to supervisory input. Return to text

    MIL OSI USA News

  • MIL-OSI Economics: How a women-led tech startup is using AI to motivate Brazilians to take better care of themselves  

    Source: Microsoft

    Headline: How a women-led tech startup is using AI to motivate Brazilians to take better care of themselves  

    Like many countries experiencing rapid urbanization, Brazil is grappling with high rates of heart disease and metabolic conditions, such as diabetes and non-alcoholic fatty liver disease, also known as steatohepatitis. The prevalence of non-alcoholic fatty liver disease (NAFLD) in Brazil is estimated to be around 35.3 percent, the highest in Latin America, compared to 25 percent worldwide, according to the Global Burden of Disease database. While costly to treat and potentially deadly, many chronic conditions, including NAFLD, can be prevented – or even reversed – with proper diet and exercise, according to the Journal of Hepatology. That’s one reason why more companies like Rigo’s have signed up for RadarFit. In a few short years RadarFit has enrolled over 60 corporate customers – and is on track to have 80 commercial clients by the end of this year.

    Powered by the Microsoft Cloud, RadarFit runs on Microsoft’s Azure OpenAI Service and uses Microsoft Copilot Studio to automate marketing, and analyze data and user feedback.

    The impact of RadarFit on the health of employees has “been a big surprise to us,” says Samuel Lopes Fontes, who overseas finance and HR at Cooabriel, Rigo’s employer. Under persistent but friendly prompting from the RadarFit app, says Lopes Fontes, “people who claimed they didn’t have time to go to the gym started exercising and waking up earlier so they can take care of themselves.” In another turnaround, colleagues are asking the company to stock more fresh fruit and vegetables in the employee kitchen.  

    Two years ago, 27 of Cooabriel’s 470 employees signed up for RadarFit. Now as word has spread, 59 are taking part, and in the first six months of this year, health complaints have fallen by half, says Lopes Fontes.

    Prompted by RadarFit’s AI-generated app, Lopes Fontes, who, like Rigo, also developed fatty liver disease (although his was caught much earlier) improved his diet, started running more and says his doctor has since declared his disease in remission.

    Of course, there are thousands of apps and websites dishing out health and wellness advice, and many more millions of people who aspire to live healthier lifestyles but fail to follow through.

    That’s where gamification comes into play. “The root cause of the difficulty of achieving a healthy life is the lack of immediate results,” says Filizzola. Even if a person puts in 60 minutes of exercise or eats a healthy meal, “they don’t instantly get the health and body they want,” she says. “This lack of immediate reward is what triggers the lack of motivation.”

    “For companies, we solve the problem of high costs from employee health problems and having to invest a lot in health benefits,” says Jade Utsch Filizzola, Chief Executive Officer of Brazil’s RadarFit. Photo by Avener Prado.

    So RadarFit uses generative AI, combined with a points system, to incentivize healthier choices. Anonymized user data captured from the uploaded images of meals and other activities is used to generate “tags” – or labels – that generate personalized recommendations based on each healthy habit registered by users. An avatar that “learns” from user input recommends meals and physical activity tailored to individual health goals. Points awarded for healthy choices can be exchanged for donations to social or environmental causes or redeemed for products like appliances and electronics.

    Different point categories recognize that some tasks are more difficult than others. For example, a 15-minute workout earns 3 points, while a 60-minute or longer workout can be worth 9 points. A healthy meal can earn 31 points, highlighting the importance of healthy eating, while tasks like drinking a glass of water, an important but easier task, earns 5 points.

    The RadarFit app also allows users to track their progress compared to colleagues, the kind of friendly competition that research has shown can act as a further spur to action (and is familiar to anyone who has practiced more after comparing their scores to other learners on popular language apps). Users can also opt out of company competitions.

    RadarFit Chief Technology Officer Tatiany Duarte, who designed her first video game at age 15, says combining generative AI with gamification turns what could be a dreaded task into something fun and engaging. It “makes it much more playful,” she says. 

    MIL OSI Economics

  • MIL-OSI: Reliable, Fast, Simple: NordFX Broker Introduces Automated Withdrawal System in Crypto

    Source: GlobeNewswire (MIL-OSI)

    GROS-ISLET, Saint Lucia, Sept. 26, 2024 (GLOBE NEWSWIRE) — Since mid-year, any NordFX broker client can take advantage of the automated withdrawal feature. This innovation, among many others, is aimed at further enhancing the quality of service and comfort for the company’s clients. Currently, 84% of withdrawal requests are processed automatically.

    The service is available 24/7 and is executed almost instantly after a request is submitted, allowing clients to access their funds faster and more easily than ever before. This feature supports most popular withdrawal methods, including bank transfers, e-wallets, and cryptocurrency payment systems.

    What does this mean for clients?

    – Speed: Instant withdrawals without delays.

    – Convenience: Access to funds at any time, without the need for approvals.

    – Transparency: Full information on all transactions is available in the trader’s personal account.

    “We are always looking for ways to improve the trading experience for our clients,” said Vanessa Polson, Marketing Manager at NordFX. “The introduction of automated withdrawals is a direct response to the growing demand for faster and more efficient fund management solutions. With this new feature, traders can now access their funds with ease, whether for reinvestment or personal use, without any delays.”

    The introduction of automated withdrawals is just one step toward NordFX’s main priority: to make trading on financial markets as comfortable and secure as possible for clients.

    About NordFX

    NordFX is a globally recognized multi-asset broker with over a decade of experience in the financial markets. Offering a wide range of trading instruments, including currencies, cryptocurrencies, precious metals, and more, NordFX is committed to providing its clients with the best possible trading conditions, innovative technology, and unparalleled customer service. With clients in over 100 countries, NordFX has built a reputation for trustworthiness and excellence in the trading industry.

