Category: Economy

  • MIL-OSI Russia: Mosvolonter has released a manual on developing social projects

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Resource center “Mosvolonter” has released a methodological guide on how to develop your own socially useful project. The material “Social design in volunteer activities” is available inelectronic library of the center. You can order it in printed form in the partner services section “Development of competencies”.

    The practical guide will be useful for volunteers who want to become authors of a social project, and for volunteer organizers who implement initiatives on a regular basis.

    “We are opening a new opportunity for volunteers – to become a co-author of social changes in the city. Our community is replenished every day with talented and creative volunteers who come with creative ideas for social projects. Methodological assistance and development of competencies will make their work systematic, competently use resources and knowledge to develop the quality of life of people and their team,” said Alexander Levit, director of the Mosvolonter resource center.

    Leaders and employees of volunteer associations, students and concerned citizens interested in the topic of social design received the first copies of the methodological manual. This year it will be used in 50 capital schools.

    The capital’s youngest volunteers: the program for developing volunteerism in schools has been updated

    From basic concepts to receiving a grant

    The manual includes three chapters, where theoretical information is supplemented by real social projects. You can get acquainted with the material sequentially or study only those blocks that are most relevant to your own project. At the end of each paragraph, important theses from the text, several open questions for reflection and a practical task are presented.

    The authors of the manual recommend starting with testing. Each of the 11 questions corresponds to the paragraphs of the manual. Incorrect answers will indicate sections that require more detailed study.

    Readers will learn that a social project is distinguished by a comprehensive approach to solving a socially significant problem; its implementation is not limited to holding one thematic event.

    Volunteers will study the main approaches to project management in the second chapter. The manual explains how to define the target audience — people who want to get the most out of the project. Another important stage is finding answers to socially significant questions, starting not from the project idea, but from people and their needs. In addition, volunteers will learn to build the logic of social design — the relationship between the goal, objectives, action plan, and project results.

    The authors dwell in detail on the topic of resources and the principles of competent budgeting, and talk about co-financing—the team’s own contribution to the implementation of the project.

    The manual also covers how to work with partners and develop fundraising, how to promote activities on social networks and how to build work with the media.

    Readers will be taught how to correctly fill out a grant application, and will be explained where to get financial support. Attracting grant funds helps to implement initiatives and open new areas, expanding the infrastructure for holding events.

    Training and skill development

    In-person training programs, books and teaching aids, as well as online courses in volunteer areas are in demand among city assistants. Over the past three years, Mosvolonter has doubled its range of educational products: in 2021, there were 20 of them, and today there are already more than 45.

    During this time, a thousand novice volunteers were trainedcourse “Get Connected!”. Another 400 team leaders and managers developed management skills inthe “Manage” program. Approximately 300 Muscovites have been trained as trainers of educational areas attraining “Teach”.

    On online platform resource center, you can learn about the basics of volunteer activities, take a general briefing remotely, and listen to lectures from experts on social design. Participants get acquainted with the possibilities of six areas of volunteering, as well as with the sights of the capital, where Moscow volunteers have helped over the past 10 years.

    At the end of November, Mosvolonter will open access to new online courses in sports and patriotic areas, as well as volunteering in the areas of health protection and public safety. In addition, distance courses will appear on the online platform: “Get Connected” for beginners and “Five Keys” for organizers. Online courses will be posted separately as part of the championship for the development of volunteer competencies.

    You can find out more about volunteer training programs on the website, on the page of the resource center “Mosvolonter” insocial network “VKontakte” and in telegram channel.

    Organizing volunteer activities and involving young people in city events correspond to the objectives of the national project “Education” and the federal project “Social Activity”. More information about the national projects implemented in the capital can be found on this page.

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

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

    http://vvv.mos.ru/nevs/item/144467073/

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

    MIL OSI Russia News

  • MIL-OSI China: Potential US port strike could cripple global supply chain

    Source: China State Council Information Office

    Containers are seen in the process of logistics operations at Maher Terminal owned by the Port Authority of New York and New Jersey in Bayonne, New Jersey, the United States, on Oct. 19, 2021. [Photo/Xinhua]

    The International Longshoremen’s Association (ILA), a North American labor union, recently threatened to go on strike if a new agreement cannot be reached before the existing contract expires on Sept. 30.

    Experts worry that a potential large-scale port strike could have a devastating impact on the U.S. economy and cripple the global supply chain.

    According to media reports, the ILA is advocating for significant wage increases in the new six-year agreement, arguing that inflation has completely eaten into any raises and wages over the past six years.

    The ILA also demands a total ban on the automation of cranes, gates, and container movements used to load freight at over 30 U.S. ports.

    As the deadline approaches, there is increasing concern that a large-scale port strike in the United States could become a reality. This could potentially be the first major strike to occur along the East Coast and Gulf of Mexico ports since 1977.

    About three-fifths of container shipments to the United States are transported through the East and Gulf Coasts, and according to logistics experts, it is not feasible for the West Coast ports to handle the entirety or a significant majority of these shipments if they were redirected.

    “Even a two-week strike could disrupt supply chains until 2025,” Grace Zwemmer, associate U.S. economist with Oxford, warned in a new report.

    According to transportation analysts at JPMorgan, a strike could cause a daily economic loss of 5 billion U.S. dollars, equivalent to approximately 6 percent of the country’s daily gross domestic product.

    Even if shippers turn to West Coast ports, congestion may occur, leading to cargo delays and significant increases in shipping costs.

    In response to the situation, some international shipping companies are preparing for a shutdown of all ports along the East Coast.

    Market expectations of a breakdown in labor negotiations causing another disruption in the supply chain have led to an increase in stock prices for shipping giant Maersk Group, which has risen nearly 20 percent in the past two weeks as of Tuesday.

    Mike DeAngelis, the senior director of international solutions for freight visibility platform FourKites, believes the potential port strike will only exacerbate the current difficulties.

    “We’re facing a perfect storm — with the Red Sea disruptions preventing normal access to the Suez Canal, and the Panama Canal’s still-reduced capacity, an ILA strike would effectively choke off major arteries of global trade,” DeAngelis said.

    MIL OSI China News

  • MIL-OSI China: China issues guidelines to promote employment

    Source: China State Council Information Office 2

    Students attend a job fair at Tsinghua University in Beijing, capital of China, March 15, 2024. [Photo/Xinhua]
    The Communist Party of China Central Committee and the State Council have unveiled a set of guidelines to promote high-quality and sufficient employment by implementing the employment-first strategy.
    According to the guidelines, efforts should be made to create more high-quality jobs, including transforming and upgrading traditional industries, fostering and strengthening emerging industries, developing future industries and accelerating the development of advanced manufacturing clusters.
    Measures should be taken to expand new employment spaces in the digital economy, create more new jobs related to green industries and cultivate new growth points of employment by developing the silver economy, the guidelines state.
    They urge efforts to tackle structural unemployment, such as improving the system of lifelong vocational training.
    They call for refining the targeted and effective public services system for employment and the system of providing employment support for key groups, as well as optimizing the system for supporting self-employment and flexible employment.
    The guidelines also stress the promotion of reasonable increases in people’s remuneration for labor and expanding the coverage of social insurance.

    MIL OSI China News

  • MIL-OSI USA: Rosen-Backed Bill to Reauthorize the Lake Tahoe Restoration Act Passes Congress, Heads to President’s Desk

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    The Authorization Of The Lake Tahoe Restoration Act Was Set To Expire On October 1, 2024
    WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) announced that legislation she helped pass in the Senate to extend the authorization of the Lake Tahoe Restoration Act for 10 years has passed the U.S. House of Representatives. The legislation is led by Senator Catherine Cortez Masto (D-NV) and also cosponsored by Senators Laphonza Butler (D-CA) and Alex Padilla (D-CA) in the Senate. The Senate passed this bill in July, and it now goes to the President’s desk to be signed into law.
    “For the last two decades, lawmakers from both parties have come together and worked in a bipartisan way to protect Lake Tahoe and the surrounding communities,” said Senator Rosen. “I’m proud to continue this legacy by working with Republicans and Democrats in Congress to pass the Lake Tahoe Restoration Reauthorization Act and reauthorize this much-needed funding to help preserve one of Nevada’s most unique natural wonders for generations to come.”
    “I was thrilled to pass the reauthorization of the Lake Tahoe Restoration Act through the Senate this summer, and today’s vote means this critical legislation is officially on its way to becoming law,” said Senator Cortez Masto. “I’m proud of our bipartisan work to deliver funding for vital programs that keep the lake clean, support local jobs, and support our tourism economy. It is an honor to help lead Team Tahoe and fight for the resources the basin needs to thrive.” 
    “The Lake Tahoe Region is grateful to Congress for their leadership in passing this critical piece of legislation to continue the collaborative work to protect and restore Lake Tahoe,” said Tahoe Regional Planning Agency Executive Director Julie Regan. “Extending the federal investment in the EIP will leverage millions of dollars in state and local funding to implement the top priority projects for the lake and our communities.”
    The Lake Tahoe Restoration Act is bicameral, and is cosponsored in the U.S. House of Representatives by Representatives Mark Amodei (R-Nev.-02), John Garamendi (D-Calif.-03), Dina Titus (D-Nev.- 01), Susie Lee (D-Nev.-03), Steven Horsford (D-Nev.-04), John Duarte (R-Calif.-13), and Kevin Kiley (R-Calif.-06). It will allow critical funding to support environmental protection and habitat restoration programs across the basin for the next ten years. This law has delivered millions in federal dollars to Lake Tahoe since the original law passed in 2000.
    Senator Rosen has consistently worked across the aisle to protect Lake Tahoe and ensure it has the federal resources it needs to thrive. She also delivered critical funding to protect Lake Tahoe in the Bipartisan Infrastructure Law and recently helped secure $24 million to extend the popular East Shore Trail around Lake Tahoe.

