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Category: Economy

  • MIL-OSI USA: SBA Administrator Guzman Announces $20M in Grants for States to Boost Small Business Exports

    Source: United States Small Business Administration

    WASHINGTON – Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s more than 34 million small businesses in President Biden’s Cabinet, announced $20 million in State Trade Expansion Program (STEP) grants have been awarded to 43 state and territory international trade agencies to provide financial support to small businesses in growing the volume and value of exports. States may start to solicit applications from small businesses now, and funding will become available to small businesses beginning Sept. 30.

    “With 95% of the world’s consumers based outside of the United States, our small businesses need access to markets abroad to grow and create good jobs in America. Through SBA’s STEP funding to states, small businesses can get grants to export to new markets and grow their revenues through marketing, trade missions and more,” said Administrator Guzman. “STEP delivers against the Biden-Harris Administration’s efforts to increase exports and helps ensure that we can strengthen our small businesses, ensure our economy is more resilient and increase our global competitiveness.”

    “Small businesses build the economic future of the Granite State by tapping into international markets and growing exports at a record pace thanks to programs like STEP. I urge small businesses interested in exporting to take advantage of STEP funding that will help them expand international sales and grow their local economies,” said New Hampshire Senator Jeanne Shaheen, Chair of the Senate Committee on Small Business and Entrepreneurship. “As Governor, I led the first overseas trade mission from New Hampshire – and when I got to Congress, I worked to create STEP in 2010 to help small businesses start and grow their exports. I’m proud to see STEP’s critical impact across the nation. In the Granite State, it has helped small business owners attend the Farnborough International Air Show and supported the creation of the Export Accelerator program that helps newer small businesses get started in exporting and connect with federal resources. I applaud the Biden-Harris Administration for working to provide the programs and resources that small business owners need to compete abroad.”

    “The STEP program supports initiatives for small businesses to access global markets seamlessly,” said Dan Krupnick, Associate Administrator for SBA’s Office of International Trade. “It helps them understand the ins and outs of exporting, provides opportunities to participate in international trade shows, and assists in creating websites that are tailored to attract and engage foreign buyers. Small businesses are key to supporting global supply chains and STEP continues to make them more resilient.”

    These 43 awardees were selected after a competitive application process to STEP. New grants will help local entrepreneurs enter and thrive in the global marketplace by providing small businesses with the information and tools they need to succeed in export-related activities. Qualifying exporting activities include participating in foreign trade missions and market sales trips, designing international marketing campaigns, participating in export trade show exhibits, and attending training workshops.

    Since its creation in 2010 as part of The Small Business Jobs Act, STEP has awarded $255 million in grants and recorded over $6.8 billion in exports with more than 18,000 small businesses receiving grants to fund their export opportunities and increase their footprint in over 100 countries. Last year, for every $1 in funding for STEP, businesses benefited from $27 in export sales. As states improve their exporting skills, the returns on investment keep improving.

    Individual STEP awards are managed at the local level by state government organizations. To find out if your state or territory has earned an award, and to apply for funding opportunities, please visit: www.sba.gov/STEP. To explore how small business counseling can help inform your export strategy, connect with your local SBA district office and our network of resource partners.

    ###

    About the SBA’s Office of International Trade

    The SBA’s Office of International Trade (OIT) works in cooperation with other federal agencies and public- and private-sector groups to encourage small business exports and to assist small businesses seeking to export. Through U.S. Export Assistance Centers, SBA district offices and a variety of service-provider partners, OIT directs and coordinates SBA’s ongoing export initiatives in an effort to encourage small businesses going global. For more information on the resources available for small business international trade development and to find local Export Finance Managers, visit https://www.sba.gov/about-sba/sba-locations/headquarters-offices/office-international-trade.

    About the U.S. Small Business Administration

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

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: Students Provide Dental Screenings to Veterans at Annual Stand Down Event

    Source: US State of Connecticut

    For many veterans across the state, access to essential social, financial, and health services can be hard to come by. Basic oral health care can be especially difficult, as dental benefits through the country’s Veterans Affairs health system are only available to veterans with service-connected oral health issues.

    Working to help close the veterans oral health care gap is the UConn School of Dental Medicine. This past weekend, students and faculty participated in the Connecticut Department of Veterans Affairs annual “Stand Down” event—a one-stop shop for Connecticut’s veterans to access services with a variety of state and federal agencies, nonprofits, and veterans organizations. From flu shots to legal services, local resources were available to veterans at several sites across the state.

    Third-year dental students Jenna Whelan, Catherine Tang, and second-year student Dylan Hatajik distribute supplies during the 2024 Stand Down event.

    “The Stand Down event was both impactful and memorable. Beyond providing services, we had the opportunity to listen to the veterans share their stories of their time serving,” said student leader and second-year student Stephen Ogarekpe

    This is the second year that the School of Dental Medicine participated in this statewide event to deliver oral health screenings, hand out supplies such as toothbrushes, toothpaste, and denture cleaner, and distribute important information on resources for veterans. This year, the students provided over 100 screenings at the Bridgeport, Bristol, Danbury, Norwich, and Stamford locations.

    Dr. John Agar with dental students Marley Esch, Lenka Serdar, and Nick Mattioli.

    “It was an incredible experience to honor our local veterans and be a part of such a wonderful community event,” said student leader and third-year student Lenka Serdar. “It was humbling to see so many veterans thank us for helping to determine their oral health needs and how to access care, when in reality we were most appreciative of their selfless service.”

    Along with connecting with veterans and other vendors, the students met with U.S. Senator Chris Murphy in Danbury, and Mayor Caroline Simmons and State Senator Ryan Fazio in Stamford.

    “It was a fantastic morning, and we were able to provide screenings and answer important questions from veterans regarding their oral healthcare,” said second-year student Dylan Hatajik.

    UConn School of Dental Medicine’s efforts to address the dental care needs of veterans are made possible with philanthropic support, including the Delta Dental Foundation’s support of our Open Wide for Veterans initiative.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI Security: Leessa Augustine, Former Sewerage & Water Board Special Agent and New Orleans Police Officer, Indicted for Multiple Fraud Schemes

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    NEW ORLEANS – United States Attorney Duane A. Evans announced that LEESSA AUGUSTINE (“AUGUSTINE”), age 46, was indicted on September 20, 2024 for her involvement in multiple fraud schemes while employed as a Sewerage & Water Board of New Orleans (“S&WB”) Senior Special Agent, a position tasked with investigating the alleged misconduct of other Sewerage & Water Board employees.

    In one alleged scheme, AUGUSTINE, who was also a New Orleans Police Department reserve officer, billed a police detail customer for hours not actually worked.  It is alleged that during some of the times AUGUSTINE was supposed to be working the police detail for the Downtown Development District, she used her S&WB-issued computer to conduct a second fraud scheme, that involved obtaining a mortgage loan and federally funded assistance for low-income homebuyers.  In that home-purchase scheme, AUGUSTINE allegedly created fake documents, including a fake W-2 form, fake pay stubs, and fake bank statements.  In a third alleged scheme, AUGUSTINE obtained federally funded unemployment benefits by concealing her Senior Special Agent income. Finally, in a fourth alleged scheme, AUGUSTINE obtained federally funded emergency rental assistance from the City of New Orleans, by submitting a fake lease and a termination letter from a fictitious employer.  At various times during the schemes, AUGUSTINE allegedly provided her S&WB-issued cellphone number as a contact number for three different persons she impersonated.

    AUGUSTINE is charged with four counts of Wire Fraud (one count per each fraud scheme).  AUGUSTINE is also charged with two counts of Aggravated Identity Theft for allegedly misusing two persons’ identities.  Finally, AUGUSTINE is charged with making False Statements for allegedly lying to investigators.

    The wire fraud charge related to the police detail is punishable by up to 20 years’ imprisonment. The other three wire fraud charges are each punishable by up to 30 years’ imprisonment due to enhanced penalties for fraud related to emergency benefits and fraud affecting a financial institution.  Each aggravated identity theft charge is punishable by two years’ imprisonment.  The false statement charge is punishable by up to five years’ imprisonment.  Each count may include a fine of up to $250,000, a term of supervised release following imprisonment, and the payment of a mandatory $100 special assessment fee.

    U.S. Attorney Evans reiterated that the indictment is merely a charge and that the defendant’s guilt must be proven beyond a reasonable doubt.

    U.S. Attorney Evans thanked the New Orleans Office of Inspector General and the New Orleans Police Department for their valuable assistance in this case.

    This case was investigated by the Federal Bureau of Investigation, the Office of Inspector General – U.S. Department of Housing and Urban Development, the Office of Inspector General – U.S. Department of Labor, and the Office of Inspector General – U.S. Department of Homeland Security.  Assistant U.S. Attorney Chandra Menon of the Public Integrity Unit is in charge of the prosecution.

    MIL Security OSI –

    September 29, 2024
  • MIL-OSI USA: Pressley, Green Reintroduce Bill to Strengthen Oversight of Big Banks and Protect Consumers

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

    Bill Summary (PDF) | Text of Bill (PDF)

    WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07), Vice Ranking Member of the Financial Institutions and Monetary Policy Subcommittee on the House Financial Services Committee, and Congressman Al Green (TX-09), Ranking Member of the Oversight and Investigations Subcommittee, reintroduced The Greater Supervision in Banking Act (GSIB), legislation to strengthen Congressional oversight of the country’s largest banks, protect consumers, and end deceptive behavior.

    “Time and again – due to lax financial oversight – the negligence and greed of large financial institutions, that don’t have our best interests in mind, put consumers at risk and exacerbate economic disparities. Congressional oversight and accountability are paramount to prevent harm and enhance transparency,” said Rep. Pressley. “Consumers deserve to make informed decisions about their finances, and this bill, which requires big banks to disclose their approach to protecting consumer data, cases of misconduct, and environmental harm, as well as other risk factors, is a step in the right direction. Congress must pass The Greater Supervision in Banking Act without delay.”

    “This legislation would bring much-needed transparency to our financial system,” said Rep. Green. “The largest banks in our nation have tremendous influence over the livelihoods of American consumers and businesses. From discrimination litigation to gross mismanagement, some of the largest banks have repeatedly shown that they cannot or will not regulate themselves. Congress must exercise heightened oversight of these institutions. The public deserves transparency into the largest banks’ activities, as well as their progress on diversity initiatives and climate change. I am proud to partner with Congresswoman Pressley on this important legislation, and I look forward to working with my colleagues to pass it into law.”

    Limited oversight and transparency have allowed the banking industry to prioritize profits over people, with policies harming its own workers, communities of color, and the planet. For example, bank tellers and other frontline employees are denied a living wage while CEOs rake in million-dollar bonuses. Systemic injustices like the stark racial wealth gap, where white households hold a disproportionate share of wealth compared to Black households, are furthered by policies like modern-day redlining denying Black people opportunities to build wealth and achieve financial prosperity. Additionally, major banks continue to finance fossil fuel expansion and projects that exacerbate climate change, despite the urgent need for a transition to clean energy, further jeopardizing vulnerable communities and future generations.

    The Greater Supervision in Banking Act would conduct oversight of the eight U.S.-based Globally Systemically Important Banks (G-SIBs), which include JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs, Wells Fargo, Morgan Stanley, State Street, and Bank of New York Mellon. Collectively, the banks hold more than $15 trillion in assets in 2024 – nearly half of all domestic banking assets.

    Specifically, the legislation:

    • Requires G-SIBs to submit annual reports to the Federal Reserve Board;
    • Mandates detailed disclosure of:
      • G-SIBs’ size, complexity, subsidiary structure, and branch distribution;
      • Enforcement actions against the company, including labor and consumer protection violations;
      • Information on employee dismissals for misconduct, including executives;
      • Capital market activities, including trading desk structures and Volcker Rule compliance;
      • Compensation policies, including executive pay, employee wage distribution, and minimum wage practices; and
      • Diversity initiatives, cybersecurity approaches, whistleblower complaints, and climate risk actions;
    • Ensures public availability of these reports through the Federal Reserve Board’s website.

    The bill is endorsed by Public Citizen, Americans for Financial Reform, National Community Reinvestment Coalition, American Economic Liberties Project, Fight Corporate Monopolies, California Reinvestment Coalition, Action Center on Race and the Economy, Sierra Club, Center for American Progress, and Fair Finance Watch.

    A copy of the bill text can be found here and a summary is here.

    Congresswoman Pressley, Vice Ranking Member of the Financial Institutions and Monetary Policy Subcommittee on the House Financial Services Committee, has been a vocal advocate for consumer protections, closing the racial wealth gap, and ensuring that the U.S. banking system works for everyday Americans.

    • In August 2024, Rep. Pressley called on the five largest banks in America to provide a detailed update on the racial equity commitments the institutions made following the murder of George Floyd in 2020. 
    • In March 2023, Rep. Pressley joined Senator Elizabeth Warren (D-MA), Congresswoman Katie Porter (CA-47), and dozens of lawmakers in introducing legislation to repeal Republicans’ rollback of critical banking protections in 2018 and restore Dodd-Frank protections.
    • In February 2023, she and Senator Cory Booker (D-NJ) reintroduced the American Opportunity Accounts Act, legislation that would create a federally-funded savings account for every American child in order to make economic opportunity a birthright for every child and help close the racial wealth gap. 
    • Rep. Pressley has also been a leading voice in Congress urging President Biden to cancel student debt. Following years of advocacy by Rep. Pressley—in partnership with colleagues, borrowers, and advocates like the NAACP—the Biden-Harris Administration announced a historic plan to cancel student debt that stands to benefit over 40 million people.
    • In September 2022, Rep. Pressley introduced the Payment Modernization Act – legislation requiring a more reasonable timeline for the Federal Reserve’s faster payments system and prioritizing consumer protection and wellbeing in the development process. 
    • In  June 2021, Rep. Pressley and then-House Financial Services Committee Chairwoman Maxine Waters (D-CA) introduced the Downpayment Toward Equity Act of 2021, bold legislation to help address the U.S. racial wealth and homeownership gaps by providing $100 billion toward downpayment and other financial assistance for first-generation homebuyers to purchase their first home.
    • In May 2020, she introduced the Saving Our Street Act with then-Senator Kamala Harris (D-CA) to provide economic relief to small businesses with less than 10 employees, with a specific focus on Black and brown-owned businesses.
    • In April 2019, she questioned G-SIB CEOs about discriminatory lending practices during their first appearance before Congress in over a decade.

    ###

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: Whip Clark, House Democrats Take Action to Invest in Child Care, Call Out GOP on Inaction

    Source: United States House of Representatives – Congresswoman Katherine Clark (5th District of Massachusetts)

    CategoriesMIL OSI

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    WASHINGTON, D.C. — Today, Democratic Whip Katherine Clark (MA-5) reintroduced the Child Care Infrastructure Act and the Child Care Workforce Development Act, two bills that address America’s child care crisis with robust investment in early learning facilities and educators. These bills are co-led by Representatives Suzanne Bonamici (OR-1), Jimmy Gomez (CA-34), Jennifer McClellan (VA-3), Brittany Pettersen (CO-7), and Jill Tokuda (HI-2).

    “Democrats are focused on one of the most urgent challenges facing everyday families: the outrageous cost of child care,” said Whip Clark. “This pair of bills will build out child care facilities across the country while recruiting talented Americans to pursue careers in early education. This investment would mark a critical step forward in House Democrats’ fight to lower costs for parents, create opportunities for our children, and build an economy that works for working families. While Republicans ignore the child care crisis, we are ready with solutions.”

    “Child care is infrastructure and an important investment for children, families, and the economy,” said Rep. Bonamici. “The ongoing hurdles child care providers and families face are limiting economic growth, threatening employers and small businesses, and holding back working families. I’m grateful to partner with Whip Clark to introduce legislation that will provide funding to improve and build facilities to help meet the demand for affordable, accessible child care.”

    “As a father and the founder of the Dads Caucus, I know firsthand how difficult it can be to find affordable child care, and I know that the working parents of this nation face the same concern. Many families today are living in child care deserts, where there aren’t enough quality, affordable daycares nearby—my colleagues and I are fighting to change that,” said Rep. Gomez. “I’m proud to join Whip Clark on these two bills that will make becoming an early childhood educator more attainable for students, expand our child care provider workforce and fund building new daycares as key infrastructure investments. Working families should rest assured that their children are being looked after in quality facilities with qualified educators who are supported.”

    “As one of the 6 percent of members of Congress who is a mother to young children, I know firsthand the challenges working families face when seeking quality, affordable child care,” said Rep. McClellan. “House Democrats are fighting every day to address the child care crisis and give hardworking American families some relief from exorbitant costs. I’m grateful for Democratic Whip Katherine Clark’s leadership on this pressing issue, as we introduce the Child Care Infrastructure Act and the Child Care Workforce Development Act. These bills will bolster federal investment in our nation’s child care industry and incentivize care workers and early childhood educators to continue their invaluable work.” 

