NewzIntel.com

Category: Economy

  • MIL-OSI: Texas Capital Launches Government Money Market Exchange Traded Fund

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Sept. 25, 2024 (GLOBE NEWSWIRE) — Texas Capital Bank Private Wealth Advisors, a subsidiary of Texas Capital Bank, and the Texas Capital Funds Trust today announced the launch of the Texas Capital Government Money Market ETF (NYSE: MMKT) (the “MMKT ETF” or “Fund”). This innovative and first-of-its-kind ETF will hold highly liquid, short-term U.S. government debt instruments and cash equivalents, providing an exchange-traded investment option for investors focused on managing credit risk and preserving capital.

    The MMKT ETF is the latest fund launched by Texas Capital ETF & Funds Management, whose managed ETFs include the flagship Texas Capital Texas Equity Index ETF (NYSE Arca: TXS) that helps investors gain investment exposure to the diversity and growth of the eighth largest economy in the world, Texas1. Complementing Texas Capital’s other funds, the MMKT ETF is designed to provide investors with a government money market fund in the form of an ETF, combining the intraday liquidity and flexibility of an ETF with the risk and return characteristics of a money market fund.

    “With the substantial changes in the interest rate environment over the last few years, the Texas Capital Government Money Market ETF offers an exciting alternative for investors,” said Daniel S. Hoverman, Head of Corporate & Investment Banking at Texas Capital. “As the first ETF committed to following Rule 2a-7, the provision of the Investment Company Act of 1940 that governs money market funds, Texas Capital believes the combination of the tradability of an ETF and the structure of a money market fund will prove an important investment alternative for investors looking to manage liquidity, volatility and credit risks in their securities portfolio.”

    The Texas Capital Government Money Market ETF seeks to provide as high a level of current interest income as is consistent with maintaining liquidity and stability of principal while following Rule 2a-7.

    “As the premier full-service financial services firm headquartered in the state of Texas, the launch of the MMKT ETF continues our commitment to serving our clients’ liquidity and investment needs,” added Hoverman. “Innovation is an integral part of the Texas Capital experience, ranging from Initio, our commercial banking platform that enables new account onboarding within a single business day, to today’s announcement about the revolutionary combination of ETF flexibility and money market sensibility. We look forward to welcoming investors in MMKT to our suite of funds and to Texas Capital.”

    The Texas Capital Funds Trust is a Delaware statutory trust formed in 2023 and registered as an open-end management investment company under the Investment Company Act of 1940. The Trust has retained Texas Capital Bank Wealth Management Services, Inc., doing business as Texas Capital Bank Private Wealth Advisors, as the adviser to the Fund. Edward Rosenberg, head of ETF & Funds Management for Texas Capital serves as the president of the Texas Capital Funds Trust. The Fund’s portfolio is managed by the chief investment officer of Texas Capital Bank Private Wealth Advisors, J. Steven Orr, who brings more than 30 years of portfolio management experience. The Board of Trustees for the Texas Capital Funds Trust includes Hayman Capital Management Founder and Chief Investment Officer J. Kyle Bass, Texas Capital’s Head of Corporate & Investment Banking Daniel S. Hoverman, Avery Capital Co-founder and Chief Executive Officer Avery Johnson, Texas Capital’s Head of Investor Relations & Corporate Development Jocelyn Kukulka and PIXIU Founder and Chief Executive Officer Eddie Margain.

    Additional details on the Fund can be found here.

    About Texas Capital
    Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly-owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations, and service terms. Deposit and lending products and services are offered by TCB. For deposit products, member FDIC. For more information, please visit www.texascapital.com.

    Trading in securities and financial instruments, strategic advisory, and other investment banking activities are performed by TCBI Securities, Inc., doing business as Texas Capital Securities. TCBI Securities, Inc. is a member of FINRA and SIPC and has registered with the SEC and other state securities regulators as a broker dealer. TCBI Securities, Inc. is a subsidiary of TCB. All investing involves risks, including the loss of principal. Past performance does not guarantee future results. Securities and other investment products offered by TCBI Securities, Inc. are not FDIC insured, may lose value and are not bank guaranteed.