    Contact

    Manager of Marketing Department

    Vanessa Polson

    NFX Capital VU Ltd

    marketing@nordfx.com

    The MIL Network

  • MIL-OSI Economics: Manufacturing That Returns to Nature—In Pursuit of “Nature Positive”

    Source: Panasonic

    Headline: Manufacturing That Returns to Nature—In Pursuit of “Nature Positive”

    The Panasonic Group is promoting a long-term environmental vision, Panasonic GREEN IMPACT (PGI). Complementing initiatives for carbon neutrality and circular economy, Panasonic Holdings Corporation (PHD) is also investing in the nature positive* economy, promoting research and development with green transformation (GX) as a pillar of its growth strategy. In August 2024, Dr. Naoki Adachi, CEO of Response Ability, Inc. and Executive Director of the Japan Business Initiative for Biodiversity (JBIB), sat down with Tatsuo Ogawa, PHD Executive Officer and Group CTO, for a dialogue on the importance of corporate initiatives for nature positive, what the Panasonic Group should be aiming for, and examples of nature positive initiatives within the Group. 
    * Nature Positive: halting and reversing biodiversity loss

    Why corporate commitments to nature positive matter

    The session began with Dr. Adachi explaining why biodiversity is critical to human economic activity:
    The global target agreed to at the 15th Conference of the Parties to the Convention on Biological Diversity (COP 15) in December 2022 is referred to as “nature positive.” With 2020 as the base year, the goal is to stop biodiversity loss and put it on a recovery track by 2030 and to fully restore our ecosystems by 2050.
    Climate change, resource cycles, and biodiversity are all “nature” issues. Ecosystem services—regulating, supplying, cultural, and infrastructure functions—have yielded a variety of benefits to humans but are breaking down under the burden of human economic activity. Biodiversity is “natural capital.” We must acknowledge that our lives and business activities depend on biodiversity—and that if we negatively impact biodiversity, then that natural capital will disappear and human economic activity will no longer be possible.

    Dr. Naoki Adachi

    The Economics of Biodiversity: The Dasgupta Review, a report commissioned by the UK Treasury and published in 2021, states that “the economy is only one part of the environment (biosphere).” Along with this awareness is the importance of utilizing nature to solve problems in the future—and to do that, we need to increase the amount of nature.
    Companies must hone their technical ability to harness the power and functions of nature and strengthen their managerial skills so they can launch businesses that increase nature.

    What nature positive action is required from Panasonic Group?

    Ogawa asked Dr. Adachi about the direction the Group should take in its nature positive efforts, and shared his own thoughts on the realization of nature positive from a corporate perspective.

    Conversation between CTO Tatsuo Ogawa and Dr. Naoki Adachi

    Ogawa: The Panasonic Group’s nature positive initiative is just getting started. What direction should we be taking?
    Dr. Adachi: It’s wonderful that you are broadly disclosing the Group’s impact on nature in the Sustainability Data Book and other publications. I think you can find some clues by reviewing your impact not only within the Group but also across your supply and value chains.
    Ogawa: As a company, our perspective tends to be limited to things that have a direct impact on our business today. Based on our firm understanding of “the concept that biodiversity underlies all economic activity,” we will thoroughly promote our circular economy initiative. By expanding our perspective to the entirety of nature and the planet, we believe that we will be able to create new relationships with partner companies.
    Dr. Adachi: In the coming age of nature positivity, a new market will emerge. I think it would be a good idea to take another look at nature, to make good use of nature to solve problems, and to be conscious of the upfront investment that will be required.

    Specific initiatives for becoming nature positive

    The Panasonic Group has multiple initiatives under way to develop and commercialize technologies and realize a nature positive economy, driven by the passion of employees who want to make a positive impact on the environment.
    Let’s take a closer look at three initiatives:

    Bio CO2 Transformation technology “Novitek”

    Bio CO2 Transformation technology uses atmospheric CO2 as the main source to produce a component that stimulates plant growth by harnessing photosynthetic microorganisms. Expected to be commercialized as “Novitek” by the end of FY2025, it can promote decarbonization while stimulating plant growth and increasing crop yields.

    [Related Article] Panasonic in Numbers: Bio CO₂ Transformation Technology

    Left: Biomolecules are diluted by a factor of 500 and then applied to the leaves of crops Right: A single application of Novitek to the spinach on the left increased yield by 40 percent compared to untreated spinach on the right.

    Seiji Kojima, Green Innovation Center, PHD Technology Division

    Novitek developer Seiji Kojima of the PHD Technology Division had this to say:
    Kojima: We sought a dual vision of reducing environmental burden and creating economic value. When working with nature, the idea is to chain and amplify value in multiple stages, leveraging the power of nature at each stage.Bio CO2 Transformation starts with atmospheric CO2. Even when crops are being sprayed, the system seeks to improve productivity by making use of atmospheric CO2. Depicting this kind of value chain and amplification structure for initiatives that focus on the environment and nature is important. 

    2-step plan to reduce environmental burden and create economic value (value chain/amplification)

    Restoring regional flora—Kusatsu Factory “Forest of Coexistence”

    The Forest of Coexistence covers 13,000 m2 at Panasonic Corporation (Panasonic)’s Kusatsu Factory of in Kusatsu City, Shiga Prefecture and is positioned as an important green space under Panasonic’s Ecological Network Concept, which seeks to contribute to local biodiversity while preserving the landscape.

    The overview of the Panasonic Kusatsu Factory and the Forest of Coexistence

    Takahiro Nakano, from the General Affairs Department of Panasonic’s Living Appliances and Solutions Company, manages the Forest of Coexistence and explains its significance:
    Nakano: When founder Konosuke Matsushita visited the Kusatsu Factory in 1970, he said, “Kusatsu (Factory) is made with an emotional atmosphere by fully utilizing (or taking advantage of ) nature. In fact, that’s how I want it to be.” Since then, the Kusatsu Factory has been developed as a “park factory” surrounded by greenery and flowers and cherished by local residents, the “most advanced factory in the Orient” that enriches people’s lives.The company introduced the Ecological Network Concept to create a green space in a corner of the site and secure a habitat for wildlife while connecting it with the surrounding green space and waterfront. Known as the “Forest of Coexistence,” development began in October 2011.

    The significance and role of the Forest of Coexistence

    Nakano: The site includes waterfront, grassland, and woodland and serves as a model for “satoyama” (rural spaces in which humans and nature coexist). A team of experts monitors the restoration status of the satoyama environment. Employees manage green areas, monitor for invasive species, and raise seedlings and plant trees. The number of plant and animal species has recovered from approximately 580 species in 2011 to approximately 840 in 2016. 

