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Category: Economy

  • MIL-OSI Asia-Pac: Union Textiles Minister Shri Giriraj Singh inaugurates Eri sericulture promotional project in Gujarat

    Source: Government of India

    Posted On: 25 SEP 2024 6:23PM by PIB Delhi

    After successful introduction of Eri culture in castor growing areas of Gujarat and considering the farmers’ response, as a part of 100-day activities under the Viksit Bharat initiative, the Eri sericulture promotional project was launched on August 10, 2024, at Sardarkrushinagar, Palanpur, aiming to encourage castor-growing farmers in Gujarat’s Banaskantha, Mehsana, Patan, and Sabarkantha districts. Union Minister of Textiles, Shri Giriraj Singh, inaugurated the event, attended by Minister of State for Textiles, Shri Pabitra Margherita, and Secretary, Ministry of Textiles, Ms. Rachna Shah.

    Gujarat Eri promotional project launched on 10th August 2024

    The project is designed to help farmers adopt sericulture as an additional income-generating activity, expanding Eri culture in an area rich in castor plants. The event attracted over 1,200 participants, including 860 registered farmers, staff and students from SDAU, and media representatives, alongside officials from the Central Silk Board.  

    The Eri promotional project launched in Gujarat has seen significant progress so far.  An awareness campaign in the major castor-producing districts of Banaskantha, Mehsana, Patan, and Sabarkantha reached 112 villages, with 2,136 farmers showing interest. A village-level training program engaged 817 farmers, while four late-age rearing houses and an Eri Chawki Rearing Centre (CRC) are being established to support rearing operations. Additionally, four Sericulture Resource Centers (SRCs) were set up to provide hands-on training to farmers.

    Awareness campaign through LED display vehicle

    The primary goal is to evaluate, optimize, and popularize Eri culture technologies of CSB’s Research Institute “Central Muga Eri Research & Training Institute (CMER&TI), and practices in collaboration with the Kalyan Foundation. The project will focus on 100 selected farmers and aims to integrate Eri silk production with castor cultivation, enhancing farmers’ incomes. Based on the response received from the current project, the subsequent phase /project with additional 500 farmers will be introduced to Eri culture in Gujarat, expanding the initiative and establishing Gujarat as a significant Eri silk producer.

     

    Gujarat, with its extensive castor cultivation (6.52 lakh hectares), has the potential to become a key Eri silk production hub by promoting Eri sericulture, the project not only provides an additional income source for castor farmers but also contributes to the sustainable growth of the silk industry in the state. The collaboration between the Central Silk Board, the Gujarat government, and local farmers is expected to drive substantial economic and social benefits, potentially transforming Gujarat into a hub for silk production. The success of this initiative could also inspire other states, which would help to expand Eri sericulture across India and sericulture expansion in non-traditional areas.

     

    Through this project, CSB envisions Gujarat becoming a major contributor to India’s Eri silk production, boosting the state’s economy and enhancing the country’s silk industry as a whole.

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    VN

    (Release ID: 2058724) Visitor Counter : 45

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Make in India Powers Energy Transition: Fuels renewable energy equipment boom

    Source: Government of India

    Make in India Powers Energy Transition: Fuels renewable energy equipment boom

    India’s solar PV module manufacturing capacity increases from 2.3 GW to 67 GW under 10 years of Make In India

    Posted On: 25 SEP 2024 6:39PM by PIB Delhi

    As “Make in India” initiative of Government of India completes 10 years, it has been proven to be a driving force in promoting investment, fostering innovation, and building world-class infrastructure to transform India into a hub for manufacturing, design, and innovation. It continues to play a pivotal role in developing a robust manufacturing sector for renewable energy in the country. One of the key focuses of the Government is to support and incentivize domestic manufacturing in the renewable energy sector. The renewable energy equipment manufacturing sector in India is well-positioned to meet domestic demand and serve the global market through exports, establishing India as a key player in the renewable energy manufacturing space.

    Union Minister for New and Renewable Energy Shri Pralhad Joshi posted on X ” India’s renewable energy sector has contributed immensely to the #10YearsOfMakeInIndia. From PLI to VGF, we are extending all possible support to our domestic industries. We are committed to establishing India as a major global player in the complete value chain of clean energy solutions.”

    Measures taken to promote domestic renewable energy equipment manfacturing

    Several measures have been taken by the Union Government to promote the domestic manufacturing of renewable energy equipment, such as solar PV modules, cells, and upstream components like ingots, wafers, and polysilicon. These efforts also include the manufacturing of wind turbines, electrolysers for green hydrogen production, and battery energy storage systems for utility-scale electricity storage applications.

    The Government’s efforts span financial, fiscal, and policy measures aimed at bolstering domestic production. Financial incentives include the Production Linked Incentive (PLI) scheme for setting up fully or partially integrated manufacturing units for solar PV modules and upstream components. Additional support measures include Viability Gap Funding (VGF) for stationary Battery Energy Storage System projects and incentives for manufacturing electrolysers and green hydrogen production under the National Green Hydrogen Mission. Fiscal incentives include concessional customs duties on inputs required for domestic manufacturing, waivers on import duties for specific capital goods needed for solar PV cell and module production, and impositions of basic customs duties on imports of solar PV modules, cells, and inverters.

    Under Union Minister for New and Renewable Energy Shri Pralhad Joshi, policy measures have been taken through provisions such as the Domestic Content Requirement (DCR) in schemes like PM Surya Ghar: Muft Bijli Yojana, PM-KUSUM, and CPSU Scheme Phase-II, where Government subsidies are provided. Other policies include linking PLI amounts to local value addition, Quality Control Orders for solar equipment, and approved lists of models and manufacturers for solar and wind technologies.

    Boost to Solar PV manufacturing

    Solar PV manufacturing remains a significant focus of the Government’s efforts. The Government is committed to making India self-reliant (Atmanirbhar) in solar PV manufacturing and establishing India as a major player in the global value chain. This commitment is demonstrated by the Rs. 24,000 crores outlay for the PLI Scheme for High-Efficiency Solar PV Modules and additional policy interventions, such as the imposition of basic customs duties and domestic content requirements.

    Since 2014, India’s installed solar PV module manufacturing capacity has grown from 2.3 GW to approximately 67 GW, thanks to various measures under the “Make in India” initiative. This increase makes India capable of meeting domestic demand while also catering to exports. The country has seen rapid growth in solar PV module production capacity, jumping from 8 GW in 2021 to 67 GW per year in the last 3.5 years alone.

    Furthermore, over 48 GW of fully or partially integrated solar PV module manufacturing projects are currently under implementation under the solar PLI scheme. Once completed, these projects will attract an investment of approximately Rs. 1.1 lakh crores and create direct employment for around 45,000 people. The solar PLI scheme will also bring cutting-edge solar PV module manufacturing technology to India, reducing the country’s dependence on imports. With the solar PLI scheme and the Government’s supportive policy framework, India is projected to achieve 100 GW per year of solar module production capacity by 2026, which will not only satisfy domestic demand but also contribute to earning foreign exchange through exports.

    ***

    Navin Sreejith

    (Release ID: 2058735) Visitor Counter : 64

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Health Ministry releases National Health Accounts Estimates for India 2020-21 and 2021-22

    Source: Government of India (2)

    Union Health Ministry releases National Health Accounts Estimates for India 2020-21 and 2021-22

    The methodology taken for these NHA estimates has improved over the last 9 years and has resulted in a more robust and accurate account of the government’s expenditure on Health: Member, NITI Aayog

    “The decline in Out-of-Pocket expenditure out of Total Health Expenditure from 64.2% in 2013-14 to 39.4% in 2021-22 reflects a very positive indicator”

    Government Health Expenditure’s share in the country’s total GDP increases from 1.13% (2014-15) to 1.84% (2021-22)

    Share of Government Health Expenditure in Total Health Expenditure increases from 29.0% (2014-15) to 48.0% (2021-22)

    Per capita Government spending on healthcare triples

    Posted On: 25 SEP 2024 8:07PM by PIB Delhi

    The Union Health Ministry released the National Health Account (NHA) estimates for India 2020-21 and 2021-22. These estimates are the eighth and ninth in the series of reports released annually by the Union Ministry of Health & Family Welfare.

    Addressing the session, Dr V K Paul, Member (Health), NITI Aayog said that “the methodology taken for these NHA estimates has improved over the last 9 years and has resulted in a more robust and accurate account of the government’s expenditure on Health”. He said, “the decline in Out-of-Pocket expenditure out of Total Health Expenditure from 64.2% in 2013-14 to 39.4% in 2021-22 reflects a very positive indicator.”

    Dr Paul highlighted that “more than Rs 1 lakh crore savings have accrued from the Ayushman Bharat PMJAY and this has had a positive impact on the recent NHA estimates. He also stated that other schemes like the Free Dialysis scheme, launched in 2015-16 has benefited 25 lakh people.”

    Speaking on the occasion, Union Health Secretary Shri Apurva Chandra said that “a substantial increase has been noticed in the health expenditure of the government while the out-of-pocket expenditure has come down which is a good sign.” He highlighted that the total health expenditure has also made a significant increase which reflects the emphasis of the government towards health.

    The NHA estimates are based on the globally accepted framework of ‘A System of Health Accounts (SHA), 2011’ which facilitates inter-country comparisons. This report provides a systematic description of the financial flows in India’s health system by different sources, how the money is spent, how healthcare is provided, and the nature of healthcare services that are used.

    The NHA estimates for 2021-22 show that Government expenditure for healthcare continues to increase in the country, highlighting the efforts of the Government to increase public investments in the health sector. The share of Government Health Expenditure (GHE) in the overall GDP of the country has increased from 1.13% in 2014-15 to 1.84% in 2021-22. In terms of share in the General Government Expenditure (GGE), it has increased from 3.94% in 2014-15 to 6.12% in 2021-22.

     

    Figure 1: Government Health Expenditure (GHE) as % of GDP

     

    Figure 2: Government Health Expenditure (GHE) as % of General Government Expenditure (GGE)

    In per capita terms, GHE has tripled, from Rs. 1,108 to Rs. 3,169   between 2014-15 to 2021-22. The Government spending on health between 2019-20 and 2020-21 increased by 16.6%, while between 2020-21 and 2021-22, it grew by an unprecedented rate of 37%, highlighting the proactive role played by the Government in tackling the COVID-19 pandemic.

    The increase in Government spending on health has an important implication for the reduction of financial hardship endured by households. In the Total Health Expenditure (THE) of the country between 2014-15 and 2021-22, the share of GHE has increased from 29% to 48%. During the same period, the share of Out-of-Pocket Expenditure (OOPE) in THE declined from 62.6% to 39.4%.

    The continuous decline in the OOPE in the overall health spending vindicates the substantial efforts made by the Government in the progress towards ensuring financial protection and Universal Health Coverage for its citizens. 

     

    Figure 3: Government Health Expenditure (GHE) and Out-Of-Pocket Expenditure (OOPE) as % of Total Health Expenditure (THE)

     

    Another positive trend in the country’s health financing space is the increase in Social Security Expenditure (SSE) on healthcare. This increase in social security has a direct impact on reducing out-of-pocket payments. A robust social security mechanism ensures that individuals will not face financial hardship and the risk of poverty as a consequence of accessing essential healthcare services. The share of SSE on health, which includes Government-funded health insurance, medical reimbursement to Government employees, and social health insurance programs, in THE, has increased from 5.7% in 2014-15 to 8.7% in 2021-22.

    The NHA Estimates for 2020-21 and 2021-22 released today can be accessed here: https://nhsrcindia.org/national-health-accounts-records.

    Smt. Punya Sasila Srivastava, Officer on Special Duty, Health Ministry; Shri Jaideep Kumar Mishra, Addl. Secy and Financial Adviser, Health Ministry; Smt. L S Changsan, Addl. Secy, Health Ministry; Smt. Aradhana Patnaik, Addl. Secy, Health Ministry; Smt. Indrani Kaushal, Senior Economic Advisor, Health Ministry; Shri Saurabh Jain, Joint Secretary, Health Ministry and other senior officers

     

    ******

    MV

    HFW/ Release of NHA Estimates/25th September 2024/4

    (Release ID: 2058791) Visitor Counter : 60

    MIL OSI Asia Pacific News –

  • MIL-OSI: CETY CEO KAM MAHDI ADDRESSES GOVERNMENT AND BUSINESS LEADERS AT FORUM FOR LATVIA PRESIDENT EDGARS RINKĒVIČS’ ECONOMIC DELEGATION TO CALIFORNIA

    Source: GlobeNewswire (MIL-OSI)

    Irvine, CA, Sept. 26, 2024 (GLOBE NEWSWIRE) — Clean Energy Technologies, Inc. (“CETY”) (Nasdaq: CETY), a clean energy manufacturing and services company offering eco-friendly green energy solutions, clean energy fuels, and alternative electric power for small and mid-size projects in North America, Europe, and Asia, today announced its participation in Latvia’s economic delegation visit to the US from September 17 to 23. Led by President Edgars Rinkēvičs, the delegation visited San Francisco and Silicon Valley, engaging with California government leaders, technology giants, and investors.

    CETY CEO Kam Mahdi was a key presenter at a program on the topic of California Technology Research and Investment. He discussed CETY’s growth as a comprehensive clean energy solutions company with growing global focus that includes expanding operations in North America, Europe, and Asia. The program was part of President Rinkēvičs focus on exploring opportunities for economic cooperation and growth for Latvia enterprises seeking a presence in the United States and specifically targeting California for its business and technology development ecosystem and leadership.

    The visit of President Rinkēvičs and other Latvian government officials and business leaders is an historic one. It was the first such high-level economic delegation to the US from Latvia. Accompanying President Rinkēvičs were Minister of Economics Viktors Valainis, Director General at Investment and Development Agency of Latvia Raivis Bremsmits, and over 50 Latvia entrepreneurs interested in California and North America for strategic growth. Meetings during the three-day visit included Microsoft, Google, NASA Ames, and Meta. AI was a big topic for this visit, especially given its potential use in all sectors and the concerns raised in the EU over privacy and security.

    Mr. Mahdi talked about the evolution of CETY from its inception, when it was first focused on waste heat recovery, using technology developed by General Electric, through its current expansion into becoming a comprehensive energy solutions provider. “We have developed expertise of the entire energy process from system design to generation and storage, distribution and management,” said Mahdi. “Clients come to us to discuss their needs, and we can develop solutions to effectively address them.”

    Mahdi also spoke at a meeting which included California State Treasurer Fiona Ma, Latvia Economics Minister Viktors Valainis, Latvia Investment and Development Agency Director Raivis Bremsmits, Toms Zvidriņš, Head of the US Office of Investment and Development Agency of Latvia, Martins Andersons, President of the American Latvian Association, and Latvia business leaders.

    CETY has been involved in a waste heat to energy project in Latvia since 2018, with EkoNams, a company that builds Scandanvian-style log homes, the design of which is influenced by historic craftsmanship and the execution of which relies on new technologies. Building on that project, CETY has been in discussion with other Latvia companies interested in collaboration or partnerships.