    Disclosures
    Investors should carefully consider the investment objectives, risks and charges of the Fund before investing. The prospectus contains this information and other information about the Fund, and it should be read carefully before investing. Investors can obtain a copy of the prospectus by calling 844.TCB.ETFS (844.822.3837). 

    Credit Risk. Issuers of money market instruments or financial institutions that have entered into repurchase agreements with the Fund may fail to make payments when due or complete transactions or they may become less willing or less able to do so.

    Interest Rate Risk. The value of the Fund’s investments generally will fall when interest rates rise, and its yield will tend to lag behind prevailing rates. The Fund may face a heightened level of interest rate risk due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve.
    U.S. Government Securities Risk. There are different types of U.S. government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-sponsored entity, such as Federal National Mortgage Association (“Fannie Mae”) or Federal Home Loan Mortgage Corporation (“Freddie Mac”), although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury and are therefore riskier than those that are.
    Repurchase Agreements Risk. Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations.
    Portfolio Liquidity Risk. Although the Fund invests in a diversified portfolio of high-quality instruments, the Fund’s investments may become less liquid as a result of market developments or adverse investor perception. In stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.
    Management Risk. The risk that the investment strategies, techniques and risk analyses employed by the Adviser may not produce the desired results.
    Investment and Market Risk. As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or prolonged periods of time.  Markets can decline in value sharply and unpredictably which may affect the Fund’s net asset value (“NAV”) per share. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market.
    ETF Risks. The Fund is an ETF, and because of the ETF’s structure, it is exposed to the following risks:

    Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face trading halts or delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
    Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.
    Large Shareholder Risk. From time to time, an AP, a third-party investor, an affiliate of the Adviser, or a fund may invest in the Fund and hold its investment for a specific time period to allow the Fund to achieve size or scale. There can be no assurance that any such entity will not redeem its investment or that the size of the Fund will be maintained at such levels, which could negatively impact the Fund.
    Premium-Discount Risk. The Shares may trade above or below their NAV. The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange or other securities exchanges. The existence of significant market volatility, disruptions to creations and redemptions, or potential lack of an active trading market for Shares (including through a trading halt), among other factors, may result in the Shares trading significantly above (at a premium) or below (at a discount) to NAV.
    Trading Risk. Although Shares are listed for trading on the Exchange and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.
    Trading Halt Risk. Sharp price declines in securities owned by the Fund may trigger trading halts, which may result in the Fund’s shares trading in the market at an increasingly large discount to NAV during part (or all) of a trading day or cause the Fund itself to halt trading. In such market conditions, market, or stop-loss orders to sell the ETF shares may be executed at market prices that are significantly below NAV or investors might not even be able to transact in Shares if the Fund halts trading.

    New Adviser Risk. The Adviser has only served as an adviser to a registered fund for less than one year. As a result, there is no long-term track record against which an investor may judge the Adviser and it is possible the Adviser may not achieve the Fund’s intended investment objective.
    New Fund Risk. The Fund is new and does not have shares outstanding as of the date of this Prospectus. As a result, prospective investors have no track record or history on which to base their investment decisions. In addition, there can be no assurance that the Fund will grow to or maintain an economically viable size. If the Fund does not grow large once it commences trading, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a stop to trading. Any liquidation of the Fund could cause the Fund to incur elevated transaction costs for the Fund and negative tax consequences for its shareholders.

    Shares are not individually redeemable and are issued and redeemed at their net asset value only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their net asset value in the secondary market. Brokerage commissions will reduce returns.