    Plants and animals living in the Forest of Coexistence

    Takahiro Nakano, General Affairs Department, Living Appliances and Solutions Company, Panasonic Corporation

    Nakano: In October 2023, the Ministry of the Environment certified the area as an “OECM (Other Effective area based Conservation Measure) site” and the site was registered in an international database as one of Japan’s OECMs in August 2024.

    Open Innovation “Nawashiro” Initiative

    Since April 2023, PHD has been launching our system for nurturing technologies in their seed stage, called “Nawashiro.” Inspired by the Japanese practice of growing rice seedlings, which requires careful attention and effort, “Nawashiro” reflects our commitment to nurturing technologies without cutting corners. It leverages collaboration with academia, providing resources and mentorship to help emerging technologies develop until they are ready for the market, embodying our dedication to fostering innovation. Koichi Matsumura of PHD’s Technology Planning Office, explains: 
    Matsumura: This initiative is known as “Nawashiro” because it nurtures the seeds of technology. Our goal is to create themes that actively utilize industry-academia collaboration.

    Koichi Matsumura, Open Innovation Promotion Department, Technology Planning Office, PHD

    Matsumura: Our approach is to study the subject area and then “go into the field for hands-on work.” We analyze data and facts using the knowledge we’ve gained, and then compile the results, hypotheses, and facts we think will be of interest to professors at Kyoto University and other universities with whom we collaborate. Today we are exploring and analyzing the following activities:
    Collaboration with Kyoto University: Understanding the Mechanism of Natural CyclesBased on hill-to-ocean linkage studies, we seek to establish sensing, modeling, and actuation methods for material circulation in forests/soil. We collect and analyze data from sensors that have been installed at various sites.

    Left: Academics from collaborating universities inspect the Forest of CoexistenceRight: Sound data collection experiment at Kyoto University’s Kamigamo test site. Sound data is analyzed using Panasonic sound analysis technology.

    Matsumura: We want to create opportunities to accelerate research by sharing the findings and data obtained here with researchers, including those outside of “Nawashiro.”

    At the conclusion of their dialog, Dr. Adachi and Ogawa offered some closing comments. 
    Dr. Adachi: As part of our efforts to realize nature positivity, we would like you to promote recycling-based manufacturing from the design stage.
    Ogawa: In July 2024, the PHD Corporate Technology Sector formulated a “Technology Future Vision” that includes themes that cannot be separated from nature—including energy, water, and food. Nature is the source of everything. Using this as our starting point, we will consider new ways of doing business, of creating new communities, of producing food and new energy, and new ways of recycling resources—all aligned to the theme of “nature.” We will also consider combining nature and AI. By doing so, a new future will open up for the Panasonic Group.

    Related Articles

    MIL OSI Economics

  • MIL-OSI: Convocation of the General Extraordinary Shareholders Meeting of INVL Technology and draft resolutions on agenda issue

    Source: GlobeNewswire (MIL-OSI)

    Special closed-ended type private equity investment company INVL Technology, legal entity code 300893533, the registered address Gyneju str. 14 Vilnius, Lithuania (hereinafter – the Company or INVL Technology), informs that on the initiative and decision of the management company INVL Asset Management, UAB (hereinafter – the Management Company), the General Extraordinary Shareholders Meeting (hereinafter – the Meeting) is to be held on 21 October 2024.

    The place of the Meeting: the office of Company, the address Gyneju str. 14, Vilnius.

    The Meeting will start at 09:00 a.m. (registration starts at 08:45 a.m.).

    The Meeting’s accounting day 14 October 2024 (the persons who are shareholders of the Company at the end of accounting day of the Meeting or authorized persons by them, or the persons with whom shareholders concluded the agreements on the disposal of voting right, shall have the right to attend and vote at the Meeting).

    The total number of shares of the Company is 12,175,321 units shares; the number of shares giving the right to vote at the general meeting of shareholders is 11,989,855 units shares.

    Agenda of the Meeting:

    1. Regarding the election of an auditor to carry out the audit of the annual financial statements and setting conditions of payment for audit services.

    Draft resolutions of the Meeting:

    1. Regarding the election of an auditor to carry out the audit of the annual financial statements and setting conditions of payment for audit services.

    Considering that PricewaterhouseCoopers, UAB has audited the Company for 10 years and, in accordance with the requirements of Regulation (EU) No. 537/2014 of the European Parliament and of the Council, can no longer continue to provide audit services, it is decided to:

    1.1. Based on the results of the Company’s surveys of audit firms and the recommendation provided by the audit committee, to appoint BDO Auditas ir Apskaita, UAB, as the Company’s audit firm for the audit of the Company’s annual financial statements for the years 2024, 2025, and 2026, and for the assessment of the Company’s management reports.

    1.2. To authorize the person appointed by the Management Company to sign the audit services contract, according to which the payment for the audit of the financial statements for the three financial years and the evaluation of the management reports will be the price agreed by the parties, but not exceeding 52,500 euros (excluding VAT) for the entire three-year period.

    1.3. To stipulate that the Board of the Management Company reserves the right to increase the remuneration of the audit company by no more than 25 percent of the total remuneration approved by this decision if the scope of audit work changes significantly.

    The documents related to the agenda, draft resolutions on every item of the agenda, documents that have to be submitted to the General Shareholders Meeting and other information related to the realization of shareholders’ rights are published on the Company’s website http://www.invltechnology.lt section For investors, and also by prior agreement available at the premises of the Company, located at Gyneju str. 14, Vilnius (hereinafter – the Premises of the Company) during working hours. Phone for information +370 5 279 0601.