    MIL OSI USA News

  • MIL-OSI Economics: Money Market Operations as on September 25, 2024

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 558,492.52 6.55 5.10-6.85
         I. Call Money 10,906.90 6.68 5.10-6.80
         II. Triparty Repo 383,880.85 6.49 6.24-6.65
         III. Market Repo 162,306.77 6.67 5.50-6.85
         IV. Repo in Corporate Bond 1,398.00 6.80 6.80-6.85
    B. Term Segment      
         I. Notice Money** 176.75 6.54 6.00-7.00
         II. Term Money@@ 526.00 6.95-7.50
         III. Triparty Repo 5,217.85 6.59 6.50-6.75
         IV. Market Repo 473.26 6.66 6.66-6.66
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 25/09/2024 1 Thu, 26/09/2024 5,549.00 6.75
    4. SDFΔ# Wed, 25/09/2024 1 Thu, 26/09/2024 83,582.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -78,033.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 20/09/2024 14 Fri, 04/10/2024 25,002.00 6.52
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Tue, 24/09/2024 2 Thu, 26/09/2024 50,003.00 6.62
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00
    Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 4.00
    Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,495.66  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     87,990.66  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     9,957.66  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on September 25, 2024 1,004,354.64  
         (ii) Average daily cash reserve requirement for the fortnight ending October 04, 2024 1,005,433.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ September 25, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 06, 2024 427,689.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad            
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1159

    MIL OSI Economics

  • MIL-OSI: WEBTOON SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against WEBTOON Entertainment Inc. – WBTN

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Sept. 25, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until November 4, 2024 to file lead plaintiff applications in a securities class action lawsuit against WEBTOON Entertainment Inc. (“Webtoon” or the “Company”) (NasdaqGS: WBTN), if they purchased the Company’s shares pursuant and/or traceable to the Company’s registration statement issued in connection with its June 2024 initial public offering (“IPO”). This action is pending in the United States District Court for the Central District of California.

    Get Help

    Webtoon investors should visit us at https://claimsfiler.com/cases/nasdaq-wbtn/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    Webtoon and certain of its executives and others are charged with failing to disclose material information in its IPO Registration Statement and Prospectus (collectively, the “Offering Documents”), violating federal securities laws.

    On August 8, 2024, the Company announced its financial results for 2Q 2024, disclosing total revenue growth of only 0.1% and that advertising revenue had declined 3.6%, that IP adaptations revenue had declined 3.7%, and that its quarterly net loss was $76.6 million. Further, the Company also disclosed a quarterly net loss of $76.6 million, and that its revenue and revenue growth had been “offset by the Company’s significant exposure to weaker foreign currencies.”

    On this news, shares of Webtoon fell by more than 38%, and by the commencement of the lawsuit, the Company’s stock has traded as low as $12.45 per share, a more than 40% decline from the $21.00 per share IPO price.

    The case is Brookman v. WEBTOON Entertainment Inc., et al., No. 24-cv-07553.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit http://www.claimsfiler.com.

    The MIL Network

  • MIL-OSI: METHODE ELECTRONICS SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Methode Electronics, Inc. – MEI

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Sept. 25, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 25, 2024 to file lead plaintiff applications in a securities class action lawsuit against Methode Electronics, Inc. (NYSE: MEI), if they purchased the Company’s shares between June 23, 2022 and March 6, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of Illinois.

    Get Help

    Methode Electronics investors should visit us at https://claimsfiler.com/cases/nyse-mei/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    Methode and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On March 7, 2024, the Company announced its financial results for 3Q2024, disclosing that its Automotive Segment generated only $139.7 million in net sales for the quarter and suffered an $11 million loss from operations, and that it was withdrawing its prior guidance due in substantial part to the “operational challenges” at its Monterrey facility and that its prior statements regarding the guidance should no longer be relied upon. On this news, the price of Methode’s shares fell 31%, from $21.04 per share when the market closed on March 6, 2024 to $14.49 per share when the market closed on March 7, 2024, on abnormally high volume.

    The case is Salem v. Methode Electronics, Inc., No. 24-cv-07696.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit http://www.claimsfiler.com.

    The MIL Network

  • MIL-OSI: SUPER MICRO COMPUTER SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuits Against Super Micro Computer, Inc. – SMCI

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Sept. 25, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 29, 2024 to file lead plaintiff applications in securities class action lawsuits against Super Micro Computer, Inc. (“SMCI” or the “Company”) (NasdaqGS: SMCI), if they purchased the Company’s securities between February 2, 2021 and August 28, 2024, inclusive (the “Class Period”). These actions are pending in the United States District Court for the Northern District of California.

    Get Help

    SMCI investors should visit us at https://claimsfiler.com/cases/nasdaq-smci-3/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuits

    SMCI and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On August 27, 2024, Hindenburg Research released a report entitled “Super Micro: Fresh Evidence of Accounting Manipulation, Sibling Self-Dealing and Sanctions Evasion at this AI High Flyer” that detailed its “3-month investigation” which uncovered “glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and expert control failures, and customer issues,” and that the Company continued to engage in channel-stuffing despite being charged by the SEC for doing so. On this news, the price of SMCI’s shares fell from a closing price of $562.51 per share on August 26, 2024 to $443.49 per share on August 28, 2024.

    The first-filed case is Averza v. Super Micro Computer, Inc., 24-cv-06147. Two subsequent cases were filed, Menditto v. Super Micro Computer, Inc., 24-cv-06149 and Spatz v. Super Micro Computer, Inc., 24-cv-06193.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit http://www.claimsfiler.com.

    The MIL Network

  • MIL-OSI: ORTHOFIX MEDICAL SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Orthofix Medical, Inc. – OFIX

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Sept. 25, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 21, 2024 to file lead plaintiff applications in a securities class action lawsuit against Orthofix Medical, Inc. (NasdaqGS: OFIX), if they purchased the Company’s shares between October 11, 2022, and September 12, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of Texas.

    Get Help

    Orthofix investors should visit us at https://claimsfiler.com/cases/nasdaq-ofix-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    Orthofix and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On September 12, 2023, the Company announced the appointment of an interim CEO, interim CFO, and interim CLO, effective immediately, following the “unanimous decision by the Board’s independent directors to terminate for cause [President and CEO] Keith Valentine, [CFO] John Bostjancic and [CLO] Patrick Keran from those respective roles” due to an independent investigation that revealed that “each of these executives engaged in repeated inappropriate and offensive conduct that violated multiple code of conduct requirements and was inconsistent with the Company’s values and culture.”

    On this news, the price of Orthofix’s shares fell $5.62 per share, or over 30%, to close at $13.01 per share on September 13, 2023, on unusually heavy volume.

    The case is Bernal v. Orthofix Medical, Inc., et al., No. 2:24-cv-00690.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit http://www.claimsfiler.com.

    The MIL Network

  • MIL-OSI: STELLANTIS SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Stellantis N.V. – STLA

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Sept. 25, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 15, 2024 to file lead plaintiff applications in a securities class action lawsuit against Stellantis N.V. (NYSE: STLA), if they purchased the Company’s securities between February 15, 2024 to July 24, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

    Get Help

    Stellantis investors should visit us at https://claimsfiler.com/cases/nyse-stla/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    Stellantis and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On July 25, 2024, the Company announced its first half 2024 financial results, disclosing disappointing news, including “[n]et revenues of €85.0 billion, down 14% compared to H1 2023, primarily due to the decline in volume and mix; net profit of €5.6 billion, down 48% compared to H1 2023, primarily due to lower volume and mix, headwinds from foreign exchange and restructuring costs; adjusted operating income of €8.5 billion, down €5.7 billion compared to H1 2023, primarily due to decreases in North America.”

    On this news, the price of Stellantis’ shares fell from a closing price of $19.60 per share on July 24, 2024 to $17.66 per share on July 26, 2024.

    The case is Long v. Stellantis N.V., et al., No. 24-cv-06196.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit http://www.claimsfiler.com.

    The MIL Network

  • MIL-OSI: LULULEMON SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Lululemon Athletica Inc. – LULU

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Sept. 25, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 7, 2024 to file lead plaintiff applications in a securities class action lawsuit against Lululemon Athletica Inc. (the “Company”) (NasdaqGS: LULU), if they purchased the Company’s securities between December 7, 2023 and July 24, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

    Get Help

    Lululemon investors should visit us at https://claimsfiler.com/cases/nasdaq-lulu-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    Lululemon and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    The alleged false and misleading statements and omissions include, but are not limited to, that: (1) the Company was struggling with inventory allocation and color palette execution issues; (2) as a result, the Company’s Breezethrough product launch underperformed and the Company was experiencing stagnating sales in the Americas region; and (3) as a result of the foregoing, the Company’s positive statements about the its business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

    The case is Patel v. Lululemon Athletica Inc., et al., No. 24-cv-06033.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit http://www.claimsfiler.com.

    The MIL Network

  • MIL-OSI: SPRINKLR SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Sprinklr, Inc. – CXM

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Sept. 25, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 15, 2024 to file lead plaintiff applications in a securities class action lawsuit against Sprinklr, Inc. (NYSE: CXM), if they purchased the Company’s securities between March 29, 2023 and June 5, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

    Get Help

    Sprinklr investors should visit us at https://claimsfiler.com/cases/nyse-cxm/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    Sprinklr and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On June 5, 2024, the Company disclosed disappointing financial news including significantly reduced growth expectations, cutting fiscal year 2025 projections an additional three percent, down to 7% annual growth, due to reduced customer retention in the Company’s core business and macro headwinds.

    On this news, the price of Sprinklr’s shares fell from a closing price of $10.84 per share on June 5, 2024 to $9.20 per share on June 6, 2024, a decline of more than 15% in the span of one day.

    The case is Boshart v. Sprinklr, Inc., No. 24-cv-06132.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit http://www.claimsfiler.com.

    The MIL Network

  • MIL-OSI: DXC TECHNOLOGY SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against DXC Technology Company – DXC

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Sept. 25, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 1, 2024 to file lead plaintiff applications in a securities class action lawsuit against DXC Technology Company (NYSE: DXC), if they purchased the Company’s shares between May 26, 2021, and May 16, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of Virginia.

    Get Help

    DXC investors should visit us at https://claimsfiler.com/cases/nyse-dxc/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    DXC and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On May 16, 2024, the Company announced its results for the fourth quarter and full year for 2024, disclosing that “the previous restructurings did not set a real, clean, solid, fully integrated baseline for profitable growth” and that the Company was undertaking a “real reset” from the “bottom up” requiring an additional $250 million on increased restructuring expenses.

    On this news, the price of DXC shares fell $3.36 per share, or nearly 17%, from a closing price of $19.88 per share on May 16, 2024, to a closing price of $16.52 per share on May 17, 2024.

    The case is Roofers’ Pension Fund v. DXC Technology Company, No. 24-cv-1351.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit http://www.claimsfiler.com.

    The MIL Network

  • MIL-OSI: ARBOR REALTY SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Arbor Realty Trust, Inc. – ABR

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Sept. 25, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until September 30, 2024 to file lead plaintiff applications in a securities class action lawsuit against Arbor Realty Trust, Inc. (“ABR” or the “Company”) (NYSE: ABR), if they purchased the Company’s securities between May 7, 2021 and July 11, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of New York.