    President Rinkēvičs’ delegation followed up on a July 2024 California delegation to Latvia led by California State Treasurer Fiona Ma and State Senator Josh Newman. The delegation included California businesses, and involved meetings with top government and business leaders, including former Latvia Prime Minister and current European Commissioner for Trade Valdis Dombrovskis, Prime Minister Evika Siliņa, and Transportation Minister Kaspars Briškens, to discuss investment, economic and technological collaboration, and development opportunities in key Baltic growth sectors. As part of that delegation, Mr. Mahdi was an invited speaker on the Ministry of Foreign Affairs Forum on Sustainable Energy Technologies and Innovations, along with former California Senator and energy entrepreneur Robert Hertzberg.

    About Clean Energy Technologies, Inc. (CETY)

    Headquartered in Irvine, California, Clean Energy Technologies, Inc. (CETY) is a rising leader in the zero-emission revolution by offering eco-friendly green energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company’s principal products are Waste Heat Recovery Solutions using our patented Clean CycleTM generator to create electricity. Waste to Energy Solutions convert waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions provide expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies.

    CETY’s common stock is currently traded on the Nasdaq Capital Market under the symbol CETY. For more information, visit http://www.cetyinc.com.

    For video examples please visit CETY’s YouTube channel:
    https://www.youtube.com/@CleanEnergyTechnologiesInc.

    Follow CETY on our social media channels: Twitter | LinkedIn | Facebook

    This summary should be read in conjunction with the Company’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2024 and other periodic filings made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, which contain, among other matters, risk factors and financial footnotes as well as a discussions of our business, operations and financial matters located on the website of the Securities and Exchange Commission at http://www.sec.gov.

    Safe Harbor Statement

    This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of CETY’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “plan,” “expect,” “estimate,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Any forward-looking statement made by the Company in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Clean Energy Technologies, Inc.
    Investor and Investment Media inquiries:
    949-273-4990
    ir@cetyinc.com
    Source: Clean Energy Technologies, Inc.

    The MIL Network –

  • MIL-OSI Europe: Christine Lagarde: Technology as a new frontier for macroprudential policy

    Source: European Central Bank

    Welcome address by Christine Lagarde, President of the ECB and Chair of the European Systemic Risk Board, at the eighth annual conference of the ESRB

    Frankfurt am Main, 26 September 2024

    I would like to welcome all of you to the eighth annual conference of the European Systemic Risk Board (ESRB).

    The theme this year – “New Frontiers in Macroprudential Policy” – challenges us to rethink the ways in which we ensure financial stability in an evolving world.

    Traditionally, macroprudential policy has focused on safeguarding the stability of banks, particularly by addressing boom-bust cycles in real estate. Banks continue to hold significant exposures to the real estate sector, and this remains a core area of our oversight.

    But today our world is undergoing swift and profound changes.

    While we must remain alert as ever to cyclical risks, major structural transformations – from shifting geopolitics to a changing climate and extraordinary advances in technology – are creating new frontiers in macroprudential policy. These have important implications for financial stability that are not yet fully reflected in our current frameworks.

    Today I would like to focus on what one of those frontiers – technology – means for the financial system and, by extension, the response of macroprudential policy.

    As the Nobel laureate Christian Lange once observed, technology can be a “useful servant”, but it can also be a “dangerous master” if left unchecked.[1] That observation holds true for the financial system, where technological advances pose both sizeable opportunities and risks.

    In this setting, macroprudential policy needs to pull off a unique balancing act. To effectively mitigate the risks posed by new technologies, macroprudential policy must paradoxically embrace and harness the very innovations they create.

    Technology as the enabler of modern financial systems

    The basic needs that financial systems meet have not changed for centuries: saving for future needs, borrowing against future income, directing capital to productive uses and reallocating risk.

    But the way financial systems deliver their services has changed radically – driven largely by advances in information and communications technologies.

    In recent decades, powerful computing has revolutionised risk management and boosted market efficiency, enabling the pricing of complex financial instruments and the rise of algorithmic trading. One study, for example, finds that by facilitating faster price discovery, algorithmic trading improves liquidity for large-cap stocks.[2]

    Another key enabler of modern finance is encryption technology. Without it, there would be no online banking and no electronic payments. But encryption has not only aided the digitalisation of traditional finance. It has also facilitated the rise of a new asset class and a parallel financial system: crypto-assets and decentralised finance.

    The problems with crypto-assets are many, well-documented and not well-addressed – from weak fundamentals to questionable governance and inefficient validation methods.[3] But the encryption technology on which crypto-assets are based has so far proven robust. And distributed ledger technology can offer real benefits to our financial systems through the streamlining of processes.

    But it is perhaps artificial intelligence (AI) that may prove to be the most transformative for the financial system.

    For years now, analytical AI models designed to perform specific tasks have helped financial institutions in areas such as fraud detection, credit assessment and predicting portfolio returns.

    But the recent breakthroughs in generative AI – thanks to growth in computing power combined with extensive data access – are inducing a rapid uptake of AI across the board. According to one international study, almost two-thirds of companies – across all regions, sectors and sizes – are already using generative AI.[4]

    While new technologies have brought tremendous benefits for the financial system over time, they have always tended to carry potential risks with them.

    And we see this tension between opportunity and risk playing out today. The latest AI models, and budding technologies like quantum computing, have the potential to exert a profound impact on our economies and financial systems.

    Technological change and vulnerabilities

    As a tool, technology is neither good nor bad. It all depends on who uses it, and for what purpose.

    The financial sector will come up with numerous ways to use AI to improve existing operations. But the reliance on ever more sophisticated technologies – which typically demand highly specialised skills and enormous levels of investment to implement and maintain – creates new vulnerabilities in our financial system.

    We see this especially in areas where our financial institutions are increasingly reliant on a small number of external service providers.

    In July, a faulty software update from a leading cybersecurity firm caused worldwide computer outages and severe disruptions across many sectors, including finance. For instance, over eight million devices operating Microsoft Windows were hit simultaneously around the world.[5]

    While the disruption did not last long, the episode demonstrated the potential dangers of a broad-based reliance on a small number of third-party providers. These technology firms may have systemic importance and are a key element of the Digital Operational Resilience Act, an EU microprudential legislation.[6]

    This concentration risk is further heightened in an environment marked by geopolitical tensions and the rapid uptake of AI.

    Hostile states could wreak havoc if they uncover just one critical weakness in our financial system. At the ESRB, we expected intensified cyberattacks following Russia’s invasion of Ukraine.[7] Fortunately, the financial system has proven resilient so far, but the risk remains.

    The widespread adoption of AI may also have systemic implications for the financial system. For example, if AI suppliers were to remain concentrated, operational risk, market concentration and too-big-to-fail externalities may arise. Moreover, an extensive uptake of AI could increase the potential for herding behaviour.[8]

    Looking further ahead, advances in quantum computing may pose a serious threat to our encryption-based financial system. The technology may even go on to eventually break current encryption methods, although it is difficult to know when this might happen.

    That is why it is critical to start preparing early – and there are already efforts to do so.

    In August, for example, the National Institute of Standards and Technology in the United States finalised the first post-quantum encryption standards and called for their rapid deployment.[9] Efforts by individual financial institutions will not be enough, however: the shift to post-quantum encryption standards will need to be implemented across the economy to ensure sufficient resilience.

    The implications of technology for macroprudential policy

    As macroprudential policymakers, our primary role is to ensure that the financial system remains stable and resilient in the face of emerging threats.

    Historically, macroprudential policy has focused heavily on cyclical risks. But as we look into the future, we need to pay more attention to major structural changes. Technologies such as AI and quantum computing will reshape the financial landscape in ways we are only beginning to grasp.

    Macroprudential policy must evolve to meet these new frontiers. The risks stemming from disruptive technologies will not be confined to individual institutions – they will be systemic. But the tools we have relied on in the past may no longer be sufficient. Larger buffers are not always the right answer, nor are they the only answer.

    Our task now is to focus on how technological risks affect the interconnections and vulnerabilities across the entire financial system and ask ourselves how we may need to expand our toolkit.

    The answer is for macroprudential authorities to harness the power of new technologies, using the new opportunities they create as a force for good to mitigate the risks that technology may pose to the financial system.

    There is substantial potential on this front. AI can give us the capability to analyse vast amounts of supervisory and market data. And it can help us conduct more rigorous risk assessments to identify vulnerabilities faster and ensure timely prudential responses to new threats.

    We will need to consider a broader range of potentially disruptive scenarios and improve our capacity to model the financial stress that such scenarios can generate. The available data allow us to go a long way. But we need to go even further and remove obstacles to safe data sharing.

    In my capacity as Chair of the ESRB, I have recently called on European lawmakers to facilitate the removal of barriers to safe data sharing between the ESRB and European Supervisory Authorities, a crucial step towards enabling us to use data to their full potential.[10] At the same time, we need to enhance our collaboration across institutions, sharing insights and expertise so that we can collectively tackle the challenges ahead.

    By embracing technology, the role of macroprudential policy will be to help microprudential supervision to stay ahead of the curve, ensuring financial institutions are not only compliant with today’s rules but are also resilient to tomorrow’s threats.

    Conclusion

    Let me conclude.

    As with tackling cyclical risks, macroprudential policy at the new frontier centres on being proactive rather than reactive.

    Policymakers cannot afford to simply respond to crises as they emerge. We must continually attempt to anticipate them, harnessing the power of technology and data to build a financial system that is truly resilient. As Benjamin Franklin once wrote, “an ounce of prevention is worth a pound of cure”.[11] And Franklin knew this first-hand. He is widely credited for developing and popularising the use of the lightning rod, which would go on to prevent many disasters.

    Looking at this conference’s agenda, I am confident that the discussions will spark fresh perspectives and innovative ideas as we explore the new frontiers of macroprudential policy.

    Thank you.

    MIL OSI Europe News –

  • MIL-OSI Africa: Ramokgopa attends BRICS Energy Ministers Meeting

    Source: South Africa News Agency

    The Minister of Electricity and Energy, Dr Kgosientsho Ramokgopa, has called on the BRICS Plus bloc of countries to work together to assist and support member countries to tackle energy challenges.

    The Minister was delivering his opening remarks at the 9th Annual BRICS [Brazil, Russia, India, China and South Africa] Energy Ministers’ Meeting in Moscow, Russia.

    “We believe that this BRICS group of like-minded country members has a huge potential, and working together will strengthen this resolve through cooperation on energy security.

    “[It will] also provide an opportunity to join efforts to annihilate the challenges diagnosed during the BRICS 2023 Summit held in South Africa, such as addressing the lack or absence of integrated energy policy framework, diversification and beneficiation at source of critical minerals, infrastructure development, manufacturing, technology transfer and intellectual property, scaling up energy efficiency, mobilisation of finance and investment, as well as skills and capacity building, amongst others,” Ramokgopa said.

    He called on the member countries to “tap and dig deeper into various capabilities and strengths” to ensure mutual support in harnessing the individual potential each country has at its disposal.

    “To mention a few opportunities, it is mining and beneficiation of critical minerals, and rare-earth elements required to power the green economy, [expand] hydro power potential, promising hydrogen solutions and its derivatives, gas, nuclear – including small modular reactors, renewables, storage, biofuels, as well as clean coal, and carbon capture utilisation and storage,” the Minister said.

    Ramokgopa highlighted that the meeting of BRICS Energy Ministers comes at a critical time, as countries ponder ways to transition towards low carbon economies.

    “This meeting comes at a critical phase where our countries are grappling with the challenge of balancing developmental goals with energy transition pathways. 

    “We must ensure that these transitions safeguard energy sovereignty and security, promote sustainable economic development, facilitate universal access and respond effectively to environmental imperatives, all the while ensuring no one is left behind,” he said.

    He told the meeting that the expansion of the BRICS bloc of countries is a “clear affirmation of the group’s growing significance and influence in the global energy agenda”. 

    “This is a pivotal moment, positioning BRICS to reshape, refocus, and reset the global energy architecture to ensure energy access, security, affordability, and eradicate energy poverty and promote a just energy transition.

    “For us as South Africa, we see this as an opportune moment to clearly articulate our collective position as the developing nations that will enable us to continue to use our energy resources through innovative technologies that allow us to move from high emitting to low emitting energy systems, and thus achieve carbon-neutrality or net-zero at a pace and scale that is in line with our different national circumstances and capabilities.

    “In this regard, we want to reiterate that our approach to an inclusive and people centred energy transition is informed by the need to maintain energy security in support of socio-economic objectives,” Ramokgopa said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: 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. Ibrahim Mohamed 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 Global: How the US government can stop ‘churches’ from getting treated like real churches by the IRS

    Source: The Conversation – USA – By Lloyd Hitoshi Mayer, Professor of Law, University of Notre Dame

    Uniformed members of Trail Life USA present the colors at the Family Research Council’s 2018 Values Voter Summit. Chip Somodevilla/Getty Images

    The Family Research Council is a conservative advocacy group with a “biblical worldview.” While it has a church ministries department that works with churches from several evangelical Christian denominations that share its perspectives, it does not represent a single denomination. Although its activities are primarily focused on policy, advocacy, government lobbying and public communication, the Internal Revenue Service granted the council’s application to be treated as “an association of churches” in 2020.

    Concerned that the IRS had erred in allowing the council and similar groups to be designated churches or associations of churches, Democratic members of the House of Representatives sent the Treasury secretary and the IRS commissioner letters in 2022 and 2024 expressing alarm. The House Democrats pointed to what appeared to be “abuse” of the tax code and asked the IRS to “determine whether existing guidance is sufficient to prevent abuse and what resources or Congressional actions are needed.”

    As a professor of nonprofit law, I believe some groups that aren’t churches or associations of churches want to be designated that way to avoid the scrutiny being a charitable organization otherwise requires. At the same time, some other groups that should qualify as churches may have difficulty doing so because of the IRS’ outdated test for that status.

    Together with my colleague Ellen P. Aprill, I recently published a paper outlining two main arguments in favor of revising the federal government’s definitions of churches as they pertain to tax law.

    No 990s means less scrutiny

    All charitable nonprofits, including churches, get the same basic benefits under federal tax law. This means they don’t have to pay taxes on their revenue and that donors can deduct the value of their gifts from their taxable income – as long as they itemize deductions on their tax return.

    Unlike other tax-exempt charities, churches don’t have to file 990 forms. That means the public does not have access to churches’ staff pay, board membership and funding details, which are in this publicly available tax form that all other charities must complete every year. The availability of 990 forms enhances the transparency and accountability of the nonprofit sector.

    And churches and associations of churches are unlikely to get audited by the IRS. Federal law requires that a senior IRS official “reasonably believes” the church or association has violated federal tax rules before beginning an investigation. This means that an official must have reason to believe the organization has violated federal tax law before obtaining any information from the organization.

    This standard is higher than what’s needed before an audit can begin for all other tax-exempt organizations and indeed all taxpayers. For everyone else, the IRS is free to begin an examination based only on a suspicion of a violation or even based on random selection.

    Also, unlike other tax-exempt charities, churches and church associations are automatically eligible for their tax-exempt status. They don’t have to apply for it.

    Why churches get special treatment

    Congress has passed laws granting churches and what it calls “integrated auxiliaries” and “conventions or associations of churches” special protections because the First Amendment to the U.S. Constitution protects religious freedom.