    The shareholders are entitled:

    1. to propose to supplement the agenda of the Meeting submitting draft resolution on every additional item of agenda or, then there is no need to make a decision – explanation of the shareholder (this right is granted to shareholders who hold shares carrying at least 1/20 of all the votes). Proposal to supplement the agenda is submitted in writing sending the proposal by registered mail to the Company at Gyneju str. 14 LT-01109 Vilnius, Lithuania, or, by prior agreement, delivered in person to the representative of the Company at the Premises of the Company on business hours or by sending proposal to the Company by e-mail info@invltechnology.lt. The agenda is supplemented if the proposal is received no later than 14 days before the Meeting. In case the agenda of the Meeting is supplemented, the Company will report on it no later than 10 days before the Meeting in the same way as on convening of the Meeting.
    2. to propose draft resolutions on the issues already included or to be included in the agenda of the Meeting at any time prior to the date of the Meeting (in writing, sending the proposal by registered mail to the Company at Gyneju str. 14 LT-01109 Vilnius, Lithuania, or, by prior agreement, delivered in person to the representative of the Company at the Premises of the Company on business hours or by sending proposal to the Company by e-mail info@invltechnology.lt or in writing during the Meeting (this right is granted to shareholders who hold shares carrying at least 1/20 of all the votes).
    3. to submit questions to the Company related to the issues of the agenda of the Meeting in advance but no later than 3 business days prior to the Meeting in writing sending the proposal by registered mail to the Company at Gyneju str. 14 LT-01109 Vilnius, Lithuania, or, by prior agreement, delivered in person to the representative of the Company at the Premises of the Company on business hours or by sending proposal to the Company by e-mail info@invltechnology.lt. All answers related to the agenda of the Meeting to questions submitted to the Company by the shareholders in advance, are submitted in the Meeting or simultaneously to all shareholders of the Company prior to the Meeting. The Company reserves the right to answer to those shareholders of the Company who can be identified and whose questions are not related to the Company’s confidential information or commercial secrets.

    The shareholder participating at the Meeting and having the right to vote, must submit the documents confirming personal identity. A person who is not a shareholder shall, in addition to this document, submit a document confirming the right to vote at the Meeting. The requirement to provide the documents confirming personal identity does not apply when voting in writing by filling in a general ballot paper.

    Each shareholder may authorize either a natural or a legal person to participate and to vote on the shareholder’s behalf at the Meeting. An authorised person has the same rights as his represented shareholder at the Meeting unless the authorized person’s rights are limited by the power of attorney or by the law. The authorized persons must have the document confirming their personal identity and power of attorney approved in the manner specified by law which must be submitted to the Company no later than before the commencement of registration for the Meeting. The Company does not establish special form of the power of attorney. A power of attorney issued by a natural person must be certified by a notary. A power of attorney issued in a foreign state must be translated into Lithuanian and legalised in the manner established by law. The persons with whom shareholders concluded the agreements on the disposal of voting right, also have the right to attend and vote at the Meeting.

    Shareholder is entitled to issue power of attorney by means of electronic communications for legal or natural persons to participate and to vote on its behalf at the Meeting. No notarisation of such authorization is required. The power of attorney issued through electronic communication means must be confirmed by the shareholder with a safe electronic signature developed by safe signature equipment and approved by a qualified certificate effective in the Republic of Lithuania. The shareholder shall inform the Company on the power of attorney issued through the means of electronic communication by e-mail info@invltechnology.lt not later than on the last business day before the Meeting. The power of attorney and notification must be issued in writing and could be sent to the Company by electronic communication means if the transmitted information is secured and the shareholder’s identity can be identified. By submitting the notification to the Company, the shareholder shall include the internet address from which it would be possible to download software to verify an electronic signature of the shareholder free of charge.

    Shareholders of the Company are urged to use the right to vote on the issues in the agenda of the Meeting by submitting properly completed general voting bulletins to the Company in advance. The form of general voting bulletin is presented at the Company’s webpage http://www.invltechnology.lt section For Investors. If shareholder requests, the Company shall send the general voting bulletin to the requesting shareholder by registered mail or shall deliver it in person no later than 10 days prior to the Meeting free of charge. If general voting bulletin is signed by a person authorized by the shareholder, it should be accompanied by a document certifying the right to vote.

    The Company invites its shareholders who decide to participate in the Meeting to choose one of the following alternatives:
    __________

    Alternative No. 1:

    A shareholder or person authorised by them should complete and sign a written voting bulletin and send it to the Company by e-mail (info@invltechnology.lt) and send the original bulletin by registered or ordinary post to the address Gynėjų str. 14, LT-01109 Vilnius. Properly completed written voting bulletins may be sent by registered or ordinary post to the address Gynėjų str. 14, LT-01109 Vilnius without submitting a copy to the e-mail address specified or delivered in person to the Company on business days at the Company‘s registered address mentioned above. Along with a bulletin, a document confirming the right to vote must also be sent. Those voting bulletins shall be deemed valid which are properly completed and are received before the start of the General Meeting of Shareholders.

    __________

    Alternative No. 2:

    A shareholder or person authorised by them should complete a written voting bulletin, save it on their computer and sign it with a qualified electronic signature. Send the written voting bulletin which is properly completed and signed with a qualified electronic signature to the Company by e-mail at info@invltechnology.lt.

    The Company suggests using the following free qualified electronic signature systems: Dokobit and GoSign.

    __________

    Alternative No. 3:

    If shareholders of the Company do not have the possibility to use voting alternatives No. 1 or No. 2, the Company will provide conditions for the shareholders or persons duly authorised by them to come on 21 October 2024 to the address Gyneju str. 14 in Vilnius, to the Company’s Meeting.

    The person authorized to provide additional information:
    INVL Technology Managing Partner
    Kazimieras Tonkūnas
    E-mail  k.tonkunas@invltechnology.lt

    Attachment

    The MIL Network

  • MIL-OSI Europe: Sweden’s National Statement at the 79th Session of the United Nations General Assembly

    Source: Government of Sweden

    Mr President, Excellencies,

    We are gathered in this Assembly while the world, and this organisation, are facing major and existential challenges.

    We are gathered while we are witnessing an unprecedented number of armed conflicts. From Ukraine to Sudan, the eastern Democratic Republic of the Congo and Gaza.

    We are gathered while we are failing at our collective goal of maintaining international peace and security, of saving future generations from the horrors of war and from the disastrous consequences of underdevelopment and climate change.

    Mr President,

    The UN Charter – the sovereign equality of all states, the peaceful settlement of disputes, the prohibition of the threat or use of force against any state – is being challenged. We must stand by the Charter.