    “As a working mom of a four-year-old son with another child on the way, I know firsthand how difficult it is to find affordable child care and the struggles families in my district are facing, especially in more rural communities,” said Rep. Pettersen. “That’s why I’m proud to help reintroduce these two pieces of legislation to bolster our child care workforce, help lower costs for parents, and ensure every family can access the care they need for their children to thrive. I’m incredibly grateful for the leadership of Whip Clark and my colleagues who joined today.” 

    “The rising cost of child care has made it difficult for millions of parents to balance earning a living with caring for their families. Nonetheless, my Republican colleagues refused to join us in supporting working parents and allowed vital federal child care stabilization funding to expire last year. Our working families deserve better. Without additional action by Congress, the unaffordability and unavailability of child care in the U.S. will only worsen,” said Rep. Tokuda. “As a mother of two boys that has to make tough choices, I’m proud to join our Democratic Whip, Congresswoman Katherine Clark, in introducing the Child Care Infrastructure Act and the Child Care Workforce Development Act. Together, these bills will provide for greater investment in the programs and the people we entrust to take care of our kids so they can continue serving children and families across the country.”

    The Child Care Infrastructure Act would:

    • Direct the Department of Health and Human Services(HHS) to conduct a national needs assessment of early child care and learning facilities to understand the impact of the child care crisis and evaluate the ongoing infrastructure needs of child care facilities across the U.S. 
    • Establish a grant program to award grants to states for the purpose of constructing new or renovating existing child care facilities.
    • Set aside a minimum of 10% and a maximum of 15% of the authorized funds to award grants of up to $10 million to intermediary organizations, including development financial institutions or other organizations that have demonstrated experience in developing or financing early care and learning facilities.
    • Authorize $10 billion over five years to invest in our nation’s child care infrastructure.

    The Child Care Workforce Development Act would: 

    • Authorize HHS to administer a student loan repayment program of up to $6,000 annually for five years for early childhood educators working for providers eligible to receive Child Care and Development Block Grant (CCDBG) funding. 
    • Establish a program to provide up to $4,000 annually to eligible individuals pursuing an associate’s degree or a certificate in early childhood education. 

    Whip Clark is the lead champion for child care in Congress. Earlier this year, she launched her Affordable Child Care Agenda, which calls for affordable care for every family, accessible care for every family, and livable wages for early educators. During her seven years on the Appropriations Committee, she increased funding for the CCDBG by $6 billion. At the height of the pandemic, Whip Clark helped save the child care system – keeping 200,000 child care providers in business and 10 million kids in classrooms nationwide. Recently, Whip Clark introduced legislation to expand access to affordable child care for student parents, and she is the proud sponsor of the Child Care Stabilization Act, legislation that would maintain federal investments in the child care system that started during the pandemic. 

    Photos of the press conference can be found HERE, the full press conference can be viewed HERE. 

    # # #

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: Kugler, How We Got Here: A Perspective on Inflation and the Labor Market

    Source: US State of New York Federal Reserve

    Thank you, John, and thank you for the opportunity to speak here today.1 It is good to be back at the Kennedy School and in particular at the Mossavar-Rahmani Center, which has a long tradition of engaging on important policy issues.
    In my remarks today, I will provide my outlook for the U.S. economy and the implications for monetary policy. The combination of significant ongoing progress in reducing inflation and a cooling in the labor market means that the time has come to begin easing monetary policy, and I strongly supported the decision last week by the Federal Open Market Committee (FOMC) to cut the federal funds rate by 50 basis points. While future actions by the FOMC will depend on data we receive on inflation, employment, and economic activity, if conditions continue to evolve in the direction traveled thus far, then additional cuts will be appropriate.
    I will begin by summarizing where we stand on inflation, including details on how the different components of inflation have changed over time, since these facts form the basis for my judgment on where inflation is headed. I will then talk about the recent cooling in the labor market and the forces driving it as well as how shifts on this other side of our mandate fit into the overall economic outlook for the rest of this year. I will conclude with the implications of all this for appropriate monetary policy and our focus on our dual mandate.
    Inflation based on personal consumption expenditures (PCE) has come down from a peak of 7.1 percent on a year-on-year basis to 2.5 percent in July. Core PCE inflation, which excludes energy and food prices and tends to be less volatile, has come down from a peak of 5.6 percent to now 2.6 percent. Based on consumer and producer price indexes, I estimate headline PCE and core PCE inflation to be at about 2.2 and 2.7 percent, respectively, in August, consistent with ongoing progress toward the FOMC’s 2 percent target. The progress on inflation is good news, but it is important to remember that households and businesses are still dealing with prices for many goods and services that are significantly higher than a couple of years ago. Prices for groceries, for example, are about 20 percent higher than before inflation started rising in 2021, and while earnings have been rising faster than inflation, it may take some time for it to feel as though prices are back to normal.2
    Inflation data are produced by the Labor Department, and when I served as chief economist at Labor, I delved into the differential effects of inflation on various demographic groups. When inflation was at its peak in 2022, it was more than 1 percentage point higher for lower-income households, for those without a college degree, and for those aged 18 to 29—all groups that spend a higher share of income on necessities and have less wealth to draw from.3 Fortunately, research by staff at the Fed shows that disinflation helps close that gap as well, something that only adds to the urgency I feel about returning inflation to the FOMC’s 2 percent goal.
    Research on the causes of inflation and the subsequent disinflation show that both supply and demand forces have played an important role. In the past two years, specifically, improvements in supply, along with moderation in demand in part due to tighter monetary policy, have both played a role in the disinflationary process.4 Supply chain bottlenecks as well as the drastic drop in the labor force due to excess retirements and the withdrawal of prime-age workers contributed to the initial rise in inflation, but the resolution of these disruptions and the return of workers to the labor force have also helped rein in inflation. Early on, consumers shifted spending from services to goods, a development that goods producers struggled to accommodate, putting upward pressure on prices. But as the demand shock to goods unwound and consumer spending shifted back to services, goods inflation fell and has been running below zero in recent months. Also, the increased demand due to the fiscal response to COVID-19 in 2020 and 2021 has more recently been roughly neutral on growth, as shown by the Hutchins Center on Fiscal and Monetary Policy in their measure of fiscal impact. And, of course, as I will discuss in a moment, tight monetary policy has been and continues to be a moderating force on demand, primarily by raising costs for interest-sensitive goods and services.
    As I think about where inflation is headed, I find it helpful to consider how it has evolved over the past several years and in particular how the major components of inflation have behaved, so I want to take a few minutes to walk through those details.
    As I have indicated, the big picture is that goods inflation surged early on in 2020 and 2021, followed by prices for services excluding housing, and then housing, with some overlap in those steps. Disinflation has followed that course in reverse. Core goods inflation rose, after almost a year of social distancing shifted spending from services and after production and delivery of goods was disrupted by the pandemic. This was a big change because over the long expansion leading to the pandemic, core goods prices actually fell, slightly but consistently.5 On a 12-month basis, core PCE goods inflation rose above zero in December 2020, reached a peak of 7.6 percent in February 2022, and fell again below zero at the end of 2023. In July of this year, it was negative 0.5 percent. This recent disinflation offset still-rising prices for services and helped reduce overall inflation. Goods inflation has reverted to its longer-term pattern as demand has moderated and supply chain problems have abated. This is reflected by various indexes of supply chain bottlenecks that showed the supply-side disruptions that contributed early on to surging inflation have now retreated to pre-pandemic levels.6 Other data show that computer chip supply, which fell far short of demand early in the pandemic, is back to normal conditions as well.
    Food and energy prices, always subject to larger ups and downs than other parts of inflation, rose also early on. Food inflation increased in 2020 as shoppers began stockpiling groceries and as warehouses and production facilities had difficulty staffing due to COVID. After Russia’s invasion of Ukraine, energy price inflation reached a peak 12-month rate of nearly 45 percent and food inflation reached a peak of 12 percent in mid-2022, highlighting the importance of petroleum and agricultural commodities from that part of the world. Food and energy inflation has moderated over the past two years and are now both running at 12-month rates of 1.4 percent and 1.9 percent, respectively, as supply chain issues have resolved and production in the U.S. and elsewhere has increased. Food and energy expenses represent a sizable share of consumer spending, but the frequent purchase of these goods means that they are highly salient in the public’s views on inflation. Research by Francesco D’Acunto and coauthors has shown that the weights that consumers assign to price changes in forming their inflation expectations are not based on the actual share of their expenditures but instead on the frequency of purchases, which happen to be highest for food and energy goods.7 Thus, the fall in food and energy prices is important because it may feed back into lower inflation in other categories by moderating overall inflation expectations and also real wage expectations in wage bargaining.
    Housing services price increases were the last component of inflation to escalate, rising to a peak 12-month rate of 8.3 percent in April 2023 and moderating to a 5.3 percent pace in July. It took time for housing prices to escalate and has taken longer for them to moderate because of both the nature of the rental market and the data collection method from the Bureau of Labor Statistics, as I have discussed at length in other speeches.8 However, new rent increases, which better capture rental price changes in real time, are falling and are the main reason why I expect housing services costs to moderate furt
    her.
    The final component of inflation is services excluding housing, which accounts for 50 percent of PCE inflation and is heavily influenced by labor markets. On a 12-month basis, this component of inflation rose to a peak of 5.3 percent in December 2021, stayed persistently high until February 2023, and has moderated since then to 3.3 percent in July of this year. Its escalation was driven both by the rise in labor costs and by the transition of demand from goods to services following the pandemic. Labor costs are a substantial share of the total costs for services. For example, labor accounts for between 60 percent to 80 percent of costs in construction, education, and health services.
    Among the initial forces driving the escalation in wages were the increase in food and energy prices, as wage demands tend to track closely with the prices of these frequently purchased goods. Data on wage demands from the New York Fed’s Survey of Consumer Expectations indeed show a sudden increase early on during the pandemic right after the first bout of food inflation.9 Importantly, worker shortages likely allowed those higher wage demands to be realized, contributing to the rise in wages. Later, as demand for services quickly rose and employers were creating a large number of jobs in several service sectors, workers were able to be more selective, and the ensuing “Great Resignation” took hold, allowing people to choose different careers. The relatively high demand relative to the supply of workers in some service sectors encouraged workers to move from job to job for higher wages, benefits, and other improvements in working conditions. Evidence from the Atlanta Fed’s Wage Growth Tracker suggests that during this period, wages for job switchers grew more than 2 percentage points faster than wages for people staying in the same job, though this wage premium for job switchers disappeared by the second half of last year.
    But now inflation for services excluding housing is declining, after a temporary escalation in the first quarter of this year that was likely partly due to residual seasonality. There had been fears that wage increases would drive a wage–price spiral, as the U.S. experienced in the 1970s, but this did not occur.
    To sum up, inflation has broadly moderated as the supply of goods and services has improved, and as producers and consumers have adjusted to the effects of higher prices. Demand has moderated, in part due to tighter monetary policy. And, as I just noted, changes in the pace of wage growth have also played an important role in the ups and downs of inflation, which points me toward a discussion of labor markets, which has recently become a greater focus of monetary policy.
    As I have noted, there has been a significant moderation in the labor market recently, but I want to start by pointing to what really has been a remarkable performance of the labor market over the past four years. After the unprecedented job losses early in the pandemic, and even accounting for the quick recovery of a large share of those losses, the recovery of the labor market that followed was historically swift. Unemployment was 7.8 percent in September 2020 and 4.7 percent only 12 months later, and it fell to under 4 percent 3 months after that. That is a more rapid recovery than the U.S. has experienced since the 1960’s. What started, at that point, was 30 straight months of unemployment at or below 4 percent, which had not happened during the pre-pandemic period, the boom of the 1990s, or anytime during the 1980s, and it was only exceeded by the strong labor market of the latter half of the 1960s. Something that I think was just as remarkable has been the narrowing of the typical gap between labor market outcomes for less-advantaged groups. For example, there has been a reduction in the unemployment rate between Black and Latino workers, on the one hand, and white workers, on the other hand. There has also been a narrowing of the prime-age labor force participation rate among these groups, and, perhaps most notable of all, wage inequality among them has narrowed, which is not typical during economic expansions, according to research by David Autor and several coauthors.10 They found that one benefit of the unusually tight labor market of the past few years was that the heightened competition for scarce workers produced more rapid wage gains for workers at the bottom of the wage distribution. The real wage gains for those in the lower quartiles of the distribution and with higher propensities to consume, in turn, likely spurred consumption and helped sustain growth after the pandemic.
    After a couple of years in which labor demand exceeded supply, the labor market has come into balance, reflecting an economy that has moderated in part due to tighter monetary policy. On the labor supply side, two forces have contributed to this rebalancing of the labor market. Labor force participation suffered due to the disruptions in work during the pandemic but rebounded strongly in 2022 and 2023 as the labor market tightened and wages rose sharply. The labor force participation rate for prime-age women reached historic highs over the past year and reached yet another historic record high in August. The overall increase in participation among workers aged 25 to 54, in the prime of their working lives, helped offset the loss of many workers aged 55 and over who experienced excess retirements during the pandemic. The second force boosting labor supply has been the large increase in immigration. The Congressional Budget Office estimates that net immigration boosted the U.S. population by close to 6 million people in 2022 and 2023, the majority of them of working age, and, by most accounts, rates of immigration have remained high in 2024.
    As a result of improved supply and easing of demand for workers, the labor market has rebalanced. After running at very low levels, unemployment has edged up this year to 4.2 percent in August, still quite low by historical standards. The slowdown in labor demand is most evident in payroll numbers. Job creation averaged 267,000 a month in the first quarter of the year and now stands at an average of 116,000 in the three months ending in August, which is still a healthy pace of job creation. Yet, given recent revisions in the payroll numbers, it is important to continue monitoring additional labor market indicators. In addition, the fall in diffusion indexes suggests that job creation cooling has been broad based, complementing the payroll data in showing rebalances in demand and supply across sectors. Beyond payroll data, voluntary quits, which tend to reflect the rate at which people find a better job, are now back around where they were before the pandemic. The ratio of job vacancies to the number of people looking for work, the V/U ratio, has also fallen close to its pre-pandemic ratio.11 In summary, after a period of demand exceeding supply, the labor market appears to have rebalanced.
    In tandem with the cooling in the labor market, economic activity has slowed but is still expanding at a solid pace. After adjusting for inflation, gross domestic product (GDP) grew 2.5 percent in 2023 and at around a 2 percent annual rate in the first half of 2024. Personal spending, which accounts for the majority of economic activity, has been solid this year, supported by a resilient labor market so far and high levels of household wealth relative to income. But given a rise in credit card and auto delinquencies, a rise in credit card balances, and a cooling labor market, I expect spending to grow at a somewhat more moderate pace moving forward.
    Certainly, tight monetary policy has contributed to cool off aggregate demand and slow the economy. It has done so in large part by slowing spending on interest-sensitive expenditures, such as housing, as well as autos and other durable goods. Other spending typically financed with credit, such as business equipment, has also been slower.
    Another effect of tight monetary policy is to keep expectations of future inflation in check. And, to the extent that ex
    pectations affect decisions by businesses to set prices and by workers to negotiate wages, this has helped put downward pressure on inflation. Survey- and market-based measures of future inflation did increase when inflation surged, but only modestly, and they have moved down in tandem with inflation and have largely returned to their 2019 levels.
    In conclusion, I would say that recent economic developments, against the backdrop of the experience of the past four years, have validated the Federal Reserve’s focus on reducing inflation and set the stage for the shift in monetary policy that occurred last week. The progress in bringing down inflation thus far, coupled with the softening in the labor market that I have described, means that while our focus should remain on continuing to bring inflation to 2 percent, we should now also shift attention to the maximum-employment side of the FOMC’s dual mandate. The labor market remains resilient, but the FOMC now needs to balance its focus so we can continue making progress on disinflation while avoiding unnecessary pain and weakness in the economy as disinflation continues in the right trajectory. I strongly supported last week’s decision and, if progress on inflation continues as I expect, I will support additional cuts in the federal funds rate going forward.
    Thank you.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. Unlike in previous recoveries, those in the lower half of the distribution have benefited more from the real earnings increases during the post-pandemic period. The 12-month change in average hourly earnings and the employment cost index have been rising faster than consumer price index inflation for those in the first and second quartiles since 2019 and since 2022, respectively, and for everyone across the distribution for roughly a year. Return to text
    3. See Xavier Jaravel (2021), “Inflation Inequality: Measurement, Causes, and Policy Implications,” Annual Review of Economics, vol. 13, pp. 599–629. Return to text
    4. Different approaches allow a parsing of the relative contributions of supply and demand, top-down approaches by Bernanke and Blanchard (forthcoming) and Benigno and Eggertson (2023) and bottom-up approaches by Braun, Flaaen, and Hoke (2024) and Shapiro (2022); see Ben Bernanke and Olivier Blanchard (forthcoming), “What Caused the U.S. Pandemic-Era Inflation?” American Economic Journal: Macroeconomics; Pierpaolo Benigno and Gauti B. Eggertsson (2023), “It’s Baaack: The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve,” NBER Working Paper Series 31197 (Cambridge, Mass.: National Bureau of Economic Research, April); Robin Braun, Aaron Flaaen, and Sinem Hacioglu Hoke (2024), “Supply vs Demand Factors Influencing Prices of Manufactured Goods,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, February 23); and Adam Hale Shapiro (2022), “How Much Do Supply and Demand Drive Inflation?” FRBSF Economic Letter 2022-15 (San Francisco: Federal Reserve Bank of San Francisco, June 21). All of these studies agree that both supply and demand shocks contributed to the surge in inflation as well as its fall. Return to text
    5. The causes most often cited by economists are competition from globalized trade and productivity gains, including from technological advances. Return to text
    6. The most commonly used indicators of supply chain bottlenecks are the Global Supply Chain Pressure Index produced by the Federal Reserve Bank of New York, the Supplier Deliveries Index from the Institute for Supply Management, and the percent of answers to the question of why production is not at capacity in the Quarterly Survey of Plant Capacity Utilization fielded by the Census Bureau and funded by the Federal Reserve Board. Return to text
    7. See Francesco D’Acunto, Ulrike Malmendier, Juan Ospina, and Michael Weber (2021), “Exposure to Grocery Prices and Inflation Expectations,” Journal of Political Economy, vol. 129 (May), 1615–39. Return to text
    8. Rental prices are the basis for all estimates of housing service costs. Prices tend to change only when rented homes change tenants, which happens relatively infrequently. Prices tend to change more when there are new tenants, while the majority of lease renewals tend to keep the same price-generating persistence. In addition, the Bureau of Economic Analysis samples rents only every six months. As a result, substantial lags are built into the official statistics. See Adriana D. Kugler (2024), “The Outlook for the Economy and Monetary Policy,” speech delivered at the Brookings Institution, Washington, D.C., February 7; Adriana D. Kugler (2024), “Some Reasons for Optimism about Inflation,” speech delivered at the Peterson Institute for International Economics, Washington, D.C., June 18. Return to text
    9. The Survey of Consumer Expectations from the New York Fed collects data on “reservation wages,” which are what workers report as being the minimum wage that they would require to accept a job. Return to text
    10. See David Autor, Arindrajit Dube, and Annie McGrew (2024), “The Unexpected Compression: Competition at Work in the Low Wage Labor Market,” NBER Working Paper Series 31010 (Cambridge, Mass.: National Bureau of Economic Research, March; revised May 2024). Using Current Population Survey microdata, they show that increased labor market competition for scarce workers produced more rapid real wage gains at the bottom of the wage distribution, reducing wage inequality. Return to text
    11. I consider here a V/U ratio in which the numerator is the ratio of the vacancy rate for the total nonfarm sector computed as job openings over the labor force. Job openings data are from the Job Openings and Labor Turnover Survey fielded by the Bureau of Labor Statistics. The denominator is the unemployment rate. The last data point available for job openings is July 2024, while the last data point for the unemployment rate is August. Return to text