    Churches include houses of worship ranging in size from a handful of parishioners to megachurches with 10,000 or more people attending weekly services. Houses of worship of all faiths, including synagogues, mosques and temples, count as churches, according to the IRS.

    Integrated auxiliaries are church schools and other organizations affiliated with churches or conventions and primarily supported by internal church sources, as opposed to by the public or government.

    Conventions or associations of churches are organizations that have houses of worship from either a single denomination or from multiple denominations as their members. Most denominational bodies, such as the executive committee of the Southern Baptist Convention and the U.S. Conference of Catholic Bishops, are likely conventions or associations of churches, although the IRS does not publish a list of such entities.

    Not every religious nonprofit belongs in one of these categories.

    For example, the University of Notre Dame, where I teach law students and conduct legal research, and World Vision, a global humanitarian group, are both religious organizations that do not fall into any of these categories. This makes sense, because Notre Dame and World Vision are primarily engaged in activities other than fostering a religious congregation or coordinating the activities of churches within a single denomination.

    The IRS has long relied on a 14-factor test to distinguish churches from the other religious nonprofits. Examples of those factors include having ordained ministers, a formal doctrine, a distinct membership and a regular congregation attending religious services.

    It’s not necessary for all the factors to apply to pass this test.

    Yet for almost as long, courts have been uncomfortable with this test because it draws heavily on the traditional characteristics of Protestant Christian churches, as the U.S. Court of Federal Claims explained in a 2009 ruling. This system therefore may be a poor fit for houses of worship of other faiths, especially given the increasing diversity of faith communities.

    These courts have instead adopted an “associational test.” It focuses on whether the organization’s congregants hold religious services on a regular basis and gather in person on other occasions.

    With the growth of virtual and televised religious services, an update of this test is overdue.

    A couple get married in May 2020 in a mostly empty church, with a screen set up so guests can watch over Zoom.
    Andrew Caballero-Reynolds/AFP via Getty Images

    Proposed solutions

    Aprill and I recommend that the IRS change its definition for churches to the associational one adopted by some courts in rulings as early as 1980. As the U.S. Court of Federal Claims explained in that 2009 ruling, this test focuses on whether a body of believers assembles regularly to worship. Given technological advances, the IRS should also make it clear that this test can be satisfied through remote participation in religious services using interactive, teleconferencing apps such as Zoom.

    This definition would be also better suited for congregations of all faiths because some faiths do not prioritize many of the factors included in the IRS test, such as having a formal code of doctrine or requiring members to not be associated with other houses of worship or faiths. And it would better reflect how some Americans participate in religious services today.

    We recommend that the IRS revisit its test for being a church and that Congress pass a law that would change the definition of church associations. The new law could limit associations of churches to organizations that represent a single denomination, as Congress likely initially intended.

    This latter change would make it harder for religious organizations that are primarily involved in bringing churches from multiple faiths together to engage in advocacy or other activities to obtain this status and the lack of transparency and accountability that come with it. We believe Congress, not the IRS, should make this change because of the potential political tensions that narrowing the definition could create.

    We don’t think the changes would impinge upon the special role that churches have in our society. Indeed, the revised test for qualifying as a church would better fit with both the increasing variety of faiths in our country and technological advancements.

    Lloyd Hitoshi Mayer is affiliated with the University of Notre Dame, a tax-exempt religious nonprofit corporation. Lloyd Hitoshi Mayer is also affiliated with South Bend City Church, a tax-exempt religious nonprofit corporation that is classified as a church for federal tax purposes.

    – ref. How the US government can stop ‘churches’ from getting treated like real churches by the IRS – https://theconversation.com/how-the-us-government-can-stop-churches-from-getting-treated-like-real-churches-by-the-irs-237922

    MIL OSI – Global Reports –

  • MIL-OSI Global: Big lithium plans for Imperial Valley, one of California’s poorest regions, raise a bigger question: Who should benefit?

    Source: The Conversation – USA – By Manuel Pastor, Distinguished Professor of Sociology and American Studies & Ethnicity, USC Dornsife College of Letters, Arts and Sciences

    The edge of the Salton Sea, a heavily polluted lake with large geothermal and lithium resources beneath it. Manuel Pastor

    Imperial County consistently ranks among the most economically distressed places in California. Its Salton Sea, the state’s biggest and most toxic lake, is an environmental disaster. And the region’s politics have been dominated by a conservative white elite, despite its supermajority Latino population.

    The county also happens to be sitting on enough lithium to produce nearly 400 million batteries, sufficient to completely revamp the American auto fleet to electric propulsion. Even better, that lithium could be extracted in a way consistent with broader goals to reduce pollution.

    The traditional ways to extract lithium involve either hard rock mining, which generates lots of waste, or large evaporation ponds, which waste a lot of water. In Imperial Valley, companies are pioneering a third method. They are extracting the mineral from the underground briny water brought up during geothermal energy production and then injecting that briny water back into the ground in a closed loop. It promises to yield the cleanest, greenest lithium on the planet.

    The hope of a clean energy future has excited investors and public officials so much that the area is being rechristened as “Lithium Valley.”

    In a region desperate for jobs and income, the prospect of a “white gold rush” is appealing. Public officials have been working to roll out the red carpet for big investors, including trying to create a clear plan for infrastructure and a quicker permitting process. To get community groups’ support, they are playing up the potential for jobs, including company commitments to hire local workers.

    But Imperial Valley residents who have been on the butt end of get-rich schemes around water and real estate in the past are worried that their political leaders may be giving away the store. As we explore in our new book, “Charging Forward: Lithium Valley, Electric Vehicles and a Just Future,” the U.S. has an opportunity to ensure that these residents directly benefit from the lithium extraction boom, which is an important part of the global shift to clean energy.

    Possibilities and perils in ‘Lithium Valley’

    Imperial Valley is emblematic of the potential and the risks that have long faced impoverished communities in resource-rich regions.

    To understand the possibilities and perils in Imperial Valley, it’s useful to remember that the world is not just moving away from fossil fuel extraction but toward more mineral extraction. Today’s battery technology – necessary for electric vehicles and energy storage – relies on minerals including cobalt, magnesium, nickel and graphite. And mineral extraction is often accompanied by obscured environmental risks.

    A prototype for CTR’s lithium-producing geothermal facility, in the Hell’s Kitchen area of Imperial Valley.
    Manuel Pastor

    In Imperial Valley, environmental and community organizations are worried about lithium extraction’s water use, waste and air pollution as production steps up and truck traffic increases. When your region’s childhood asthma rate is already more than twice the national average, and dust from the drying lake is toxic, kicking up a “little extra dust” is a big deal.

    Comite Civico del Valle, a long-established environmental justice organization in Imperial Valley, has sued to slow down a streamlined permitting process for Controlled Thermal Resources, a company planning lithium extraction there. The group’s concern is that inadequate environmental reviews could result in harm to residents’ health. Both the company and public officials are warning that the lawsuit could stop the lithium boom before it begins.

    Local communities are also concerned about how much benefit they will see while the industry profits. They note that the electric vehicle boom driving lithium demand occurred precisely because of public policy. Tesla, for example, has benefited from multiple rounds of state and federal zero-emissions vehicle incentives, including the sale of emissions credits that accounted for 85% of Tesla’s gross margin in 2009 and rose to US$1.8 billion a year by 2023.

    Behind these policies and financial incentives have been public will and taxpayer money.

    Young advocates with the Imperial Valley Equity & Justice Coalition have been spreading their concerns through the community.
    Chris Benner

    We believe that local residents, not just companies, deserve a return. Rather than promising to just pay for community “benefits,” such as environmental mitigation, contributions to municipal coffers or jobs, the companies could pay “dividends” directly to local residents and communities.

    There are models of this dividend approach. For example, the Alaska Permanent Fund gives an annual amount to all residents of that state from revenues obtained from the oil beneath the ground.

    In Imperial Valley, the actual ownership of the lithium is complex, involving a mix of privately owned subsurface rights, public lease rights obtained by companies and public rights held by the regional water district to whom companies will pay royalties.

    Given the ownership complexities and the desire to benefit as development takes place, local authorities and community organizations persuaded the state in 2022 to pass a per-metric-ton lithium tax to address local needs.

    Controlled Thermal Resources CEO Rod Colwell, right, walks near the Salton Sea with a colleague.
    AP Photo/Marcio Jose Sanchez

    That “flat tax” was bitterly resisted by some in the emerging industry on the grounds that it could make Imperial Valley’s less-polluting extraction method too costly to compete with environmentally damaging imports; after the vote, CTR’s CEO called the legislators “clowns.” Meanwhile, CTR has also agreed to hire union workers in the construction phase. Everyone – companies, communities and government officials – is struggling to balance economic viability with accountability.

    Lessons for a just transition

    The hesitance of low-income Imperial Valley residents to immediately buy into the lithium vision is deeply rooted in history.

    Decades of racial exclusion, patronizing practices and broken promises have led to deep distrust of outsiders who assert that things will be better this time.

    Irrigation at the turn of the last century was supposed to bring an agriculture boom, but the early result was a broken canal that released enough water over nearly two years of disrepair to create what is now the Salton Sea. The Salton Sea was then supposed to fuel recreational tourism, but the failure to replenish it with anything but agricultural runoff helped to kill fish, birds and recreation. A more recent scheme to attract solar farms in recent decades delivered little employment and more worries about agricultural displacement.

    You can still find old billboards promising a resort life on the Salton Sea, which today is one of the state’s most polluted lakes. Wind kicks up toxic dust when the water is low.
    Manuel Pastor

    Building the supply chain here, too

    In recent years, some people have pinned their hopes on lithium. The main site so far in Imperial Valley has been CTR’s Hell’s Kitchen. It’s a fitting moniker on summer days when temperatures regularly exceed 110 degrees.

    Ensuring that the surrounding communities benefit from this new lithium boom will require thinking about how to attract not just companies extracting the lithium but also those that will use it. So far, Imperial County has had limited success in attracting related industries. In 2023, a company named Statevolt said it would build a “gigafactory” there to assemble batteries. However, the company’s previous efforts – Britishvolt in the United Kingdom and Italvot in Italy – have stalled without any volts being produced. Imperial County will need serious suitors to make a go of it.

    A potentially promising future for modern transportation and energy storage may be brewing in Imperial Valley. But getting to a brighter future for everyone will require remembering a lesson from the past: that community investments tend to be hard-won. We believe that ensuring everyone benefits long term is essential for achieving a more inclusive and sustainable future.

    Research for the book from which this article draws was supported by the James Irvine Foundation, New Energy Nexus, the California Wellness Foundation, and Open Society Foundations. Manuel Pastor was also supported by a Residency at the Rockefeller Foundation’s Bellagio Center.

    Research for the book from which this article draws was supported by the James Irvine Foundation, New Energy Nexus, the California Wellness Foundation, and Open Society Foundations. Chris Benner was also supported by a Residency at the Rockefeller Foundation’s Bellagio Center.

    – ref. Big lithium plans for Imperial Valley, one of California’s poorest regions, raise a bigger question: Who should benefit? – https://theconversation.com/big-lithium-plans-for-imperial-valley-one-of-californias-poorest-regions-raise-a-bigger-question-who-should-benefit-238397

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Energy and Electricity Minister attends BRICS Energy Ministers Meeting

    Source: South Africa News Agency

    The Minister of Electricity and Energy, Dr Kgosientsho Ramokgopa, has called on the BRICS Plus bloc of countries to work together to assist and support member countries to tackle energy challenges.

    The Minister was delivering his opening remarks at the 9th Annual BRICS [Brazil, Russia, India, China and South Africa] Energy Ministers’ Meeting in Moscow, Russia.

    “We believe that this BRICS group of like-minded country members has a huge potential, and working together will strengthen this resolve through cooperation on energy security.

    “[It will] also provide an opportunity to join efforts to annihilate the challenges diagnosed during the BRICS 2023 Summit held in South Africa, such as addressing the lack or absence of integrated energy policy framework, diversification and beneficiation at source of critical minerals, infrastructure development, manufacturing, technology transfer and intellectual property, scaling up energy efficiency, mobilisation of finance and investment, as well as skills and capacity building, amongst others,” Ramokgopa said.

    He called on the member countries to “tap and dig deeper into various capabilities and strengths” to ensure mutual support in harnessing the individual potential each country has at its disposal.

    “To mention a few opportunities, it is mining and beneficiation of critical minerals, and rare-earth elements required to power the green economy, [expand] hydro power potential, promising hydrogen solutions and its derivatives, gas, nuclear – including small modular reactors, renewables, storage, biofuels, as well as clean coal, and carbon capture utilisation and storage,” the Minister said.

    Ramokgopa highlighted that the meeting of BRICS Energy Ministers comes at a critical time, as countries ponder ways to transition towards low carbon economies.

    “This meeting comes at a critical phase where our countries are grappling with the challenge of balancing developmental goals with energy transition pathways. 

    “We must ensure that these transitions safeguard energy sovereignty and security, promote sustainable economic development, facilitate universal access and respond effectively to environmental imperatives, all the while ensuring no one is left behind,” he said.

    He told the meeting that the expansion of the BRICS bloc of countries is a “clear affirmation of the group’s growing significance and influence in the global energy agenda”. 

    “This is a pivotal moment, positioning BRICS to reshape, refocus, and reset the global energy architecture to ensure energy access, security, affordability, and eradicate energy poverty and promote a just energy transition.

    “For us as South Africa, we see this as an opportune moment to clearly articulate our collective position as the developing nations that will enable us to continue to use our energy resources through innovative technologies that allow us to move from high emitting to low emitting energy systems, and thus achieve carbon-neutrality or net-zero at a pace and scale that is in line with our different national circumstances and capabilities.

    “In this regard, we want to reiterate that our approach to an inclusive and people centred energy transition is informed by the need to maintain energy security in support of socio-economic objectives,” Ramokgopa said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI: Dominium Announces $1.6 Million in Scholarship Awards for 2024

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS , Sept. 26, 2024 (GLOBE NEWSWIRE) — Dominium, a leading affordable housing owner, developer, and manager, proudly reveals the recipients of the 2024 Opportunity’s Front Door Scholarship Program. This initiative reaffirms Dominium’s unwavering commitment to empowering individuals through education and bridging the gap between potential and opportunity.

    The Opportunity’s Front Door Scholarship Program is dedicated to providing vital financial assistance to Dominium residents, employees, and their dependents, with the goal to facilitate access to higher education.

    In 2024, Dominium granted a total of 335 scholarships, amounting to over $1.6 million. These scholarships are awarded to individuals enrolled in two-year or four-year colleges, vocational schools, or certificate programs. Designed to support a diverse array of scholars including first-generation students, nontraditional students, and single parents, the Opportunity’s Front Door Program exemplifies Dominium’s commitment to forging pathways for individuals to unlock their potential through education.

    This extensive program stands as a resounding testament to Dominium’s enduring dedication to fostering growth, empowering communities, and creating opportunities for success. Through these scholarships, Dominium is making a substantial investment in personal and professional growth, reinforcing its commitment to educational development.

    For more information about Dominium and Opportunity’s Front Door Scholarship Program, please visit: https://www.dominiumapartments.com/scholarship.html.