    Sweden’s strong defence of international law, including the UN Charter, is based on the understanding that both our own security and that of other countries depends on it.

    Ensuring respect for sovereignty, territorial integrity and political independence of all states – both large and small – is in our common interest. At its core lies the need for a global system that is open, predictable and applies equally to all.

    In too many places around the world, including in Sweden’s immediate neighbourhood, we are witnessing the consequences of violations of the rules and principles we have all agreed to.

    Since the start of Russia’s aggression against Ukraine in 2014, and with the full-scale invasion of Ukraine in 2022, Russia has brutally invaded the territory of another UN Member State. This Assembly has strongly and repeatedly condemned Russia’s aggression against Ukraine as a blatant violation of international law, including the UN Charter.

    If a member of the Security Council is allowed to reap the fruits of aggression, the harmful impact will not stop with Ukraine. Russia’s leadership will continue its attempts to impose its rule on neighbouring countries.

    The territorial integrity and sovereignty of all states must serve as a basis for a comprehensive, just and lasting peace in Ukraine. This was confirmed at the Peace Summit in Switzerland in June, which gathered some 100 delegations from all continents.

    Ukraine has made clear from the start that it wants a peaceful settlement based on the UN Charter. As President Zelensky rightfully said in his speech before this assembly yesterday: “There can be no just peace without Ukraine.” Sweden’s steadfast support for Ukraine’s efforts to restore its sovereignty and territorial integrity will continue for as long as it takes.

    As a direct response to Russia’s full-scale invasion, Sweden and Finland chose to join NATO. For Sweden’s part, this represents a truly historic change, ending 200 years of military non-alignment. This was our decision to take, because it is the right of each state to choose its own security policy path.

    Sweden’s NATO membership gives us a new, crucial platform to defend the fundamental values of our foreign and security policy. We will apply the same principled approach in NATO as we do in the UN, the EU, the OSCE and the Council of Europe. In other words, we will continue to defend international law, democracy, individual freedoms, human rights and gender equality.

    Mr President,

    Sweden has always defended the universal principles of sovereignty and the right to self-determination. In fact, Sweden has consistently supported countries struggling for liberty, independence and democracy – not least in Africa. And we continue to be an engaged partner of African countries. 
    To take just one example, I am deeply concerned about the situation in Sudan. More than 10 million people have been displaced, which roughly corresponds to the entire population of my own country. Safe, rapid and unhindered humanitarian access, an immediate ceasefire and negotiations ensuring a return to civilian rule are urgently required.

    Therefore, Sudan is among the countries receiving the most humanitarian support from Sweden this year. Sweden remains a key partner and donor of UN humanitarian assistance, as well as of peacekeeping and peacebuilding efforts.

    Similarly, Sweden supports the ongoing peace efforts by the United Nations in Yemen, where we will continue to work with our partners for a principled and inclusive humanitarian response. The people of Yemen are looking to the international community for hope, for a way out of humanitarian despair. We must answer that call.

    Mr President,

    We are also faced with the threat of a regional war, the consequences of which no one can predict. My country’s longstanding commitment to peace efforts in the Middle East dates back to 1948 and the efforts of UN mediator Folke Bernadotte. Today, Sweden is one of the largest core donors to UN agencies and other organisations working to mitigate the immense suffering of the civilian population in Gaza. At the same time, Sweden stands up for Israel’s right to defend itself in accordance with international law and demands that the hostages be released.

    Israel is being threatened by Iran and its allies simultaneously on several fronts. Hezbollah’s repeated attacks since October 8th has led to a dangerous military escalation. Sweden fully supports the efforts by the United States, France and others to reach a diplomatic solution. A ceasefire would provide space for reaching a diplomatic settlement consistent with UN Security Council resolution 1701 as well as the implementation of UN Security Council 2735 on a ceasefire in Gaza.

    In the longer term, Sweden – like the EU and the United States – believes in the idea of a two-state solution in which Israelis and Palestinians can live side by side in peace, freedom and democracy.

    Mr President,

    In order to address global challenges, we need to ensure that our aid helps to mobilise additional resources, not least private capital.
    Development assistance alone is not enough to build long-term wealth and welfare.

    It must go hand in hand with democracy, the rule of law, market development, trade, investments and technology transfer. We see that clearly in the countries now leaving poverty behind.

    We must also redouble our efforts to achieve the 2030 Agenda. Sweden is one of the world’s most generous donors of development assistance. Through our development assistance, we are accelerating the implementation of the Sustainable Development Goals. To achieve this, strong national ownership in partner countries and a broader approach to development cooperation among donors is needed.

    We must also step up the fight against corruption so that economic growth benefits the whole of society, not just the few.

    Mr President,

    I can only note that women have been underrepresented as speakers this week at the General Debate. Women make up 50 percent of the world’s population, yet less than 10 percent of speakers this week are women. There is a lot of room for improvement in this regard.

    I agree with the Secretary-General that global opposition to gender equality is on the rise. That is why gender equality is a core value in Sweden’s foreign policy.

    So let me say this: countries that stand up for women’s and girls’ rights are not only champions of freedom and human rights. They also benefit from broad labour market participation and economic growth.

    Respect for human rights, providing sexual and reproductive health and rights services, and empowering young girls and women are tangible contributions to advancing gender equality. This is what I want for the future of my daughter and for the daughters of others, too.

    Simply put, our free society must stand up against those who wish to exploit our freedom to restrict the freedom of others. Everyone must be able to live safely and freely, regardless of religious beliefs or personal convictions, regardless of skin colour and regardless of whom they love. To my government, this is of such importance that we have begun work on an action plan for equal rights and opportunities for LGBTQI people.

    The green and digital transition offers vast opportunities in terms of new jobs, increased growth and improved livelihoods. Sweden aims to become climate-neutral by 2045, at the latest. As early movers, we want to show that it is possible to reduce emissions while maintaining economic growth. At the same time, global ambitions on climate action and climate financing must be raised. Here as well, we are increasing our support even further and enhancing its effect, advancing innovative financial models to mobilise more private capital.