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI: Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Schedules Third Quarter 2024 Conference Call for November 5, 2024

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Sept. 25, 2024 (GLOBE NEWSWIRE) — Viper Energy, Inc. (NASDAQ: VNOM) (“Viper”), a subsidiary of Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), today announced that it plans to release third quarter 2024 financial results on November 4, 2024 after the market closes.

    In connection with the earnings release, Viper will host a conference call and webcast for investors and analysts to discuss its results for the third quarter of 2024 on Tuesday, November 5, 2024 at 10:00 a.m. CT. Access to the live webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

    About Viper Energy, Inc.

    Viper is an oil and gas company formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on oil-weighted basins, primarily the Permian Basin in West Texas. For more information, please visit www.viperenergy.com.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.  For more information, please visit www.diamondbackenergy.com.

    Investor Contact:
    Adam Lawlis
    +1 432.221.7467
    alawlis@viperenergy.com

    The MIL Network –

    September 29, 2024
  • MIL-OSI: Diamondback Energy, Inc. Schedules Third Quarter 2024 Conference Call for November 5, 2024

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Sept. 25, 2024 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), today announced that it plans to release third quarter 2024 financial results on November 4, 2024 after the market closes.

    In connection with the earnings release, Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the third quarter of 2024 on Tuesday, November 5, 2024 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Investor Contact:
    Adam Lawlis
    +1 432.221.7467
    alawlis@diamondbackenergy.com

    The MIL Network –

    September 29, 2024
  • MIL-OSI: Amalgamated Bank Issues Annual Environmental, Social and Governance Report for 2023

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Sept. 25, 2024 (GLOBE NEWSWIRE) — Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), today announced the publication of its 2023 Environmental, Social and Governance (“ESG”) Report. The annual report provides a comprehensive overview of Amalgamated Bank’s performance in its approach to addressing ESG risk as a part of delivering value for clients and investors.

    “Amalgamated Bank’s unwavering commitment to operating with the best interest of our clients in mind is a cornerstone of our mission. We take pride in partnering with companies who prioritize environmental stewardship, champion social justice, and demonstrate exemplary corporate governance,” said Priscilla Sims Brown, Amalgamated Bank’s President and CEO. “And we continue our commitment to using our financial resources and corporate influence to advance economic, social and environmental change.”

    Highlights of the report include:

    Business Impact: Redefining Success

    In 2023, Amalgamated Bank achieved B-Corp recertification with a score of 155.3, almost double the score needed to qualify and over three times the score of an ordinary business; setting a new standard for corporate responsibility. Its funding to climate solutions totaled more than $2 billion representing more than 39% of its lending portfolio and Property Assessed Clean Energy (“PACE”) assessments. Nearly 70% of Amalgamated Bank’s lending portfolios are high-impact and 100% mission aligned.

    Climate Action: Leading the Charge on Sustainability

    Amalgamated Bank is also committed to aligning all of its business practices with the goals of the Paris Climate Agreement. While growing its total amount of loans and investments, Amalgamated Bank reported a fifth consecutive year of increasing the share dedicated to climate solutions. In 2023, Amalgamated Bank reported an industry leading emissions intensity of 14.7 tons of CO2e per million dollars invested and supported clean energy projects that resulted in 243,010 tons of avoided emissions.

    Diversity, Equity, and Inclusion: A Workforce that Reflects Our Values

    For the second year in a row, its pay equity analysis showed substantial parity in pay for women and minorities. Based on last year’s pay equity analysis, the Bank earned an “A” on Arjuna Capital’s Racial and Gender Pay Scorecard, the highest score in the financial sector. The Bank received a perfect score on the Human Rights Campaign Foundation’s Corporate Index. The Bank’s workforce diversity data reveals that its commitment to building a diverse and vibrant workforce that reflects the communities it serves remains intact. In addition to EEO-1 aligned reporting, the Bank also discloses industry leading, workforce-related data on hiring, promotion, and departures.

    “We continue to develop financial products that prioritize environmental and social benefits alongside financial returns,” said Ivan Frishberg, Amalgamated Bank’s Chief Sustainability Officer. “Every product and service we offer is designed with more than the bottom line in mind, ensuring our impact extends far beyond financial success. We are proud to lead by example and set new standards for what it means to be a responsible and forward-thinking financial institution.”

    About Amalgamated Financial Corp.

    Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of June 30, 2024, our total assets were $8.3 billion, total net loans were $4.4 billion, and total deposits were $7.4 billion. Additionally, as of June 30, 2024, our trust business held $34.6 billion in assets under custody and $14.0 billion in assets under management.

    Investor Contact:
    Jamie Lillis
    Solebury Strategic Communications
    shareholderrelations@amalgamatedbank.com
    800-895-4172

    Source: Amalgamated Financial Corp.

    The MIL Network –

    September 29, 2024
  • MIL-OSI Canada: Introducing the Rate of Last Resort

    Source: Government of Canada regional news

    “Alberta has a unique competitive electricity market, which gives Albertans the power to choose the best energy provider, plan, and payment option to fit their needs. Consumers can purchase their power from over 50 competitive retailers, with the choice of either fixed or variable rate contracts.

    Albertans who don’t sign a competitive contract are automatically enrolled on the Rate of Last Resort from their local provider, which in the past has tended to be more expensive and volatile than competitive options.

    Alberta’s government is taking action to protect Alberta’s ratepayers and lower utility bills by helping consumers be better informed of their energy options. New regulations and legislation are set to come into effect on January 1, 2025, to help Albertans better understand their energy options and encourage them to find the rate best-suited to meet their needs. Following the Utilities Affordability Statutes Amendment Act, 2024, the default electricity rate is being renamed from the Regulated Rate Option (RRO) to the Rate of Last Resort (ROLR). The name change better reflects the nature of the rate consumers are paying and is part of ongoing consumer awareness initiatives.

    “Utility bills can make or break a tight budget when every nickel and dime counts. Our government is giving Albertans the tools needed to help save more their hard-earned dollars and make their monthly costs more predictable, while protecting the most vulnerable from sudden price spikes.”

    Nathan Neudorf, Minister of Affordability and Utilities

    To ensure Albertans are better informed about their electricity rate options, Alberta’s government has also introduced a rate confirmation requirement. The Utilities Consumer Advocate, under the Ministry of Affordability and Utilities, will contact all customers on the Rate of Last Resort every 90 days to confirm whether they would like to stay on the Rate of Last Resort and encourage them to explore their options. Rate of Last Resort providers will also be required to clearly indicate on customer bills that they are on the Rate of Last Resort, inform customers of their options in the competitive retail market, and update the terms and conditions of their service agreements.

    “Alberta’s unique electricity market gives consumers choice in their energy providers and plans. These new regulations bring more clarity and stability to default electricity rates so that Albertans can choose with confidence.”

    Chantelle de Jonge, parliamentary secretary, Affordability and Utilities

    However, not all Albertans are able to sign a competitive contract. In some rural areas, the Rate of Last Resort may be a consumer’s only option to receive power. Poor credit or other financial difficulties also may prohibit Albertans, often seniors and other vulnerable populations, from signing a competitive contract. Currently, the Rate of Last Resort varies month-to-month based on market prices and is approved by the Alberta Utilities Commission, not the government. To protect these customers from sudden and volatile price spikes, the Rate of Last Resort will be set every two years and can only be changed by a maximum of 10 per cent between the 2-year terms starting January 1, 2025. Through these new regulations, Alberta’s government is making the Rate of Last Resort more stable and predictable for Albertans unable to sign a competitive contract.

    “The team at the Utilities Consumer Advocate is available to help consumers understand Alberta’s retail energy market, including these changes, and help them identify options that will work best for their household, farm, or small business.”

    Chris Hunt, Utilities Consumer Advocate

    Albertans are encouraged to explore their options and find the competitive rate best-suited to their needs. Last year, tens of thousands of households moved off the Rate of Last Resort to competitive contracts for a more affordable option. Albertans who are looking for help with their utility bills or are experiencing a dispute with their provider should contact the Utilities Consumer Advocate at 310-4855 or through their website.

    Quick facts

    • Albertans have three options when purchasing their electricity and natural gas utilities: the Rate of Last Resort, a competitive contract for a variable rate, or a competitive contract for a fixed rate.
      • The Rate of Last Resort is approved by the Alberta Utilities Commission (AUC) and is not determined by the government. Learn more about the rate setting process and current rates on the AUC’s website.
    • Approximately 26 per cent of residential customers purchase electricity through the Rate of Last Resort.
    • Approximately 29 per cent of eligible commercial customers and 40 per cent of farm customers purchase electricity through the Rate of Last Resort.

    Related information

    • Utilities Consumer Advocate
    • Alberta Utilities Commission

    Related news

    • Power rates slashed in half by new market rules (Sep 5, 2024)
    • Power watchdog supports Alberta’s electricity market reforms (Aug 5, 2024)
    • Preventing power price spikes (Jun 26, 2024)
    • Making utility bills more affordable (Apr 22, 2024)
    • Making electricity more affordable (Apr 18, 2024)

    MIL OSI Canada News –

    September 29, 2024
  • MIL-OSI Canada: Port of Vancouver grain terminal strike: Joint statement

    Source: Government of Canada regional news

    “Alberta’s government is extremely concerned about the grain terminal labour disruption at Canada’s largest port, the Port of Vancouver. Harvest is underway, and each day this strike continues will have far-reaching impacts on our agriculture industry, the supply chain and Canada’s economy.

    “A strike at the West Coast terminals has the potential to back up the entire grain-handling system. Local elevators may stop taking grain and farmers have limited abilities to store grain on their farms for extended periods of time. This could lead to spoilage or severe quality downgrades for the grain, causing financial hardship for both farmers and grain handlers.

    “While we respect the collective bargaining process and understand the parties have agreed to resume negotiations alongside federal mediators, the damage caused by this disruption will be devastating to our grain handling industry, disrupting about $35 million of grain exports each day the work stoppage continues, including $11 million of Alberta exports.

    “Alberta has one of Canada’s most competitive agriculture sectors and our producers rely on grain terminal systems to remain up and running to meet international demand. According to the Grain Growers of Canada, more than 52 per cent of the grain produced in Canada was shipped through terminals at the Port of Vancouver last year.

    “Our grain supply feeds Canadians and millions of people around the world. A prolonged work stoppage could undermine Canada’s position as one of the world’s most stable and reliable food suppliers. Over the past year, the world watched as labour disruptions in federally regulated sectors undermined our country’s reputation as a stable trading partner. We call, once again, on the federal government to step in and act now to avoid immediate and long-term damage to Canada’s economy and our farming families.

    “Market access is critical for Alberta’s farmers, ranchers and agri-food businesses. This strike is another blow to the agriculture industry, following closely after China initiated an anti-dumping investigation into canola seed imports.

    “The federal government must improve its approach to labour relations, particularly in federally regulated transportation sectors. The continuous strikes we have seen are a direct result of these failed relations and must be urgently addressed to restore stability in our supply chains.

    “That is why Alberta’s government has sent a letter continuing to call on the federal government to respond proactively and more effectively to labour disputes that have potential to create widespread damage to critical supply chains, as well as to our country’s economy and reputation as a reliable trading partner.”

    MIL OSI Canada News –

    September 29, 2024
  • MIL-OSI USA: Reps. McGovern, Adams; Sen. Booker Introduce Climate-Smart Farm Conversion Bill

    Source: United States House of Representatives – Congressman Jim McGovern (D-MA)

    WASHINGTON, D.C. – Today, Representative Jim McGovern (MA-02), U.S. Representative Alma S. Adams, Ph.D. (NC-12), and U.S. Senator Cory Booker (D-NJ) introduced the Industrial Agriculture Conversion Act (IACA), which would allow farmers to voluntarily convert their on-farm infrastructure toward more climate-friendly uses with USDA conservation dollars.

    The IACA would use existing agricultural conservation funds to support farmers transitioning from concentrated animal feeding operations (CAFOs) to more sustainable and humane production systems. Reps. Adams and McGovern are leading the bill in the House, and Sen. Booker introduced companion legislation in the Senate.  

    “We need a food system that feeds everyone while doing right by the people, the planet, and animals” said Congressman McGovern. “Farmers are at the center of that vision, and we need to do everything we can to support them. I’m proud to co-lead this bill with Representative Adams and Senator Booker so that we can empower farmers to break free from a broken system and thrive as independent producers.”

    “Farmers want to produce food in ways that are good for people and the planet, but aren’t always empowered to do so in a consolidated food system like ours. I’m thrilled to introduce the Industrial Agriculture Conversion Act, which unlocks climate-forward conservation dollars to assist producers who want to transition out of the factory farm model,” said Congresswoman Adams. “Whether pasture-based or plant-based, farmers want to farm sustainably, humanely, and resiliently. I’m glad to support them in partnership with Representative McGovern, Senator Booker, and dozens of organizations on the ground.”

    “Corporate meatpackers use their market power to trap producers in the factory farm system with terrible profit margins and unsustainable debt,” said Senator Booker. “Their practices contribute to climate change and destroy rural communities. This legislation leverages conservation funding to give farmers a completely voluntary new path forward by providing them with the resources they need to transition to a more climate-friendly and humane production system that is good for people, animals, and the planet.”

    The IACA is the first stand-alone federal legislation to assist producers who want to make the move from intensive animal agriculture to pasture-based animal agriculture or specialty crop production. It would allow the USDA to create a grant program for eligible climate-smart conversion projects, funded by the Inflation Reduction Act’s pathbreaking investments in agricultural conservation. Earlier this year, Congresswoman Adams, Congressman McGovern, and Senator Booker all signed a letter cautioning against the use of IRA conservation money towards industrial agriculture; the IACA would ensure the integrity and effectiveness of these funds.

    “Factory farming is not just a nightmare for animals—contract farmers who were promised easy profits and the chance to ‘feed the world’ find themselves taking on seemingly endless debt to raise animals in this cruel industrial model, threatening the security of their families and farms,” said Kara Shannon, director of farm animal welfare policy for the ASPCA. “The Industrial Agriculture Conversion Act offers resources to support farmers who are climbing the ladder out of the pit of factory farming and want to transition to more humane and economically sustainable practices. We commend Representatives Adams and McGovern, and Senator Booker for introducing this groundbreaking legislation to create a more compassionate food system that respects animals, farmers, rural communities and our environment.”  