    About Dominium
    Founded in 1972, Dominium is a leading national owner, developer, and manager of affordable apartment communities with offices in Atlanta, Dallas, Phoenix, and Minneapolis. Owning and managing over 38,000 homes at over 230 sites in about half of all U.S. states, Dominium is known for creative solutions to unique and challenging development projects, and property management expertise. Dominium was named a Best Managed Company by Deloitte in 2020. For more information, visit http://www.dominiumapartments.com.

    Media Contact
    Miles Plueger
    For Dominium
    (952)851-7239
    mplueger@tunheim.com

    The MIL Network –

  • MIL-OSI: Clean Core and CNL sign Cost Share Project under CNRI to advance Thorium-Based ANEEL™ Fuel

    Source: GlobeNewswire (MIL-OSI)

    Canadian Nuclear Laboratories facilities – Photo © Canadian Nuclear Laboratories

    CHICAGO, Sept. 26, 2024 (GLOBE NEWSWIRE) — Clean Core Thorium Energy (Clean Core) is pleased to announce that it has been accepted to participate in Canadian Nuclear Laboratories’ (CNL) Canadian Nuclear Research Initiative (CNRI). Through the program, CNL and Clean Core will work to verify and validate the computer codes and analytical models employed in the design and safety analysis of Clean Core’s ANEEL™ fuel which will enable its accelerated commercialization for the Canada Deuterium Uranium (CANDU) reactors.

    Clean Core has developed and patented a fuel, named the ANEEL™ fuel, made of thorium and enriched uranium. The fuel is designed for use in existing pressurized heavy water reactors (PHWR) and CANDU reactors with flexibility across enrichment levels (LEU+ to HALEU) as well as fuel designs (such as 19-pin and 37-pin). The fuel retains the same external dimensions as the currently used natural uranium (NU) fuel and leverages a high burnup, once-through fuel cycle. With no modifications to the reactor or its core, the ANEEL™ fuel derives several advantages over the currently used low burnup, NU fuel including improved safety, economics, and operations as well as reduced nuclear waste volumes and proliferation resistance.

    Launched in 2019, the CNRI program was established by CNL to accelerate the deployment of nuclear technologies in Canada by enabling research and development, and connecting the nuclear industry with the facilities and expertise within Canada’s national nuclear laboratories. Among the many benefits of the program, participants optimize resources, share technical knowledge, receive cost share funding and gain access to CNL’s expertise to help advance the commercialization of nuclear technologies.

    “Clean Core recognizes this as a key collaboration for the ANEEL™ fuel by leveraging the technical capabilities and existing domain expertise at CNL for development and assessment of various fuel, physics and thermohydraulic models,” says Mehul Shah, CEO and Founder of Clean Core. “This collaboration will meaningfully accelerate the deployment of the ANEEL™ fuel, which can impact the Canadian and global nuclear industries.“

    Clean Core completed initial design studies, and recently announced the successful conclusion of the Phase 1 Pre-licensing Vendor Design Review process with the Canadian Nuclear Safety Commission. Additionally, Clean Core signed a Strategic Partnership Project Agreement with the US DOE and is currently performing irradiation testing and qualification of the ANEEL fuel in the Advanced Test Reactor at Idaho National Labs with burnup targets of up to 60 GWd/T.

    About Clean Core Thorium Energy

    Clean Core Thorium Energy is a nuclear fuel company exploring thorium-driven nuclear innovations. Clean Core’s patented nuclear fuel technology (called the ANEEL™ fuel) is comprised of thorium and enriched uranium (LEU+ to HALEU), which is capable of improving the safety and cost-efficiency of pressurized heavy-water reactors. The ANEEL™ fuel is a novel solution to safety, waste, and proliferation concerns in today’s nuclear plants.

    Learn more at https://cleancore.energy/. Follow us on social media: LinkedIn and X.

    Clean Core Contact:

    Milan Shah
    Chief Operating Officer
    milan@cleancore.energy 

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/907e1d40-e8e4-4214-819e-1be40dd0050d

    The MIL Network –

  • MIL-OSI: Audius Expands Its Music Marketplace, Enabling Direct On-Platform Payments from Millions of Fans to Thousands of Artists They Love

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Sept. 26, 2024 (GLOBE NEWSWIRE) — via CryptoCurrencyWire — Audius, the largest decentralized music community and discovery platform for artists and their fans, announced today that the game changing monetization feature the company rolled out to select artists last year is emerging from private beta. Now any artist in the world can set their own terms and control the pricing of their music, and fans can support their favorite artists with direct payments. Music fans can seamlessly use their credit card to pay artists in USDC, which can be converted by artists and rights holders to any currency of their choice.

    As part of the expansion of the Audius music marketplace, for the first time, 10% of every payment will now be captured by the Audius community treasury, with proceeds to be used at the direction of on-chain governance. A governance proposal is pending to finalize this change.

    “It’s been very cool and surprising to see how artists have leveraged our music marketplace to engage with their fans while creating an entirely new revenue stream for themselves,” said Audius Co-Founder and CEO Roneil Rumburg. “From selling downloads to creating innovative contests, artists have really stretched the marketplace to fit their needs.”

    Audius first launched its music marketplace in beta in November 2023, opening the monetization feature to more than 100 artists around the world. One early adopter, producer Kato On The Track, immediately leveraged the new feature to generate revenue via download sales of his music and beats.

    “I like being an early adopter of new innovative platforms like Audius,” said Kato. “I can build new communities on Audius, and they have the tools that let me engage with my audience in ways that I can’t do on other music platforms.”

    Another artist, rapper MadeinTYO sold beats on Audius and invited his fanbase to create songs using his stems and upload them back onto the platform. He picked a winner and flew them to Tokyo (where he was raised) to collaborate for a studio session and to enjoy the city with him.

    “Artists today really have to be able to create special, memorable moments for their fans,” said MadeinTYO. “Audius is a unique vessel, which allows me to create unique ways to interact with my fans, while keeping the music first.”

    Many independent record labels and distributors have already signed with Audius to make more money for their artists including DistroKid, EMPIRE, Nettwerk Music, Ninja Tune, Merge Records, Ampsuite, Circus Records, Anjunadeep, Anjunabeats, and others. Just last month the company announced a licensing pact with Kobalt, one of the world’s largest independent music publishers. Earlier this year Audius announced that it had forged pivotal deals with the world’s top performing rights organizations: ASCAP, BMI, SESAC, and GMR.

    About Audius:
    Audius is a community-owned music marketplace, where for the first time, artists and their fans can find, communicate, and transact with each other directly. Artists are no longer reliant on middlemen, creating a new music economy for a new generation. Backed by an all-star team of investors, Audius was founded in 2018 and serves millions of users every month, making it one of the largest crypto applications ever built. Sign up today at https://audius.co.

    Contacts
    John Vlautin
    SpinLab Communications
    jv@spinlab.net

    Jill Mango
    SpinLab Communications
    jill@spinlab.net

    Molly Sheban
    SpinLab Communications
    molly@spinlab.net

    The MIL Network –

  • MIL-OSI: Surgent CPE to Premiere 14 New Courses in Q4 2024

    Source: GlobeNewswire (MIL-OSI)

    RADNOR, Pa., Sept. 26, 2024 (GLOBE NEWSWIRE) — Surgent Accounting & Financial Education, a division of KnowFully Learning Group, today announced the premiere of 14 new continuing professional education (CPE) courses debuting in Q4 2024.

    “Surgent’s dedication to providing timely, practical learning is central to our mission of helping accounting and finance professionals thrive,” said Elizabeth Kolar, executive vice president of Surgent. “Our latest course offerings reflect Surgent’s commitment to offering premium content that goes beyond compliance, giving professionals the tools they need to make real-world applications of complex tax laws, business practices and industry regulations.”

    The new course offerings cover a diverse range of subjects, including taxation, client advisory services, financial planning and compliance issues. Many of these courses focus on current tax implications, gig economy trends, executive compensation, and the impact of the upcoming 2024 presidential and congressional elections.

    “The 2024 election and ongoing economic shifts are at the forefront of many of our customers’ concerns,” said Nick Spoltore, Surgent’s vice president of tax and advisory content. “These courses provide timely insights to help practitioners offer more informed advice to their clients, whether they’re dealing with tax planning, client advisory services, or executive compensation.”

    Below is a preview of the new offerings, along with their premiere dates. All courses are worth two CPE credits, except where noted.

    The 14 new CPE courses are scheduled as follows:

    Registration for each course is open now at SurgentCPE.com. All new courses will debut as a live webinar, while some will later be available on-demand.

    About Surgent Accounting & Financial Education
    Surgent Accounting & Financial Education, a division of KnowFully Learning Group, is a provider of the high-impact education experiences that accounting, tax and financial professionals need throughout their careers. For most of the company’s 35-year history, Surgent has been a trusted provider of continuing professional education (CPE), continuing education (CE) and skill-based training that professionals need to maintain their credentials and stay current on industry changes. More recently, Surgent became one of the fastest-growing certification exam review providers, offering predictive learning-based courses that help learners pass accounting and finance credentialing exams faster. Learn more at Surgent.com.

    About KnowFully Learning Group
     The KnowFully Learning Group provides continuing professional education, exam preparation courses and education resources to the accounting, finance and healthcare sectors. KnowFully’s suite of learning solutions helps learners become credentialed, satisfy required credit hours to maintain credentials and stay informed on the latest trends and critical changes in their industries over the course of their careers. The company provides exam preparation and continuing education for accounting, finance, and tax professionals headlined by the Surgent Accounting & Financial Education brand. KnowFully’s healthcare education brands include American Fitness Professionals & Associates, ChiroCredit, Impact EMS Training, Online CE, PharmCon freeCE, PharmCon Rx Consultant and Psychotherapy.net. For more information, please visit KnowFully.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7b56442d-7af7-42c6-b096-7412c5b4a366

    The MIL Network –

  • MIL-OSI: Akamai Technologies, Teradyne, and Wayfair Partner to Purchase Solar Energy in Champaign County, Ill. Through the Net Zero Consortium for Buyers

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Sept. 26, 2024 (GLOBE NEWSWIRE) — Through Sustainability Roundtable, Inc.’s Net Zero Consortium for Buyers (NZCB), Akamai Technologies (Akamai), Teradyne, and Wayfair LLC (Wayfair) have signed an aggregated virtual power purchase agreement (VPPA) with BayWa r.e. Americas. This agreement covers the renewable energy credits produced by the 135 megawatt alternating current (MWac) Prairie Solar project in Champaign County, Ill., which is being developed by the BayWa r.e. Americas group and is expected to achieve commercial operation at the end of 2025.

    Prairie Solar is set to make a significant impact in the Midcontinent Independent System Operator (MISO) region of Illinois, which, at only 32% low-carbon energy in 2023, is an especially carbon-intensive grid. Once operational, Prairie Solar will help reduce carbon emissions in this area, which currently relies heavily on fossil fuels.

    By aggregating their demand, Akamai, Teradyne, and Wayfair overcome the challenge of modest energy loads that typically hinder independent procurement of utility-scale renewable energy. This buyer-aggregated approach democratizes access to the financial and environmental benefits of utility-scale renewable energy, making procurement possible for a broader range of enterprises.

    Akamai, the world’s most distributed platform for cloud computing, security, and content delivery, plans to purchase the renewable energy generated by a 30 megawatt (MW) portion of the project to support the company’s commitment to run its distributed platform as efficiently as possible, to be mindful of its power usage, and to minimize the negative environmental impacts of its global operations.

    “Akamai has led the way in innovative renewable energy projects since 2018, when we were a part of the United States’ first corporate aggregated VPPA – a game-changing approach for smaller renewable energy buyers. Today we are proud to continue that legacy by participating in this solar aggregation located in a very carbon intensive grid,” said Mike Mattera, director of corporate sustainability and environmental, social and governance officer at Akamai.

    Teradyne, a leading global supplier of automated test equipment and robotics solutions, will purchase renewable energy generated by a 20 MW portion of Prairie Solar in furtherance of the company’s emissions reduction commitment. Once operational, Teradyne’s portion of the project is expected to deliver renewable energy equivalent to the company’s entire U.S. electric load.

    “Teradyne remains committed to our sustainability initiatives. The NZCB provides one of the many ways Teradyne is working to reduce our environmental impact to benefit all of our stakeholders,” said Debra Pulpi, corporate environment, health and safety manager at Teradyne.

    Wayfair, the destination for all things home, will purchase renewable energy generated by a 20 MW portion of the Prairie Solar project. Once operational, this portion is expected to generate 45,000 megawatt hours (MWh) of energy, which will cover about 80% of Wayfair’s electricity needs in North America for 2023. This will ultimately contribute to Wayfair’s goal of cutting Scope 1 and 2 emissions by 63% by 2035 (compared to 2020 baseline).

    “We are proud to be part of our second aggregated virtual power purchase agreement in North America,” said Anna Vinogradova, head of sustainability and ESG for Wayfair. “This project will help Wayfair advance towards its Scope 1 and 2 emissions reduction goals, aligning with our vision of a more sustainable future. Partnerships like the NZCB harness collaboration to unlock ambitious opportunities for companies to contribute to a cleaner environment.”

    The NZCB separately advised another entity on a VPPA contract for a 50 MW portion of the Prairie Solar project.

    The NZCB has achieved over 90% of its goal of causing a gigawatt of new renewable energy capacity before 2025. Reaching the NZCB’s gigawatt goal would generate enough energy to meet the annual average electricity needs of more than 200,000 U.S. homes while helping mitigate commercial Scope 2 emissions across the business operations of corporate buyers. This transaction demonstrates how the NZCB offers a breakthrough model for commercial collaboration in causing utility-scale renewables, beginning in North America and Europe.

    Sustainability Roundtable, Inc.
    Sustainability Roundtable, Inc. (SR Inc) works to be the world’s most respected strategic advisor in enterprise decarbonization. For more than fifteen years, leaders at over 100 Fortune 500 and global growth companies have trusted SR Inc to provide membership-based strategic advisory and support services. SR Inc helps executives to set goals, drive progress, and report results as they lead their organizations to more sustainable high performance — all to help align business with life. SR Inc’s Net Zero Consortium for Buyers (NZCB) is a confidential renewable energy buyers’ community creating transactions favorable for corporate buyers. The NZCB enables enterprises to chart a profitable path to Net Zero emissions globally. SR Inc Member-Clients have made the NZCB the leading transaction platform for corporate aggregated procurement of utility scale renewable energy in North America and Europe.

    Contact Information: srinc@fischtankpr.com 

    The MIL Network –

  • MIL-OSI: Strong Global Entertainment Announces Closing of Sale of Strong/MDI for Approximately $30 Million

    Source: GlobeNewswire (MIL-OSI)

    Mooresville, NC, Sept. 26, 2024 (GLOBE NEWSWIRE) — Strong Global Entertainment, Inc. (NYSE: SGE) (“Strong Global”) and Fundamental Global Inc. (Nasdaq: FGF, FGFPP) (“Fundamental Global”) are pleased to announce the closing of the previously announced sale of Strong/MDI Screen Systems, Inc. (“MDI”) from Strong Global to Saltire Holdings Ltd (“Saltire”).