    Texas Capital Bank Wealth Management Services, Inc. d/b/a Texas Capital Bank Private Wealth Advisors (“PWA”), a wholly owned subsidiary of Texas Capital Bank and a Registered Investment Advisor with the U.S. Securities and Exchange Commission (“SEC”), serves as investment adviser to the Texas Capital Government Money Market ETF and Texas Capital Texas Equity Index ETF and is paid a fee for its services. Shares of the Texas Capital Government Money Market ETF and Texas Capital Texas Equity Index ETF are not deposits or obligations of, or guaranteed or endorsed by, Texas Capital Bank or its affiliates. The Texas Capital Government Money Market ETF and Texas Capital Texas Equity Index ETF are not insured by the FDIC or any other government agency. The Texas Capital Government Money Market ETF and Texas Capital Texas Equity Index ETF are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC, which is not affiliated with Texas Capital Bank Private Wealth Advisors. 

    INVESTMENTS: NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

    1 Source: Texas Economic Development Corporation

    The MIL Network –

  • MIL-OSI: ServiceTrade Releases a New Modular Dashboard Giving Commercial Fire and Mechanical Contractors a “Command Center” to Maximize Productivity and Profit 

    Source: GlobeNewswire (MIL-OSI)

    DURHAM, N.C., Sept. 25, 2024 (GLOBE NEWSWIRE) — ServiceTrade, Inc., the software platform for commercial mechanical and fire contractors, announces the release of ServiceTrade Fall ‘24, the latest innovations to its industry-leading field service management software. The newest release features capabilities that can maximize tech productivity and improve profit for every job, every customer, every time. Enhanced AI-driven features provide more useful information that helps companies increase technician and customer satisfaction.

    The Fall ‘24 release features a new customizable dashboard that can be personalized to provide relevant data for each operational role. Owners, dispatchers, operations executives, and service managers can create personalized “command centers” that deliver the necessary real-time information they need. Drag and drop widgets make it easy for stakeholders to create a view of the most appropriate information for their job function. In addition, enhanced tasking, scheduling functionality, and dispatch features guide schedules that optimize time and tech profitability by prioritizing the most important customers. The Fall ‘24 release is designed to help companies optimize time on-site, meet customer expectations, and win and keep the most valuable customers. 

    Brian Smithwick, ServiceTrade CTO and co-founder, commented: “For over a decade, we’ve been singularly focused on solutions that help contractors prioritize the most profitable customers, build maximum pipeline, and improve productivity and profits. The Fall ‘24 release brings critical innovations to market and will allow commercial contractors to scale their businesses and deliver exceptional service, build customer loyalty, and drive revenue. With the Fall ‘24 release, we continue to raise the bar with software solutions to support the unique challenges commercial service contractors face.”

    Customized, Role-Based Views Through Drag-and-Drop Widgets
    ServiceTrade has completely transformed its dashboard, enabling a customizable, real-time view of operational data that shows relevant information for specific jobs and business functions. Unlike traditional static dashboards, ServiceTrade’s dashboard is fully customizable, allowing users to select from an extensive library of widgets that integrate real-time operational data across work orders, customer communications, financial performance, and more. By providing users with personalized views that contain insights about the details that matter most to their job function, the dashboard helps users easily find the information they need, increasing productivity and optimizing business performance. 

    Streamlined, Powerful Scheduling and Dispatching
    The latest version of the ServiceTrade dispatch board delivers scheduling and dispatching game changers to simplify the way dispatchers assign and schedule technicians and jobs. These enhancements provide everything business owners need – and nothing they don’t – to make smarter scheduling decisions, reduce travel time, and provide technicians with more information so they can work efficiently and productively. With a refurbished user interface and AI infusions to streamline all workflows, the dispatch and scheduling experience empowers commercial contracting businesses to prioritize the most profitable customers and jobs, optimize technician routes, schedule high-value work, and plan long-term to ensure all technicians are fully utilized. 

    Automated Tasking Ensures Efficiency and Maximum Profit at Each Appointment 
    Streamlining the management of recurring maintenance tasks provides technicians with clear task checklists for each job and piece of equipment, and helps contractors meet service agreements. New task manager features simplify the planning and execution of maintenance activities, allow techs to meet productivity goals, and deliver quality service accurately to meet customer contract commitments and regulations at every service appointment.