    “The factory farming industry preys on our nation’s farmers by trapping them in exploitative contracts and depriving them of meaningful autonomy. The Industrial Agriculture Conversion Act seeks to promote competition in our food system by creating a program for farmers who wish to transition from the highly consolidated factory farming model to climate-smart practices, such as specialty crop production,” said Frances Chrzan, senior federal policy manager, the Transfarmation Project of Mercy For Animals. “We applaud Rep. Alma Adams, Rep. McGovern, and Sen. Cory Booker for introducing legislation to create kinder and more sustainable pathways for farmers, which will benefit not only farmers and our economy but human health, the environment, and farmed animals.”  

    “I know firsthand the difficulty both financially and socially in transitioning from a confinement animal system to a regenerative farming system, having transitioned our farm in 1996,” said Ron Holter of Holterholm Farms. “Financially there is often a lag time from the beginning of what can be an expensive transition to eventually achieving an improved income while the land heals and the livestock become accustomed to a healthier, happier lifestyle. Transitional funds like those provided in the Industrial Agriculture Conversion Act would be a blessing to farmers attempting to move to more regenerative, livestock friendly systems.”    

    “We took on over $400,000 in debt to become contract chicken farmers and came close to foreclosure when we decided to get out of industrial animal agriculture. When we cancelled our contract, the integrator came out to our farm, picked up their $20 sign and drove away without another thought,” said Paula Boles, co-owner of JB Farms. “We know too many farmers have similar stories of being exploited by integrators and left with few options to keep their farms going. The Industrial Agriculture Conversion Act would help support farmers like us across the country who want to transition to more sustainable and economically viable farming systems.”  

    “In North Carolina’s Duplin and Sampson counties, hogs outnumber people by approximately 30-to-1. The vast majority of these industrial agricultural operations use an outdated cesspit and spray field system in which hog feces and urine are flushed into open-air pits and sprayed onto nearby fields, causing higher rates of anemia, kidney disease, and infant mortality among local communities,” said Dr. Rania Masri, Co-Director of the NC Environmental Justice Network. “NCEJN applauds Rep. Alma Adams, from North Carolina, for introducing the Industrial Agriculture Conversion Act and speaking up for the contract farmers, trapped as serfs on their own land, and the communities who are struggling against this polluting industry.”  

    “Too many farmers have been exploited and trapped in the factory farm system for too long, which is why Farm Aid applauds the introduction of the Industrial Agriculture Conversion Act,” said Hannah Tremblay, Policy and Advocacy Manager of Farm Aid. “We’re especially excited that livestock farmers will have an opportunity to be a part of the solution to climate change through the funding for climate-smart conversion projects.”  

    “The Industrial Agriculture Conversion Act will release farmers ensnared in the highly flawed industrial animal agriculture model and usher in much-needed sustainable food and farm system reform. ‘Get Big or Get Out’ has failed farmers, rural communities, and our country. The IACA will help farmers and rural America get out from under CAFOs and thrive,” said Harry Manin, deputy legislative director of the Sierra Club.  

    “The factory farm system that traps farmers under mountains of debt and damages rural communities, public health and the environment didn’t happen by accident,” said Patty Lovera of the Campaign for Family Farms and the Environment. “Factory farms are the result of decades of failed enforcement, bad farm policy and direct government support, including federally-guaranteed loans for new factory farms. The Industrial Agriculture Conversion Act would be a critical first step in the transition away from factory farms to a system based on independent, family farm livestock production.”  

    “Today’s factory farm system stacks the cards against farmers, workers, consumers, and the environment while letting Big Ag corporations reap all the rewards. The Industrial Agricultural Conversion Act is an important opportunity to transition our food and agriculture sector away from factory farms and an important lifeline for those squeezed by corporate consolidation,” said Rebecca Wolf, senior food policy analyst for Food and Water Watch.  

    “This bill would give small farmers more control over their operations to not have the larger corporations controlling what they do on their own farms. Factory farms put a strain on our health. This gives those farmers an opportunity to create a better product for our communities and consumers and improve our food system as a whole,” said Philip Barker, farmer and co-founder/co-project director of Operation Spring Plant, Inc. 

    “More than ever before, consumers want the assurance that the products they buy are aligned with their values. The data shows us that 80% of U.S. consumers are concerned about the environmental impact of the products they buy,” said David Levine, Co-founder and President of the American Sustainable Business Network. “In just the last few years, the sale of meat with labels boasting environmental and labor benefits increased 18% compared to conventionally labeled meat products. In addition, the sustainable fashion industry market is expected to more than double to $15 billion by 2030. Sustainable business is no longer just about doing the right thing, it’s also a wise investment and makes good business sense. Once farmers can move out of the industrial model, they will see higher profits and more resiliency to extreme weather and volatile markets, the Industrial Agriculture Conservation Act will begin to provide the needed support to take that first step to transition.”  

    “Over a decade ago I began to transition away from conventional cattle production to more sustainable, humane and regenerative practices and I’ve seen more benefits than I can name in the health of my animals and land. But without the kind of support this legislation offers, doing the right thing has been a slow and extremely risky process for myself and farmers like me across the country,” said Don Jackson, owner of Pompey’s Rest Farm. “The Industrial Agriculture Conversion Act gives farmers a way out of a destructive system that’s squeezing them dry, and that’s a wonderful thing.” Specifically, the IACA would:

    Create a new grant program within the existing USDA Environmental Quality Incentives Program (EQIP), using funds provided for climate-smart conservation practices by the IRA 

    Provide grants for on-farm infrastructure improvements to convert medium or large CAFOs to either crop production or pasture-based livestock operations 

    Require that grant recipients permanently cease operation of a CAFO within 180 days 

    Prevent grant funds from being misused for new unsustainable facilities, such as methane digesters or manure lagoons 

    Require 10% non-federal cost-sharing, with the option of lower cost-sharing amounts for socially disadvantaged farmers and ranchers 

    Protect grant applicants from retaliation under the Packers and Stockyards Act

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI: H&R Block Publishes Fifth Annual ESG Report

    Source: GlobeNewswire (MIL-OSI)

    KANSAS CITY, Mo., Sept. 25, 2024 (GLOBE NEWSWIRE) — H&R Block, Inc. (NYSE: HRB) today published its fifth Annual Environmental, Social, and Governance (ESG) Report for fiscal year 2024 (July 1, 2023 – June 30, 2024). The Annual ESG Report reflects H&R Block’s ongoing commitment to transparency, sustainability, and responsible business practices in key areas such as environmental impact, social responsibility, corporate governance, stakeholder engagement, and more.

    “At H&R Block, our Purpose is to provide help and inspire confidence in our clients and communities everywhere. As part of this Purpose, we believe in doing our part to be a responsible corporate citizen – which has been a part of our culture and aspirations from the very beginning,” said Jeff Jones, president, and CEO of H&R Block. “Together, we can continue to deliver on our Purpose and make a positive impact.”

    Notable highlights from the 2024 Annual ESG Report include:

    • On the Environmental front, H&R Block’s ‘Path to Print Less’ initiative reduced the number of total pages printed across its retail footprint by 36%. The company also introduced a new associate-led composting program at its corporate headquarters’ public cafeteria and sharpened its GHG emissions inventory by adding additional categories to its Scope 3 calculation.
    • Within the Social category, the company furthered its commitment to easing the financial burdens of clients, continued to honor co-founders Henry and Richard Bloch’s legacy of service, and gave back to local communities through its Make Every Block Better impact platform.
      • Spruce1, H&R Block’s mobile banking platform, is delivering on its mission to help people be better with money
        • Since launch through June 30, 2024, Spruce had 476K sign ups and is nearing a milestone of $1B in customer deposits. The company saw positive deposit trends, indicating Spruce is empowering clients to grow their financial health, and build financial literacy.
      • The launch of H&R Block’s AI Tax Assist tool in all DIY Online paid SKUs
        • The genAI powered experience was designed to streamline the tax preparation process for clients to file and manage their taxes confidently. The technology performed well as feedback indicated that the tool was easy to use, helpful in the tax prep process, and clients found value in it.
      • The inaugural year of ‘Fund Her Future’, H&R Block’s small business grant program
        • H&R Block provided $100K in funds and services to empower select women-owned businesses—particularly those focused on making a difference in their communities—to reach their full potential.
      • Supporting Connected Culture and more in-person engagement through Block Party events
        • Centered around bringing local associates and teams together, H&R Block introduced quarterly Block Party events at their corporate headquarters in Kansas City. Attendees had the opportunity to attend several Belonging events, networking sessions, professional panels, and other various engagement activities.
    • Regarding Governance, H&R Block strives to maintain a culture of integrity, transparency, and accountability throughout all levels of the organization. The company is committed to strong ethical practices, responsible decision-making, and effective governance structures.

    For more information and to read H&R Block’s FY24 Annual ESG Report, click here.

    1 Spruce fintech platform is built by H&R Block, which is not a bank. Spruce℠ Spending and Savings Accounts established at, and debit card issued by, Pathward®, N.A., Member FDIC.

    About H&R Block

    H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time, and be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

    The MIL Network –

    September 29, 2024
  • MIL-OSI: CommUNITYFirst Day 2024, Held on September 24th, Benefits Thousands

    Source: GlobeNewswire (MIL-OSI)

    RED BANK, N.J., Sept. 25, 2024 (GLOBE NEWSWIRE) — OceanFirst Bank N.A. (“OceanFirst” or the “Bank”), a subsidiary of OceanFirst Financial Corp. (NASDAQ:OCFC), held its third annual CommUNITYFirst Day on September 24th, 2024, providing volunteer assistance to community organizations across the Bank’s market area. All OceanFirst branch locations and loan offices were closed on the afternoon of September 24th to enable employees to volunteer at local nonprofit organizations, with more than 700 team members joining in the effort.

    More than 75 nonprofit organizations in New Jersey, Pennsylvania, New York and Massachusetts requested OceanFirst employees, known as WaveMakers, to help complete a variety of projects that will assist people and neighborhoods with the greatest needs. The nonprofit organizations focus on providing housing, alleviating food insecurity, protecting the environment, aiding future generations, building inclusive communities, fostering economic empowerment, improving health and wellness, and promoting arts and culture.

    “CommUNITYFirst Day began in 2021 and has become an annual tradition at OceanFirst. It is a great opportunity for the Bank to extend a helping hand to our neighbors in the communities where our employees live and work,” said Joe Lebel, OceanFirst Bank President and Chief Operating Officer. “With more than 700 employees participating in CommUNITYFirst Day 2024, we were proud to assist our nonprofit partners and the people they serve.”

    Meals on Wheels of Ocean County (“Meals on Wheels”) was one of the more than 75 nonprofit organizations that hosted OceanFirst employees for CommUNITYFirst Day 2024. According to Heather deJong, Community Relations Specialist at Meals on Wheels, “Meals on Wheels of Ocean County is so appreciative of the army of volunteers we had during CommUNITYFirst Day. We deliver 1,000 meals each day, Monday thru Friday, to our homebound and food insecure seniors and OceanFirst’s volunteers saved our kitchen staff a day’s worth of work by prepping and putting the cold components of our meal into 1,000 grab-and-go bags that our drivers will now deliver along with the hot entrée and sides tomorrow.”

    Since CommUNITYFirst Day was established, OceanFirst Bank employees have volunteered almost 9,000 hours in conjunction with CommUNITYFirst Day. Volunteer opportunities are coordinated for OceanFirst employees in collaboration with OceanFirst Foundation, whose mission is to empower nonprofits to think bigger, solve more problems, and make life better in the neighborhoods served by OceanFirst Bank.

    OceanFirst Bank N.A., a subsidiary of OceanFirst Financial Corp., founded in 1902, is a $13.3 billion regional bank providing financial services throughout New Jersey and in the major metropolitan areas between Massachusetts and Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst go to www.oceanfirst.com.

    Company Contact:
    Jill Apito Hewitt
    OceanFirst Bank N.A.
    Director of Corporate Communications
    1.888.623.2633 ext. 27513
    jhewitt@oceanfirst.com

    The MIL Network –

    September 29, 2024
  • MIL-OSI USA: Rosen, Shaheen, Baldwin Introduce Legislation to Increase Startup Tax Deduction to $50,000

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    Currently, Entrepreneurs Can Only Write Off $5,000 In Costs When Starting A New Business
    A Recent Survey Found That Small Business Owners Spend An Average Of $40,000 To Get Their Businesses Off The Ground
    WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV), Senate Committee on Small Business and Entrepreneurship Chair Jeanne Shaheen (D-NH), and Senator Tammy Baldwin (D-WI) introduced legislation to provide more tax relief to entrepreneurs looking to start a small business, and reduce barriers for startups. The Tax Relief for New Businesses Act would increase the startup tax deduction from $5,000 to $50,000, and allow businesses to write off more expenses to compensate for the increasing cost of starting a business. Currently, small business owners can only deduct up to $5,000 in startup costs in the first year, yet a recent survey found that they spend an average of $40,000 to get their businesses off the ground.
    “It’s getting harder and more expensive for local entrepreneurs to turn their dreams of starting their own small business into reality, which is why I’m proud to introduce legislation to increase the startup tax deduction from $5,000 to $50,000,” said Senator Rosen. “This is a common-sense step to make this tax deduction practical and helpful for startups, and I’ll keep working to support Nevada’s entrepreneurs and small business owners.”
    “Allowing small businesses to deduct more of their startup expenses will help support the growth of the 19 million new businesses formed during the Biden-Harris administration while creating good-paying jobs in our communities,” said Small Business and Entrepreneurship Chair Shaheen. “Small businesses are the backbone of our economy, and in the Granite State, approximately two thirds of job creation is done through small businesses. With legislation like the Tax Relief for New Businesses Act we can continue to spur job growth while giving entrepreneurs a fair shot at success.”
    “On Main Streets across Wisconsin, small businesses are creating jobs and contributing to our local economies. For too many entrepreneurs, starting a business can be out of reach and it’s our job to break down the barriers in their way so more Americans can pursue their dreams,” said Senator Baldwin. “This legislation is a commonsense step that will unlock opportunities for Wisconsin’s next generation of small businesses and help ensure they have the capacity to grow, innovate, and shape the future of the Badger state.”
    “The Reno + Sparks Chamber of Commerce is enthusiastic about Senator Rosen’s bill, that if passed, would open doors to hundreds of entrepreneurs who dream of developing and owning a small business in our community,” said Ann Silver, CEO of the Reno + Sparks Chamber of Commerce. “The Tax Relief for New Business Act would stimulate commerce and enable our small business economy to be determined by those with the grit and determination to be successful.”
    “Starting a business is a vote of confidence in the future,” said Richard Trent, Executive Director of Main Street Alliance. “Men and women all across the country start businesses that help our communities thrive. Small businesses are connected to their communities, sponsoring little league teams, providing employment and creating a robust culture and economy. But one of the most difficult parts of starting a business is having the capital to do so. A lack of generational wealth, unfair lending practices and discrimination make this difficult for too many. The Tax Relief for New Businesses Act is a huge step in the right direction to level the playing field and jump start Main Streets all across America.”
    “Repeated research has demonstrated that new businesses – ‘startups’ – are a critical driver of economic growth, job creation, and opportunity expansion,” said John Dearie, President of Center for American Entrepreneurship. “But launching a new business costs money. And because startup costs are incurred long before the first dollar of revenue, those costs can be a major obstacle to new business formation. That’s why the Tax Relief for New Businesses Act is so important. The Act would increase the tax deduction of startup costs from $5,000 to $50,000, expand the types of expenses eligible for the deduction, and stretch the phase-out threshold of the credit from $50,000 to $150,000, allowing entrepreneurs to write-off more of the costs required to launch their business once they become profitable. The legislation is powerfully pro-entrepreneurship, pro-growth, and pro-job creation. CAE thanks Senators Jacky Rosen (D-NV), Tammy Baldwin (D-WI), and Jeanne Shaheen (D-NH) for their leadership and looks forward to working with them to ensure swift passage of the legislation.”
    This legislation is endorsed by the Reno+Sparks Chamber of Commerce, Main Street Alliance, Center for American Entrepreneurship, and the Vegas Chamber.
    As a member of the Committee on Small Business and Entrepreneurship, Senator Rosen has been a champion of Nevada’s small business community. Every year, she leads her Senate colleagues in pushing for robust funding to support small businesses and cut burdensome red tape. Senator Rosen has introduced the bipartisan Minority Entrepreneurship Grant Program Act to establish a Minority Entrepreneurship Grant Program through the Small Business Administration (SBA) to award grants to Minority Serving Institutions to promote and increase opportunity. She also introduced the bipartisan One Stop Shop For Small Business Licensing Act to require the SBA to create a centralized website that includes federal, state, and local licensing and business permit information for starting a small business.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: Ahead of 1 October, Rosen Gives Speech on Senate Floor Honoring Victims of Tragic Shooting, Calling on Congress to Ban Bump Stocks