    Mr President,

    The many crises in our world today have shed a harsh light on the need for reforms of our multilateral system. We need global governance structures that can withstand the challenges of our time and that are resilient against malevolent attempts to undermine the UN Charter.

    Action – implementation and follow-up – must be our approach as we look forward and take stock of the Summit of the Future and the Pact adopted there.

    The UN Security Council – the body entrusted with the ultimate responsibility to maintain international peace and security – must be effective, transparent and accountable.

    Sweden supports a balanced expansion of the Security Council to better reflect current global political and economic realities. This can be achieved by such means as adding new permanent and non-permanent seats, including for African countries.

    Sweden also supports the ongoing reform processes in multilateral development banks to increase the effectiveness and scale of financing to achieve the Sustainable Development Goals and implement the Paris Agreement.

    Another area where strengthened global governance is essential is outer space. Modern societies are becoming more and more dependent on space services and the space environment is becoming increasingly congested and contested.

    Sweden is strongly committed to preventing an arms race in outer space and safeguarding the use of space for peaceful purposes. This includes all states’ full compliance with existing international law, including the Outer Space Treaty. We will continue to promote the development of norms and rules for responsible behaviour in space.

    Together with Zambia, Sweden is proud to have co-facilitated the Global Digital Compact. Through this framework, all Member States have committed to strengthen international cooperation to close digital divides between and within countries and to establish the governance required for a sustainable digital future, including on Artificial Intelligence.

    Rest assured, Sweden will continue to fulfil its responsibility and be an active, engaged and constructive multilateral actor. We will continue to be a close – and demanding – partner to the UN. We will constructively demand more.

    More efficiency, more coherence, more impact, more innovation. This is how we will achieve our shared ambitions for the future, together.

    Mr President,

    This is a moment of major existential challenges. But we must not allow anything to stop us from defending the fundamental principles that form the foundation of this organisation.

    It is true that there are areas where international law needs to be developed to meet new challenges. However, it is equally true that hundreds of millions of people have been lifted out of poverty based on the norms, purposes and principles enshrined in the UN Charter.

    Global health and well-being have reached unprecedented levels. People across the globe are enjoying justice, peace, freedom and prosperity at levels unimaginable to previous generations.

    It is a legacy to be proud of. One that we must all do everything we can to uphold.

    Thank you.

    MIL OSI Europe News

  • MIL-OSI Europe: Joint Statement on Ukraine Energy Sector Support

    Source: Government of Sweden

    We, the G7+ Ministerial Group, met on the margins of the 79th Session of the United Nations General Assembly to reaffirm our unwavering support for Ukraine in the face of Russia’s brutal and unjust attacks on Ukraine and it’s energy infrastructure.

    We reaffirm our strong commitment to the territorial integrity, independence, and sovereignty of Ukraine within its internationally recognized borders and to focus on the key priorities needed to achieve a comprehensive, just, and lasting peace based on international law, including the UN Charter and its principles.

    We strongly condemn Russia’s continuous missile and drone strikes against Ukraine’s energy infrastructure and cities across Ukraine, which have escalated since March 2024 and severely threaten Ukraine’s energy security and the Ukrainian people’s access to critical services including electricity, heat, and water during the cold winter months, which could be the harshest for Ukraine since at least its independence. We highlight the regional implications of such attacks, notably on the Republic of Moldova’s energy security. Russia must end its war of aggression and pay for the damage it has caused.

    We recommit to supporting Ukraine’s immediate, medium, and long-term recovery and reconstruction in line with its path towards the EU and to work to involve our private sectors and local governments in the sustainable economic and social recovery of Ukraine. We welcome and underscore the significance of Ukraine’s commitment to business-enabling reforms that will establish a level playing field for investment in the energy sector. We stress the importance of the implementation of the National Energy and Climate Plan and the monitoring of this process. We will continue to support efforts of the Ukrainian government and people in these endeavors.

    We stress the importance of implementation of energy sector reforms in line with the EU accession path and fulfilling obligations under the Energy Community Treaty, including OECD-compliant corporate governance standards. This is especially crucial ahead of the winter, given the scale of repairs and new energy infrastructure needs.

    We acknowledge the need for international assistance to protect energy infrastructure from attacks, including through the strengthening of Ukraine’s air defense capabilities by the committed countries, and reaffirm our readiness to continue providing such assistance.

    We condemn Russia’s seizure and continued control and militarization of Ukraine’s Zaporizhzhia Nuclear Power Plant, which threatens energy security. We emphasize that any use of nuclear energy and nuclear installations must be safe, secured, safe-guarded, and environmentally sound. With reference to the UNGA resolution from 11 July on “Safety and security of nuclear facilities of Ukraine, including the Zaporizhzhia Nuclear Power Plant” we stress that Zaporizhzhia Nuclear Power Plant must return to the full sovereign control of Ukraine in line with IAEA principles and under its independent supervision.

    We are convinced that rebuilding Ukraine’s energy system in the short and long term is in the interest of enhancing global energy security and sustainability.

    We welcome further commitments to provide funding and in-kind support to address the Ukrainian energy sector’s most urgent needs, including repairs of damaged power plants and district heating systems, deployment of new, distributed power generation, emergency backup power for critical services, and passive protection for energy infrastructure. We call on the global community to urgently strengthen efforts in that regard and provide Ukraine with all assistance needed.

    We underline the important work of international partners, banks, and the Energy Community’s “Ukraine Energy Support Fund” in this regard. We call upon international partners to elevate their financial contributions, in particular to the latter fund in order to improve Ukraine’s resilience next winter.

    Based on the work of the Working Group on Energy Security and the outcomes of the First Global Peace Summit held on 15-16 June 2024 in Bürgenstock, Switzerland, as well as the results of a productive and constructive dialogue at the Energy Security Conference held on 22 August 2024, we reaffirm our unwavering commitment to achieving a comprehensive, just, and lasting peace for Ukraine.

    Based upon the Japan-Ukraine Conference for the Promotion of Economic Growth and Reconstruction in Tokyo, the 2024 Ukraine Recovery Conference (URC) in Berlin and looking ahead to the November 2024 UN Climate Change Conference (COP29) and the 2025 URC in Italy, we are committed to continue supporting immediate needs and Ukraine’s vision of a more decentralized, diversified, resilient, and renewable/sustainable energy system that is fully integrated with Europe.