    Mark Roberson, Chief Executive Officer of Strong Global, commented, “We are pleased to announce the closing of the sale of MDI. This is one element of our previously announced strategy to streamline operations, increase liquidity and drive shareholder value. We expect the transaction to result in a net pre-tax financial statement gain in excess of $25 million. At closing, Strong Global holds approximately 37% of the outstanding common shares of Saltire, and we look forward to participating in the Saltires’ long term growth strategy.”

    At closing, and after a working capital adjustment, Strong Global received total consideration of $29.5 million, consisting of $0.8 million of cash, $9.0 million of preferred shares of Saltire, and $19.7 million of common shares of Saltire.

    Prior to the Closing, Strong Global did not own or control any securities of Saltire. Strong Global received 1,972,723 common shares and 900,000 series A preferred shares of Saltire as consideration under the transaction.

    Strong Global may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, general economic and industry conditions, Saltire’s business and financial condition, and/or other relevant factors, and Strong Global may develop such plans or intentions in the future.

    A copy of the Early Warning Report to be filed by Strong Global in connection with the transaction described above will be available on its SEDAR+ profile at http://www.sedarplus.ca.

    About Strong Global Entertainment, Inc.

    Strong Global Entertainment, Inc., a majority owned subsidiary of Fundamental Global Inc., is a leader in the entertainment industry, providing mission critical products and services to cinema exhibitors and entertainment venues for over 90 years.

    About Fundamental Global Inc.

    Fundamental Global Inc. (Nasdaq: FGF, FGFPP) and its subsidiaries engage in diverse business activities including reinsurance, asset management, merchant banking, manufacturing and managed services.

    The FG® logo and Fundamental Global® are registered trademarks of Fundamental Global LLC.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements are therefore entitled to the protection of the safe harbor provisions of these laws. These statements may be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “budget,” “can,” “contemplate,” “continue,” “could,” “envision,” “estimate,” “expect,” “evaluate,” “forecast,” “goal,” “guidance,” “indicate,” “intend,” “likely,” “may,” “might,” “outlook,” “plan,” “possibly,” “potential,” “predict,” “probable,” “probably,” “pro-forma,” “project,” “seek,” “should,” “target,” “view,” “will,” “would,” “will be,” “will continue,” “will likely result” or the negative thereof or other variations thereon or comparable terminology. In particular, discussions and statements regarding the Company’s future business plans and initiatives are forward-looking in nature. We have based these forward-looking statements on our current expectations, assumptions, estimates, and projections. While we believe these to be reasonable, such forward-looking statements are only predictions and involve a number of risks and uncertainties, many of which are beyond our control. These and other important factors may cause our actual results, performance, or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, and may impact our ability to implement and execute on our future business plans and initiatives. Management cautions that the forward-looking statements in this release are not guarantees of future performance, and we cannot assume that such statements will be realized or the forward-looking events and circumstances will occur. Factors that might cause such a difference include, without limitation: risks associated with our inability to identify and realize business opportunities, and the undertaking of any new such opportunities; our lack of operating history or established reputation in the reinsurance industry; our inability to obtain or maintain the necessary approvals to operate reinsurance subsidiaries; risks associated with operating in the reinsurance industry, including inadequately priced insured risks, credit risk associated with brokers we may do business with, and inadequate retrocessional coverage; our inability to execute on our investment and investment management strategy, including our strategy to invest in the risk capital of special purpose acquisition companies (SPACs); our ability to maintain and expand our revenue streams to compensate for the lower demand for our digital cinema products and installation services; potential interruptions of supplier relationships or higher prices charged by suppliers in connection with our Strong Global business; our ability to successfully compete and introduce enhancements and new features that achieve market acceptance and that keep pace with technological developments; our ability to maintain Strong Global’s brand and reputation and retain or replace its significant customers; challenges associated with Strong Global’s long sales cycles; the impact of a challenging global economic environment or a downturn in the markets; the effects of economic, public health, and political conditions that impact business and consumer confidence and spending, including rising interest rates, periods of heightened inflation and market instability; potential loss of value of investments; risk of becoming an investment company; fluctuations in our short-term results as we implement our new business strategy; risks of being unable to attract and retain qualified management and personnel to implement and execute on our business and growth strategy; failure of our information technology systems, data breaches and cyber-attacks; our ability to establish and maintain an effective system of internal controls; our limited operating history as a public company; the requirements of being a public company and losing our status as a smaller reporting company or becoming an accelerated filer; any potential conflicts of interest between us and our controlling stockholders and different interests of controlling stockholders; potential conflicts of interest between us and our directors and executive officers; risks associated with our related party transactions and investments; and risks associated with our investments in SPACs, including the failure of any such SPAC to complete its initial business combination. Our expectations and future plans and initiatives may not be realized. If one of these risks or uncertainties materializes, or if our underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. You are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements are made only as of the date hereof and do not necessarily reflect our outlook at any other point in time. We do not undertake and specifically decline any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect new information, future events or developments.

    Investor Relations Contacts:
    IR@strong-entertainment.com

    investors@fundamentalglobal.com

    The MIL Network –

  • MIL-OSI: LIS Technologies Inc. Contracts Leading Construction Specialist to Oversee $1 Million Redevelopment of its Secured Facility in Oak Ridge, Tennessee

    Source: GlobeNewswire (MIL-OSI)

    Oak Ridge, Tennessee, Sept. 26, 2024 (GLOBE NEWSWIRE) — LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that it has engaged a leading construction specialist to oversee the design and redevelopment of its facility in Oak Ridge, Tennessee, creating a modern and secure space for the Company’s next phase of physical test work.

    Following completion of the nearly $1 Million redevelopment, the facility will house LIST’s specialized testing equipment aimed at refining and demonstrating the capabilities of its technology. It will include dedicated space for the Phase 1 Test Loop demonstration of the Company’s proprietary, patented laser uranium enrichment technology, serving as the central hub for its development. Additionally, the facility will support the production of stable isotopes for medical and scientific research. The initial design and build-out will ensure the facility is properly equipped to host operations and lay the groundwork for future physical test work.

    “The new LIST headquarters in Oak Ridge, TN will be converted into a “closed area,” which will allow LIST to perform research on its laser enrichment technology and protect said technology as Classified in accordance with NRC regulations, prior to DOE declaring the LIST technology as Restricted Data,” said Keith Everly, Head of Security and IP Management of LIS Technologies Inc. “We will work closely with the regulatory frameworks to streamline the process and ensure regulatory compliance of CRISLA, the technology that LIST plans to commercialize.”

    Figure 1 – LIS Technologies Inc. Contracts Leading Construction Specialist to Oversee Retrofitting of its Secured Facility in Oak Ridge, Tennessee

    “I’m thrilled that major upgrades to our new facility in Oak Ridge will start soon, which will allow us to take the next steps towards the rebirth of our patented, US-origin laser enrichment technology,” said Christo Liebenberg, Chief Executive Officer of LIS Technologies Inc. “We are taking a pro-active approach with the security upgrade. It is a short matter of time before we demonstrate that the CRISLA process can produce practical quantities of enriched uranium product. We want our facility to be ready and secure before the DOE classifies the technology. This is a major threshold for the Company and positions us closer towards to our ultimate goal of enriching uranium for the next generation of advanced nuclear reactors in the United States.”

    The proprietary technology is the only proven US-origin laser enrichment solution and is scalable, efficient, and cost-effective. Optimized for both Low-Enriched Uranium (LEU) and High-Assay Low-Enriched Uranium (HALEU), it overcomes the limitations of traditional pulsed 16µm CO2 lasers, featuring a streamlined design due to its lower absorption and shorter wavelength at 5.3µm. Demonstrated in the 1980s and 90s, this technology is protected by a patent from the United States Patent and Trademark Office (USPTO).

    About LIS Technologies Inc.

    LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared wavelengths to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.

    For more information please visit: http://www.LaserIsTech.com 

    For further information, please contact:
    Email: info@laseristech.com
    Telephone: 800-388-5492
    Follow us on Twitter
    Follow us on LinkedIn

    Forward Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI: Gevo Acquires CultivateAI for its Verity Business Unit

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD, Colo., Sept. 26, 2024 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) has acquired Cultivate Agricultural Intelligence, LLC (“CultivateAI”) for $6 million in cash, with the opportunity for the sellers to receive additional earn-out payments. Gevo will fold CultivateAI into its wholly owned Verity subsidiary to accelerate Verity’s business development and growth. CultivateAI is a proven business with expected 2024 revenue of $1.7 million and corresponding positive cash flow. CultivateAI provides agricultural data to clients through a software as a service (“SaaS”) platform.

    Gevo expects to combine CultivateAI’s digital agriculture data and analytics platform with Verity’s carbon accounting and tracking solutions to provide the highest quality data-driven solutions for carbon abatement in food, feed, fuels, and industrial markets, while simultaneously helping farmers improve their operations, sustainability, and profitability. CultivateAI’s SaaS platform is a cloud-based, mobile platform that helps farm operators, agronomists, ag-service providers, and researchers make informed, data-driven decisions with real-time analytics.

    “Adding CultivateAI and its inventive approach to Verity will help us grow revenue by providing the most complete set of data-driven analytics services to farmers, agronomists, and researchers,” said Dr. Paul Bloom, Head of Verity and Chief Carbon Officer of Gevo. “With this acquisition, Verity is speeding up our development and increasing the value we will deliver to our customers.”

    Verity is at the forefront of creating the ability to track, verify, and empirically value carbon intensity across the full carbon lifecycle. By adding the tools and existing business from CultivateAI, Verity will benefit from the addition of clients outside the biofuel segment as well as additional revenue streams.

    “We are constantly looking for this kind of development that delivers new streams of untapped revenue to the company,” said Dr. Pat Gruber, CEO of Gevo. “As we accelerate development of Verity, we expect to see these customer relationships and revenue opportunities grow as customers seek out new products and services that help them understand their businesses better. These new business elements support our mission of growing an efficient circular economy, and delivering shareholder returns by adding scalable revenue opportunities now.”

    About Gevo
    Gevo’s mission is to convert renewable energy and biogenic carbon into sustainable fuels and chemicals with a net zero or better carbon footprint. Gevo’s innovative technology can be used to make a variety of products, including sustainable aviation fuel (“SAF”), motor fuels, chemicals, and other materials. Gevo’s business model includes developing, financing, and operating production facilities for these renewable fuels and other products. It currently runs one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States. It also owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo emphasizes the importance of sustainability by tracking and verifying the carbon footprint of its business systems through its Verity subsidiary.

    For more information, see http://www.gevo.com.

    About Verity
    Verity is at the forefront of creating the ability to track, verify, and empirically value carbon intensity across the full carbon lifecycle. Verity Holdings, LLC is a wholly owned subsidiary of Gevo, Inc.

    For more information, see http://www.veritytracking.com.

    About CultivateAI
    CultivateAI is a cloud-based, mobile platform that helps its customers make informed, data-driven decisions with real-time analytics. Its trusted insights are designed to help agricultural operations increase production, manage risk, and maximize profitability.

    For more information, see cultivateagi.com.

    Forward Looking Statement
    Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, CultivateAI and its operations, the integration of CultivateAI into Verity, CultivateAI’s expected financial results and other statements that are not purely statements of historical fact. These forward-looking statements are made based on the current beliefs, expectations, and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2023 and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

    Media Contact
    Lindsay Fitzgerald
    Senior Vice President of Public Affairs
    PR@gevo.com

    Investor Contact
    Eric Frey, PhD
    Vice President of Finance & Strategy
    IR@Gevo.com

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Surat People’s Co-operative Bank Limited, Surat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated September 23, 2024, imposed a monetary penalty of ₹61.60 lakh (Rupees Sixty One Lakh and Sixty Thousand only) on The Surat People’s Co-operative Bank Limited, Surat (the bank), for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters’, ‘Loans and advances to directors and their relatives, and firms/concerns in which they are interested’, ‘Maintenance of Deposit Accounts’ and ‘Customer Service’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2022 and March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the bank’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty.

    The bank had:

    1. not classified loan accounts of certain borrowers as non-performing assets;

    2. sanctioned/ renewed loans where the relatives of directors were interested / stood as surety / guarantor;

    3. levied and recovered penal charges from certain inoperative savings bank/current accounts for non-maintenance of minimum balances in those accounts; and

    4. levied charges on certain customers for sending SMS alerts despite not having mobile numbers of such customers on record.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1167

    MIL OSI Economics –

  • MIL-OSI: LPL Financial Welcomes GreenPoint Wealth Management

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Sept. 26, 2024 (GLOBE NEWSWIRE) — LPL Financial LLC, announced today that financial advisors Jeff Minucci, CFP®, and David Ryzman, CFP®, have joined LPL Financial’s broker-dealer, RIA and custodial platforms. They reported having served approximately $150 million in advisory, brokerage and retirement plan assets* and join LPL from Osaic.

    For more than 20 years, Minucci and Ryzman have collaborated in various roles within the financial services industry, eventually becoming business partners in the independent space. They specialize in developing innovative strategies to help meet their clients’ retirement planning objectives and use robust financial education to encourage their clients to better understand their financial portfolios.

    “We believe in a comprehensive approach, which includes designing plans tailored to each individual client to help reduce risk and tax implications, while focusing on long-term performance, sustainable retirement income and effective estate protection,” Minucci said.

    With the move to LPL, the McKinney, Texas-based advisors have launched a new firm, GreenPoint Wealth Management.

    “We wanted to create our own identity and shape our practice on our terms,” Ryzman said. “After a thorough due diligence process, we felt LPL was the ideal landing spot to support our continued growth. We appreciate LPL’s strong reputation as a leading wealth management firm. We’ve also found that LPL has streamlined processes that make it much easier to do business, which then gives us more time to spend taking care of our clients.”

    Scott Posner, LPL Executive Vice President, Business Development, said, “We extend a warm welcome to Jeff and David and congratulate them on the launch of GreenPoint Wealth Management. Through integrated capabilities and comprehensive business management solutions, LPL is driving flexibility and efficiency, enabling independent financial advisors to focus on growth, entrepreneurialism and putting their clients first.”

    Related

    Advisors, learn how LPL Financial can help take your business to the next level.

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

    Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. GreenPoint Wealth Management and LPL Financial are separate entities.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    *Value approximated based on asset and holding details provided to LPL from end of year, 2023.

    Media Contact: 
    Media.relations@LPLFinancial.com 
    (704) 996-1840

    Tracking #633622

    The MIL Network –

  • MIL-OSI: Wearable Devices Boldly Welcomes Meta’s Neural Control Entry to the AR/VR/XR Market

    Source: GlobeNewswire (MIL-OSI)

    Yokneam Ilit, Israel, Sept. 26, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in AI-based gesture control technology, today applauded Meta’s entrance into the gesture control space with its announcement at Meta Connect 2024.

    “Welcome, Meta. Seriously,” declared Wearable Devices’ Chief Executive Officer Asher Dahan. “Competition only fosters innovation, and we are encouraged to see Meta’s nascent commitment to the neural interface sector which we at Wearable Devices have been advancing and perfecting for over a decade.”