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    Watch Senator Rosen’s Speech HERE.
    WASHINGTON, D.C. – Today, ahead of what will be seven years since the 1 October shooting in Las Vegas, U.S. Senator Jacky Rosen (D-NV) delivered remarks on the Senate floor to honor the sixty lives lost and highlight how Nevada was forever changed by this senseless violence, the deadliest mass shooting in American history. She also recognized the heroism of Las Vegas’s first responders and urged further action by Congress to prevent gun violence, including banning bump stocks.
    Senator Rosen has been a leader in the fight against gun violence. Following this year’s Supreme Court decision to reverse the Trump-era bump stock ban, Senator Rosen joined bipartisan legislation to permanently ban bump stocks. Last year, she helped introduce the Resources for Victims of Gun Violence Act to provide all victims of gun violence and their loved ones with the resources to help meet medical, legal, financial, and other needs. Senator Rosen also recently helped introduce the Background Check Expansion Act to expand federal background checks to all commercial gun sales, including those made online and at gun shows. She helped pass the historic Bipartisan Safer Communities Act to enhance background checks on firearm purchases for individuals under 21, fund the implementation of red flag laws, combat firearms trafficking, and invest in school safety and mental health programs. 
    Below are Senator Rosen’s floor remarks as delivered:
    Mr. President,
    This year will mark seven years since my community of Las Vegas was forever changed on October 1st, 2017.
    On that night, we experienced a tragedy on a scale far worse than anyone could have ever imagined.
    Ten minutes. Ten minutes is all it took for a gunman to open fire on an unsuspecting crowd at a music festival, killing 58 innocent lives, injuring thousands, and leaving a permanent scar on our state.
    Sadly, in the years since, two more victims of that night’s attack died because of injuries they received during the shooting, bringing the death toll to 60.
    It remains the deadliest mass shooting in American history.
    The families of the victims of that tragedy had their worlds shattered that day, their lives forever changed. 
    Families who didn’t get to celebrate birthdays, anniversaries, holidays. And the families who never got to say goodbye to their loved ones.
    That night also changed the lives in our city. People who were attending or working at the Route 91 Harvest festival, the first responders who ran towards danger to save lives. 
    And in the following days, we saw lines of people, lines of people around entire blocks willing to donate blood, willing to help in any way they could.
    This kind of selflessness embodies the incredible spirit of our community. It showed the country why we’re Vegas Strong.
    And as we remember and as we reflect on this tragedy, we must also commit ourselves to action so that no community has to experience the pain and suffering like we did. 
    The 1 October shooter was able to inflict as much pain and carnage as he did by using bump stocks.
    This dangerous modification allowed his weapon to fire more bullets faster, as a way to inflict the most amount of pain on our city. Over 1,000 bullets, 1,000 bullets in just a matter of minutes.
    And it was in response to this carnage that then-President Donald Trump issued a federal rule banning bump stocks. It helped save lives from these deadly modifications.
    But unfortunately, the Supreme Court overturned this common-sense federal ban, allowing bump stocks to flow into our streets once again.
    This shameful decision, shameful decision by the Supreme Court will put more lives at risk, which is why I joined bipartisan legislation to restore this common-sense federal ban on bump stocks.
    And when members of this chamber tried to pass this bipartisan legislation, extremists in this body, what did they do? They blocked us, and some even had the audacity to say this legislation was trying to solve a “fake problem.” 
    A “fake problem.”
    Mr. President, should we tell the families who lost a loved one at the hand of a firearm using a bump stock on 1 October that it’s a “fake problem?” A fake problem that they’re sad at every holiday, and every meal, and every Thanksgiving table that their loved one is missing? A “fake problem?”
    Their grief is real. Their loss is real, and their loss is forever. This is not a “fake problem.”
    It’s a very real problem, and there are real solutions. But once again, Congress has failed, year after year, to act.
    Las Vegas knows how the real threat, what the real threat of bump stocks are and why we must act. 
    And as we approach the seventh anniversary of this unthinkable tragedy,  I ask all my colleagues in this chamber to remember and to honor the memories of the victims, to honor their families, to honor everyone whose lives were forever changed from the night and the shooting on October 1st, 2017.
    I also ask that we come together, Republicans and Democrats, in a bipartisan way to save lives by just passing common-sense legislation to ban bump stocks. 
    Thank you.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: Welch, Sanders, Smith Introduce Bill to Help More Farmers Access USDA Emergency Farm Loans After Natural Disasters

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – Today, U.S. Senators Peter Welch (D-Vt.), Bernie Sanders (I-Vt.) and Tina Smith (D-Minn.) introduced the Emergency Loans Reform Act of 2024, legislation to reform the U.S. Department of Agriculture’s (USDA) Farm Service Agency’s (FSA) Emergency Loan Program to remove barriers to emergency funds and be more responsive to the needs of farmers and ranchers in the aftermath of a natural disaster. The Emergency Loans Reform Act would amend USDA’s Emergency Loan Program to remove the written credit denials requirement and increase flexibility in defining losses. The aim of the legislation is to improve eligibility and access for farmers seeking emergency loan funding.
    “Emergency farm loans can provide a lifeline to farmers and ranchers in their journey to rebuild and recover after a natural disaster strikes. But USDA’s one-size-fits-all system often fails to reflect losses facing Vermont-sized farms, making it difficult for them to access those crucial funds.” said Senator Welch. “Our bill makes commonsense reforms to the Emergency Loans Program to ensure that farmers and ranchers impacted by natural disasters can quickly get the support they need to recover.”
    “The last thing anyone needs after a disaster strikes is more red tape obstructing the road to recovery,” said Senator Sanders. “After the devastating floods of last summer and this summer, we saw too many Vermont farmers struggling to get the emergency assistance they needed in a timely and effective manner. This should not be happening in the richest country in the history of the world. With the existential threat of climate change making these disasters more frequent and more severe, we must take urgent action to reimagine disaster response in this country. This legislation, which makes it easier for farmers to get the emergency aid they need as quickly as possible, is an important step in the right direction and I am proud to join Sen. Welch and my colleagues on it.”
    “Farmers are the backbone of our economy and they need our help when severe weather strikes,” said Senator Smith. “This bill will help farmers deal with the inevitable ups and downs in the marketplace, including natural disasters.”
    In order to access funds through FSA’s Emergency Loan Program, farmers and ranchers impacted by extreme weather must currently provide evidence of 30% of total production losses and provide one or more written declinations from a commercial lender. As USDA does not always require written denials for similar loan programs, requiring farmers to receive written denials can be particularly burdensome, depriving them of resources at a crucial time. This 30% production loss requirement can be a misleading indicator when determining the need for emergency relief and create unnecessary obstacles for farmers to receive assistance when they need it most.
    Learn more about the Emergency Loans Reform Act.
    Read the full text of the bill.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: Mann Rejects Continuation of Fiscal Insanity

    Source: United States House of Representatives – Representative Tracey Mann (Kansas, 1)

    WASHINGTON, D.C. – Today, U.S. Representative Tracey Mann (KS-01) voted against H.R. 9747, the Continuing Appropriations and Extensions Act, 2025. The legislation, which passed in the U.S. House of Representatives by a vote of 341-82, fails to reduce government spending, protect the integrity of the upcoming U.S. election, or tackle America’s $35 trillion debt. Rep. Mann released the following statement after the vote.

    “I did not come to Congress to be a caretaker in the slow demise of America,” said Rep. Mann. “Our country currently has $35 trillion in debt that our children, grandchildren, and great grandchildren will be responsible for. We cannot continue to do the same thing over and over again and expect different results. Kansans regularly tell me that the economy and the federal government’s reckless spending are two of their top concerns. I will not contribute to the decimation of America’s fiscal house by supporting spending bills that fail to prioritize the real needs of America. It is Congress’ job to pass 12 individual appropriations bills each year to fund the government. We must return to regular order, stop kicking the can down the road, and do our job.”

    In March 2024, Rep. Mann voted against H.R. 1061, the first part of a $1.66 trillion spending package. Mann also opposed the second vehicle in the spending package that further exceeded spending caps and ballooned the national debt.

    H.R. 9747 will now go to the U.S. Senate for further consideration.

    ###

    For more information about Representative Mann, visit: www.mann.house.gov

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI United Kingdom: UK provides essential humanitarian supplies to civilians in Lebanon as the situation deteriorates

    Source: United Kingdom – Executive Government & Departments

    Government re-opens portal for British nationals in Lebanon to register their presence following deployment

    • Government re-opens portal for British nationals in Lebanon to register their presence
    • Follows deployment of military, Border Force and Foreign office officials to Cyprus to support contingency planning
    • £5 million humanitarian package will support thousands of people who have been displaced or forced to flee

    The UK is sending £5m to Lebanon to support humanitarian response efforts, where the United Nations [UNICEF] will distribute supplies to those in need. 

    It comes as the UK also re-opens the Register Your Presence service to support British nationals and provide vital updates.

    The UK has been calling for British nationals to leave Lebanon since October 2023. Yesterday, 700 troops, alongside Border Force and Foreign Office officials, also deployed to Cyprus to continue contingency planning for a range of scenarios in the region.

    The essential humanitarian support comes after further civilian casualties following air strikes in recent hours. Thousands more have been displaced or forced to flee their homes.

    The package includes essential medical supplies, hygiene kits and fuel for water stations, to help thousands of displaced civilians across Lebanon meet their basic needs.

    It will also help emergency teams respond to urgent health and nutrition needs, and provide a series of training sessions for key delivery partners and frontline workers to ensure an effective emergency response.

    Anneliese Dodds, Minister of State for Development and Minister of State for Women and Equalities, said:

    The situation in Lebanon is deeply concerning. While we continue to urge British nationals to leave and have launched our ‘register your presence’ portal to aid their departure, the UK will always be a strong supporter of the Lebanese people. That is why we are providing £5m to UNICEF to support civilians who have been displaced and are facing a humanitarian emergency.

    We need to see an immediate ceasefire from both sides to prevent further civilian casualties and ensure that displaced people can return to their homes.

    At UNGA this week the Foreign Secretary emphasised the need for an immediate ceasefire between Israel and Lebanese Hizballah when he met G7 ministers. The UK was the first G7 country to call for an immediate ceasefire. The Foreign Secretary will deliver the UK’s intervention at the UN Security Council session on Lebanon.

    Flights from Beirut continue to run, and British nationals should depart on the first available carrier.

    The military teams have joined the already significant UK diplomatic and military footprint in the region, including RAF Akrotiri in Cyprus and Royal Navy ships RFA Mounts Bay and HMS Duncan, which have remained in the eastern Mediterranean to support British nationals and allies over the summer.

    The Royal Air Force also have aircraft and transport helicopters on standby to provide support if necessary.

    Notes to editors  

    • Today’s funding announcement comes from pre-existing Official Development Assistance budgets and is already accounted for.
    • The UK is committed to supporting the most vulnerable in Lebanon, including refugees and Lebanese communities, with timely, flexible assistance to address basic needs and reduce suffering.  
    • The UK’s bilateral humanitarian support to Lebanon this financial year (up to £21m through the Lebanon Humanitarian Programme, including this £5m for UNICEF) is focussed on:  
      • supporting the most vulnerable refugee and Lebanese communities to meet their basic needs;     
      • providing essential education and child protection services to over 5,000 of the most vulnerable and marginalised out of school children; and  
      • supporting the Government of Lebanon to develop more inclusive, sustainable, and accountable social protection systems.  
    • Through the Lebanon Humanitarian Programme, the UK is one of the largest donors to OCHA’s Lebanon Humanitarian Fund which has allocated $14.7m to a range of NGOs for preparedness and response to displacement.  
    • Earlier this year, a Central Emergency Response Fund (CERF) allocation of $9m was released to support UN partners response to the rising needs in Southern Lebanon. The UK is one of the largest donors to the CERF globally.    
    • $2.2m Education Cannot Wait (ECW) funding has been released to support 5,000 children affected by the crisis. The UK is the second largest donor to ECW.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

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    Updates to this page

    Published 25 September 2024

    MIL OSI United Kingdom –

    September 29, 2024
  • MIL-OSI Europe: Democracy Promotion: Supporting Democratic Openings with Diplomatic Instruments

    Source: Switzerland – Department of Foreign Affairs in English

    Federal Department of Foreign Affairs

    New York, 24.09.2024 – Address by Federal Councillor Ignazio Cassis, Head of the Federal Department of Foreign Affairs (FDFA) – Check against delivery

    Secretary Blinken,

    Administrator Power,

    Excellencies,

    I would like to thank Secretary Blinken and Administrator Power for convening this important meeting today, which allows us to reaffirm our commitment to supporting democratic openings.

    Switzerland and the United States share a long history when it comes to democratic rights and freedoms.

    From the 17th century to the present day, our countries have influenced each other. We are sister republics, as the American constitutionalists put it 250 years ago.

    Excellencies,

    Democracy brings substantial benefits for sustainable development and lasting peace. Switzerland’s history bears witness to these positive consequences:

    Our democratic institutions and processes have enabled us to navigate linguistic, religious and cultural diversity and find unity.

    Today, only 30% of the global population lives in a democracy. Drawing from our own experience, strengthening democracy has become a key priority in our foreign policy.

    I am pleased to announce that my Ministry is now developing its first “Democracy Guidelines”.

    These guidelines define the objectives of our efforts and detail the tools we will employ:

    – One key tool is diplomacy: fostering bilateral and multilateral dialogue while engaging political actors as equal partners.

    – Another tool is providing knowledge and financial support to strengthen the framework that sustains democracies, thereby starting with the universally recognized fundamental rights, essential for the dignity and freedom of individuals.

    We are ready to provide swift and creative support wherever and whenever it is welcomed.

    Switzerland fully supports the joint statement and looks forward to ongoing dialogue, aiming to expand the family by welcoming many more sisters.

    Thank you.


    Address for enquiries

    FDFA Communication
    Federal Palace West Wing
    CH-3003 Bern, Switzerland
    Tel. Press service: +41 58 460 55 55
    E-mail: kommunikation@eda.admin.ch
    Twitter: @SwissMFA


    Publisher

    Federal Department of Foreign Affairs
    https://www.eda.admin.ch/eda/en/home.html

    MIL OSI Europe News –

    September 29, 2024
  • MIL-OSI Europe: Other events – Exchange of views with the European Chief Prosecutor on the EPPO activities – 30-09-2024 – Committee on Civil Liberties, Justice and Home Affairs

    Source: European Parliament

    Laura Kövesi, the Chief Prosecutor of the European Public Prosecutor’s Office (EPPO), will engage in discussions with members of the LIBE Committee.

    This exchange will cover the Office’s activities, its key achievements, and the challenges it faces. Such discussions are crucial for evaluating the EPPO’s effectiveness in protecting the financial interests of the EU and addressing any operational or legal obstacles that may hinder its mandate.

    The European Public Prosecutor’s Office is an independent and decentralized prosecution office of the European Union, headquartered in Luxembourg. Its primary responsibility is to investigate, prosecute, and bring to judgment crimes that affect the financial interests of the EU. It was established by Council Regulation (EU) 2017/1939 and began its operations in 2021.

    MIL OSI Europe News –

    September 29, 2024
  • MIL-OSI Europe: EIB provides €220 million to Nexi to back digital payment innovation in Europe

    Source: European Investment Bank

    EIB

    • The new funds will contribute to the development of the group’s innovative digital payment products and services.
    • The projects financed will support the group’s sustainability-related environmental, social and governance goals, which have already been announced to the market.

    The European Investment Bank (EIB) is providing €220 million in financing to Nexi Group, Europe’s largest PayTech company, to support innovation in the digital payments sector. The agreement was announced today in Milano by EIB Vice-President Gelsomina Vigliotti and Nexi Group CFO Bernardo Mingrone.

    Nexi will use the EIB funds to develop and manage projects aimed at modernising digital payments in Europe, and to finance specific initiatives that leverage the expertise of Nexi Digital, a European technological innovation hub created in collaboration with Reply, an Italian company and European leader in digital transformation.

    The identified projects are fully aligned with Nexi Group’s environmental, social, and governance (ESG) objectives, which have already been communicated to the market. These include promoting digital payment innovation across Europe, creating jobs for young people and in disadvantaged areas, and enhancing environmental sustainability by optimizing data centres and developing cloud-based activities.

    This is the first EIB loan granted to a publicly listed company in the digital payments sector, underscoring Nexi’s commitment to advancing the digital and technological transition.

    EIB Vice-President Gelsomina Vigliotti commented: “This operation represents a major step forward in the development of Europe-wide digital payment solutions, helping to reduce the use of cash and prevent fraud and tax evasion. This operation highlights the EIB’s commitment to promoting digitalisation and innovation in businesses and public sector organisations, which are key elements of the National Recovery and Resilience Plan.”

    Nexi Group CFO Bernardo Mingrone added: “We are proud that the European Investment Bank has recognised our ongoing commitment to the development of innovative products and services promoting digital payment reliability and security, two key requirements for rolling out these services in the European countries where we operate. This agreement is further confirmation that even major players like the EIB recognise Nexi’s vital role in developing and supporting digitalisation in Europe.”

    Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances sound investments that can contribute to EU policy. EIB projects strengthen competitiveness, foster innovation, promote sustainable development and improve social and territorial cohesion while supporting a fair and rapid transition towards climate neutrality. In the past five years, the EIB Group has provided more than €58 billion in financing for projects in Italy.

    Nexi is Europe’s PayTech company operating in high-growth, attractive European markets and technologically advanced countries. Listed on Euronext Milan, Nexi has the scale, geographic reach and abilities to drive the transition to a cashless Europe. With its portfolio of innovative products, e-commerce expertise and industry-specific solutions, Nexi provides flexible support for the digital economy and the entire payment ecosystem globally, across a broad range of different payment channels and methods. Nexi’s technological platform and the best-in-class professional skills in the sector enable the company to operate at its best in three market segments: Merchant Solutions, Issuing Solutions and Digital Banking Solutions. Nexi constantly invests in technology and innovation, focusing on two fundamental principles: meeting, together with its partner banks, customer needs and creating new business opportunities for them. Nexi is committed to supporting people and businesses of all sizes, transforming the way people pay and businesses accept payments. It offers companies the most innovative and reliable solutions to better serve their customers and expand. By simplifying payments and enabling people and businesses to build closer relationships and grow together, Nexi promotes progress to benefit everyone. www.nexi.it/en www.nexigroup.com

    Nexi Digital Investment Plan
    EIB provides €220 million to Nexi to back digital payment innovation in Europe
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    Nexi Digital Investment Plan
    EIB provides €220 million to Nexi to back digital payment innovation in Europe
    ©EIB
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    Nexi Digital Investment Plan
    EIB provides €220 million to Nexi to back digital payment innovation in Europe
    ©EIB
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    Nexi Digital Investment Plan
    EIB provides €220 million to Nexi to back digital payment innovation in Europe
    ©EIB
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    MIL OSI Europe News –

    September 29, 2024
  • MIL-OSI Europe: Highlights – 30 September: Ukraine MFA, Chinese BEVs and Foreign Subsidies Regulation – Committee on International Trade

    Source: European Parliament

    At the 30 September meeting, INTA Members will exchange with Executive Vice-President Dombrovskis on the financial assistance package in support of Ukraine consisting of a Ukraine Loan Cooperation Mechanism and an exceptional Macro-Financial Assistance (MFA) loan of up to €35 billion.

    MIL OSI Europe News –

    September 29, 2024
  • MIL-OSI Europe: AMENDMENTS 025-027 – JOINT MOTION FOR A RESOLUTION on continued financial and military support to Ukraine by EU Member States – RC-B10-0028/2024(025-027)

    Source: European Parliament

    AMENDMENTS 025-027
    JOINT MOTION FOR A RESOLUTION
    pursuant to Rule 136(2) and (4) of the Rules of Procedure
    replacing the following motions:
    B10-0028/2024 (Verts/ALE)
    B10-0031/2024 (S&D)
    B10-0033/2024 (Renew)
    B10-0036/2024 (PPE)
    B10-0039/2024 (ECR)
    on continued financial and military support to Ukraine by EU Member States
    (2024/2799(RSP))
    Michael Gahler, Andrzej Halicki, Sebastião Bugalho, David McAllister, Siegfried Mureşan, Željana Zovko, Andrius Kubilius, Pekka Toveri, Rasa Juknevičienė, Isabel Wiseler-Lima, Antonio López-Istúriz White, Nicolás Pascual De La Parte, Mika Aaltola, Wouter Beke, Gheorghe Falcă, Niclas Herbst, Sandra Kalniete, Marcin Kierwiński, Łukasz Kohut, Ondřej Kolář, Vangelis Meimarakis, Danuše Nerudová, Ana Miguel Pedro, Hélder Sousa Silva, Davor Ivo Stier, Michał Szczerba, Alice Teodorescu Måwe, Ingeborg Ter Laak, Riho Terras, Matej Tonin, Inese Vaidere
    on behalf of the PPE Group
    Yannis Maniatis, Sven Mikser
    on behalf of the S&D Group
    Aurelijus Veryga, Adam Bielan, Mariusz Kamiński, Tobiasz Bocheński, Roberts Zīle, Michał Dworczyk, Veronika Vrecionová, Jadwiga Wiśniewska, Ondřej Krutílek, Reinis Pozņaks, Rihards Kols, Sebastian Tynkkynen, Małgorzata Gosiewska, Assita Kanko
    on behalf of the ECR Group
    Helmut Brandstätter, Petras Auštrevičius, Dan Barna, Benoit Cassart, Olivier Chastel, Bart Groothuis, Karin Karlsbro, Ľubica Karvašová, Ilhan Kyuchyuk, Nathalie Loiseau, Urmas Paet, Eugen Tomac, Hilde Vautmans, Lucia Yar, Dainius Žalimas
    on behalf of the Renew Group
    Sergey Lagodinsky, Markéta Gregorová
    on behalf of the Verts/ALE Group
    Hanna Gedin, Jonas Sjöstedt, Li Andersson, Jussi Saramo, Merja Kyllönen, Per Clausen

    Source : © European Union, 2024 – EP

    MIL OSI Europe News –

    September 29, 2024
  • MIL-OSI Europe: Written question – Question on the EU acquis – E-001737/2024

    Source: European Parliament

    Question for written answer  E-001737/2024
    to the Commission
    Rule 144
    Costas Mavrides (S&D)

    On the Commission’s website, in the section entitled ‘European Neighbourhood Policy and Enlargement Negotiations (DG NEAR)’, the 35 chapters of the EU acquis are outlined[1]. The subsection headed ‘Chapter 32: Financial control’ includes the following reference:

    ‘This chapter also requires an institutionally, operationally and financially independent external audit institution that implements its audit mandate in line with the standards of the International Organisation of Supreme Audit Institutions (INTOSAI) and reports to the parliament on the use of public sector resources.’

    In the Commission’s 2024 Rule of Law Report – Country Chapter on the rule of law situation in Cyprus[2], there are various references to these INTOSAI standards.

    On 17 May 2021, the EU Contact Committee, which is the assembly of the heads of supreme audit institutions (SAIs) of the EU Member States and the European Court of Auditors (ECA), which was at that time chaired by the ECA, issued a statement[3] that included the following wording:

    ‘The acquis communautaire provides for an operationally, institutionally and financially independent external audit function, which is in line with the Lima and Mexico Declarations’.

    Does the Commission indeed consider that the aforementioned references in Chapter 32 are part of the EU acquis?

    Submitted: 17.9.2024

    • [1] European Neighbourhood Policy and Enlargement Negotiations (DG NEAR), ‘Chapters of the acquis’, European Commission website: https://neighbourhood-enlargement.ec.europa.eu/enlargement-policy/conditions-membership/chapters-acquis_en.
    • [2] European Commission, 2024 Rule of Law Report, ‘Country Chapter on the rule of law situation in Cyprus’ (SWD(2024) 813 final): https://commission.europa.eu/document/download/a3e5a6f3-2dc4-403a-94ea-af42177813e9_en?filename=31_1_58067_coun_chap_cyprus_en.pdf.
    • [3] EU Contact Committee statement (CC 1/2021) in support of the constitutional role, mandate and independence of the Audit Office of the Republic of Cyprus, 17 May 2021: https://www.eca.europa.eu/sites/CC/Lists/CCDocuments/CC_Statement_2021/CC_Statement_in_support_of_CY_EN.pdf.
    Last updated: 25 September 2024

    MIL OSI Europe News –

    September 29, 2024
  • MIL-OSI USA: Dr. Rand Paul Forces Vote on Six Penny Plan to Balance the Federal Budget in Five Years 

    US Senate News:

    Source: United States Senator for Kentucky Rand Paul
    FOR IMMEDIATE RELEASE:
    September 25, 2024
     Contact: Press_Paul@paul.senate.gov, 202-224-4343
     
    Dr. Rand Paul Forces Vote on Six Penny Plan to Balance the Federal Budget in Five Years 
    Senate Votes 39-56 on Dr. Paul’s Six Penny Plan
    WASHINGTON, D.C. – Today, U.S. Senator Rand Paul (R-KY) forced the Senate to vote on his “Six Penny Plan” federal budget that will balance within five years. Dr. Paul spoke on the Senate floor ahead of the vote, below are excerpts from his remarks.
    “This year, the United States will spend over $6 trillion while only bringing in $4 trillion in revenue. That’s a profound gap, $2 trillion will be borrowed this year. To add insult to injury, Congress spends like drunken sailors without even bothering to pass a budget…In fact, over the past 20 years, Congress has passed a budget less than half the time. So, today, I will attempt to do what both parties have failed to do and that is pass a budget…The Penny Plan that I offer today will balance the budget in 5 years.
    “Americans will pay dearly for Congress’s insatiable appetite for more and more spending. The high level of spending that is currently crushing the American family is just the beginning. If we continue down this unsustainable path, American families will be forced to deal with even higher inflation, confiscatory tax rates, rising interest rates, and a weak economy. It will be harder to find a job and provide for a family because the deals made in the halls of Congress always stick the taxpayers with the bill.
    “As interest payments on the national debt crowd out the rest of the government’s budget, tax increases, inflation, and an eventual default on the debt are what lie ahead for the American economy. Unfortunately, a debt crisis will not just stop with our economy. A threat to our financial security is also a threat to our national security.
    “Even the Biden-Harris Administration’s own Treasury has admitted that our current path is unsustainable. The math is clear, and I urge my colleagues: do not get in an argument with math. You will lose.
    “Our current trajectory weakens our national security and drains productivity from our economy. History will remember those who had the courage to make the hard choices now and who chose to leave their children with less of the burden. For just six pennies on the dollar, we can reverse this dismal trajectory. In just five years, we can restore trust in the U.S. dollar, the U.S. economy, and walk the U.S. government off the fiscal cliff. Vote yes on this plan, vote yes on restoring fiscal sanity, vote yes on securing a future for our country.”
    You can watch Dr. Paul’s full floor remarks HERE and HERE. 
    Background:
    The Six Penny Plan is a federal budget resolution that will balance on-budget outlays and revenues within five years by cutting six pennies off every dollar projected to be spent in the next five fiscal years. This plan is the most recent in a series of plans that Dr. Paul has introduced to address an ever-worsening budget crisis:
    In the 100 days between CBO’s February and June budget baselines, the federal government added an additional $540 billion to the national debt (an additional $1,600 per U.S. citizen).
    CBO’s June estimates increased projected deficits by $2.5 trillion over CBO’s February estimates.
    Interest payments on the debt account for more spending than our entire defense budget.
    At over $35 trillion, the national debt is nearly double the amount of total bank deposits in the U.S. In other words, emptying every bank account in the U.S. would only cover half of the government’s debt.
    In 2017, Dr. Paul introduced a budget that would have only required a spending freeze to balance in five years. An annual six percent cut is now required to achieve the same results. Dr. Paul’s Six Penny Plan implements these cuts while preserving congressional discretion regarding how to achieve these spending targets. This plan would:
    Reduce spending by $329 billion in the first year. The plan would continue to cut six percent until balance in year five, then allows spending to rise with the pace of revenues in the five years remaining.
    Make no specific policy assumptions. All savings are reflected in the newly defined budget function 930: New Efficiencies, Consolidations, and Other Savings. The budget sets a goal of balance and then calls on Congress to make the changes needed to achieve this objective.
    Assume the 2017 Tax Cuts and Jobs Act is made permanent (originally set to expire in 2027). Since CBO originally assumed this would expire and federal revenues would increase, this plan accounts for the decrease in projected revenues if TCJA were to be made permanent.
    You can read the Six Penny Plan HERE.
    Dr. Paul’s Six Penny Plan has wide support:
    “For decades, the government has spent beyond its means and expected hardworking taxpayers to foot the bill. This reckless spending in Washington has delivered nothing but record inflation, leaving the American people unable to make ends meet. It’s past time for Congress to make the hard decisions required to put our financial house back in order. Heritage Action thanks Sen. Paul for his consistent support for fiscal responsibility and backs his ‘Six Penny Plan’ to balance the budget,” said Ryan Walker, Executive Vice President of Heritage Action.
    “The Council for Citizens Against Government Waste supports Sen. Paul’s amendment to cap spending for five years and achieve a balanced budget. His proposal to cut spending by 6 percent annually should be supported by every senator who believes in fiscal responsibility and getting the nation back on the right track,” said Tom Schatz, President of Council for Citizens Against Government Waste.
    “Senator Paul has been a true pioneer in new concepts for fiscal responsibility, with his first introduction of a Penny Plan to balance the budget back in 2017. At the time, achieving eventual balance would have only required cutting 1 cent per dollar of federal spending. However, due to continued reckless policies, a Six Penny Plan, requiring annual 6 percent savings to tackle deficits, is now necessary. Senator Paul’s legislation also locks in the pro-growth Tax Cuts and Jobs Act, preventing tax hikes on top of inflation. Also important, the Six Penny Plan wisely proposes scorekeeping reforms to identify duplicate programs in new proposals and strengthened budget enforcement in the Senate. Taxpayers can only hope that Congress acts swiftly on the Six Penny Plan, so Senator Paul won’t need to introduce a Dime Plan or, worse, a Quarter Plan,” said Demian Brady, Vice President of Research, National Taxpayers Union Foundation.
    “Senator Rand Paul has been fighting for fiscal responsibility and raising the alarm on federal spending with his Penny Plan since 2017. Had Congress listened to Sen. Paul and passed his plan, the country would have a balanced budget today. Instead, Congress continues to exacerbate inflationary pressures with unprecedented and obscene spending levels. As President of the Taxpayers Protection Alliance, I thank Senator Rand Paul for this commonsense and much-needed solution to balance the budget and protect taxpayers,” said David Williams, President of Taxpayers Protection Alliance.
    “Citizens for Renewing America supports Senator Rand Paul’s Six Penny Plan, which offers a real solution to years of reckless spending policies. As Congress continues to avoid addressing the root causes of our growing national debt, Senator Paul’s plan forces genuine cuts to the woke and weaponized federal bureaucracy. This legislation is critical to restoring the fiscal sanity that Washington has sorely lacked and provides the necessary course correction to years of flawed policies that have failed to reduce our national debt or deficits,” said Wade Miller, Executive Director of Citizens for Renewing America.
    “Unfortunately, the Biden Administration continues to advocate for inflationary spending plans that would add to the crushing tax burden faced by hardworking Americans. As we face the real threat of stagflation for the first time since the 1970s, we need a major course correction from policymakers in Washington. Senator Rand Paul should be commended for his bold approach to address our $35 trillion national debt, while avoiding economically damaging tax increases. Sen. Paul’s common sense spending reforms put our hardworking taxpayers first by addressing the root cause of our national debt: overspending,” said Jonathan Williams, ALEC Chief Economist and Executive Vice President of Policy.
    “Unsustainable federal spending is driving the bloated national debt and contributes to economic weakness and elevated inflation, so I applaud Senator Paul’s Six Penny Plan to get control of the spending crisis,” said Vance Ginn, Ph.D., President of Ginn Economic Consulting and former Chief Economist of Trump White House OMB. 
    “Senator Rand Paul has long been a champion of balancing the federal budget and protecting the American taxpayer. Senator Paul has a plan that will balance the budget in five years. Interestingly, if Congress had voted for Senator Paul’s plan five years ago, we would not be suffering runaway inflation, economic downturns, slowdowns, severe shortages, and empty shelves at the store. And we’d be celebrating a balanced budget too! And balancing the budget has national security benefits as well. If we wait even longer to take action, we will suffer more inflation, larger and larger deficits, and more economic instability and our national security will slide downhill as well. And then it will take much larger cuts to get things back on track. So now is the time to act before the problem becomes so large that it cannot practically be fixed,” said George Landrith, President of Frontiers for Freedom.
    “Senator Rand Paul is one of the few Senators who are serious about the fiscal challenges facing America. Quite simply, the current rate of government spending is unsustainable with interest payments on the debt for the first ten months of fiscal year 2024 reaching a staggering $763 billion fully $202 billion more than the same period the previous year. Net interest payments on the debt surpass every other spending category other than Social Security. It is astonishing that the fiscal apocalypse that we have worried about for decades is now upon us with even defense spending dwarfed by the cost of simply making interest payments on our $35 trillion national debt. Senator Paul’s Six Penny Plan forces an honest discussion about the crisis our nation faces and some of the tough decisions which will be required to reverse course from the almost $2 Trillion in debt our country adds onto the ledger every single year. Higher interest rate payments on more of the debt combined with the spending spree which has raised the debt from $26.9 Trillion on September 30, 2020 to more than $35 Trillion. America is in trouble and Senator Paul is one of the few members of Congress willing to propose solutions,” said Richard Manning, President of Americans for Limited Government Foundation

    MIL OSI USA News –

    September 29, 2024
  • MIL-Evening Report: Our electricity workforce must double to hit the 2030 renewables target. Energy storage jobs will soon overtake those in coal and gas

    Source: The Conversation (Au and NZ) – By Jay Rutovitz, Research Director, Institute for Sustainable Futures, University of Technology Sydney

    Wanwajee Weeraphukdee/Shutterstock

    The electricity workforce will need to double in five years to achieve Australia’s 2030 renewable energy target, our new report finds. More than 80% of these jobs will be in renewables. Jobs in energy storage alone will overtake domestic coal and gas jobs (not including the coal and gas export sector) in the next couple of years.