    Get Help

    Arbor Realty investors should visit us at https://claimsfiler.com/cases/nyse-abr/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    Arbor Realty and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On March 14, 2023, NINGI Research reported that “ABR has been hiding a toxic real estate portfolio of mobile homes with a complex web of real and fake holdings companies for more than a decade.” On this news, the price of ABR shares fell from $12.99 per share on March 13, 2023, to $12.12 per share on March 14, 2023, and then $11.53 per share on March 15, 2023. Then, on July 12, 2024, Bloomberg reported that the Company was the subject of a probe by federal prosecutors and the Federal Bureau of Investigation in New York that were “inquiring about lending practices and the company’s claims about the performance of their loan book.” On this news, the price of ABR shares fell from $15.53 per share on July 11, 2024, to $12.89 per share on July 12, 2024.

    The case is Martin v. Arbor Realty Trust, Inc., No. 24-cv-05347.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit http://www.claimsfiler.com.

    The MIL Network

  • MIL-OSI: EXTREME NETWORKS SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Extreme Networks, Inc. – EXTR

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Sept. 25, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 15, 2024 to file lead plaintiff applications in a securities class action lawsuit against Extreme Networks, Inc. (NasdaqGS: EXTR), if they purchased the Company’s shares between July 27, 2022 and January 30, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.

    Get Help

    Extreme Networks investors should visit us at https://claimsfiler.com/cases/nasdaq-extr-2/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    Extreme Networks and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On January 31, 2024, the Company disclosed disappointing financial results and operational trends for 2Q24 including, among other things, that its revenues for the quarter were $296.4 million, down 7% year-over-year, and that it had generated just $186.6 million in product revenue, a decline of 37% year-over-year.

    On this news, the price of Extreme Networks’ shares fell from $16.64 per share when the market closed on January 30, 2024 to $12.59 per share on February 2, 2024, a 24% decline over three trading days on unusually heavy volume

    The case is Steamfitters Local 449 Pension & Retirement Security Funds v. Extreme Networks, Inc., No. 24-cv-05102.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit http://www.claimsfiler.com.

    The MIL Network

  • MIL-OSI: CROWDSTRIKE SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against CrowdStrike Holdings, Inc. – CRWD

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Sept. 25, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until September 30, 2024 to file lead plaintiff applications in a securities class action lawsuit against CrowdStrike Holdings, Inc. (the “Company”) (NasdaqGS: CRWD), if they purchased the Company’s Class A shares between November 29, 2023 and July 29, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Western District of Texas.

    Get Help

    CrowdStrike investors should visit us at https://claimsfiler.com/cases/nasdaq-crwd/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    CrowdStrike and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On July 19, 2024, an update pushed by the Company caused global outages for millions of users of Microsoft Windows devices, including financial institutions, airlines, government entities, and corporations, and left users vulnerable to potential hacking threats. On this news, the price of CrowdStrike shares fell $38.09 or 11% to close at $304.96 on July 19, 2024. Then, on July 22, 2024, it was revealed that Congress had called on CEO George Kurtz to testify regarding the catastrophe, and the Company’s stock rating was downgraded by analysts. On this news, the price of CrowdStrike shares fell $41.05 or 13.5% to close at $263.91 on July 22, 2024. Then, on July 29, 2024, news outlets reported that Delta Air Lines had retained noted attorney David Boies to seek damages from the Company following the outages. On this news, the price of CrowdStrike shares fell $25.16 or 10% to close at $233.65 on July 30, 2024.

    The case is Plymouth County Retirement Association v. CrowdStrike Holdings, Inc., et al., 24-cv-00857.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit http://www.claimsfiler.com.

    The MIL Network

  • MIL-OSI New Zealand: Next steps on the New Dunedin Hospital

    Source: New Zealand Government

    The Government is seeking advice on two options for delivering the New Dunedin Hospital project within its existing funding appropriation to ensure the people of Dunedin get the modern, fit-for-purpose medical facilities they need.

    At the same time, Ministers have warned that much-needed upgrades to other regional hospitals could be at risk if budget blow-outs at New Dunedin Hospital aren’t addressed, Infrastructure Minister Chris Bishop and Health Minister Dr Shane Reti said today.

    “The project had approved funding of $1.59 billion under the previous government. In March this year, Cabinet agreed to authorise a further $290 million in capital funding due to cost pressures. The current appropriation is therefore $1.88 billion,” Mr Bishop says.

    “We now know that the New Dunedin Hospital, as currently designed, can’t be delivered within that appropriation. In fact, despite the project’s original 2017 cost estimates of $1.2 – $1.4 billion, it’s now possible it could approach $3 billion, which would make it one of the most expensive hospitals ever built in the southern hemisphere. 

    “This cost simply cannot be justified when hospitals around New Zealand are crying out for maintenance, upgrades and new facilities. Dr Reti and I are concerned that badly needed infrastructure upgrades to Whangarei, Nelson, Hawke’s Bay, Palmerston North and Tauranga hospitals may be put at risk if New Dunedin continues to go so far over budget. 

    “Because of our concerns regarding the project, earlier this year Cabinet commissioned a one-off independent review into the project which was undertaken by independent expert Robert Rust, former chief executive of Health Infrastructure New South Wales.

    “Today we are releasing Mr Rust’s report and its findings to the public. The people of Dunedin deserve transparency about this problematic and poorly-managed project – and so do all the taxpayers who are funding it.”

    The Rust Review found that ‘the delivery of the NDH project as currently scoped and planned is probably not achievable within the approved budget and that there remains significant uncertainty as to the cost of the Inpatients Building.

    Dr Reti says the uncertainty is due to several factors that not only impact its financial achievability but also go to the heart of whether the new hospital can deliver the health outcomes promised. 

    “The Rust Review makes it clear that, even now, the specifics and scope of the project are still being debated,” Dr Reti says.

    “To make matters worse, insufficient money had been set aside for other associated costs such as a pathology lab, refurbishment of the existing facilities and car parking which are collectively estimated at an additional $400 million. No business cases have been prepared for any of these additional elements of the project. 

    “Compounding our concerns is the fact that recent project pricing came in several hundred million dollars over the hospital’s appropriation, even without including the pathology lab, refurb of existing facilities or car parking.

    “Health NZ and Infrastructure Commission advice has made it clear that this project was troubled from the moment the site was selected in 2018 and has been trapped by this poor decision making ever since.

    “The extraordinary cost premiums associated with the land purchase and demolition costs, contaminated ground, piling difficulty, flood level risk, and an extremely constrained construction site flanked on three sides by state highways made it an unattractive project for contractors and suppliers, further driving up construction costs. Since the 2017 Business Case, the cost per square metre to build the hospital has increased by 200% from $10,000 per sqm to $30,000 per sqm.”

    Ministers have instructed Health NZ that the project is to be delivered within its current appropriated budget of $1.88 billion, and to provide urgent advice on two options for delivering it:

    1. Revision of the project’s specification and scope within the existing structural envelope, such as reducing the number of floors, delaying the fit-out of some areas until they’re needed, and/or identifying further services that can be retained on the existing hospital site or in other Health NZ buildings within Dunedin among other possible solutions.
    2. A staged development on the old hospital site including a new clinical services building and refurbishing the existing ward tower.

    Officials will deliver this advice in the coming weeks.

    “We’re incredibly frustrated by the challenges in delivering these much-needed, modern, fit-for-purpose hospital facilities, just as the people of Dunedin and its surrounding regions are. We remain committed to finding a solution, but we must now take urgent steps to apply the long overdue rigour which all taxpayers would rightly expect,” Mr Bishop says.

    MIL OSI New Zealand News

  • MIL-OSI China: 3rd global digital trade expo highlights AI innovations, low-altitude economy

    Source: People’s Republic of China – State Council News

    The exhibition area of humanoid robots is pictured at the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. The third Global Digital Trade Expo opened in Hangzhou on Wednesday, showcasing the latest technological innovations and business development of the digital economy sector. [Photo/Xinhua]

    HANGZHOU, Sept. 25 — The third Global Digital Trade Expo opened in Hangzhou, capital of east China’s Zhejiang Province, on Wednesday, showcasing the latest technological innovations and business development of the digital economy sector.

    Themed “Digital Trade, Global Access,” this year’s edition has attracted more than 1,500 enterprises from home and abroad, among which over 300 are international companies. Over 30,000 purchasers have signed up for the event, with more than 6,000 of them from foreign countries and regions.

    A total of 446 new products and technologies are scheduled to be showcased at the five-day expo. Notably, this year’s expo has set up special exhibition areas for robots equipped with artificial intelligence (AI) innovations and the smart traffic solutions of the low-altitude economy.

    The size of China’s low-altitude economy is estimated to have exceeded 500 billion yuan (about 70.1 billion U.S. dollars) in 2023, with its scale expected to rise to 2 trillion yuan by 2030, according to the Civil Aviation Administration of China (CAAC).

    Co-hosted by the Zhejiang provincial government and China’s Ministry of Commerce, the event is currently China’s only digital trade themed expo at the national level. China’s digital industry has seen robust growth in recent years, reporting a total revenue of 32.5 trillion yuan in 2023.

    This photo taken on Sept. 25, 2024 shows the launching ceremony of the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province. [Photo/Xinhua]
    Sales staff promote African products via livestreaming during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    This photo taken on Sept. 25, 2024 shows the China Pavilion at the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province. [Photo/Xinhua]
    A visitor poses for photos at the booth of “Black Myth: Wukong” during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    Staff members promote products via livestreaming at the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the Smart City Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People use VR devices to enjoy virtual concerts during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the Kazakhstan Pavilion at the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the Thailand Pavilion at the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    Visitors try the games at the booth of “Black Myth: Wukong” during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    This photo taken on Sept. 25, 2024 shows the main entrance to the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province. [Photo/Xinhua]
    A visitor learns about a driverless aircraft at the Smart Mobility Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    Staff members promote products at the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    This photo taken on Sept. 25, 2024 shows a view outside the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province. [Photo/Xinhua]
    A foreign merchant consults about a small intelligent translation device at the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    Staff members showcase a smart office desk at the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]

    MIL OSI China News

  • MIL-OSI USA: Senator Murray Issues Statement on FAFSA Update: Urges Careful Implementation and Accessibility for All Students

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Chair of the Senate Appropriations Committee, issued the following statement on the Department of Education’s update on the Free Application for Federal Student Aid (FAFSA).