    AI-Driven Commenting and Job Summaries 
    New AI-driven features, including SmartTranscribe, SmartComment, and SmartSummary, make it easier for technicians to provide detailed notes and for the office to more efficiently deliver complete customer communication. ServiceTrade’s industry-leading AI infusions help manage the full life-cycle of commercial and industrial building equipment from installation and startup to inspection and maintenance to repair and replace. Unlike other solutions focused on financial data, residential services, or those with limited data in the commercial sector, ServiceTrade Smart AI is powered by over 18 million commercial work orders servicing over 13 million building assets with over 6 million identified equipment issues. 

    To learn more about ServiceTrade:

    About ServiceTrade:
    ServiceTrade, Inc. is a software platform for commercial mechanical and fire and life safety contractors. During a chronic skilled labor shortage, ServiceTrade helps commercial contractors increase profit by improving service and project operations, increasing technician productivity, selling more service agreements, and growing customer loyalty. Located in Durham, North Carolina, ServiceTrade was founded in 2012 to automate and streamline the commercial mechanical and fire protection industry and has grown to have more than 1,300 customers. More than 10% of the commercial or industrial buildings in the United States are serviced by contractors using ServiceTrade. Learn more at www.servicetrade.com.

    Contact:
    Media@KTCMarketingandpr.com

    The MIL Network –

  • MIL-OSI: Buchanan Technologies Strengthens Oracle Expertise with Heartland IT Consulting Acquisition

    Source: GlobeNewswire (MIL-OSI)

    GRAPEVINE, Texas, Sept. 25, 2024 (GLOBE NEWSWIRE) — Buchanan Technologies, a leading IT and Application Managed Services provider, has acquired Dallas-based Heartland IT, an IT services firm with primary expertise in Oracle technologies, including Oracle Fusion Applications (OFA), Oracle Cloud Infrastructure (OCI), Oracle EBS, JD Edwards, and PeopleSoft. This marks the third acquisition Buchanan has completed in the last three years centered around its Oracle solutions.

    Heartland IT was founded in 2010 with a vision to be the premier Oracle consulting firm providing services to multi­national organizations. With exceptional delivery expertise in Oracle technologies and a robust grasp of the needs of diverse industries, Heartland IT has created innovative solutions for its tenured customer base, assisting clients with their journey through the Oracle ecosystem. Buchanan will leverage this expertise to enhance the growth of its Oracle and Applications Services practice.

    Buchanan Technologies is going through a period of rapid growth, and by bringing Heartland IT into the fold, it can utilize the two organizations’ combined strengths to better service the growing demand for managed services across the entire technology stack as a one-stop solution for mid-market and enterprise customers. “Heartland IT’s expertise in Oracle solutions and their proven track record in consulting services further cements Buchanan’s ability to deliver a distinctive, holistic, and innovative approach to customers across the globe who rely on Oracle technologies within their business,” said Jim Buchanan, Founder and CEO of Buchanan Technologies.

    Patrick Donlin, CEO and President of Sales for Heartland IT, commented, “We are proud to be a part of the Buchanan team. Buchanan’s breadth of experience and customers for Oracle-based solutions is a natural fit and perfectly aligns with the vision of Heartland for being a premier Oracle consulting firm. We look forward to supplementing and growing as one team.”

    Buchanan Technologies is backed by Lightview Capital. Heartland IT was represented by Sett & Lucas. With this acquisition, Buchanan Technologies and Heartland IT will set new benchmarks in Oracle-based consulting services.

    About Buchanan Technologies
    Established in 1988, Buchanan Technologies is an award-winning managed services provider offering innovative IT services and customized solutions to mid-tier and enterprise-level organizations across the United States, Canada, and Europe. Buchanan offers flexible and customizable solutions to accommodate any IT needs – whether it is improving customer experience, serving with onsite IT services, or complete managed IT solutions – and believes every interaction matters with each customer to provide a seamless user experience. To learn how Buchanan can simplify your IT solution, visit www.buchanan.com.