    The Australian Energy Market Operator (AEMO) updates its Integrated System Plan every two years. It’s a blueprint for the energy transition from coal to renewable energy. The plan lays out scenarios for how the electricity system might change to help put in place all the elements needed to make the transition happen.

    AEMO and the RACE for 2030 co-operative research centre commissioned the Institute for Sustainable Futures to undertake modelling on the workforce needed for this transition. The “step change” scenario in the Integrated System Plan is broadly aligned with the 2030 renewables target. Under this scenario, we found the electricity workforce would need to grow from 33,000 to peak at 66,000 by 2029.

    Rooftop solar and batteries together are projected to account for over 40% of these jobs. Wind farms will employ around one-third and solar farms just under 10%. Jobs would also treble in transmission line construction to connect renewables in regional areas to cities and other states in the next few years.

    Job projections in the National Electricity Market under the ‘step change’ scenario that aligns with the 2030 renewables target.
    Author provided

    Job growth would surge in a ‘renewable energy superpower’

    In the “green energy export” scenario, Australia becomes a “renewable energy superpower”. The country uses renewable energy to export green hydrogen and power heavy industry. In this scenario, the electricity workforce would almost treble to 96,000 by the late 2020s.

    By 2033, after construction peaks, more than half of electricity sector jobs will be in operations and maintenance. This applies to both the step change and green energy export scenarios.

    A significant employment downturn is projected during the 2030s. But in the green energy export scenario jobs then climb steeply again to a peak of 120,000. This projection reflects AEMO’s expectations of when green export growth will occur.

    New South Wales is projected to have the most renewable energy jobs in the 2020s. However, Queensland would become the largest state for renewable jobs (especially in wind farms) in the green energy export scenario.

    Projected total job numbers by scenario.
    Author provided

    What are the other possibilities?

    “Progressive change” is another scenario in the Integrated System Plan. For this scenario, we modelled slower growth in renewable energy. It reflects constraints on the economy and supply chains (including labour and minerals) for renewables.

    In an “enhanced manufacturing” scenario, local renewable energy manufacturing increases. Our modelling found it could create a peak of 5,000 extra jobs.

    Importantly, these projections don’t include upstream jobs in supply chains for the sector (for example, increased mining to supply the resources that renewables need) or electrification of homes.

    Creating this many jobs is very challenging

    Our modelling shows the workforce needs to grow very rapidly to make Australia’s energy transition happen. Unfortunately, the challenges of building this workforce are daunting. They include:

    • there’s a shortage of almost all key occupations in demand for the electricity sector – electricians, engineers, construction managers – according to Australia’s Skills Priority List

    • “extraordinary growth” forecast by Infrastructure Australia in other major infrastructure projects, such as transport, which will compete for many of the same skilled workers

    • under AEMO’s scenarios, employment will be subject to boom-bust cycles, which increases the risk of skill shortages and damaging impacts, such as housing shortages, in regional areas

    • Australia has relied heavily on skilled migrants – and will look to do so again – but many parts of the world are chasing the same workers.

    The International Energy Agency has noted:

    Labour and skills shortages are already translating into project delays, raising concerns that clean energy solutions will be unable to keep pace with demand to meet net zero targets.

    What can be done to avoid skill shortages?

    Some action has been taken to increase the workforce. The federal government, for instance, is subsidising apprentices under the New Energy Apprenticeship program.

    But action isn’t happening at the scale and pace required.

    What else can be done?

    Firstly, Jobs Skills Australia and Powering Skills Organisation (which oversees energy skills training) have outlined ways to increase the system’s capacity to train more skilled workers. This includes creating better pathways into renewable energy for students, especially in recognised Renewable Energy Zones.

    Secondly, Jobs Skills Australia has noted the need for renewable energy businesses to increase their intakes of apprentices. It recommends expanding the Australian Skills Guarantee to include generation and transmission projects.

    The guarantee has set mandatory targets for apprentices or trainees to complete 10% of labour hours on Commonwealth-funded major construction and information technology projects (A$10 million plus). It could also be applied to major government funding programs for renewable energy and transmission. These include:

    • the Capacity Investment Scheme, a government tender program to support a large volume of new renewables and storage projects

    • Rewiring the Nation, a $20 billion fund for transmission lines

    • grants from the Australian Renewable Energy Agency and the Clean Energy Finance Corporation.

    Thirdly, government tenders could moderate the peaks and troughs in employment by limiting the maximum and minimum volumes built each year.

    Fourthly, including more women and First Nations Australians can increase labour supply and workforce diversity. Only one-in-two First Nations Australians are employed compared to around two in three in the wider population. Yet they account for around one-in-ten people in some major Renewable Energy Zones.

    Government pre-employment programs, working with industry and First Nations groups, could also increase the supply of workers. These could have a dramatic social impact too.

    It’s a challenging problem whichever way you look at it. We need rapid change to build renewable energy capacity before coal plants retire and to tackle climate change. But that depends on growing the workforce amid skill shortages.

    There’s a range of ways to increase the supply of workers and improve local outcomes. But we are running out of time. Urgent action is needed.

    The Institute for Sustainable Futures, University of Technology Sydney received funding from the Australian Energy Market Operator and the RACE for 2030 CRC for the report upon which this article is based

    The Institute for Sustainable Futures, University of Technology Sydney received funding from the Australian Energy Market Operator and the RACE for 2030 CRC for the report upon which this article is based.

    – ref. Our electricity workforce must double to hit the 2030 renewables target. Energy storage jobs will soon overtake those in coal and gas – https://theconversation.com/our-electricity-workforce-must-double-to-hit-the-2030-renewables-target-energy-storage-jobs-will-soon-overtake-those-in-coal-and-gas-239718

    MIL OSI Analysis – EveningReport.nz –

    September 29, 2024
  • MIL-OSI Australia: Doorstop – Launceston

    Source: Australian Executive Government Ministers

    ANTHONY ALBANESE, PRIME MINISTER: Well, it’s fantastic to be here with the Premier of Tasmania, Jeremy Rockliff, with my Education Minister, Jason Clare, with Senator Helen Polley and with Deputy Premier, Michael Ferguson here this morning. And this is a big day for the Commonwealth and a big day for Tasmania. The two services that are most important to people’s lives are health and education. And today, we have some fantastic announcements on both. First of all, it’s great to be here at Launceston General Hospital. I do want to thank the administration and the staff, the doctors, the nurses, the volunteers who’ve shown us around here this morning. It’s been a great privilege, and I do want to take the opportunity to thank them for the difference that they make to people’s lives here in Northern Tasmania. But I want to say that it’s a good day for them too, it’s a good day, most importantly, for the people of Northern Tasmania. Because this announcement today of $120 million from the Federal Government for a Northern Heart Centre will make an enormous difference. People in Northern Tasmania should not have to cross the Bass Strait to the North Island in order to get the health care that they deserve. They should get it here in their local community and this Northern Heart Centre, which is well advanced in terms of its planning, will make an enormous difference for research. Most importantly, to be able to get that early detection and early care here, so that if you avoid a traumatic incident, then you actually save money as well as saving lives. And that’s why I’ve been talking with the Premier about the importance of this. This will mean more beds and less pressure on the hospital’s Emergency Department. The Centre will have its own dedicated lab that can diagnose and treat various heart conditions, allowing patients to bypass the Emergency Department with its own access to the intensive care unit and medical imaging. That will make an enormous difference here in Northern Tasmania. And I’m very proud that this is a part of my Government’s commitment to strengthening Medicare and providing better healthcare for all Australians, regardless of where they live. Further today I can announce that my Government and the Tasmanian Government have signed a historic agreement that means all Tasmanian public schools will be fully and fairly funded. We promised we would fully fund schools in Tasmania and today we deliver. Tasmania is the third state now after Northern Territory and Western Australia to sign up. The Commonwealth has $16 billion on the table to make sure that every school can reach that designation of fair funding that was first put forward by Gonski, by David Gonski, in his Review. The other thing that it will do of course, is the nature of education as well. Because we want to make sure it’s not just about dollars, it’s about how education is delivered. And the signing up of this agreement will make sure that the priorities that parents talk about, making sure that the basics are looked after, make sure that we lift literacy and numeracy right across Tasmania, but right across the country, is what we want to see. We want to make sure that if a child falls behind that a school is in a position to be able to lift them up. Simple as that. During the election campaign in 2022, I spoke about no one being left behind and no one held back. And that’s what education and health are at the centre of. Making sure that no one’s left behind. Every child has the opportunity to fulfil their potential, but also making sure that people are looked after in terms of their healthcare. So, this is a really exciting day and it’s a good day. And I do want to thank Jeremy for the relationship that we have, in spite of the fact we’re from different political parties, we’re just concerned about getting things done. And that’s what this is about today. Getting things done in the interests of Northern Tasmanians when it comes to healthcare and getting things done on behalf of all younger Australians, Tasmanians and their families, importantly going forward as well. So, I want to thank Jason Clare as well for the extraordinary work that he has done. Mark Butler, our Health Minister has worked hard on this as well, and that is a very good thing that we’ve been able to achieve this today. I’ll hand over to Jeremy, I will then hand to Jason Clare, the Education Minister, and then I’m happy to take some questions and I’m sure that Jeremy will as well. And then we have some document signing that we’re going to do to fulfil this delivery that we’re announcing today.

    JEREMY ROCKLIFF, PREMIER OF TASMANIA: Thank you very much, Prime Minister. And it’s great to be here with the Deputy Premier, Michael Ferguson, Federal Minister for Education, Jason Clare and Senator Helen Polley. Thank you Fiona, for your commitment and passion to healthcare across the North. As Chief Executive of the Launceston General Hospital, can I say to you a big thanks to all the people that you work with on a daily basis. From administration to the healthcare professionals, to the volunteers that make up this wonderful institution, the Launceston General Hospital, delivering healthcare for many, many thousands of Tasmanians across north and north west Tasmania. This is a great day for healthcare. This is a great day for our schools, education and public investment in education. And I want to thank the Prime Minister for the great collaboration that we have had over the course of the last couple of years. It’s not the first time I’ve stood alongside the Prime Minister when it comes to announcing key partnerships in health. Whether that be GP recruitment, whether that be Urgent Care Clinics. It’s not the first time, of course – we’ve also got partnerships when it comes to urban renewal projects as well. And so what Tasmanians expect is their federal and state governments to work together in the very best interests of them and in this case the best interests served in healthcare and indeed our schools across Tasmania. We made a very clear commitment at the last election that we will deliver a $120 million Heart Centre and that is exactly what will be delivered at this site over the course of the next few years. That commitment has been realised through the strong collaboration and working relationship with the Federal and State Governments. A $120 million commitment from the Federal Government. And can I say Prime Minister, thank you to you, to Mark Butler – who I worked with very closely as Health Minister for a number of years – but also on behalf of all Tasmanians that will of course be cared for through this facility. Northern and north western Tasmania have the highest rates of cardiovascular disease in the country. This is why this investment is so critical and the partnership will endure. The partnership of capital investment from the Federal Government and of course the operational investment from the Tasmanian Government means that this will be delivered. It will be delivered by 2029 and will be servicing Tasmanians, particularly Northern Tasmanians, for many, many decades to come. Can I also pay tribute to Jason Clare, the Federal Minister for Education, and of course our State Minister for Education, Jo Palmer, who would be here if it wasn’t for Budget Estimates in southern Tasmania. I know Jason and Jo have worked very closely in securing this Agreement on behalf of families across Tasmania, our students, of course, in public schools. There is no better investment in productivity and wellbeing than education. And having been Education Minister for seven years, I can well and truly appreciate the need for fair funding when it comes to our public schools, particularly our schools of disadvantage across the country and indeed in Tasmania. That’s why I was very proud to be part of the Gonski Two Agreement as Education Minister, where you apply that fair funding model to support students across our public school environment. What this will mean is an additional $300 million into our public schools over the course of the next five years, focusing on early intervention when it comes to numeracy and literacy, focusing on students well being as well. And when students have good wellbeing, they have a very strong learning environment as well. And so we are committed as a Tasmanian Government, in partnership with the Federal Government, to deliver significant uplift in funding for our public schools over the next five years or sooner. So, thank you for working with us, Prime Minister and Federal Education Minister, Jason Clare. It is a great example of federal and state governments working together. At the end of the day, what Tasmanians care about is good quality services and what they want to see is cooperation in partnership between federal and state government, irrespective of political colour, to deliver for them. And today we have delivered in spades for our public schools and healthcare across Northern Tasmania. And with those few words, I’ll hand to Jason.

    JASON CLARE, MINISTER FOR EDUCATION: Thanks Premier. Can I start by paying credit to the Prime Minister and the Premier. These are two leaders who know how to get the job done and these are two leaders who understand the power of education. The power of education to change children’s lives. And this investment, this announcement that we’re making today, will change the lives of children here in Tasmania. Can I also thank you Deputy Premier. And can I thank my dear friend, the Education Minister of Tasmania, Jo Palmer, who, as the Premier said, can’t be with us because of Estimates. She is a great Education Minister. It’s a privilege to work with her and I’m looking forward to implementing this Agreement that we’ll sign today with her. This is a historic day for Tasmania. It’s a historic day for public education in Tasmania. Today we sign agreements that will make sure that every public school in Tasmania is fully funded, as the Prime Minister said, at that level that David Gonski set for us all those years ago. And the Premier talked about the money, about $300 million. But he also made the point, and I’m glad you did, Premier, about what this money will be invested in. Because it’s not just about the money, it’s what it does. This money will help us to invest in things like a phonics check and a numeracy check in year one or in the early years, to identify children who are falling behind when they’re little and then make sure that we intervene and provide them with the sort of supports that will help them to catch up and to keep up and to finish school. Things like catch up tutoring. We know that when a child’s falling behind in a classroom of 20 or 30, if you take them out of that classroom, into a classroom of two or three, with one teacher, four days a week, 40 minutes at a time, that they can learn as much in six months as they’d normally learn in a year. In other words, they catch up. And if children catch up when they’re young, they’re more likely to go on and finish high school and then go on to TAFE or to university. And the investment in health and wellbeing is just as important. There’s a real and obvious link between education and health. You see it in these two announcements today, but we also see it in our classrooms. Because children that are experiencing mental health challenges are more likely to not be at school, to be absent from school. And by year nine, they’re about a year and a half or three years behind the rest of the children in their class in literacy and numeracy. So, investments in things like psychologists and counsellors to provide that wrap around support at schools can make all the difference in whether a child finishes school or not. Can I end where I began – this is a fantastic example of our two governments working together. And most importantly, it shows what we can achieve when we work together. And when Parliament returns, I’ll introduce legislation to make this extra investment in our children and in Tasmania a reality.

    PRIME MINISTER: Thanks, Jase. Happy to take questions.

    JOURNALIST: Prime Minister, has your Government asked Treasury –

    PRIME MINISTER: We’ve got an announcement to help every child in school and can we have questions about this first? And then I’m happy to go down whatever direction you want. Are there any questions about today’s announcements?

    JOURNALIST: The Education Union has been calling on this for some time. Why are you choosing to fund it now?

    PRIME MINISTER: We’ve been in government for two years and we’re getting it done. We’ve got it done now with the Premier, Roger Cook. We’ve got it done in the Northern Territory, which in particular required a substantial lift up per person in the Northern Territory because so many schools there, particularly in remote areas, have missed out. And we’ve got this done in Tasmania and we’re hopeful of getting it done in other states as well, are imminent. I’ve been speaking with Premiers and Chief Ministers. At the last meeting of the National Cabinet, the Premier and I, as well as other Premiers and Chief Ministers, spoke about how important this was, that we get this done. David Gonski did this work some time ago in the Gillard Government to look at what the level of funding was needed to bring every child up to the best of their potential. And that’s what Jason has spoken about – practical differences that it makes. I think it helps, the fact that Jeremy’s been the Education Minister and gets it. And so I’d encourage the other states to sign up. We’ve got $16 billion on the table. This means that the Commonwealth contribution will be lifted up to 22.5 per cent of that standard and the state contribution will be lifted to 77.5 per cent. Making sure that this is realised, because this is so important and we’ve been able to get it done and we’re getting it done today.

    JOURNALIST: Prime Minister, on the Heart Centre. We know right across Australia, Tasmania is no exception, that there is a critical shortage of healthcare workers. How confident are you that there will be the workers that are needed to make this Centre a success?