    “I wrote the FAFSA Simplification Act to make it easier for students to get the financial aid they deserve—it should be uncomplicated for students and parents to navigate this form and figure out what kind of federal aid they’re eligible for. And I want to be clear: I wrote this law to make the FAFSA accessible for everyone, including students who are unhoused, low-income, or first-generation—it’s important to me that I continue to see serious progress on this front. I will be closely following the Department’s implementation of these newly announced improvements to make sure a truly simplified FAFSA is the end result.”

    In May and February, Murray led Congressional oversight efforts of the newly simplified FAFSA form’s implementation and she has continued to stay in close contact with the Department of Education since then. The Senate Fiscal Year 2025 spending bill, authored and negotiated by Murray, which funds the Department of Education includes an additional $100 million for the administration of student aid programs—the funding will support a wide range of activities including implementation of the FAFSA. The bill also directs the Department of Education to undertake various activities related to the FAFSA, including conducting outreach to students who have uncompleted FAFSA applications, providing weekly updates to Congress on FAFSA implementation, and correcting errors that have made it difficult for unaccompanied homeless youth to access the FAFSA application. Murray’s funding bill passed out of the Senate Appropriations Committee 25-3.

    As the top Democrat on the Senate Committee on Health, Education, Labor, and Pensions (HELP), in 2020, Senator Murray successfully negotiated—and got signed into law—bipartisan legislation to reform the financial aid application process, simplify the FAFSA form for students and parents, and significantly expand eligibility for federal aid. Now, the changes are taking effect—making the financial aid application process easier to navigate for families and getting more federal support to more students.

    The bipartisan FAFSA Simplification Act that Senator Murray negotiated was signed into law in December 2020. In particular, Senator Murray secured policies that, among other things:

    • Restore Pell Grant eligibility for incarcerated individuals, students who have been defrauded, and students with drug-related offenses;
    • Significantly expand who is eligible to receive Pell Grants and the maximum award; simplify the Free Application for Federal Student Aid (FAFSA);
    • Make the financial aid process easier to navigate for students experiencing homelessness and students formerly in foster care.

    More about the changes Senator Murray secured HERE.

    MIL OSI USA News

  • MIL-OSI Canada: Competition Bureau seeks feedback on the new guidance for market studies

    Source: Government of Canada News

    Competition Bureau seeks feedback on the new guidance for market studies October 23, 2024 – GATINEAU (Québec), Competition Bureau

    October 23, 2024 – GATINEAU (Québec), Competition Bureau

    The Competition Bureau is seeking Canadians’ feedback on a new version of its Market Studies Information Bulletin, which has been updated following recent changes to the Competition Act. Market studies allow the Bureau to conduct in-depth examinations of a market or industry to identify competition issues and propose solutions. They aim to help understand and enhance competition in important sectors of the Canadian economy.

    The December 2023 amendments to the Competition Act established a new framework for undertaking market studies with information-gathering powers. This new information bulletin provides general guidance and information on how the Bureau conducts its market studies following these amendments. 

    It will answer five broad questions:

    • What steps do we take before launching a market study?
    • How do we launch market studies and decide how long they will take?
    • How do we obtain and use information, including confidential information?
    • What are the outcomes of a market study?
    • How do we follow up and monitor the impact of our market study?

    Interested parties are invited to submit their views by no later than December 23, 2024. Submissions can be made by e-mail at MS-consultation-EM-cb-bc@cb-bc.gc.ca or by completing the Guidance Consultation Form.

    Written comments that are not flagged as confidential may be published on the Bureau’s website. Feedback may also be incorporated into the final version.

    The Bureau expects to publish a final version of the Market Studies Information Bulletin in March 2025.

    The Competition Bureau is an independent law enforcement agency that protects and promotes competition for the benefit of Canadian consumers and businesses. Competition drives lower prices and innovation while fueling economic growth.

    MIL OSI Canada News

  • MIL-OSI Asia-Pac: Fraudulent websites, internet banking login screens and phishing emails related to Dah Sing Bank, Limited

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

         The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Dah Sing Bank, Limited relating to fraudulent websites, internet banking login screens and phishing emails, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.

         The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

         Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the websites, login screens or emails concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Pressley Statement on Steward Hearing and Ralph De La Torre

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    WASHINGTON – Congresswoman Ayanna Pressley (MA-07) issued the following statement on Steward Healthcare CEO Ralph De La Torre’s refusal to comply with a subpoena to appear before Congress today. Congresswoman Pressley represents many patients and workers served by Carney Hospital in Dorchester as well as St Elizabeth’s Hospital in Brighton.

    “We cannot allow companies like Steward Health Care and their CEO Ralph De La Torre to get away with ravaging our healthcare system and leaving our hospitals, patients, and workers behind. But De La Torre’s refusal to come before the Senate today is the latest in a series of cowardly attempts to avoid responsibility, and he must be held in contempt of Congress.

    “I’m grateful to the Senate HELP Committee, Chairman Sanders, and Senator Markey for holding this critical hearing, and for the Massachusetts nurses who came forward to expose the shameful impact of Steward’s greed. We won’t stop fighting to hold Steward and De La Torre fully accountable for the public health crisis they created.”

    In Congress, Rep. Pressley has repeatedly demanded accountability and transparency from Steward executives, and she has been worked with her colleagues at the federal and local levels to ensure care remains accessible and Steward’s other facilities remain open.

    • In July 2024, Rep. Pressley and Rep. Lynch rallied with colleagues, patients, and providers to speak out against Steward’s abrupt closure of Carney Hospital in Dorchester.
    • In July 2024, Rep. Pressley issued a statement on the announcement by Steward Health Care of the closure of hospitals in Massachusetts, including Carney Hospital in Dorchester.
    • In May 2024, Rep. Pressley issued a statement condemning Steward’s filing for Chapter 11 bankruptcy and failure to protect patients and workers.
    • In February 2024, Rep. Pressley joined members of the Massachusetts congressional delegation in seeking answers from Cerebrus on the private equity firm’s role in creating the current financial challenges at Steward hospitals, which threaten access to medical care for thousands of people in eastern Massachusetts.
    • In January 2024, following a Boston Globe report indicating that Steward Health Care System is in dire financial condition, Rep. Pressley, Sen. Warren, and the Massachusetts congressional delegation pressed Steward to brief them on Steward’s financial position, the status of their Massachusetts facilities, and their plans to ensure the communities they serve are not abandoned. 

    ###

    MIL OSI USA News

  • MIL-OSI New Zealand: Action on NPSFM needed urgently

    Source: ACT Party

    “Farmers are under serious pressure from Labour’s National Policy Statement on Freshwater Management 2020 and action is urgently required to provide them with relief,” says Ruawai dairy farmer and ACT Rural Communities spokesperson Mark Cameron.

    “The coalition government was elected with a mandate to end this unnecessary burden. We’ve made excellent progress, but a significant remnant of Labour’s damaging policies still lingers: the National Policy Statement on Freshwater Management 2020.

    “Farmers have raised concerns with me about the proposed changes to the Otago Regional Council’s freshwater rules – rules which are being drafted in accordance with Labour’s NPSFM 2020.

    “ACT continues to argue that the full repeal of NPSFM 2020 is the right approach.

    “Short of achieving that, I have written to Environment Minister Penny Simmonds asking her to use section 25A of the RMA to allow the Otago Regional Council to remove any sections relating to freshwater management from their plan while allowing them to progress with other sections. This would provide consistency across councils and offer clarity for the farmers who have sought my help.

    “Over the past six years, farmers have not only had to manage the day-to-day challenges of farming but also navigate a sea of red tape and costs imposed by the last Government. This onslaught has threatened one of our most efficient and productive industries.

    “This policy introduced stringent rules, centralising control from Wellington, and elevating the vague concept of ‘Te Mana o te Wai’, the mana of the water. This principle has led to even more restrictive regulations being imposed on our farmers by regional councils.

    “Today, despite the work of the Government, regional councils continue to integrate these stringent regulations and vagaries into their regional plans. Farmers face uncertainty and fear. This over-regulation not only stifles our agricultural productivity but also risks our entire national economy at a time when we should be empowering our most productive sectors.

    “The concept of ‘Te Mana o te Wai’ is not only vague but replaces scientific benchmarks with subjective interpretations. This isn’t about environmental standards, which are necessary, it embeds a subjective idea of the mana of the water that leads to co-governance and unequal treatment based on who someone’s ancestors were. The broad and often ambiguous interpretation of this principle by councils and courts adds to the confusion, diverting from a clear, science-based approach.

    “ACT is dedicated to real change. We cannot continue with a policy that burdens our farmers unnecessarily. We campaigned on a complete overhaul of this policy to remove subjective concepts and ensure that our freshwater management is scientifically sound and adapted to the needs of local communities.

    “We are continuing to advocate for repealing the NPS-FM and allowing district councils more flexibility in how they meet environmental limits.

    “It is time for urgent reform. We must protect our farmers from the ongoing effects of what has effectively been a war on our agricultural sector.”

    MIL OSI New Zealand News

  • MIL-OSI USA: Murphy Administration Releases New Reports Highlighting the Urgent Need to Continue Improving Health Care Affordability

    Source: US State of New Jersey

    Findings show that while New Jersey benefits from high-quality care, health care costs have risen rapidly over nearly a decade

    TRENTON – The Murphy Administration today released a trio of reports assessing the quality and affordability of health care in New Jersey. These reports serve as a critical first step to understanding and addressing the health care affordability challenge impacting individuals and families both in the state and across the nation. Together, the reports show that a lack of affordable health care continues to burden New Jerseyans, and they will be instrumental in supporting the development of innovative and collaborative approaches to address high costs.

    The reports come on the heels of recently enacted legislation that protects consumers from harmful medical debt and builds upon a significant foundation of health care affordability and accessibility initiatives championed by Governor Murphy. This includes record enrollment into quality, affordable health coverage through Get Covered New Jersey, enhanced Medicaid benefits, a landmark legislative package aimed at prescription drug affordability and transparency, and increased prescription drug assistance for low-income seniors, which have brought financial relief to New Jersey residents as well as provided a strong foundation for long-term solutions that expand access to affordable health care.

    “We’ve taken critical steps toward addressing the rising cost of health care in New Jersey, but these reports underscore the urgency to continue our progress in making high-quality health care more affordable for all,” said Governor Phil Murphy. “It’s time to ramp up our work to transform our health care system so that it delivers the best care possible at a price that every New Jerseyan can afford.”