    About Heartland IT Consulting
    Heartland IT Consulting is a resource delivery firm that supplies hard-to-locate consultants who specialize in Oracle products including Oracle Enterprise Business suite, JD Edwards, PeopleSoft, Business Intelligence and Oracle Cloud applications. Heartland offers clients a flexible partnership as Heartland’s Resource Delivery Model innovatively creates contract and permanent staffing solutions to fit any client’s needs.

    About Lightview Capital
    Lightview Capital is a leading private equity firm focused on investing in founder-owned companies in the business services and tech-enabled services industries. Lightview partners with its portfolio companies by providing deep industry knowledge, insightful experience, and active resources to unlock growth and drive value. Lightview Capital’s approachable investment style combines deep operational and financial experience with an entrepreneurial spirit that delivers measurable results. For more information, visit lightviewcapital.com.

    Media Contact:

    LaRessa Cox
    Vice President of Marketing,
    Buchanan Technologies
    lcox@buchanan.com
    +1-972-910-7544

    The MIL Network –

  • MIL-OSI: LM Funding America, Inc. estimates that the 135.7 Bitcoin holdings on August 31, 2024, were valued at approximately $8.7 million in their monthly updates

    Source: GlobeNewswire (MIL-OSI)

    TAMPA, Fla., Sept. 25, 2024 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a cryptocurrency mining and technology-based specialty finance company, today provided a preliminary, unaudited Bitcoin mining and operational update for the month ended August 31, 2024.

     
    Metrics *    		 Three Months 1st Qtr.  2024  
    One Month April 30, 2024    		  
    One Month May 31, 2024    		  
    One Month June 30, 2024    		 One Month July 31, 2024 One Month August 31, 2024 Eight Months Ended August 31, 2024
    Bitcoin Beginning Balance 95.1   163.4   155.1   163.1   160.5   132.5   95.1  
    Bitcoin Mined, net 86.4   24.7   14.0   5.4   4.6   7.2   142.3  
    Bitcoin Sold (18.0 ) (33.0 ) (6.0 ) (8.0 ) (32.5 ) (4.0 ) (101.5 )
    Service Fee (0.1 ) –   –   –   (0.1 ) –   (0.2 )
    Bitcoin Holdings at Month End 163.4   155.1   163.1   160.5   132.5   135.7   135.7  
                   
    Approximate Miners Deployed at Month End 5,940   5,880   5,510   1,878   3,800   3,700    
    Approximate Miners In-Transit at Month End     370   4,002   2,080   2,200    
    Approximate Potential Hash Rate at Month End (PH/s) 614   639   639   639   639   639    

    *Unaudited

    The Company estimates that the value of its 135.7 Bitcoin holdings on August 31, 2024, was approximately $8.7 million, based on an estimated September 24, 2024, BTC price of $64,250.

    Bruce Rodgers, Chairman and CEO of LM Funding, commented, “We continue to make significant progress on our key initiatives, including the expansion of our new 15 MW hosting facility near Oklahoma City, where we relocated approximately 3,000 Antminer S19j Pro machines. Hosting these machines at cost for the next six months will enable us to significantly reduce our operating expenses.”

    “We are also investing the proceeds from our recent private placement, alongside the $5 million secured non-convertible loan facility, into high-return projects. These strategic investments are expected to be accretive, while accelerating our growth and driving meaningful returns on capital for our shareholders,” concluded Rodgers.

    About LM Funding America
    LM Funding America, Inc. (Nasdaq: LMFA), together with its subsidiaries, is a cryptocurrency mining business that commenced Bitcoin mining operations in September 2022. The Company also operates a technology-based specialty finance company that provides funding to nonprofit community associations (Associations) primarily located in the state of Florida, as well as in the states of Washington, Colorado, and Illinois, by funding a certain portion of the Associations’ rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments.