    PRIME MINISTER: We’re very confident that that can be done. One of the things that we’re doing as well is making sure that we train additional doctors, that we train nurses and healthcare professionals. I’ve been into TAFEs here in Tasmania, for example, I met young people and people retraining to go back into the health system. That has been very important. So we’ll work as well, we have – as Jeremy said, we had quite an innovative plan for additional GPs here that we announced. I think just down the road in Devonport at the Mercy Hospital. We are working with the Tasmanian Government to make sure that we have that capacity. We do need an appropriate workforce in order to deliver. But the other thing is, if you don’t do the right thing, sometimes you can end up chasing your tail. So, emergency departments get more and more pressure on them, which creates more difficulties in the system. So, we have, for example, our four Urgent Care Clinics that have opened here in Tasmania. We’ve got a fifth coming and there’s a potential of more there. They have seen tens of thousands of Tasmanians – all Tasmanians have needed is their Medicare card, not their credit card. They’ve got the care that we need. I’ve been into the Urgent Care Clinic there in Hobart that has been an enormous success. There’s one here in Lonnie. And what we do if you do that is you stop people going to the emergency departments of hospitals, if they have a broken arm or the kids fall off the bike or the skateboard, or they cut themselves preparing dinner – they can get that care on the spot when they need it, where they need it and for free as part of our commitment to extending Medicare. So, that’s made a difference as well to the system. Okay. Happy to take other things.

    JOURNALIST: Have you asked for a modelling on the impacts of negative gearing, Prime Minister?

    PRIME MINISTER: Look, I’ve seen those reports and what we do is we value the Public Service. So, from time to time I’m sure the Public Service are looking at policy ideas. That’s because we value them. But we have our housing policy. It’s out there for all to see. It’s currently being blocked. At the risk of being partisan here, it’s currently being blocked by a No-alition of the Liberals, the Nationals and the Greens in the Senate. They’re blocking our Help to Buy scheme that’s about increased home ownership. They’re blocking our Build to Rent scheme. I mean, why you would block – the Greens position is that they’re blocking the Build to Rent scheme because if you have medium density housing built, it’ll be built by developers. Well, yeah, hello. I’m not sure who they think builds houses and medium density housing and increases supply. So, our focus as a Government is on supply.

    JOURNALIST: (inaudible)

    PRIME MINISTER: Sorry?

    JOURNALIST: Is your Government considering making changes to negative gearing and capital gains tax concessions?

    PRIME MINISTER: What our Government is considering is fixing housing supply by getting our legislation through the Senate. That’s what we’re considering.

    JOURNALIST: Would you rule out changes to negative gearing and property taxes this term or next?

    PRIME MINISTER: Well, what we’re doing is doing the legislation that we have before the Senate. So, I talk about what we’re doing, not what we’re not doing. And what we’re doing, is trying to get through that legislation through the Senate.

    JOURNALIST: But just to confirm, Prime Minister, your Government has asked Treasury for modelling?

    PRIME MINISTER: No, I didn’t confirm that. Treasury, I’m sure, like other departments do a range of proposals, policy ideas. I want a Public Service that is full of ideas.

    JOURNALIST: The RBA is looking through your rebates (inaudible)?

    PRIME MINISTER: Sorry?

    JOURNALIST: The RBA is looking through your rebates. Have your attempts to get a rate cut failed?

    PRIME MINISTER: What we’ve done is to reduce inflation to half of what it was. Half of what we inherited. Now, there’ll be new figures out tomorrow, or today, actually, we will wait and see what they show in a couple of hours’ time. But we know that the last time around, the monthly figures showed a rate of 3.5 per cent. Which is half, basically, of what we inherited. And we’ve done that, putting that downward pressure on inflation, by producing two budget surpluses, turning a $78 billion deficit into a $22 billion surplus last year. And this year, the financial year just finished, another surplus that will be in double digits in terms of the figures when they’re finally released or finalised in a couple of weeks’ time. So we have as well, we indicated on Monday, that has seen debt decreased by the Commonwealth by around about $150 billion from what was predicted in PEFO, the Pre-Election Forecast, that were there in Treasury of what the former Government was going to deliver. And we’ve done all of that whilst we have given cost of living support. Whether it’s a tax cut for every taxpayer, Energy Bill Relief for every household, 500,000 Fee-Free TAFE places, Cheaper Child Care. While we have delivered all of those measures, as well as delivering important funding, such as what we’ve been able to deliver here in Tasmania. Making sure we’re working to deliver proper services in health and education. That’s what happens when you have responsible economic management. And the Reserve Bank, of course, set interest rates independent of the government – that is their job. Our job is to put downward pressure on inflation, but also look after people. We have had now 980,000 jobs created on our watch. More jobs created since I’ve been elected as Prime Minister than in every previous term of any Prime Minister since Federation. I’m very proud of that. It’s been a difficult economic task, but we have delivered what we have set out to do, which is that downward pressure on inflation whilst we’ve been helping with cost of living relief.

    JOURNALIST: On cost of living, will you introduce new cost of living measures in a pre-election Budget?

    PRIME MINISTER: Well, one of the things that we are going to do, and you will have seen on Monday when it comes to cost of living as well, is take on businesses when they’re not doing the right thing by consumers. Now, this action by the ACCC in taking Woolworths and Coles to court in order to hold them to account for what the ACCC alleges has happened. When you have a packet of Oreos lifted up in prices and by triple the amount in which they’re then decreased and a sign put on them saying that it’s a special, then that is not doing the right thing by consumers. Now people out there are under financial pressure and they’re looking for value, they’re looking for bargains. And so when they go into a supermarket and see ‘special’ or ‘prices down’, they trust that that is the truth. Now it’s not the truth if a supermarket has increased the price by $1.50 from what it was and then a month later put it down by fifty cents and purported to argue that they have decreased the price. That is a breach of trust, it’s a breach of faith. Australians are rightly angry about it, as they should be, and my Government is taking action. The ACCC are taking them to court. We have released on Monday as well exposure drafts of our changes to legislation, as well as our changes to the mandating of the code of conduct for supermarkets, as recommended by Dr Craig Emerson. It is extraordinary that under the former Government you had a voluntary code of conduct, just expecting that people would voluntarily do the right thing. Quite clearly, that’s not good enough, which is why we’re mandating. That’s a part of dealing with cost of living pressures. So we want wages to increase and we’re delivering that, including in Jason’s area, a 15 per cent increase in the wages of early educators in childcare. We have delivered a substantial increase in the wages of aged care workers. We’ve delivered tax cuts on top of that. So we want people to earn more and to keep more of what they earn. That’s all a part of our cost of living measures.

    JOURNALIST: Here in Tasmania, will you exempt the Macquarie Point Stadium from GST calculations?

    PRIME MINISTER: No.

    JOURNALIST: Why not?

    PRIME MINISTER: Because if we did that, we’d have to do the same for the Olympic sites in Queensland, for every infrastructure project in the country.

    JOURNALIST: Wasn’t that done for a stadium in Jim Chalmers electorate?

    PRIME MINISTER: We won’t, well I’m not sure what stadium with hundreds of millions of dollars you’re referring to in Jim’s electorate in Logan. I’m very familiar with the electorate. So we will be, can I make this point. We’ll be exempting this contribution to the hospital, to the Northern Tasmania Heart Centre from the GST. It’s very different. But infrastructure projects, of course, it all adds up. It all evens out. I’m not sure this is understood fully by people in these positions, but when you have the GST equalisation, if you have a proportion of funds invested around the country, then it evens itself out. This is a separate thing which we’ve agreed to exempt from the GST because it’s about healthcare. But infrastructure across the board is not exempt. I was an Infrastructure Minister for six years, I assure you there was no GST exemptions during that period.

    JOURNALIST: Prime Minister, with the Heart Centre comes a lot of money for Northern Tasmania. How concerned are you about your prospects in Lyons?

    PRIME MINISTER: I think Lyons, what I’m doing in every seat, in every state, in the one country of Australia, is governing. We’re doing things here regardless of the political colour. I don’t have a colour coded spreadsheet to determine my funding proposals. And I am working and delivering here in Northern Tasmania, in North West Tasmania, in Hobart. We’re delivering at UTAS down the road here, $65 million each to fix up UTAS and to make it into a much better stadium. We are investing in Macquarie Point, we’re investing throughout Tasmania. We’ll continue to do so and I believe there’ll be an election at some time. If you keep your eye on that white car with the little flag on the front on the day it goes to Yarralumla, then we’ll call an election sometime before, or on or before May, and we’ll put our case to the Australian people. But we have a serious plan for health, a serious plan for education, a serious plan for energy. We’re working here as well. The Marinus Link Project is a great example of the cooperation that was talked about for a long period of time. Well, myself and this Premier have actually got it done. Thanks very much.

    MIL OSI News –

    September 29, 2024
  • MIL-OSI Africa: Control Risks and Oxford Economics Africa launch the 2024 Africa Risk-Reward Index: Opportunity through transformation

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

    LONDON, United Kingdom, September 25, 2024/APO Group/ —

    Leading global specialist risk consultancy, Control Risks (www.ControlRisks.com), and its economics consulting partner, Oxford Economics Africa (www.OxfordEconomics.com), today announced the launch of the ninth edition of the Africa Risk-Reward Index. This authoritative report is designed to provide policymakers, business leaders, and investors with a comprehensive guide to navigating the evolving investment landscape across key African markets.

    Download document: https://apo-opa.co/3zu16yU

    The report is released at a time when Africa is experiencing a significant generational shift in politics, increased continental connectivity, and the rapid emergence of transformative technologies that could potentially propel its progress. This pivotal moment presents both opportunities and challenges for businesses operating in African markets, but also risks exacerbating fragilities in some African countries.

    Africa’s outlook is promising. But understanding the nuanced market dynamics and adopting a long-term perspective will be essential for stakeholders — from policymakers and investors to development agencies and civil society — as they navigate the evolving landscape to successful investment outcomes in 2024 and beyond. For African countries and investors looking to invest or grow their business in Africa, the time is now.

    In the ninth Africa Risk-Reward Index, Control Risks and Oxford Economics Africa compare some of the continent’s largest and emerging markets, offering investors a comparative snapshot of market opportunities and risks across Africa in the year ahead.  

    The report examines three key themes outlined below, summarising Control Risks’ and Oxford Economics Africa’s views on Africa’s trajectory in the year ahead.

    Bridging the generational divide – a new era for African politics

    The report’s first theme focuses on how African political leaders are increasingly mindful of their young, growing populations. Recent events have shown that young people are becoming more frustrated with governance, impatient with development, and disillusioned with political establishments. This discontent has manifested in some surprising election results, youth-led protests, and some policy shifts.

    Patricia Rodrigues, Associate Director at Control Risks, said, “The 2024 Africa Risk-Reward Index provides crucial insights into the dynamic changes shaping investment opportunities across the continent. As Africa faces a period of significant political and economic shifts, our report highlights both the potential rewards and the risks that investors must consider. This year’s edition emphasizes the importance of understanding the complex interplay between emerging technologies, infrastructure developments and geopolitical influences to make informed and strategic investment decisions.”

    In South Africa, the ruling party lost its parliamentary majority in the May 2024 elections. In Senegal, the opposition candidate achieved a resounding victory, further illustrating the changing political dynamics in the region. In Kenya, young people organised nationwide protests that led the president to dismiss the entire cabinet.

    Businesses must now operate in a less predictable security and policy environment, as governments strive to balance investment attraction with rising societal demands.

    White elephants and lifelines – the megaprojects reshaping the continent

    Over the past decade, Africa has witnessed a significant surge in infrastructure investment, with large-scale energy, port, and rail projects taking centre stage. These megaprojects are often seen as catalysts for transformative economic growth, addressing long-standing deficiencies in trade corridors and enhancing connectivity across the continent.

    However, these ambitious projects are not without their challenges. Questions about these ventures’ true cost, long-term utility, and the transparency of the deals underpinning them have sparked heated debates across the continent. Many of these megaprojects have been financed through government-to-government agreements, often accompanied by concerns over opaque terms, lack of local involvement, and the potential for unsustainable debt burdens.

    Geopolitical dynamics also play a significant role in shaping Africa’s infrastructure landscape. While China has historically dominated infrastructure investment on the continent, other global powers are increasingly vying for influence. The US, Gulf countries, and other geopolitical actors are stepping up their efforts to fund and develop critical infrastructure projects in Africa, driven by competition for access to natural resources and strategic positioning in the global economy.

    This has resulted in a more complex and competitive environment, where African governments and businesses alike have to carefully navigate competing interests and align their infrastructure needs with their long-term goals.

    Emerging technologies – supercharging economic development

    The advent of artificial intelligence (AI) is poised to unlock new opportunities for innovation across Africa. AI applications in agriculture, climate adaptation, healthcare, and education offer the potential to accelerate economic growth. However, African governments risk lagging their global counterparts in regulating these technologies. Countries like Morocco, Rwanda, and South Africa are taking proactive steps, but others may adopt a more cautious approach, leading to a fragmented regulatory landscape.

    Jacques Nel, Head of Africa Macro at Oxford Economics Africa, added, “The 2024 Risk-Reward Index reveals a continent in flux, where significant shifts in political landscapes and economic conditions are reshaping the investment environment. This year’s report highlights the dual nature of Africa’s growth prospects – offering substantial opportunities while also presenting considerable risks. Our insights aim to equip stakeholders with the knowledge needed to make strategic decisions and utilize all the continent has to offer for sustainable growth.”

    Investment Landscape Outlook

    The 2024 Africa Risk-Reward Index continues to provide a grounded, long-term perspective on investment opportunities and challenges across major African economies. The report examines the shifting economic and political dynamics that are reshaping the continent’s risk-reward profile and offers actionable insights for stakeholders seeking to make informed decisions in this complex environment. African countries are at the intersection of global competition for resources, new trade corridors, and digital innovations. This index serves as a valuable tool for those looking to navigate the continent’s diverse markets and capitalize on emerging opportunities.

    Methodology 

    The Africa Risk-Reward Index is defined by the combination of risk and reward scores that integrate economic and political risk analysis by Control Risks and Oxford Economics Africa.  Risk scores from each country originate from the Economic and Political Risk Evaluator (EPRE), while the reward scores incorporate medium-term economic growth forecasts, economic size, economic structure, and demographics.  

    For details on the individual risk and reward definitions, please contact us at:

    communicationsEMEA@controlrisks.com or africa@oxfordeconomics.com 

    To request a copy of the report please contact: tracy.walakira@apo-opa.com 

    MIL OSI Africa –

    September 29, 2024
  • MIL-OSI Asia-Pac: Young persons in custody at Lai King Correctional Institution attain good examination results (with photos)

    Source: Hong Kong Government special administrative region

    Young persons in custody at Lai King Correctional Institution attain good examination results (with photos)
    Young persons in custody at Lai King Correctional Institution attain good examination results (with photos)
    ******************************************************************************************

         Young persons in custody (PICs) at Lai King Correctional Institution (LKCI) of the Correctional Services Department (CSD) were presented with certificates at a ceremony today (September 25) in recognition of their efforts and achievements in studies and vocational examinations.     In the past year, a total of 42 PICs of the institution sat for various academic and vocational examinations including the Hong Kong Diploma of Secondary Education Examination (HKDSE), the Aptis – British Council English Assessment Test and the General Aptitude Putonghua Shuiping Kaoshi, and obtained vocational certificates covering Food Safety and Hygiene, Food and Beverage Services, Coffee Making and Latte Art Training, Bakery and Pastry Making, Cantonese Cooking as well as Beauty Care organised by the Christian Action and the Vocational Training Council. During the year, the PICs attained 66 merits out of 182 certificates obtained. In the ceremony today, 20 PICs were presented with 116 certificates, of which 41 were marked with merits.      Officiating at the ceremony, the Chairman of Tung Sin Tan (TST), Mr Ha Tak-kin, said that TST has been highly supportive of the rehabilitation work of the CSD, and has set up the Tung Sin Education Fund to provide education and vocational training subsidies to PICs with financial difficulties to enable further studies. He encouraged the young PICs to equip themselves well and adopt a proactive learning attitude to prepare for reintegration into society.     During the ceremony, the young PICs delivered a music performance with Chinese drums and western musical instruments, and a traditional Chinese dance performance to demonstrate their learning outcomes and show gratitude to their families and correctional officers for their unwavering support. Through the performance, the PICs expressed their aspirations for pursuing a new beginning, allowing participants of the ceremony to witness their determination to change.           In the sharing session, a young PIC expressed thanks to her family members for their encouragement, which has enabled her to return to study and optimise her time to study hard, thus attaining satisfactory results in the HKDSE. Her mother shared the joy of witnessing positive changes of her daughter and she appreciated the dedication of correctional officers which have made her realise the importance of rehabilitation work.     Also attending the ceremony were representatives of non-governmental and community organisations, community leaders and family members of the certificate recipients.     LKCI accommodates young female PICs aged from 14 to under 21. The Department provides half-day education programmes and half-day vocational training for PICs to help them rehabilitate and prepare for their reintegration into society.

     
    Ends/Wednesday, September 25, 2024Issued at HKT 15:06

    NNNN

    MIL OSI Asia Pacific News –

    September 29, 2024
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