    Commissioned by the New Jersey Health Care Affordability, Responsibility and Transparency (HART) Program, a joint initiative of the Governor’s Office of Health Care Affordability and Transparency (OHCAT) and the Department of Banking and Insurance (DOBI), the reports represent an important milestone in advancing the State’s long-term strategy to mitigate the unsustainable rate of health care cost growth. Most significantly, they bring greater transparency to health care spending, providing everyone in the state with a shared understanding of how rapidly health care costs are growing and the factors contributing to high costs and cost growth.

    “We’re all feeling the financial strain of inflation and the rising costs of daily life. These reports serve as a critical landmark in our efforts to make high-quality health care more affordable and accessible for everyone in our state, and set the stage for more work to come,” said OHCAT Director Shabnam Salih. “Using this information, advocates, policymakers, and leaders in the health care industry can make evidence-based decisions about how to bring better value and cost savings to New Jersey residents and businesses.”

    The three reports released today include:

    • First Annual Cost Growth Benchmark Report: 2018-2019, which is based on comprehensive aggregate spending data submitted by health insurance carriers operating in NJ. The report finds that statewide health care spending grew 4.5 percent between 2018 and 2019, increasing from $10,061 to $10,509 per person. Health care spending growth varied by market, with the highest growth in the commercial insurance market (8.7%), followed by Medicaid (4.4%) and Medicare (0.2%). This is the first of the HART Program’s annual Cost Growth Benchmark Reports, which offer insights into the year-over-year change in total health care spending in New Jersey in the last full year before the COVID-19 public health emergency. Following the first program year, future reports will compare annual health care spending to New Jersey’s health care cost growth benchmark, a target to slow spending growth.
    • Health Care Spending Trends for New Jersey Residents with Commercial Insurance, 2016–2021, which is based on detailed claims data for approximately 25% of New Jerseyans with employer-sponsored insurance, obtained through the Health Care Cost Institute. The findings show that rising health care prices — and not increased use of services — are driving spending growth in the commercial sector. According to the report, spending per person in New Jersey is growing faster than the national average rate, a gap that has widened from 12 percent in 2016 to 15 percent in 2021.
    • The Health Care Landscape in New Jersey: Select Indicators of Quality, Access, and Affordability, which summarizes New Jersey’s performance on a select set of measures of quality, access, and affordability that are obtained through secondary sources. The report finds that health care affordability has generally worsened because of increased spending for out-of-pocket medical costs and health care premiums, while quality and access have remained consistent or improved, compared with previous years. One exception is primary care, where use has fallen. The report highlights the health inequalities among New Jerseyans, with the medical cost burden highest among people with low incomes. White residents fared the worst on the affordability measure of medical cost burden. Residents of Hispanic and Latino heritage fared the worst in terms of access, and Black residents experienced the worst health outcomes. Counties that performed better than the state average on measures of quality were more likely to be in North or Central Jersey, while counties that performed worse on those measures were more likely to be in South Jersey.

    Additionally, pursuant to Executive Order No. 217, the Department of Banking and Insurance has prepared a report regarding health insurance affordability standards that has been posted on the Department’s website.

    “The reports released today allow for greater transparency around costs and improved understanding of New Jersey’s health care landscape, which will drive strategies to limit cost growth over time,” said Department of Banking and Insurance Acting Commissioner Justin Zimmerman. “New Jersey is committed to increasing access to quality, affordable health care. While strides have been made through the establishment of Get Covered New Jersey, the state’s Official Health Insurance Marketplace, state subsidies to make plans more affordable, caps on certain prescription drugs, and the implementation of out-of-network reforms, it is clear we have more work ahead to connect residents with care they can afford.”

    By facilitating the reporting of health care costs in the state and using data to understand the causes of rising health care costs, these reports can inform whole-of-government strategies to reduce health care cost growth while sustaining or improving quality of care, reflecting the Governor’s commitment to put in place long-term solutions that will benefit generations to come.

    Across New Jersey, hospitals and health care providers, carriers, employers, consumer groups, union groups, and policy organizations have signaled their commitment to working collaboratively to make health care more affordable, signing onto a compact to meet the State’s established benchmark for health care spending growth. This benchmark acts as a statewide goal for how much health care spending should grow each year to be affordable, bringing it in line with projected increases in wages and the state economy.

    MIL OSI USA News

  • MIL-OSI USA: Laws to Increase Transparency Into Utility Rate Changes

    Source: US State of New York

    Governor Kathy Hochul today signed legislation to increase transparency and accountability in the public utility rate-setting process.

    “Today, we are taking bold steps to ensure New Yorkers have greater transparency into the utility rate changes that impact their daily lives,” Governor Hochul said. “New Yorkers deserve to know why there is an increase in rates and how the revenue will be spent. These laws represent a new chapter of a fair, open and trustworthy utility system for New Yorkers.”

    Legislation S.9188/A.9827 requires the Public Service Commission to publish certain information prior to a major rate change by a public gas or electric utility, including an explanation of why the rate change is requested and a summary of how the proposed revenue will be spent. The legislation will provide public education about the rate process with minimal additional cost, allowing for expanded transparency and accessibility.

    State Senator Leroy Comrie said, “Consumers have for far too long been left in the dark when it comes to utility rate increases, with providers offering little explanation or accountability. With the cost of energy delivery and development constantly rising, these bills will bring greater transparency, protections from unjustified rate hikes, and add a financial deterrent to would-be bad actors. I thank Governor Hochul for her steadfast leadership and continuing to work to protect New Yorkers.”

    Assemblymember Didi Barrett said, “Across the state, New Yorkers are struggling with increased utility costs, so it is especially important that we do all we can to help them understand the implications of the often complex and confusing utility rate case process. This legislation increases transparency and helps keep ratepayers informed. I thank Senator Comrie and Governor Hochul for their partnership in getting this important bill passed and signed into law.”

    Legislation S.6710/A.3746 establishes civil penalties for making false material statements to the Public Service Commission in relation to a rate proceeding. The penalty will be up to $250,000 for any utility corporation and its officers, agents or employees that knowingly make a false material statement, representation or certification to the Public Service Commission in any rate proceeding.

    State Senator James Skoufis said, “Simplifying and improving the transparency surrounding the process of major rate increases – and holding bad actors accountable – is an essential step toward increasing public understanding and ensuring utility companies are responsible to ratepayers. I am gratified to see the Governor enact S.9188 into law.”

    Assemblymember Simcha Eichenstein said, “In the past, there have been instances where customers of public utilities have been subject to rate hikes based on false or misleading information. This legislation institutes severe penalties on utility companies that knowingly and deliberately provide false testimony to the Public Service Commission to justify an unfair rate increase, at the expense of hardworking New Yorkers who are already struggling to pay their utility bills. Thank you, Governor Hochul, for recognizing the importance of this issue and helping to ensure that ratepayers will no longer suffer the consequences of false material statements.”

    MIL OSI USA News

  • MIL-OSI Economics: ICC calls for united action to end plastic pollution at NY Climate Week 

    Source: International Chamber of Commerce

    Headline: ICC calls for united action to end plastic pollution at NY Climate Week 

    In a keynote speech at a high-level roundtable hosted by ICC, Mr Varin emphasised ICC’s commitment in securing an ambitious, workable and effective agreement that rallies everyone, everywhere – including the business community – to end plastic pollution once and for all. 

    “We are confident that the spirit of collaboration and common purpose that brought the gavel down on the initial resolution in Nairobi, will prevail in advancing its mandate and delivering a historic agreement to spearhead the change the planet and humanity deserves.”

    Philippe Varin, ICC Chair.

    The event brought together leaders from the United Nations Environment Programme (UNEP), government and regional group representatives as well as senior business executives from sectors across the plastics industry to discuss what is concretely needed to get an effective agreement finalised and how businesses can support these efforts. 

    A crucial role for business 

    Mr Varin highlighted the vital role business has to play in providing the expertise and the solutions that will be needed to tackle the plastics challenge at the required scale and speed across value chains.   

    “The global business community needs an agreement that provides the enabling frameworks and policies to drive innovation and accelerate business action across all sectors and geographies, including for MSMEs. This will be indispensable for businesses to effectively deliver on the objectives of the agreement and spur impactful change,” he added. 

    The fifth session of the Intergovernmental Negotiating Committee to develop an international legally binding instrument on plastic pollution, including in the marine environment (INC-5), will take place from 25 November to 1 December 2024 in Busan, Republic of Korea. 

    “With only one negotiating session left this year to conclude an agreement, it will be critical to make the best use of the limited time left to advance towards a robust agreement that sets the foundation for a truly circular economy for plastics.”

    Raelene Martin, ICC Head of Sustainability

    Clear plans for intersessional work will be essential to build common ground on key issues and ICC is continuing to provide input to the process on behalf of over 45 million companies in more than 170 countries. 

    MIL OSI Economics

  • MIL-OSI: On the Heels of Inflation, Why Experts Expect Gold Prices Will Climb to Record Highs in 2025

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Sept. 25, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Gold prices are forecast to climb to record highs in the coming year. The price of gold has soared to new heights this year and is positioned to climb into early 2025, rising to new record highs, according to Goldman Sachs Research. The precious metal has increased more than 20% this year, peaking at a record of more than $2,500 per troy ounce. Goldman Sachs Research forecasts the price will reach $2,700 by early next year, buoyed by interest rate cuts by the Federal Reserve and gold purchases by emerging market central banks. The metal could get an additional boost if the US imposes new financial sanctions or if concerns mount about the US debt burden. They see that Gold prices are forecast to climb to record high. Goldman Sachs says that: “Gold is our strategists’ preferred near-term long (the commodity they most expect to go up in the short term), and it’s also their preferred hedge against geopolitical and financial risks. In this softer cyclical environment, gold stands out as the commodity where we have the highest confidence in near-term upside,” Goldman Sachs Research strategists Samantha Dart and Lina Thomas write. Active Mining Companies in the markets today include Asia Broadband Inc. (OTCPK: AABB), Equinox Gold Corp. (NYSE American: EQX), Kinross Gold Corporation (NYSE: KGC), Barrick Gold Corporation (NYSE: GOLD), IAMGOLD Corporation (NYSE: IAG).