    With its award-winning Mudra Band and Mudra Link neural gesture control devices, both of which empower users with hands-free digital navigation, Wearable Devices long ago redefined the way people interact with technology. The Company has repeatedly demonstrated the transformative nature of neural interface technology, enabling users to control digital environments using their thoughts and intentions, opening new doors for hands-free interaction with devices and digital experiences.

    “Meta’s new move into this field validates the immense potential and growing importance of neural control,” added Mr. Dahan. “Clearly, we at Wearable Devices have been onto something big all along as the trailblazers in neural wearables, and we look forward to continuing to push boundaries alongside other key players in the space.”

    In the past year, the Mudra Band has enhanced the experience of thousands of users, showcasing its proven value. While Meta presented its neural wristband as a ‘Purposeful Product Prototype’ for smart glasses, we offer a versatile solution that controls computers, applications, and smart glasses.

    Wearable Devices has long been at the forefront of gesture control innovation, having won the prestigious ‘Best of CES Innovation Award’ in 2021 for its Mudra Band, the first neural interface wristband.

    For more information, visit http://www.wearabledevices.co.il.

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbols “WLDS” and “WLDSW”, respectively.

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss the benefits and advantages of the Company’s devices and technology . All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Walter Frank
    IMS Investor Relations
    203.972.9200
    wearabledevices@imsinvestorrelations.com

    Media Contact:

    Steve Schuster
    Rainier Communications
    steve@rainierco.com
    +1-508-868-5892

    The MIL Network –

  • MIL-OSI United Nations: LAUNCH MEETING Master planning and innovative financial solutions to support the implementation of the Yashil Makon initiative of the Republic of Uzbekistan

    Source: United Nations Economic Commission for Europe

    The Yashil Makon Initiative is a nationwide program launched by the Government of Uzbekistan to transform environments across the country through sustainable development practices. This initiative seeks to expand and enhance green spaces, promote environmental stewardship, and improve the overall quality of life for citizens. It aligns with Uzbekistan’s broader commitment to the United Nations Sustainable Development Goals (SDGs) and its national strategy for environmental sustainability.

    To support the successful implementation of the Yashil Makon Initiative of Uzbekistan, a collaborative project involving the United Nations Development Programme (UNDP), the United Nations Economic Commission for Europe (UNECE), and the United Nations High Commissioner for Refugees (UNHCR) has been established. This project focuses on integrating comprehensive master planning with innovative financial solutions, create income-generating opportunities for communities in Surkhandarya to ensure the initiative is not only sustainable but also scalable across Uzbekistan’s diverse landscapes.

    The Launch Meeting was designed to formally introduce the project and bring together key stakeholders to discuss its strategic direction, objectives, and anticipated outcomes. This meeting provided overview of the project, detailing its goals, key components, and timeline. It served
    as a platform to foster collaboration among the Government of Uzbekistan, UNDP, UNECE, UNHCR, and other essential partners, establishing a robust framework for cooperation. During the meeting, participants explored the master planning approaches that will be applied to the Yashil Makon Initiative, ensuring that afforestation activities are sustainable and aligned with the initiative’s goals. The meeting also emphasized the importance of stakeholder engagement, facilitating dialogue
    on the roles and contributions of various stakeholders, including government entities.

    Photo credit: UNDP Uzbekistan

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: SFST’s speech at Bloomberg Buy-Side Forum Hong Kong (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Bloomberg Buy-Side Forum Hong Kong today (September 26): Jeffrey (Global Head of Buy-Side Enterprise Sales of Bloomberg, Mr Jeffrey Leckstein), Manju (APAC Head of Buy-Side Product Sales of Bloomberg, Ms Manju Sakhrani), Irene (Head of Sales, Greater China Buy-Side of Bloomberg, Ms Irene Lam), distinguished guests, ladies and gentlemen,     Good morning. I am very delighted to join you all at the Bloomberg Buy-Side Forum Hong Kong. This flagship event brings together influential business leaders and decision makers to explore timely and transformative topics that are reshaping the asset and wealth management industry. And this is very timely. Just last week the Federal Reserve cut interest rates by 0.5 percentage points. Hong Kong quickly followed suit and the news was cheered by investors and financial markets. Also, Hong Kong ranked third globally in the Global Financial Centres Index 36 Report published two days ago, up by one place from the previous issue. Back in April this year, I had the pleasure of meeting Mr Michael Bloomberg in New York to discuss global financial trends. During my visit to the Big Apple, I also spoke about the “ABCs” of Hong Kong’s role as a global financial centre: an “anchor” for financial stability, a “buffer” against risk and a “capstan” with a strategic location in Asia. Today I would like to focus on the “D” word – “dividends”Overview     Today’s agenda explores new prospects for growth and innovation in the Asia Pacific markets, covering key topics including risk management, automation, data and technology, and more. A common factor is that all of these topics are conducive to long-term, sustainable growth and dividends for investors and the industry.     As with our ongoing efforts to boost Hong Kong’s position as the region’s premier international financial centre, Hong Kong offers three distinct types of dividends, namely “diversification”, “succession” and “silver” dividends. These will surely help investors and the industry embrace new opportunities and unleash their potential. Let me tell you how.Diversification dividend     First, Hong Kong is well poised to provide a diversification dividend with our unique geographical, functional, product and service offerings. All this ensures an excellent platform for diversification, supported by our “one country, two systems” advantages and our role as a financial “super connector” linking Mainland China and global markets. We offer abundant investment opportunities, a full suite of professional services and a top-notch regulatory framework.     In terms of investment opportunities, last year the AUM (assets under management) of Hong Kong’s asset and wealth management business reached about US$4 trillion (HK$31.193 trillion). What’s more, over half of the funds were sourced from international investors outside Hong Kong and the Mainland. In fact, in 2023, Hong Kong was the world’s second-largest cross-boundary wealth management centre, after Switzerland. Hong Kong is also Asia’s largest hedge fund hub and our private equity capital under management ranks second in Asia after the Mainland.     As China’s hub for offshore Renminbi (RMB) business, Hong Kong holds about one trillion in RMB deposits, and processes about 80 per cent of the global offshore RMB payments. We will continue to expand our RMB-denominated investment and risk-management products to suit users’ needs. For the wider financial market, we will also continue to diversify and deepen the products and services we offer, ranging from new fund structures to listing platforms.Mutual access     Mutual market access between the Mainland and Hong Kong continues to expand in scope and capacity. Up to August this year, the total turnover (including buy and sell trades) of northbound trading of Stock Connect reached about RMB20,000 billion, while that of southbound trading exceeded HK$5,600 billion. This demonstrates our pivotal role for international and Mainland enterprises as well as investors to raise funds and make investments.     The Hong Kong stock market has also seen many recent achievements. The average daily turnover of ETFs (exchange traded funds) listed in Hong Kong reached HK$11.8 billion in 2023, an increase of 20 per cent compared to 2022 (HK$9.8 billion). The derivatives market also saw the average daily trading volume of futures and options reaching 1.35 million contracts last year, further rising to over 1.5 million contracts in the first half of this year. This showcases Hong Kong’s ongoing development as an international risk management centre.     In April, the China Securities Regulatory Commission announced five new measures to support the development of Hong Kong’s financial sector. These include expanding the scope of ETFs under Stock Connect as implemented in July. The measures would also bring long-term structural enhancements to the Hong Kong market, such as including REITs (real estate investment trusts) under Stock Connect, further enriching the choice of products available.Green and sustainable finance     Meanwhile, sustainable development and technology are the emerging major forces shaping the financial industry. Demand for green finance is growing worldwide, as part of the global green transformation. Statistics show that the Asian region will require some US$66 trillion in climate investment over the next 30 years.     Zooming into Hong Kong’s green and sustainable finance market, the total green and sustainable debt (including both bonds and loans) issued in Hong Kong amounted to US$50 billion. Among which, the volume of green and sustainable bonds arranged in Hong Kong topped the Asian market, accounting for 37 per cent of the total share.        We will continue to develop Hong Kong into an international green technology and green finance centre through five key directions, namely building a green technology ecosystem; green finance application and innovation; green certification and alignment with international standards; training talents; and enhancing exchanges and co-operation with the Greater Bay Area and international markets.Virtual assets and fintech     Hong Kong is a prime destination for the development of digital finance and for fintech companies to establish or expand their business locally, regionally and globally. We are home to eight virtual banks, four virtual insurers and two licensed virtual assets trading platforms. There are also around 1 000 fintech companies operating in Hong Kong. They cover a variety of businesses including mobile payment, cross-border wealth management, AI (artificial intelligence) financial consultancy, wealth and investment management, regulatory technology and many more.     With the rapid development of the virtual asset market, Hong Kong issued the Policy Statement on Development of Virtual Assets in October 2022. We are also among the first jurisdictions to adopt a comprehensive framework to regulate virtual asset activities with robust investor protection.     Premising on a balance between appropriate regulation and market development, we will continue to provide an enabling environment and support measures. This will help to sustain the development of digital and decentralised finance, and facilitate responsible and healthy industry development. For example, we are actively establishing regulatory regimes for both stablecoin issuers and over-the-counter (OTC) trading of virtual assets. We will introduce the bill for regulating stablecoin issuers into the Legislative Council within this year. We are also reviewing the consultation feedback for virtual asset OTC trading to examine ways to improve the proposed regulatory framework.Succession dividend     Moving on to succession dividend, which is growing in prominence here. That’s because Hong Kong is home to over 2 700 single-family offices and 12 500 ultra-high-net-worth individuals. These figures speak of the city’s appeal for family offices and asset owners looking to diversify their asset portfolios and sustain family wealth for future generations.     Last year, we published the Policy Statement on Developing Family Office Businesses in Hong Kong. Since then, a series of measures have been implemented to create a favourable environment for wealth management and succession planning, adding to the already diverse investment opportunities available in the city.     To name a few, the profits tax exemption regime for single family offices’ eligible investments was introduced last year, to provide tax certainty and attract family offices to set up in Hong Kong. We also launched the New Capital Investment Entrant Scheme (CIES) in March this year, offering a clear pathway for asset owners to reside and pursue development in Hong Kong. The new scheme has been well-received by asset owners and talents outside Hong Kong. So far, we have received over 550 applications, potentially bringing HK$16.5 billion of capital to the city.     Besides attracting professionals, we are also committed to nurturing talents for the family office sector. Last year, we established the Hong Kong Academy for Wealth Legacy. The Academy not only provides training but also fosters collaboration, networking and knowledge-sharing between the industry and next-generation asset owners.     This brings me to a fast-emerging category of impact investing. We are working to foster charitable endeavours that would make a positive impact on society. The Academy will launch the “Impact Link” later this year. It will provide a repository platform to connect family offices and asset owners with high-potential and high-social impact charitable programmes. This will further enhance family offices’ engagement in charitable projects to create positive change and realise the full potential of philanthropy.     Art collections and investments are also gaining popularity among family offices, and Hong Kong is an ideal hub for this with our simple tax system and zero tariff on art trading. We are the second-biggest city for contemporary art sales after New York, recording US$414 million in the year 2022-23. By leveraging Hong Kong’s rich art and culture scene, we will continue to consolidate our position as a leading art exhibition and trading centre to create a dynamic ecosystem for art collection and investments for family offices and other investors.     Beyond creating a thriving family office ecosystem, we recognise that each family office has its unique needs and preferences. The dedicated family office team of Invest Hong Kong is here to offer one-stop support services specifically catered to the needs of each family office. Through key events such as the annual Wealth for Good in Hong Kong Summit, we will continue to deepen our connections with global family offices, supporting their evolving needs and garnering dividends from succession and legacy planning.Silver dividend     My third topic today is the silver dividend. Similar to many developed economies, Hong Kong faces the challenge of a rapidly ageing population. By 2046, over one-third of our population will be aged 65 or above. While this trend poses significant challenges, it also creates opportunities.     Among other things, an ageing population underscores the importance of accumulating sufficient savings to support post-retirement life. With this in mind, the Government launched the Mandatory Provident Fund (MPF) system back in 2000, to help our workforce save up for their retirement. As of June this year, our MPF system was managing a total of HK$1,230 billion of assets, representing an increase of about 126 per cent over the past 10 years. MPF investment with stable returns     Enabling the general public to feel and share the benefits brought about by the development of financial services has always been our goal. In recent years, our society, particularly among those who will soon retire, has clear aspirations for financial products that offer stable returns amid a changing economic environment. This is evident in the overwhelming response to the Silver Bond issuance last year – where the total application amount (around HK$71.7 billion) and the number of applications (323 789 valid applications) were at record highs.     Likewise, our MPF scheme members have similar aspirations. The Government and the Mandatory Provident Fund Schemes Authority (MPFA) persistently strive to widen the scope of permissible investments to improve risk-adjusted returns. For instance, in June 2022, the Central People’s Government, the People’s Bank of China, and the three Mainland policy banks were added to the list of “exempt authority” to facilitate MPF investment in sovereign bonds. It provides scheme members with greater access to one of the world’s largest bond markets. In June last year, we also put in place a mechanism to earmark a certain proportion of Government green bonds for priority investment by MPF funds.     These measures allow MPF fund managers to consider more investment instruments with stable returns in their portfolio management for the benefit of scheme members. As of June this year, MPF funds invested HK$8.3 billion and HK$600 million in sovereign bonds and government green bonds respectively, representing an increase of 159 per cent and 50 per cent respectively before the facilitative measures were put in place.Diversification and optimisation of MPF investment     We believe that our robust asset and wealth management industry is serving the MPF system well. It offers world-class investment management services along with a diverse range of financial products and innovative market arrangements.     In view of the growing internationalisation of the Mainland’s equity market, back in 2020, we included the Shanghai and Shenzhen stock exchanges in the list of “approved stock exchanges”, facilitating MPF investments into Mainland A-shares. Since the inclusion of the two stock exchanges, the exposure of MPF funds to Mainland A-shares has soared by 111 per cent to HK$24 billion as of June this year. Not only has this been welcomed by the market, it also provides more diversified investment opportunities for MPF assets.Fee reduction and eMPF Platform     Apart from offering a more diversified range of investment products for MPF scheme members, the Government and the MPFA are determined to explore and take forward more cost saving initiatives by leveraging innovation and technology. Launched in June this year, the eMPF Platform is a good example of how innovation and technology could resolve long-standing pain points in MPF scheme administration. They also create room for fee reductions for the ultimate benefit of scheme members.     We expect that the eMPF Platform will be fully implemented by end-2025. Through standardising, streamlining and automating different MPF administration processes, this first-of-its-kind centralised platform will significantly reduce the average MPF administration fee. This publicly funded digital infrastructure will also lower the entry barrier for newcomers to the MPF industry.   Closing     Ladies and gentlemen, I know you have a busy day ahead. So let me conclude by stressing the importance of joining hands in building, investing and enjoying the diversification dividend, succession dividend and silver dividend in Hong Kong. This forum is the perfect opportunity to share ideas and strengthen collaboration to achieve a more stable, sustainable and prosperous financial future in Hong Kong and far beyond.     I wish you all a rewarding forum today and the best of health and business. Thank you. 