    Forward-Looking Statements
    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the risks of entering into and operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance and grow our cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

    Contact:
    Crescendo Communications, LLC
    Tel: (212) 671-1021
    Email: LMFA@crescendo-ir.com

    The MIL Network –

  • MIL-OSI China: Chinese vice premier meets ASEAN leaders attending 21st China-ASEAN Expo

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

    NANNING, Sept. 25 — Chinese Vice Premier Ding Xuexiang on Tuesday met with leaders from Vietnam, Cambodia and Laos, who are in Nanning, south China’s Guangxi Zhuang Autonomous Region, to attend the 21st China-ASEAN Expo and the China-ASEAN Business and Investment Summit.

    When meeting with Deputy Prime Minister and Minister of Finance of Vietnam Ho Duc Phoc, Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, said China is ready to work with Vietnam in accordance with the strategic direction set by the leaders of the two parties and the two countries to consolidate political mutual trust, enhance the synergy of development strategies, advance infrastructure connectivity, upgrade economic, trade and investment cooperation, cement public support, and push forward the building of the China-Vietnam community with a shared future.

    Speaking highly of China’s great development achievements, Ho Duc Phoc said Vietnam is willing to work with China to push for more results in practical cooperation in various fields to better benefit the two countries and the two peoples.

    When meeting with Deputy Prime Minister and Minister in charge of the Office of the Council of Ministers of Cambodia Vongsey Vissoth, Ding said China is willing to work with Cambodia to implement the important consensus reached by the leaders of the two countries, enhance the synergy between the high-quality Belt and Road cooperation and Cambodia’s development strategies, expand cooperation in emerging fields such as green development and digital economy, encourage Chinese enterprises to invest and do business in Cambodia, implement more projects that benefit local people, and push the development of bilateral relations to a new level.

    Vongsey Vissoth said Cambodia firmly pursues a friendly policy toward China and is willing to work with China to enrich the Diamond Hexagon cooperation framework, and join hands to build a Cambodia-China community with a shared future.

    When meeting with Deputy Prime Minister of Laos Kikeo Khaykhamphithoune, Ding noted that this year marks the 15th anniversary of the China-Laos comprehensive strategic cooperative partnership, and China is willing to work with Laos, under the guidance of the top leaders of the two parties and two countries, to strengthen economic, trade and investment cooperation, accelerate the construction of major projects, set a new benchmark for high-quality Belt and Road cooperation, and work together to advance the process of national modernization.

    Kikeo Khaykhamphithoune said Laos attaches great importance to the building of a Laos-China community with a shared future, and is willing to strengthen high-level interactions with China, deepen practical cooperation and push for long-lasting Laos-China friendly relations.

    MIL OSI China News –

  • MIL-OSI China: China’s equipment, consumer goods renewal program fuels market vitality

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

    BEIJING, Sept. 25 — China has achieved significant progress in advancing large-scale equipment upgrades and consumer goods trade-ins, boosting both investment and consumption.

    China unveiled an action plan to implement the renewal program in March this year to expand domestic demand and shore up the economy, and stepped up policy support in July with an extra funds injection of 300 billion yuan (about 42.73 billion U.S. dollars) via ultra-long special treasury bonds.

    From Monday to Wednesday, the country’s authorities held three press conferences in a row to present a comprehensive overview of the program, underscoring the government’s commitment to revitalize the super-large market.

    According to Zhao Chenxin, deputy head of the National Development and Reform Commission (NDRC), all the treasury bonds have been fully allocated to projects and local governments, with all supportive policies already in place.

    The program has yielded significant progress, effectively driving investment growth, unleashing consumption potential, improving people’s welfare, and propelling industrial development along with the country’s green transition drive.

    INVESTMENT BOOST

    Half of the ultra-long special treasury bonds to support equipment upgrades have been distributed to over 4,600 projects, and such support will cover projects with a total investment of 800 billion yuan this year, said NDRC official Liu Dechun.

    “Positive progress has been recorded in key areas of equipment upgrades, increasingly contributing to growth stabilization and industrial transformation,” Liu noted.

    In the first eight months of this year, investment in equipment and tool purchases grew by 16.8 percent year on year, and 4.21 million scrapped vehicles were recycled nationwide, up 42.4 percent and accounting for over 90 percent of the total amount last year.