    In an additional article, Goldman Sachs added: “The yellow metal typically only guards against very high inflation and large inflation surprises caused by losses in central bank credibility and geopolitical supply shocks. Gold usually didn’t perform well in response to positive demand shocks when the central bank responded swiftly by hiking rates. Gold emerged as the best commodity to serve as a potential hedge against inflation and geo-political risks. Goldman Sachs Research’s base case is that gold appreciates to $2,700/troy ounce by year-end, an increase of about 16%, on solid demand from central banks in emerging markets and from Asian households. Gold could help shield against potential stock market drops if a trade war erupts, and it has upside if concerns mount about the US debt load or if the Fed is subordinated by a new administration.”

    Asia Broadband Inc. (OTCPK: AABB) Gold Production Continues Upward Trend For Third Quarter, As Ore Stockpile Processing Plant Advances Towards Completion – Asia Broadband Inc. (“AABB” or the “Company) is pleased to announce that the Company’s operations for the 3rd quarter ending September 30, 2024, will be completed next week and production levels have already surpassed the second quarter. The Company has exceeded its production and gross profit levels achieved in both the 1st and 2nd consecutive record quarters this year. Gold production more than doubled in the 1st quarter of 2024, in comparison to the 4th quarter of 2023, due to higher grade selection, recovery efficiencies and increased daily throughput levels. Additionally, the economies of scale from higher productions levels reduced production costs and added to the bottom-line gross profit, which has continued in an upward trend over the last three quarters.

    The elevated operational strategies and efficiencies of the AABB mining team continued in the 3rd quarter and has firmly established the foundation for the high production levels to follow the completion of the Company’s processing plant. The new facility is currently under construction in Etzatlan, Mexico, and its capacity will be primarily dedicated to processing the estimated $1 billion dollar ore value of the Company’s exclusive rights surface stockpile. AABB continues to develop the processing plant and will release updates as progress milestones are reached. The Company will release a processing plant project update in October.

    “The elevation of our production processes by the mining operations team in all three quarters of this year will have a multiplier effect with increased production levels. We are eagerly awaiting to extend this expertise to our massive ore stockpile processing when the new plant is complete. This will take us to a much higher level than we have ever reached before,” expressed Chris Torres, the Company President and CEO.

    AABB continues to implement its mining property acquisition strategy to optimize development capital utilization by focusing operations in regions of Mexico where AABB has a comparative advantage of development resources and expertise readily available for rapid expansion and duplication of the Company’s previous gold production success. CONTINUED… Read this full release for Asia Broadband at: https://www.financialnewsmedia.com/news-aabb/

    Other recent developments in the mining industry include:

    Barrick Gold Corporation (NYSE: GOLD) recently said it is projecting a 30% growth in the production of gold-equivalent ounces from its existing assets by the end of this decade while it continues to unlock the value embedded in its portfolio, says president and chief executive Mark Bristow.

    Speaking at the Gold Forum Americas, Bristow said while Barrick was alert to potentially value-accretive opportunities generated by the consolidation of the industry, it had the rare luxury of doing so from an asset base that would support organic growth well into the future.

    “Five years ago, we set out to build a sustainably profitable gold and copper business focused on world-class assets. We did not have to buy them at a premium: they were embedded in the merged portfolio of Barrick and Randgold and we just had to unlock their value,” he said.

    Kinross Gold Corporation (NYSE: KGC) recently provided an update on the Great Bear project (the “Project”), located in Red Lake, Ontario, Canada. Kinross has completed a Preliminary Economic Assessment (PEA) for the Great Bear project which supports the Company’s acquisition thesis of a top tier high-margin operation in a stable jurisdiction with strong infrastructure. Based on mineral resources drilled to date, the PEA outlines a high-grade combined open pit and underground mine with an initial planned mine life of approximately 12 years and production cost of sales of $594 per ounce. The Project is expected to produce over 500,000 ounces per year at an all-in sustaining cost (AISC) of approximately $800 per ounce during the first 8 years through a conventional, modest capital 10,000 tonne per day (tpd) mill.

    Kinross has also released an updated mineral resource estimate increasing the inferred resource estimate by 568koz. to 3.884 Moz. which is in addition to the existing M&I resource estimate of 2.738 Moz. The mineral resource estimate and PEA for the Great Bear project are available here.

    Equinox Gold Corp. (NYSE American: EQX) recently announced an updated Mineral Resource Estimate (“MRE”) for its 100% owned, exploration-stage Hasaga Property (“Hasaga” or the “Property”) in Red Lake, Ontario.

    “Hasaga is located in the Red Lake Gold District of northwestern Ontario, which is renowned for its high gold grades and prolific historical gold production. This updated Mineral Resource Estimate focuses on the high-grade nature of the gold mineralization and is a departure from the previous bulk-tonnage approach,” stated Scott Heffernan, EVP Exploration of Equinox Gold. “As expected, the updated Mineral Resource Estimate contains fewer gold ounces but at significantly higher average gold grades.

    “Further, the main zones of gold mineralization included in the updated Mineral Resource Estimate remain open, with numerous historical gold intersections defining drill-ready targets highlighting the potential for resource growth and new discoveries.”

    IAMGOLD Corporation (NYSE: IAG) recently announced that the Côté Gold Mine (“Côté Gold” or “Côté”) has reached commercial production. Côté Gold is located in Ontario, Canada and is operated as a joint venture between IAMGOLD, as the operator, and Sumitomo Metal Mining Co., Ltd. (“Sumitomo”). Commercial production is defined as the achievement of reaching a minimum of 30 consecutive days of operations during which the mill operated at an average of 60% of nameplate throughput of 36,000 tpd.

    “I would like to commend our teams at Côté Gold who have come together to achieve another great milestone as we progress and ramp up what we believe will be one of Canada’s largest gold mines and a model for modern mining in Canada,” said Renaud Adams, President and Chief Executive Officer of IAMGOLD. “Since achieving the first pour of gold on March 31, 2024, our teams have spent the last four months methodically and iteratively testing and ramping up all facets of the mine. This process has required remarkable commitment, ingenuity and teamwork to bring all the systems online together to achieve this milestone.”

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

    Follow us on Facebook to receive the latest news updates: https://www.facebook.com/financialnewsmedia

    Follow us on Twitter for real time Market News: https://twitter.com/FNMgroup

    Follow us on Linkedin: https://www.linkedin.com/in/financialnewsmedia/

    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated forty five hundred dollars for news coverage of the current press releases issued by Asia Broadband Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:

    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network

  • MIL-OSI Africa: Secretary-General’s remarks to the General Assembly Plenary Meeting on Addressing the Existential Threats Posed by Sea Level Rise [bilingual, as delivered; scroll down for all-English and all-French]

    Source: United Nations – English

    resident of the General Assembly, Excellencies, Ladies and Gentlemen,

    Our world is in dangerous waters.

    Scientists tell us that the global sea level is now rising faster than at any time in the last 3,000 years, and accelerating – the rate of increase has more than doubled since the 1990s.

    They tell us the cause is clear:

    Greenhouse gases – overwhelmingly from burning fossil fuels – are heating our planet, expanding seawater and melting ice. 

    But they cannot tell us where this will end.

    That is down to world leaders today.

    Their choices will determine the scale, pace and impact of future sea level rise.

    Temperature increases over 1.5 degrees Celsius above pre-industrial levels could take the world past dangerous tipping points – potentially leading to long-term, irreversible collapse of the Greenland and West Antarctica icesheets.

    In the worst-case scenario, people alive today could witness sea levels rise by meters.

    Excellences,

    Près de 900 millions de personnes habitent dans les zones côtières de basse altitude.

    Pour elles, la montée des eaux est synonyme d’une marée de malheurs :

    Des ondes de tempête plus intenses, une érosion des côtes et des inondations côtières ;

    Des communautés submergées, de l’eau douce contaminée, des récoltes ruinées, des infrastructures endommagées, une biodiversité détruite et des économies décimées – avec des secteurs tels que la pêche, l’agriculture et le tourisme qui subissent de plein fouet les effets de la tempête.

    Les plus pauvres et les plus vulnérables sont les plus durement touchés.

    J’ai pu le constater récemment encore dans le Pacifique, où les cyclones détruisent des pans entiers des économies insulaires.  En 2015, Vanuatu a subi des dégâts équivalant à plus de la moitié de son PIB.
     
    Pendant ce temps, au Panama, des centaines de familles insulaires ont dû être relogées sur le continent.

    Au Bangladesh, l’eau salée pollue l’eau potable, détruit les récoltes et crée une menace sanitaire qui peut être mortelle – en particulier pour les femmes enceintes. 

    Dans la ville de Saint-Louis, au Sénégal, des maisons, des écoles, des petites entreprises et des mosquées auraient été abandonnées face à la marée montante.  

    De tels événements se reproduisent partout dans le monde.

    Voilà à quoi ressemble l’injustice climatique.  C’est le visage de l’iniquité.

    Mais les riches ne sont pas à l’abri. 

    Les économies avancées dépensent des milliards – en dommages, et en adaptation.

    Et si nous n’agissons pas rapidement, la situation sera bien pire. 

    Comme le rappelle le titre du débat d’aujourd’hui, cette situation représente pour certains une menace existentielle :

    Des îles entières perdues ;

    Des communautés côtières détruites à mesure que les terres deviennent inhabitables et non assurables.
                   
    Les déplacements massifs de population peuvent exercer une pression sur les ressources limitées des régions voisines – et aggraver des situations déjà dramatiques.

    Le commerce mondial, les systèmes alimentaires et les chaînes d’approvisionnement seront mis à mal lorsque les ports seront endommagés et que les terres agricoles et les pêcheries seront ruinées.

    La montée des eaux remodèlera non seulement les côtes, mais aussi les économies, la politique et la sécurité. 

    Excellencies,

    Only drastic action to reduce emissions can limit sea level rise.

    And only drastic action to adapt can keep people safe from rising waters.

    Everyone must be protected by an alert system by 2027 – in line with our Early Warnings for All initiative.

    And all countries must deliver new national climate action plans – or Nationally Determined Contributions – well ahead of COP30 next year.

    These must align with 1.5 degrees, cover all sectors of the economy, and put us on track to phase out fossil fuels, fast and fairly.

    The G20 – responsible for around eighty percent of global emissions – must lead. And align their fossil fuel production and consumption plans with 1.5 degrees.

    Money is indispensable.

    We need a strong finance outcome at COP29 this year – including on new and innovative sources of capital.

    We need significant contributions to the new Loss and Damage Fund – as a step towards climate justice.

    We need developed countries to double adaptation finance to at least $40 billion a year by 2025 – and to show how they will close the adaptation finance gap.

    And we need to reform the Multilateral Development Banks to become bigger, bolder, and able to deliver far more affordable finance to developing countries.