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Murphy, Rojas Op-Ed For Hearst Connecticut: The Housing Crisis Is Holding Back CT

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    September 25, 2024

    HARTFORD–U.S. Senator Chris Murphy (D-Conn.) and Connecticut State Representative Jason Rojas (D-East Hartford) on Wednesday co-authored an op-ed for Hearst Connecticut arguing that Connecticut’s housing crisis requires all levels of government – local, state, and federal – to work together and take action. Murphy and Rojas lay out the scope of this nationwide problem that has acutely impacted people in Connecticut and propose a range of potential policy solutions to spur the construction of more affordable homes, help first-time home buyers, and drive down costs.
    “There is a housing crisis all across America today, but there’s no doubt the situation is especially dire in our state,” the members wrote. “A new report shows that Connecticut has one of the tightest rental markets in the country, with just a 3.5 percent vacancy rate. That kind of inventory shortage does two things. First, it drives up prices. Nationally, half of all renters have to set aside more than 30 percent of their paycheck each month for housing, but in Connecticut, nearly 500,000 of our citizens are spending more than 50 percent of their income on rent. Second, it makes it very hard for renters without good credit to find any landlord who will rent to them. At the end of last year, the number of people experiencing homelessness in Connecticut hit a record high. Homeownership — the core of the American dream — is also increasingly out of reach for the people we represent. Connecticut ranks 49th in the nation in new housing construction, and the slow pace of construction combined with high interest rates means it’s harder than ever for a young family to buy their first house.”
    Murphy and Rojas argued for more tax credits to build new affordable housing stocks – a proven policy incentive: “Vice President Kamala Harris has proposed a first-ever tax incentive for developers who build starter homes sold to first-time buyers and an expansion of existing tax credits to spur construction of more affordable rental housing. Combined these two policies could add 3 million new homes to the marketplace. We should also increase support for other existing, effective programs such as the HOME Investment Partnerships Program and National Housing Trust Fund that have been underfunded but are crucial in helping finance affordable housing projects. House Bill 5474, which passed both chambers of Connecticut’s legislature in May, encourages the development of duplexes, triplexes, and similar ‘middle’ housing, with the hope of increasing affordable housing stock. Public Act 23-207 created financial incentives for the development of workforce housing aimed at Connecticut’s middle class.”
    On getting more people into stable homes quickly, Murphy and Rojas urged greater investment in voucher programs, along with incentives to increase landlord participation and reduce waitlists: “The Choice in Affordable Housing Act would incentivize more landlords to participate in the Housing Choice Voucher Section 8 program through one-time incentive payments to landlords, security deposit payments, and bonuses to public housing agencies employing a landlord liaison. There’s no doubt we also need to increase our investment in voucher programs to get more people off waitlists and into homes. Connecticut currently boasts a waitlist of more than 6,700 applicants to its premier rental voucher program, the Rental Assistance Program (RAP), despite it not having been open for new applicants for over a decade. State and federal resources should be levied to tackle this crisis and move people into safe, stable homes.”
    On Connecticut’s zoning laws, Murphy and Rojas wrote: “But the reality is that no amount of incentives for developers or voucher programs can overcome Connecticut’s restrictive zoning laws. About 90 percent of the state is zoned for single-family housing. The federal government has a limited role in changing zoning rules, but the Yes In My Backyard (YIMBY) Act would encourage localities to eliminate discriminatory and burdensome zoning and land use policies to increase supply of affordable housing. It would also increase transparency around why a community is not adopting anti-discriminatory policies. The Majority Leaders’ Roundtable on Affordable Housing, a group comprised of interested legislators and subject-matter experts, has held meetings since 2023 and is working toward a solution that will loosen restrictions for developers while still preserving the character of Connecticut’s many unique towns.”
    They concluded: “Every community is different and there is no easy fix or one-size-fits-all solution for this crisis. It will require all levels of government to summon the political will and courage to engage in difficult conversations, pursue wholehearted reform, and make serious investments in affordable housing. We should be honest that sweeping progress won’t happen overnight. Driving down costs and completing construction takes time, but that makes our action — and partnership — all the more urgent.”
    Read the full op-ed HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Butler Applauds Key Committee Passage of Legislation to Strengthen Natural Disaster Preparedness

    US Senate News:

    Source: United States Senator for California – Laphonza Butler
    Washington, D.C. – Today, during National Preparedness Month, U.S. Senator Laphonza Butler (D-Calif.), a member of the Senate Homeland Security and Governmental Affairs Committee (HSGAC), secured passage of her Investing in Community Resilience Act of 2024 (S. 4900). This legislation is designed to incentivize investments in community resilience projects to alleviate damage from natural disasters. The bill passed out of committee overwhelmingly by a vote of 14-1.
    During today’s HSGAC markup, Senator Butler thanked Senator James Lankford (R-Okla.), Ranking Member of the Subcommittee of Government Operations and Border Management which holds jurisdiction over this issue, for his co-sponsorship and collaboration in advancing this legislation.
    “We are putting this forward because 4 in 10 Americans are now living in communities that have been impacted by climate disasters or natural disasters,” said Senator Butler. “This bill encourages FEMA to ensure that all communities are doing the work to support community-led preparedness initiatives, including by supporting Community Emergency Response Teams across the country.”
    The Investing in Community Resilience Act aims to reduce the financial burden of disasters on local communities, enhance individual and community preparedness, and promote participation in federally-supported resilience programs.
    S. 4900 would amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act by expanding the types of pre-disaster resilience measures that FEMA may incentivize state or Tribal governments to adopt. FEMA may recognize such resilience investments through an increased federal cost-share from the standard 75% federal cost-share up to 85% for post-disaster public assistance restoration and repair projects and associated expenses.
    The Investing in Community Resilience Act has been endorsed by 73 organizations. See the full list of endorsing organizations HERE.
    Read the one-pager HERE.
    Read the full text of the bill HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Markey Applauds Senate’s Unanimous Consent Decision to Hold Dr. Ralph de la Torre in Contempt of Congress

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Senate’s first passage of criminal contempt resolution in more than 50 years
    Washington (September 25, 2024) – Senator Edward J. Markey (D-Mass.), chair of the Health, Education, Labor, and Pensions (HELP) Subcommittee on Primary Health and Retirement Security, released the following statement today after the U.S. Senate agreed to hold Steward Health Care CEO Dr. Ralph de la Torre in criminal contempt of Congress. The HELP Committee voted unanimously on September 19 to hold de la Torre in civil and criminal contempt of Congress – a first in modern history.
    “Over the past decade, Steward, led by its founder and CEO Dr. Ralph de la Torre, and its corporate enablers, looted hospitals across the country for profit, and got rich through their greedy schemes. Hospital systems collapsed, workers struggled to provide care, and patients suffered and died. Dr. de la Torre and his corporate cronies abdicated their responsibility to these communities that they had promised to serve. Extracting hundreds of millions in profit, de la Torre used the suffering of people under Steward’s care to finance his luxury lifestyle, filling his garages and hangars with fancy cars and private planes, and becoming the posterchild of callous corporate greed.
    “I’ve requested Dr. de la Torre’s appearance multiple times in front of members of the HELP Committee to answer for his corporate greed, but time and time again, he has refused and hid behind excuses. I applaud the Senate’s actions today to hold Dr. de la Torre in criminal contempt of Congress. It is long past time that he be held accountable.”

    MIL OSI USA News –

  • MIL-OSI Economics: Annual Meeting Opening Remarks by AIIB President

    Source: Asia Infrastructure Investment Bank

    Your Excellency Shavkat Mirziyoyev, President of the Republic of Uzbekistan,
    Distinguished Governors of the Asian Infrastructure Investment Bank, Honored Guests, Ladies and Gentlemen:

    Assalomu alaykum.

    It is my great honor to welcome you all to the Ninth Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank. On behalf of AIIB, I extend my deepest appreciation to the Republic of Uzbekistan for the gracious hospitality shown to the delegations for this Annual Meeting, the first in Central Asia.

    Your Excellency President Mirziyoyev, it is with the greatest of pleasure that AIIB has invited its Members to Uzbekistan to witness the accelerating prosperity that is gaining increasing momentum under your visionary leadership and ambitious reform agenda. Your historic visit to AIIB’s Headquarters in January this year was most significant for our bilateral relationship. With your Government’s ambitious program of nation building projects such as New Tashkent, major investments in transport, social infrastructure like hospitals and schools, and boundless potential in renewable energy, I look forward to AIIB doubling or even tripling its investment in Uzbekistan over the next 5 to 10 years.

    Distinguished Governors, we meet today at a storied center of cultural, economic and intellectual exchange. Standing at the crossroads of ancient trade routes, Samarkand’s rising prosperity began with the emergence of the Silk Road which wove across continents, tying Eurasia ever-tighter together.

    With free trade and cross border investment came a steady flow of new wealth, new ideas and new technology – stimulating scientific understanding of the world as it was then known. Underpinning this flourishing prosperity was connectivity: not just physical but, more importantly, intellectual and societal.

    Well-known are the underground ‘karez’ wells which nourished life in this dry climate, and the caravanserai that provided haven for intellectual exchange between travelers beyond commercial and business interests. Along these ancient arteries of infrastructure an intellectual lifeblood pulsed, circulating between nations of this region and spilling over into the wider world.

    It was only several hours from here that the father of algebra,

    Al-Khwarizmi, was born around 780. His ideas and writings spread to nations along the Silk Road, profoundly influencing the advance of mathematics in Europe. Indeed, his Latin name of Algoritmi is the root word for ‘algorithms’, the computations which energize today’s digital economy.

    Ladies and Gentlemen, the ancient Silk Road serves as an inspiration to us all. Such great intellectual achievements remind us that humanity is most productive, most innovative, and most prosperous when human minds meet and mingle. When people come into contact with each other, brilliant ideas sparkle.

    AIIB’s investments intend to bring regions together to ensure that global trade, technology and capital flows will continue without disruption. This helps us push the boundaries of human potential to still further distant areas. In an era of creeping geo-fragmentation, escalating climate chaos, and a hold-up in development, investing in infrastructure that connects Asia with the rest of the world is more important than ever.

    Since its inception nine years ago, AIIB has resolutely supported members amidst the rough-and-tumble of global events. Over this period, AIIB has approved financing to the tune of USD54.7 billion for 285 projects across 37 members. The development outcomes are multifold, and astounding. Our projects have connected people, 710 million strong, to urban mass transport and upgraded over 49,000 kilometers of transportation infrastructure. Thanks to our projects, there are 8.7 million people who now have access to safe drinking water. Less visibly but no less important, 22.8 million tons of CO2 emissions have been quietly averted annually.

    AIIB’s financing growth has been remarkable by historical standards. This is a great credit to the guidance to the Board of Governors and the Board of Directors. It is also a credit to the Bank’s management and staff, who deserve to be fully recognized and appreciated. Let us give them a big round of applause.

    AIIB’s funding position continues to be firmly based on triple-A ratings by all three major credit rating agencies. This year to date, the Bank has successfully issued bonds equivalent to USD 9 billion and AIIB bonds trade in line with MDB peers. Since 2022, the Bank’s administrative expenses have been fully covered by operating income. The Bank’s financial discipline strengthens its enduring ability to grow financial support for Members over time, complementing other measures under consideration from the MDB CAF review.

    Distinguished Governors, AIIB continues to double down on its client centric approach. In June this year, the structure of our investment operations was fine-tuned so as to streamline the Bank’s deployment of technical and financial expertise, and to heighten client relationships with a particular focus for private-sector financing and mobilization.

    AIIB has remained laser focused on developing financial tools which help members withstand shocks and enhance resilience. In June, Climate Policy-Based Financing (CPBF) was introduced to support Members’ efforts to improve the enabling environment for climate action, helping to mobilize private capital to push for national climate plans. The introduction of CPBF marks a new milestone in the Bank’s journey towards the achievement of the Sustainable Development Goals.

    This new initiative underscores our dedication to building resilient infrastructure for all, and our growing role in addressing global challenges. The Bank’s climate financing is expected to exceed 60% of its lending in 2024, well above the target of 50%.

    Excellencies: AIIB is truly a 21st century Bank. It is majority-owned by emerging and developing countries, follows the highest governance standards and relations between its governing bodies and clients are based on trust and client-centricity. This Bank is your Bank! AIIB’s most cherished principle is accountability. We in AIIB hold ourselves, each and every one of us, accountable for our decisions and actions. We adhere firmly to our most ardent vow made at the launch of the Bank’s operations that we will consistently live up to the expectations of our shareholders and stakeholders.

    Your Excellencies, distinguished guests, ladies and gentlemen: As we convene for our Ninth Annual Meeting, let us remember that we are building a future for generations to come. The theme of this Annual Meeting, “Building Resilient Infrastructure for All,” is not just a watchword, a call to action. It is the action! As we gather here along the ancient Silk Road, let us strive together to pave the path for sustainable development, regional and global integration, and prosperity for all.

    Thank you very much.

    MIL OSI Economics –

  • MIL-OSI Security: Principal Deputy Associate Attorney General Benjamin C. Mizer Delivers Remarks at the 2024 Hate Crimes Grantee Conference

    Source: United States Attorneys General 13

    Thank you, Liz Ryan, for that introduction and thank you also to Director Karhlton Moore and the Bureau of Justice Assistance for putting together this week’s conference. This inaugural conference has brought together grantees of the Justice Department’s hate crime grants, which includes law enforcement agencies, states, community-based organizations, and national civil rights organizations, for important discussions on best practices for investigating and prosecuting hate crimes, supporting victims of hate, and preventing hate crimes and hate incidents.

    I also want to take a moment to thank Houston Police Department Senior Officer Jamie Byrd-Grant, daughter of James Byrd Jr., and Judy and Dennis Shepard, the parents of Matthew Shepard, for being part of this week’s conference and for their strength and advocacy for so many years after the murder of their loved ones.

    I remember vividly when both of those heinous crimes were committed in 1998. I was almost exactly the same age as Matthew and, like him, was a young gay man living in a small college town. So Matthew’s murder in particular struck a fearful chord in me.

    But thanks to the Byrd and Shepard families’ commitment, and the advocacy of many people in this room, Congress passed, and President Obama signed, the Matthew Shepard and James Byrd Jr. Hate Crimes Prevention Act 15 years ago. That law gave the Justice Department some of the most important tools it has today.

    So we can both acknowledge how far we have come in the last 26 years but also recognize how much more needs to be done to make sure everyone feels safe in this country.

    The latest FBI hate crime statistics released on Monday demonstrate just how much work remains to do. There were a record number of hate crimes in 2023, and we know that hate crimes are underreported. Nearly 30% of all reported hate crimes were anti-Black or African American. Anti-Latino hate crimes increased from 2022, and there was a record number of hate crimes because of the victim’s sexual orientation. There were also a record number of anti-Arab and anti-Jewish hate crimes, with increases of 34% and 63% respectively, and anti-Muslim hate crimes increased by 49%. Yet the numbers alone do not tell the full story. Behind each of the 11,862 hate crimes is a tragic or traumatic story of intimidation and bigotry.

    Hate crimes instill fear in communities and undermine our democracy. The Justice Department has and will continue to use all the tools at our disposal to combat hate in this country.