    MIL OSI Europe News

  • MIL-Evening Report: Australia may be facing another La Niña summer. We’ve found a way to predict them earlier, to help us prepare

    Source: The Conversation (Au and NZ) – By Mandy Freund, Lecturer, Climate Science Geography, The University of Melbourne

    Meteorologists are again predicting a possible La Niña this summer, which means Australia may face wetter and cooler conditions than normal.

    It would be the fourth La Niña in Australia in five years, and highlights the need for Australians to prepare for what may be an extreme weather season.

    Typically, a La Niña or its counterpart, El Niño, signals its arrival earlier in the year. Signs of this potential La Niña are emerging fairly late. That’s where new research by my colleagues and I may help in future.

    La Niña and El Niño explained

    La Niña and its opposite phase, El Niño, are created by changes in ocean temperatures in the Pacific Ocean’s equatorial region. Together, the two phenomena are known as the El Niño Southern Oscillation.

    The oscillation is said to be in the positive phase during an El Niño and the negative phase during a La Niña. When sitting between the two, the cycle is in neutral phase.

    Earlier this month, the World Meteorological Organization said there was a 60% chance of La Niña conditions emerging by year’s end.

    In the United States, the National Oceanic and Atmospheric Administration put the likelihood at 71%. Australia’s Bureau of Meteorology is in “watch” mode, predicting a 50% chance of a La Niña weather pattern forming later this year.

    La Niña occurs when strengthening winds change currents on the ocean surface, pulling cool water up from the deep.

    The winds also cause warm surface waters in the western Pacific and north of Australia, bringing increased rainfall and clouds. This usually means above-average rainfall and cooler temperatures for Australia, particularly in the east and north.

    Conversely, an El Niño weather pattern generally brings hotter temperatures across Australia, and less rainfall in the east and north.

    The Bureau of Meteorology is in La Niña ‘watch mode’.
    Bureau of Meteorology

    Paths of destruction

    La Niña or El Niño events can cause devastation around the world.

    The El Niño in 2015–16, for example, caused crops to fail and affected the food security and nutrition of almost 60 million people globally.

    In Australia, El Niño events can bring increased risk of drought, bushfires and heatwaves, and water shortages.

    Meanwhile, rainfall associated with La Niña conditions can lead to greater crop yield. But particularly heavy rainfall can wash crops away. It also heightens flood risks for some communities.

    These far-reaching impacts mean it’s essential to plan ahead when a La Niña or El Niño is on the cards. But predicting these events has always been tricky.

    Both types of events usually develop in the Southern Hemisphere autumn, peak in late spring or summer, and weaken by the next autumn. But it’s now late spring without a clear La Niña declaration. Why the delay?

    Climate change is one factor. The Bureau of Meteorology says as oceans absorb heat from global warming, it’s harder to spot the specific warming patterns linked to La Niña.

    The sheer complexity of the ocean-atmosphere system adds to the difficulty. The computer models used to predict El Niño and La Niña are improving all the time.
    But scientists still need more information on deep ocean processes, and how winds affect the oscillation.

    Predictions are hardest during the Southern Hemisphere’s autumn. That’s because the cycle then is very susceptible to change – teetering at a point where either a La Niña or El Niño could develop.

    That’s why the earliest an El Niño or La Niña can be predicted is usually around May or June.

    But new research offers a way to predict the events much earlier – and start preparing if necessary.

    Better, earlier forecasts

    The study, which I led, assessed the likelihood of La Niña or El Niño events occurring in succession – either in the eastern or central region of the Pacific Ocean.

    This distinction is important. For Australia, El Niño and La Niña events peaking in the Central Pacific, close to our continent, have greater impacts here compared to those peaking in the east, closer to South America.

    We analysed weather observations, and the sequence of past El Niño and La Niña events, over the past 150 years. We also examined climate models for future changes in transitions between El Niño and La Niña events.

    From this, we determined the likelihood of an El Niño or La Niña occurring in two consecutive years.

    We found most El Niño events are followed by neutral conditions the next year (with a likelihood of 37–56%).

    But La Niña behaves differently. In 40% of cases, a Central Pacific El Niño could follow an Eastern Pacific La Niña. And there is a 28% chance of two consecutive La Niña events in the Central Pacific.

    These results allow for more advanced predictions. By identifying patterns in this way, the odds of an El Niño or La Niña can be predicted up to a year in advance.

    El Niño or La Niña are the result of complex interactions between winds and sea in the Pacific Ocean.
    Shutterstock

    Looking ahead

    So, what does our research suggest for Australia? Will a La Niña develop here this year?

    From September last year, Australia experienced a strong Eastern Pacific El Niño. So our findings suggest there is only a 17% chance of La Niña this year.

    If the La Niña arrives, it will likely peak in the Central Pacific, potentially affecting Australia rainfall. But overall, any La Niña that develops this late is likely to be weak and relatively short-lived.

    Our research also found that as climate change accelerates, the El Niño Southern Oscillation is likely to shift. For example, the odds of two consecutive El Niños peaking in the central Pacific region will likely increase. And we can expect fewer calm, neutral years between events.

    We hope our research enables more accurate, long-range forecasts, giving communities additional time to plan and prepare.

    Mandy Freund receives funding from the ARC Centre of Excellence for 21st Century Weather

    ref. Australia may be facing another La Niña summer. We’ve found a way to predict them earlier, to help us prepare – https://theconversation.com/australia-may-be-facing-another-la-nina-summer-weve-found-a-way-to-predict-them-earlier-to-help-us-prepare-239826

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Russia: Tourist flow to Moscow exceeds 2019 record figures — Sergei Sobyanin

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The trend of increasing tourist flow to the capital continues. In the first six months of this year, Moscow received 12.2 million guests, which is six percent more than in the same period of 2019. This was reported by Sergei Sobyanin in his blog.

    “The absolute majority of tourists are our compatriots from other regions of Russia. Most often, people come to Moscow for vacation or holiday from St. Petersburg, Krasnodar Krai, Vladimir, Rostov, Tula regions,” the Mayor of Moscow noted.