    We made real progress at the Summit of the Future. We must keep driving that forward – including at the World Summit for Social Development and the Financing for Development conference next year.

    We must also address gaps in our international legal framework concerning sea level rise: to ensure continuing access to resources, while protecting existing maritime boundaries; as well as to protect affected persons and – in extreme scenarios – to address the implications related to statehood.

    Excellencies,

    We cannot leave the hopes and aspirations of billions of people dead in the water. 

    We cannot allow the wholesale destruction of countries and communities.

    It’s time to turn the tide.

    And save ourselves from rising seas.

    Thank you.

    ***
    [all-English]

    President of the General Assembly, Excellencies, Ladies and Gentlemen,

    Our world is in dangerous waters.

    Scientists tell us that the global sea level is now rising faster than at any time in the last 3,000 years, and accelerating – the rate of increase has more than doubled since the 1990s.

    They tell us the cause is clear:

    Greenhouse gases – overwhelmingly from burning fossil fuels – are heating our planet, expanding seawater and melting ice. 

    But they cannot tell us where this will end.

    That is down to world leaders today.

    Their choices will determine the scale, pace and impact of future sea level rise.

    Temperature increases over 1.5 degrees Celsius above pre-industrial levels could take the world past dangerous tipping points – potentially leading to long-term, irreversible collapse of the Greenland and West Antarctica icesheets.

    In the worst-case scenario, people alive today could witness sea levels rise by meters.

    Excellencies,

    Low-lying coastal zones are home to around 900 million people.

    Rising seas mean a rising tide of misery:

    More intense storm surges, coastal erosion, and coastal flooding;

    Communities swamped, fresh water contaminated, crops ruined, infrastructure damaged, biodiversity destroyed, and economies decimated – with sectors such as fisheries, agriculture, and tourism pummelled.

    The poorest and most vulnerable are hardest hit.

    I saw this recently in the Pacific, where cyclones are tearing chunks out of island economies.  In 2015, Vanuatu suffered damage equivalent to well over half its GDP.

    Meanwhile, in Panama, hundreds of island families have been relocated to the mainland.

    In Bangladesh, saltwater is polluting drinking water, killing crops and creating a health threat that can be deadly, particularly for pregnant women. 

    In the city of Saint Louis in Senegal, homes, schools, small businesses, and mosques have reportedly been abandoned to the encroaching tide.

    Such events are reproduced across the globe.

    This is what climate injustice looks like. This is the face of inequity.

    But the rich are not immune. 

    Advanced economies are spending billions – in damages, and adaptation.

    And without rapid action we’re in for much worse. 

    As the title of today’s debate reminds us, for some, this could be existential:

    Whole islands lost;

    Coastal communities destroyed as lands become uninhabitable and uninsurable.
                   
    Mass displacement can pile pressure on scarce resources elsewhere, inflaming already dire situations.

    Global trade, food systems and supply chains will be battered as ports are damaged, and agricultural land and fisheries ruined.

    Rising seas will reshape not only coastlines, but economies, politics and security too. 

    Excellencies,

    Only drastic action to reduce emissions can limit sea level rise.

    And only drastic action to adapt can keep people safe from rising waters.

    Everyone must be protected by an alert system by 2027 – in line with our Early Warnings for All initiative.

    And all countries must deliver new national climate action plans – or Nationally Determined Contributions – well ahead of COP30 next year.

    These must align with 1.5 degrees, cover all sectors of the economy, and put us on track to phase out fossil fuels, fast and fairly.

    The G20 – responsible for around eighty percent of global emissions – must lead. And align their fossil fuel production and consumption plans with 1.5 degrees.

    Money is indispensable.

    We need a strong finance outcome at COP29 this year – including on new and innovative sources of capital.

    We need significant contributions to the new Loss and Damage Fund – as a step towards climate justice.

    We need developed countries to double adaptation finance to at least $40 billion a year by 2025 – and to show how they will close the adaptation finance gap.

    And we need to reform the Multilateral Development Banks to become bigger, bolder, and able to deliver far more affordable finance to developing countries.

    We made real progress at the Summit of the Future.  We must keep driving that forward – including at the World Summit for Social Development and the Financing for Development conference next year.

    We must also address gaps in our international legal framework concerning sea level rise: to ensure continuing access to resources, while protecting existing maritime boundaries; as well as to protect affected persons and – in extreme scenarios – to address the implications related to statehood.

    Excellencies,

    We cannot leave the hopes and aspirations of billions of people dead in the water. 

    We cannot allow the wholesale destruction of countries and communities.

    It’s time to turn the tide.

    And save ourselves from rising seas.

    Thank you.

    ***
    [all-French]

    Excellences,

    L’humanité navigue en eaux dangereuses.

    Les scientifiques nous disent que le niveau des mers monte aujourd’hui plus rapidement que jamais au cours des 3 000 dernières années, et que cette hausse s’accélère – avec un taux d’augmentation qui a plus que doublé depuis les années 1990.

    Ils nous disent que la cause est claire :

    Les gaz à effet de serre – issus en grande partie de la combustion des énergies fossiles – réchauffent notre planète, dilatent l’eau de mer et font fondre la glace. 

    Mais ils ne peuvent pas nous dire où cela s’arrêtera.

    Cela dépendra des dirigeants du monde actuels.

    Leurs choix détermineront l’ampleur, le rythme et l’impact des futures élévations du niveau des mers.

    Une augmentation des températures de plus de 1,5 degré Celsius au-dessus des niveaux préindustriels pourrait faire franchir au monde des points de bascule dangereux – ce qui pourrait sur le long terme entraîner l’effondrement irréversible des calottes glaciaires du Groenland et de l’Antarctique occidental.

    Dans le pire des scénarios, les personnes vivant aujourd’hui verraient le niveau des mers monter de plusieurs mètres.

    Excellences,

    Près de 900 millions de personnes habitent dans les zones côtières de basse altitude.

    Pour elles, la montée des eaux est synonyme d’une marée de malheurs :

    Des ondes de tempête plus intenses, une érosion des côtes et des inondations côtières ;

    Des communautés submergées, de l’eau douce contaminée, des récoltes ruinées, des infrastructures endommagées, une biodiversité détruite et des économies décimées – avec des secteurs tels que la pêche, l’agriculture et le tourisme qui subissent de plein fouet les effets de la tempête.

    Les plus pauvres et les plus vulnérables sont les plus durement touchés.

    J’ai pu le constater récemment encore dans le Pacifique, où les cyclones détruisent des pans entiers des économies insulaires. En 2015, Vanuatu a subi des dégâts équivalant à plus de la moitié de son PIB.

    Pendant ce temps, au Panama, des centaines de familles insulaires ont dû être relogées sur le continent.

    Au Bangladesh, l’eau salée pollue l’eau potable, détruit les récoltes et crée une menace sanitaire qui peut être mortelle – en particulier pour les femmes enceintes. 

    Dans la ville de Saint-Louis, au Sénégal, des maisons, des écoles, des petites entreprises et des mosquées auraient été abandonnées face à la marée montante.  

    De tels événements se reproduisent partout dans le monde.

    Voilà à quoi ressemble l’injustice climatique. C’est le visage de l’iniquité.

    Mais les riches ne sont pas à l’abri. 

    Les économies avancées dépensent des milliards – en dommages, et en adaptation.

    Et si nous n’agissons pas rapidement, la situation sera bien pire. 

    Comme le rappelle le titre du débat d’aujourd’hui, cette situation représente pour certains une menace existentielle :

    Des îles entières perdues ;

    Des communautés côtières détruites à mesure que les terres deviennent inhabitables et non assurables.
                   
    Les déplacements massifs de population peuvent exercer une pression sur les ressources limitées des régions voisines – et aggraver des situations déjà dramatiques.

    Le commerce mondial, les systèmes alimentaires et les chaînes d’approvisionnement seront mis à mal lorsque les ports seront endommagés et que les terres agricoles et les pêcheries seront ruinées.

    La montée des eaux remodèlera non seulement les côtes, mais aussi les économies, la politique et la sécurité. 

    Excellences,

    Seules des mesures radicales de réduction des émissions peuvent limiter l’élévation du niveau de la mer.

    Et seules des mesures drastiques d’adaptation peuvent mettre les populations à l’abri de la montée des eaux.

    Tout le monde doit être protégé par un système d’alerte d’ici 2027 – conformément à notre initiative « Alertes précoces pour tous ».

    Tous les pays doivent présenter de nouveaux plans d’action nationaux sur le climat – ou contributions déterminées au niveau national – bien avant la COP30 de l’année prochaine.

    Ces plans doivent s’aligner sur le seuil de 1,5 degré, couvrir tous les secteurs de l’économie et nous mettre sur la voie de l’élimination progressive, rapide et équitable, des combustibles fossiles.

    Le G20, responsable d’environ 80 % des émissions mondiales, doit montrer la voie. Il doit aligner ses plans de production et de consommation de combustibles fossiles sur le seuil de 1,5 degré.

    Le financement est indispensable.

    Nous avons besoin de résultats ambitieux en matière de finances à la COP29 de cette année – y compris en termes de sources de capital nouvelles et innovantes.

    Nous avons besoin de contributions significatives au nouveau Fonds pour les pertes et les dommages – une étape essentielle sur le chemin vers la justice climatique.

    Les pays développés doivent doubler le financement en faveur de l’adaptation pour atteindre au moins 40 milliards de dollars par an d’ici 2025 – et démontrer comment ils vont combler le déficit de financement de l’adaptation.

    Enfin, nous devons réformer les Banques multilatérales de développement pour qu’elles deviennent plus grandes, plus audacieuses et capables de fournir des financements beaucoup plus abordables aux pays en développement.

    Nous avons réalisé de réels progrès lors du Sommet de l’avenir. Nous devons continuer à porter ces avancées, notamment lors du Sommet mondial pour le développement social et de la Conférence sur le financement du développement qui se tiendront l’année prochaine.

    Nous devons également combler les lacunes de notre cadre juridique international concernant l’élévation du niveau de la mer : pour garantir un accès continu aux ressources, tout en protégeant les frontières maritimes existantes, ainsi que pour protéger les personnes touchées et, dans les scénarios extrêmes, pour traiter les implications liées à aux statuts d’un État.

    Excellences,

    Nous ne pouvons pas laisser les espoirs et les aspirations de milliards de personnes sans réponse. 

    Nous ne pouvons pas permettre la destruction massive de pays et de communautés.