    That includes prosecuting those who perpetrate these terrible crimes. Earlier this month, for example, the Justice Department charged two leaders of the Terrorgram Collective, a transnational terrorist group that operates on the digital messaging platform Telegram, where they promote a white supremacist ideology. Among other charges, the defendants are charged with soliciting users to commit hate crimes against those in the United States and abroad that they deemed to be enemies of the white race, with the goal of igniting a race war.

    But prosecutions are not the only tool available to us to help promote public safety. We also provide financial support to communities through grants to combat hate. Those grants go to a range of recipients, including state and local law enforcement and prosecution agencies, community-based organizations, and civil rights groups.

    I am thrilled to announce that this year, the Justice Department’s Office of Justice Programs is awarding close to $30 million to law enforcement agencies, states, community-based organizations, and national civil rights organizations to fight the rise in hate and bias crimes and incidents. Over the last four fiscal years, the Department has given over $100 million in anti-hate crime grants, a number that demonstrates our strong commitment to this work.

    Through the Matthew Shepard and James Byrd Jr. Hate Crimes Program, we are awarding nearly $12 million to local law enforcement agencies and prosecutors’ offices to investigate and prosecute hate crimes, as well as to collaborate with community partners on outreach and education to targeted communities.

    For example, the University of Colorado Boulder’s Police Department and Center for the Study and Prevention of Violence will launch a project across the University of Colorado system. That project will educate students, faculty, and community members about hate crime prevention and intervention and train campus officials on strategies for addressing hate crimes and hate-based incidents on campus.

    The 9th Circuit State Attorney’s Office in Orlando, Florida, will use its grant funds to establish an online complaint system for hate crimes to be reported, vetted, and referred to the proper law enforcement agency. It will also provide mediation where appropriate for non-violent hate crimes and provide trauma-informed mental health services to victims of hate crimes.

    Through the Community-based Approaches to Prevent and Address Hate Crime Program, the Department is also awarding more than $7.6 million to 11 different community-based and civil rights organizations. That money will fund projects dedicated to developing and implementing comprehensive hate crimes prevention and response strategies.

    For example, the Faith-Based Information Sharing and Analysis Organization will implement a hate crimes preparedness program for approximately 350,000 religious congregations to better prepare for and mitigate the threat from hate crimes and incidents. The No al Odio (or “No to Hate”) project will work with Hispanic communities in California to understand and report hate crimes through a comprehensive education and outreach strategy. And the Global Peace Foundation will use funds to work with Black and African immigrant populations in Maryland to train participants in conflict resolution and to build trust between diverse community members.

    To improve hate crime reporting and access to services for victims, the Department is awarding $1.1 million under the Jabara-Heyer NO HATE Act State-Run Hate Crime Reporting Hotlines. That funding, awarded to the Washington State Attorney General’s Office, will support the launch of its statewide hate crimes and bias incidents hotline by investing in partnerships with LGBTQI+, Latino, Black, immigrant, and refugee organizations.

    Both California and Illinois received hate crime reporting hotline grants in FY2022, and both states now have active hotlines for victims to report incidents in multiple languages, speak to trained professionals, and seek support and trauma-informed services.

    Also through Jabara-Heyer NO HATE Act funding, the Department is providing $2.5 million to its research and analysis project that evaluates FBI crime data and hate crime reporting patterns within and across states, as well the variation among state laws on hate crimes. The Department is also providing $650,000 to its project on NIBRS data and police service calls, with a focus on identifying hate crimes.

    And through the Emmett Till Cold Case Investigation and Prosecution Program, we are awarding $1 million to the Orleans Parish District Attorney’s Office (D.A.’s Office) to continue its work identifying, researching, and cataloguing Jim Crow cold case homicides, as well as unsolved homicides of LGBTQI+ victims, particularly those killed during the late 1970s.

    Through a previous grant under this program, the D.A.’s Office is investigating nearly 175 racial terror homicides in New Orleans and over 300 cases statewide.

    In addition to these grants, the Department is also combating hate by supporting resource centers. This includes the launch of a new Coordinated Hate Crimes Resource Center through a $2.7 million award to RTI and its subrecipients, the Eradicate Hate Global Summit and the International Association of Chiefs of Police. The Resource Center will serve as a hub for resources, training, and education, and it will support practitioners who are countering hate crimes and supporting victims in local, state, federal, and Tribal jurisdictions across the nation.

    Additionally, in June, through funding by the Department, the Shepard-Byrd Hate Crimes Training and Technical Assistance Program announced the launch of a website that provides resources for law enforcement, prosecutors, community groups, and the public on how to identify, investigate, prosecute, and prevent hate crimes, as well as on how to address the needs of victims and communities.

    We know that a key tool to combat hate and support victims of hate crimes and incidents is research. To that end, the Department is providing over $2.5 million in funding for three research projects to advance the understanding of law enforcement responses to hate crimes and the needs of survivors and survivor communities. The studies will generate new information to improve specialized law enforcement bias crime units, the use of LGTBQI+ liaison units to respond to anti-transgender hate crimes, and outcomes for survivors of hate crimes and their communities.

    This research will also lead to the development of recommendations and guidance to help practitioners and policymakers improve responses to hate crimes.

    In addition to these new grant awards, I am pleased to announce two new trainings. First, the Justice Department’s Office of Juvenile Justice and Delinquency Prevention is releasing a new Youth Hate Crimes and Identity-Based Bullying Prevention Curriculum, designed for middle and high school-aged youth and the teachers, counselors, and others who work with them.

    The curriculum was informed by 19 roundtable discussions with youth across seven states, along with pilot testing in many communities. It is designed to empower young people to change attitudes and behaviors and make them less likely to engage in or be victimized by hate crimes or bullying.

    The curriculum is also designed to educate adults who work with youth about the potential use of online technologies to break down cultural barriers and bias. The Department is dedicated to continuing to provide more resources to address hate crimes, bias incidents, and bullying among youth. You are going to hear more about the training from Director Ryan momentarily.

    Second, the Department’s Office of Community Oriented Policing Services (or the COPS Office) is launching a new training on investigating hate crimes. That training was developed in conjunction with the International Association of Chiefs of Police and other subject matter experts. It builds on the training the COPS Office released in 2022 on recognizing and reporting hate crimes aimed at line-level officers. Both trainings can be requested at no cost by state and local agencies.

    I have touched on the importance of the Justice Department’s prosecutions, grants, and trainings to combat hate. Another critical pillar to our work is our engagement with the communities we serve. The Department’s Community Relations Service (or CRS) is working with communities across the country who are victimized by hate crimes and hate incidents. Using facilitated dialogues and programs, CRS is in communities responding to threats of violence against community members because of who they are and where they are from.

    CRS is also involved in many of the United Against Hate Programs that the Justice Department launched in all 94 U.S. Attorneys’ Offices across the country. Those programs connect federal, state, and local law enforcement with communities to increase community understanding and reporting of hate crimes, build trust between communities and law enforcement, and create stronger alliances to prevent and combat hate crimes.

    Over the past two years, U.S. Attorneys’ Offices, in close partnership with FBI, CRS, and the Civil Rights Division, have held over 550 United Against Hate events nationwide with over 18,500 participants. Just yesterday, the U.S. Attorney’s Office for the Northern District of Alabama and the FBI Office here in Birmingham hosted a United Against Hate symposium at Alabama A&M University for students and faculty.

    As the many programs and tools I have mentioned today underscore, the Justice Department remains committed to combating and preventing hate crimes and incidents. The partnerships that we have built across the country and continue to build with everyone here this week are indispensable to that work. I am grateful to stand with you as we work together to reject bigotry used to justify hate-fueled threats and violence and attempts to divide us. We are stronger together. Every person deserves to feel safe in their communities, and we will continue to fight back against hate in all its forms.

    MIL Security OSI –

  • MIL-OSI New Zealand: Economy – Reserve Bank of New Zealand releases banking competition select committee submission

    Source: Reserve Bank of New Zealand – Te Pūtea Matua

    26 September 2024 – The Reserve Bank of New Zealand – Te Pūtea Matua supports efforts to improve competition in banking services, including in agricultural and business banking. Competition is a fundamental contributor to the efficiency of the financial system, supporting broader economic prosperity and well-being.

    Our submission to Parliament’s Finance and Expenditure Committee Inquiry into Banking Competition, published today, outlines the RBNZ’s financial stability mandate, and highlights areas where we can support competition in the banking sector.

    We agree with the Commerce Commission’s problem definition that a more competitive banking market is desirable, Deputy Governor Christian Hawkesby says.

    “The Deposit Takers Act that passed in 2023 requires us to take into account competition, and we are doing so by ensuring we take a proportionate approach to regulation while focusing on managing the biggest risks to banks and the financial system.”

    “We keep our rules and standards under review to ensure they can best deliver on our mandate. This includes striking the right balance between stability and competition. An example of this is our active consideration on how we can progress the recommendations for the Reserve Bank from the Commerce Commission’s market study into personal banking services,” Mr Hawkesby says

    “Competition is also relevant to our other roles as a central bank, including our stewardship of the money and cash system. We are currently reviewing the access policy for our inter-bank settlement system, and investigating the potential role digital cash could play in supporting innovation in the financial system. Together with our co-regulators and industry, are working to improve Māori access to capital and basic bank accounts.”

    The submission also details the Reserve Bank’s approach to setting capital requirements for different types of bank lending. These requirements are an essential tool to promote banks’ financial resilience. Capital is the funding of a bank from its owners, and acts as the buffer protecting creditors such as depositors from losses.  

    Our framework is based on matching the level of capital required with the underlying risk of a bank’s lending through the use of risk weights. This is consistent with global practice. We have published a new RBNZ Bulletin article alongside our submission that analyses how risk weights affect bank lending. The Bulletin highlights domestic and international evidence showing the impact of risk weights on the availability and pricing of loans is low compared to other factors.

    “The Commerce Commission’s market study highlighted high levels of customer inertia as a key barrier to competition. Efforts to reduce real and perceived barriers to switching banks and supporting innovation through open banking is key to promoting competition,” Mr Hawkesby says.

    More information

    Submission on Finance and Expenditure Select Committee Inquiry into banking competition (PDF, 378KB) https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=4d1c93a0a3&e=f3c68946f8
    Reserve Bank Bulletin: How risk weights affect bank lending  https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=651ca9ee10&e=f3c68946f8
    Parliament Select Committee Inquiry into Banking Competition https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=e6c8d5275e&e=f3c68946f8
    Keynote speech by Deputy Governor Christian Hawkesby: Resilience as a pathway to prosperity https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=b05e115364&e=f3c68946f8
    RBNZ Submission on Personal banking services market study: Draft report (PDF, 355KB) https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=1163a8498b&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI China: RMB, stocks rally amid China’s stimulus

    Source: China State Council Information Office 3

    The renminbi rallied to its strongest level in more than a year and Chinese equities continued their rebound on Wednesday, after a potent policy package lifted investors’ confidence in the Chinese economy, which is expected to sail through headwinds.

    Economists, investment banks and asset managers said that policymakers’ more decisive stance to shore up the economy, a global interest rate cut cycle, and low asset valuations have combined to make it a potentially good time to invest in Chinese financial assets, which are expected to attract more foreign inflow in the months ahead.

    However, they cautioned that the forecast may be contingent upon the implementation of further policy support to address economic challenges, with the most urgent priorities being additional fiscal spending to bolster domestic demand and direct funding to alleviate property sector woes.

    On Wednesday, the renminbi, or Chinese yuan, rose to 6.9951 against the US dollar in the offshore market, up 158 basis points from the previous close and past the 7-per-dollar milestone for the first time in 16 months.

    Guan Tao, global chief economist at BOCI China, said that the renminbi’s rally is attributable to both Tuesday’s policy release, which strengthened investors’ confidence in China’s economy, and the US Federal Reserve’s interest rate cut last week, which narrowed the yield spreads between US and Chinese bonds.

    Looking ahead, Guan said the renminbi is likely to register two-way fluctuations against the dollar, with limited possibility of one-sided, drastic appreciation because uncertainties remain surrounding the Fed’s pace of rate cuts, including that the Fed might even reconsider rate hikes if the US economy turns out to be overheated.

    Moreover, the People’s Bank of China, the country’s central bank, is expected to take measures to prevent any renminbi exchange rate overshooting if needed, and has accumulated rich experience in this regard, said Guan, who had served as head of the Balance of Payments Department at the State Administration of Foreign Exchange.

    Guan added that in the base case scenario, in which the United States achieves a soft landing while the Fed continues rate cuts, foreign institutions may continue to boost holdings in renminbi-denominated bonds, especially treasury bonds.

    As of August, overseas institutions’ holdings in China’s interbank bond market had risen for 12 consecutive months, an increase in foreign holdings of as much as 1.34 trillion yuan ($190.7 billion), according to the PBOC’s Shanghai head office.

    Upbeat sentiment

    The upbeat sentiment was seen in the A-share market as well. The Shanghai Composite Index went up 1.16 percent to Wednesday’s close of 2,896.31 points, extending a jump of 4.15 percent on Tuesday, the biggest rise in about four years.

    “I believe that this may be a good time to revisit Chinese stocks,” said David Chao, global market strategist for the Asia-Pacific region (excluding Japan) at Invesco, a global investment management company.

    Chao said China has fired off a meaningful monetary stimulus salvo, which may potentially usher trillions of renminbi in liquidity if fully implemented, sending a strong signal that the government is responding to economic headwinds.

    Major package

    On Tuesday, China’s top financial regulators unveiled a set of measures that some analysts said might be the country’s biggest monetary stimulus package following the pandemic.

    This includes a 20 basis point reduction in the seven-day reverse repo rate, a key policy benchmark of interest rates, as well as a 50 basis point cut to rates on existing mortgages and another 50 basis point cut to the reserve requirement ratio, apart from other steps supportive of the property and stock markets.

    The PBOC started to put the package into action by lowering the one-year medium-term lending facility rate, a policy rate, by 30 basis points to 2 percent on Wednesday.

    A Goldman Sachs report said on Wednesday that the latest stimulus package would be strong enough to catalyze a policy-induced rally in shares listed in Hong Kong and on the Chinese mainland, though it would be unlikely to “turn things around fundamentally”.

    The report said a relending program unveiled on Tuesday will allow listed companies to borrow inexpensive money to shore up stock prices and boost investor sentiment, while the stock stabilization fund that is under policy study, if launched, might help fend off systemic risks in the stock market, as indicated by experiences in other markets.

    While the PBOC introduced two new policy tools aimed at boosting stock market liquidity, the China Securities Regulatory Commission released a guideline on Tuesday to encourage mergers and acquisitions and a draft rule to strengthen listed companies’ market capitalization management.

    Yet more could be done, with Goldman Sachs saying that “we would turn more aggressive on A shares when signs of property market stabilization emerge or policy momentum further strengthens”.

    Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered Bank, underlined the importance of beefing up fiscal support, as “monetary easing would be less effective without proactive fiscal policy”.

    It is likely that the government will increase bond issuance to accelerate government spending, Ding said, adding that investor sentiment could improve if policymakers decide to broaden the use of bond proceeds, especially to reduce home inventory.

    Ding said that Standard Chartered Bank analysts retain the base case forecast that the renminbi will stay within the range of between 7 and 7.1 against the dollar by the end of the year.

    MIL OSI China News –