    The average occupancy rate of hotels increased by 75 percent, which is 10 percent higher than the first half of 2023 and three percent higher than the first half of 2019. At the same time, the number of places to accommodate guests is also growing: five hotels with 507 rooms have opened since the beginning of the year.

    The contribution of tourism to the city’s economy is steadily growing. The volume of tourist and excursion consumption reached 650 billion rubles, of which budget revenues are estimated at 89 billion rubles. Both figures are a third higher than similar figures for 2019.

    Tourism growth is the result comprehensive support for the industry and close cooperation between the city and business.

    The majority of tourist traffic occurs during the May holidays and the summer vacation and holiday season.

    In the summer, 7.4 million tourists vacationed in Moscow. The average hotel occupancy rate was 78 percent, which is six percent more than the year before.

    At the same time, domestic tourism figures are also growing. This year, the capital was visited by 6.7 million people, which is 12 percent higher than the peak figures of the summer of 2019.

    Although the majority of travelers are Russians, every fifth guest at Moscow hotels this summer is a foreigner.

    The summer period brought 54.5 billion rubles to the city budget, and the volume of tourist and excursion consumption amounted to 398.1 billion rubles.

    The capital’s guests were especially fond of summer festivals, such as “Territory of the Future. Moscow 2030” and “Summer in Moscow. Everybody out on the streets!”

    Sergei Sobyanin: More than 12 million people visited the forum-festival “Moscow 2030”

    The United Arab Emirates Culture Days, which took place this summer on Manezhnaya Square, attracted over 300,000 people in five days. Visitors enjoyed fashion shows accompanied by traditional music, tried popular national dishes, and learned about unusual crafts. At the site, one could become a guest of a wedding show or see oriental landscapes at an open-air photo exhibition.

    The Moscow Estates Festival was held for the third time and became a record-breaker both in duration and scale. The number of visitors exceeded 700 thousand – this is 1.6 times more than in the two previous seasons combined.

    More than three thousand events took place: masquerades, theatrical performances, symphonic music concerts and musicals in the scenery of old estates, historical picnics, outdoor games of gorodki, badminton and serso.

    The festival brought together 40 estates in the capital.

    “We have managed to form a new weekend culture among Muscovites and tourists: the number of visitors to some estates has increased several times compared to the same period last year,” added Sergei Sobyanin.

    Post stations where you could sign a postcard with a quill pen were popular. From there, tourists sent over 65 thousand such messages to different cities in Russia.

    Almost every second guest of the festival visited the pavilions of the “City Dacha”, 255 liters of jam were cooked from seasonal berries.

    This season of “Moscow Tea Party” guests tried and chose the tea blend that is most associated with Moscow. Now golden-amber black tea with the taste of black and red currants, strawberries, with the addition of cornflower petals, safflower, rosebuds and orange slices can be purchased in the capital’s coffee shops.

    The real discovery was the iced Moscow tea. Restaurants and cafes presented more than 800 types of the soft drink, and also offered unique recipes. Muscovites and tourists drank about 50 thousand liters of iced tea.

    More than 500 events took place on Tverskaya Square, the festival’s flagship venue. They were attended by over 400,000 people. The most popular were thematic theatrical performances, musical talks, and interactive lectures related to tea culture, which were accompanied by useful master classes.

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

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

    https://vvv.mos.ru/major/themes/11815050/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News

  • MIL-OSI Economics: Media Release: Exploration exit a blow to Victoria’s energy security as gas supply dwindles – Australian Energy Producers

    Source: Australian Petroleum Production & Exploration Association

    Headline: Media Release: Exploration exit a blow to Victoria’s energy security as gas supply dwindles – Australian Energy Producers

    A global exploration company’s decision to cease its search for new gas supply in Victoria’s Otway Basin is a major blow to the state’s energy security and will compound looming gas shortfalls in eastern Australia. 

    Australian Energy Producers Chief Executive Samantha McCulloch said the announcement from seismic surveyor TGS highlighted the increasingly difficult regulatory and investment environment in Australia, particularly in Victoria where new gas supply is most needed.  

    “Victoria is facing gas supply shortfalls from 2027 and already came close to running out of gas during peak periods this winter,” Ms McCulloch said.

    “With Victorian gas production declining rapidly, immediate action is needed to find and develop the new gas supplies so crucial to eastern Australian homes and businesses.  

    “Instead, we are seeing increased regulation, long delays to project approvals, and the continued demonisation of gas by the Victorian Government, including the recent decision to force all households to replace gas appliances with electric ones.

    This is scaring off investment and delaying urgently needed new gas supply which will only increase the risk of blackouts, disruptions and higher energy bills.” 

    “Decision-makers must recognise that capital is global and mobile, and Australia is fast losing out to other countries that are actively supporting investment.”  

    Ms McCulloch said the Federal Government’s granting of two production licenses today to Beach Energy  offshore of Victoria was a welcome step to boost domestic energy security, but more supply will be needed. 

    The Australian Competition and Consumer Commission’s latest quarterly gas inquiry report, released today, shows eastern Australia faces peak period gas shortfalls from next year, and structural shortfalls from 2027.

    “The ACCC recognises the efforts of industry to ensure that additional gas is available during periods of peak demand,” Ms McCulloch said.

    “But without further exploration and development, future gas shortfalls are almost inevitable.”  

    Ms McCulloch said activists targeting TGS’ planned seismic surveys were at odds with the science and misrepresented a proven technology.

    “Seismic surveys are a safe and essential technology used in Australia and around the world for more than 60 years. It is the same technology used by the offshore wind industry, and the independent national regulator NOPSEMA has found seismic surveys to be safe for the marine environment,” she said. 

    “The Greens and activists want to stop all new gas developments, with no regard for the devastating impact on Australia’s economy and energy security.

    “A recent independent report by EnergyQuest found the Greens’ policy to ban new gas investment would trigger ‘major economic disruption’ on both coasts of Australia, leading to a high risk of blackouts, manufacturers closing and inevitably higher energy prices in a decade.” 

    MIL OSI Economics