    Il est temps d’inverser la tendance.

    Et de nous sauver de la montée des eaux.

    Je vous remercie.

    ***
     

    MIL OSI Africa

  • MIL-OSI Africa: Kenya’s whistleblowers are key to fighting corruption: how a new law could protect them

    Source: The Conversation – Africa – By Gedion Onyango, Research Fellow, Firoz Lalji Institute for Africa, London School of Economics and Political Science

    Kenya has published a draft bill outlining protections for whistleblowers. Long in the making, the Whistleblower Protection Bill 2024 could help to encourage disclosures in a country where 86% of the respondents to a 2023 survey feared what might happen to them if they reported corruption cases. Gedion Onyango, who researches public accountability reforms, anti-corruption and whistleblowing reforms, sets out what protections are needed and how to change public mindsets.

    What is whistleblowing?

    Whistleblowing is disclosing information about behaviour or misconduct that could harm the public interest – the overall welfare of a society.

    Whistleblowing is primarily associated with disclosing corruption in state institutions. Because the private sector has become a partner in public service and national development processes, emerging laws like Kenya’s whistleblower protection bill and existing ones like Botswana’s Whistleblower Protection Act 2016 have been designed also to expose activities of companies and institutions that directly affect public affairs.

    Several key conditions must be met for whistleblowing to be effective.


    Read more: Corruption in South Africa: would paying whistleblowers help?


    Firstly, the society needs to broadly agree on what misconduct is. People should feel obliged to flag and address wrongdoing, and know what is expected when such information is disclosed. Essentially, the disclosure must be made in good faith.

    Secondly, there must be an authority that is expected to and is willing to take action after receiving such information.

    Thirdly, clear procedures or legal processes should be in place for receiving the information and determining the truth.

    The person disclosing the information must find it easy to report, besides having sufficient evidence to support their claims. A thoroughly bureaucratic way of receiving information about wrongdoing is more likely to intimidate and discourage potential whistleblowers.

    Fourthly, a system should be in place to reward individuals who disclose wrongdoing. This could involve recognising their contribution to society or providing financial incentives, often a percentage of money recovered in cases of corruption and asset recovery. Not all countries have this provision. But having such a reward is not always enough. This has been shown in Nigeria, where whistleblowing is declining despite the reward of 5% of recovered funds.

    Finally, there needs to be trust in the authority and the process for it to work.

    Why the focus on whistleblowers?

    Whistleblowers are important sources of information about misconduct, dishonesty and unethical behaviour that would otherwise remain concealed from the public. They are critical in promoting human rights, fighting corruption and addressing governance misconduct and inequalities.

    Many infamous scandals around the world have been brought to light by individuals who disclosed the wrongdoing. These include Kenya’s Anglo Leasing scandal.

    Whistleblowing is essential to ethical public leadership. It is no accident that many developing countries are now enacting laws to encourage and protect whistleblowers. With new laws in Kenya, whistleblowers would no longer have to primarily defend themselves against non-disclosure clauses that outlaw disclosures of a potential wrongdoing. Whistleblowers have previously been targeted by public organisations for releasing information in an unprocedural manner.

    You want to blow the whistle. What next?

    Potential whistleblowers can use internal or external mechanisms to disclose wrongdoing. The choice of mechanism will depend on the whistleblower’s confidence or history with these mechanisms.

    Studies have shown that internal whistleblowing is less desirable, and most whistleblowers prefer anonymous external whistleblowing channels that could prompt an investigation by an authority.


    Read more: South Africa’s corporate whistleblowers don’t get enough protection: what needs to change


    What protections should whistleblowers expect?

    Effective whistleblower protection mechanisms include protecting the identities of whistleblowers until the responsible authority has checked that there was wrongdoing.

    Whistleblowers should be protected from retaliation or harm, including social victimisation, physical attacks and disciplinary actions.

    The law should ensure that an insider whistleblower, such as an employee, is protected from being intimidated, disciplined or removed from their position. This should be for a long enough time (for example, at least five years), even if the case ultimately collapses, as often happens.

    In other words, the person should be protected from any loss, including damages that would affect their mental health or their job. This is typical of legislation globally.

    In today’s age of social media, the laws against defamation should be applied strictly to guard against online harassment.

    What would a forward-looking whistleblower policy look like?

    It’s important that whistleblower protection policies are understood and accepted by everyone. The process should start with extensive consultation. It should involve authorities such as religious groups, traditional leaders and government administrators at the lowest levels.

    Including whistleblowing in the country’s school, college and professional curriculum would increase awareness and improve social acceptance.

    It’s often the case that whistleblowers are seen as betrayers or snitches rather than as courageous defenders of public interest and ethical members of society. The reward system for whistleblowers should be included in prestigious national honours such as the Presidential Award.

    – Kenya’s whistleblowers are key to fighting corruption: how a new law could protect them
    – https://theconversation.com/kenyas-whistleblowers-are-key-to-fighting-corruption-how-a-new-law-could-protect-them-239647

    MIL OSI Africa

  • MIL-OSI Africa: Secretary-General’s remarks to meeting of G20 Foreign Ministers [as delivered]

    Source: United Nations – English

    gradeço ao Presidente Luiz Inácio Lula da Silva e ao governo do Brasil por co-organizar esta reunião entre os ministros das Relações Exteriores do G20, todos os Estados Membros das Nações Unidas, e as organizações financeiras internacionais.

    [I thank President Luiz Inácio Lula da Silva and the government of Brazil for co-convening this meeting between G20 foreign ministers, all UN Member States, and the international financial organizations.]

    This is a historic first.

    The G20, the United Nations system and the Bretton Woods institutions and other international financial institutions deal with some of the most important challenges of our time: inequality, financing for development, the climate crisis, the impact of new technologies. 

    In all these areas, progress is slipping out of reach as our world becomes more unsustainable, unequal and unpredictable.

    Conflicts are raging, the climate crisis is accelerating, inequalities are growing, and new technologies have unprecedented potential for good – and bad.

    Global institutions must work together – not on parallel or conflicting tracks.

    They must cooperate and collaborate for the good of humanity and the Summit of the Future was an essential first step.

    It has created opportunities and possibilities for reform across the board.

    But without implementation, it will be meaningless.

    The work starts today.

    Excellencies,

    The Pact for the Future is about action in the here and now.

    And G20 countries can act in three specific areas.

    First, finance.

    We need ambitious reforms of the international financial architecture to make it fully representative of today’s global economy, so it can provide strong support to implement the Sustainable Development Goals.

    I commend the leadership of the World Bank and International Monetary Fund for making important progress.

    But the resources available are still dwarfed by the size of the needs.

    Many developing countries are being hit by a double whammy of climate chaos and debt.

    To support low- and middle-income developing countries effectively, multilateral development banks must be bigger, bolder and better.

    We need a far more robust financial safety net to shield countries in a world of frequent shocks.

    Voting rights and decision-making rules should reflect the changing global landscape.

    And access to concessional finance should be based on needs and vulnerabilities, not just on income.

    All parts of the global financial system must work together to reduce the cost of finance and the inequalities that blight our world.  

    This demands action on debt – starting with an effective mechanism to deal with debt relief and restructuring.

    As a first step, I welcome the commitment by the International Monetary Fund to review the debt architecture – as set out in the Pact for the Future. 
    I look to all G20 countries to push for deep reforms so that global financial institutions reflect today’s world and respond to today’s challenges.

    One of those challenges is global hunger.  It is shameful that in our world of plenty, around one person in ten regularly goes without food for an entire day or more – known as severe food insecurity.

    I welcome President Lula and Brazil’s focus on global hunger during the G20 presidency and call on all G20 countries – and all UN Member States – to strengthen efforts to end this affront to our common humanity.  

    Excellencies,

    The second area for action is climate.

    We are at a critical moment: a battle to prevent temperatures from rising above the agreed limit of 1.5 degrees.  

    Today’s decisions and actions will determine the course of our world for decades to come.

    The climate crisis transcends borders and politics.  Climate action cannot be a victim of geopolitical competition.

    Under G20 leadership we will be able to have drastic reductions in fossil fuel production and consumption as an essential element for climate action.

    By 2030, global production and consumption of all fossil fuels must decline by at least thirty per cent – and global renewables capacity must triple.

    This requires OECD countries to phase out coal by 2030 and to fully decarbonize power generation systems by 2035.

    And it means non-OECD countries must phase out coal by 2040. 

    I have been strongly advocating for no new coal or upstream oil and gas projects for all G20 nations.

    New national climate plans due next year are an opportunity for countries to align energy strategies and development priorities with climate ambition, taking into account the principle of common but differentiated responsibilities.

    They must also show how each country intends to transition away from fossil fuels, in line with the outcome at COP 28.

    Excellencies,

    There has never been a greater global challenge than the climate crisis.

    There has never been more agreement on the solution: a just transition from fossil fuels to renewable energy.

    And renewable technologies have never been better – or cheaper.

    The obstacle to the renewables revolution is not economics, or a lack of solutions.

    It is mindsets, and lack of vision.

    Those that lead the renewables revolution are already reaping the rewards.

    But many developing countries are being left behind.

    Clean energy investments in emerging and developing economies outside China and India have barely increased since 2015.

    The energy transition must be based on justice and equity, so that all countries benefit.

    Excellencies,

    Third, we need strong, inclusive, legitimate global institutions and tools to tackle the challenges of today and tomorrow. 

    Fair and representative governance is a first step to unlock broader reforms.

    The Pact for the Future includes commitments to make multilateral institutions more representative, effective, transparent and accountable.

    I urge the strong engagement of G20 countries, including in reforms of our United Nations bodies:

    Making the Security Council truly representative by addressing the under-representation of Africa, Asia-Pacific, Latin America and the Caribbean;

    Strengthening the role of the General Assembly and the Peacebuilding Commission;

    And enhancing the Economic and Social Council.

    The same principle applies to the international financial architecture: it should correspond to today’s global economy, with much stronger representation of developing countries.   

    For our part, the United Nations is totally committed to strengthening our convening role as an inclusive platform for dialogue and action.

    As part of that role, from next year, we intend to host biennial summits to formalize a dialogue between the UN system, the G20, and international financial institutions.

    Excellencies,

    Only together will we achieve the reforms in the Pact for the Future and deliver the SDGs and the Paris Agreement, to meet the expectations of the people we serve.  

    I urge the G20 to seize every opportunity to raise ambition for global leadership and transformative action for a safer, more peaceful and sustainable world for all.

    Thank you.

    MIL OSI Africa