    During this period, fixed-asset investment in municipal utility and construction sector expanded 23.5 percent and 21.6 percent, respectively, Liu said, adding that there are already plans to use the treasury bonds to upgrade over 40,000 residential elevators that have been in service for more than 15 years.

    Policies are also actively supporting renewals and upgrades of energy-inefficient and high-emitting equipment, with over 500 energy-related projects backed by the treasury bonds this year, Liu said.

    This overhaul will save around 3 million tonnes of standard coal annually and reduce carbon dioxide emissions by approximately 8 million tonnes, according to the official.

    Liu pledged further efforts to leverage the policies and funding to deliver benefits to more businesses and promote high-end, intelligent and green industrial development while accelerating the green transition.

    CONSUMPTION PICKUP

    Given that over 3 billion units of home appliances and more than 300 million vehicles are in use across China, the potential for their renewals are tremendous, NDRC official Wen Hua said.

    Since the renewal program kicked off in March, automobile consumption has exhibited notable growth. Citing data from the China Automobile Dealers Association, Wen said the retail sales of passenger vehicles and new energy autos increased 10.8 percent and 17 percent month on month, respectively, in August.

    Home appliance sales have also rebounded significantly. In August, official data reported a 3.4 percent rise year on year in retail sales of household appliances and audiovisual equipment, ending a decline.

    Meanwhile, the trade-in program has indirectly spurred investment and profitability in related sectors, Wen said, noting that from January to August, investment in consumer goods manufacturing expanded by 14.9 percent.

    Looking ahead, efforts will be made to fully implement the supportive policies and leverage the special treasury bonds for the equipment upgrades and consumer goods trade-ins, in a bid to extend policy benefits to more consumers, enhance living standards, and accelerate the green transition of development, Wen said.

    MIL OSI China News –

  • MIL-OSI China: China allocates funds to support flood, typhoon-hit regions

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

    BEIJING, Sept. 25 — Chinese authorities have earmarked 719 million yuan (about 102 million U.S. dollars) to support disaster relief and restore agricultural production in regions hit by Super Typhoon Yagi and several rounds of heavy rainfall, the finance ministry said Wednesday.

    The fund, jointly allocated by the Ministry of Finance, and the Ministry of Water Resources, has been distributed to the regions of Hainan, Guangdong, Liaoning, Inner Mongolia, Jilin, Hunan, Guangxi, Yunnan, Qinghai and Ningxia.

    The fund will be used to buy agricultural supplies and services for crop replanting and reseeding and repair damaged facilities to help disaster-hit regions resume agricultural production, according to the ministry.

    Super Typhoon Yagi, the 11th typhoon of this year, made two landfalls in China earlier this month, first striking Hainan and later Guangdong. It is the strongest autumn typhoon to land in China since 1949, according to meteorological authorities.

    MIL OSI China News –

  • MIL-OSI Global: America is increasingly dependent on foreign doctors − but their path to immigration is getting harder

    Source: The Conversation – USA – By Selma Hedlund, Postdoctoral Associate at Center of Forced Displacement, Boston University

    For immigrant doctors, the path to permanent residency is fleeting and far from guaranteed. Stefano Spicca/iStock via Getty Images

    The COVID-19 pandemic exposed a pressing issue: The U.S. health care system is increasingly dependent on immigrant physicians, but it’s becoming harder for aspiring ones to work and settle in the U.S.

    Today, 1 in 4 doctors are foreign-born, international medical graduates. Their numbers are even larger in underserved areas – essentially, low-income, more rural parts of the country where many American doctors don’t want to work.

    This immigrant workforce is key to offsetting a dire physician shortage. The need for more doctors is due, in part, to America’s growing and aging population; U.S.-born doctors’ unwillingness to move to poorer and more rural areas; and U.S.-born doctors’ lack of interest in going into primary care, which can be less lucrative and prestigious than other areas of medicine.

    As a result, immigrant doctors have become indispensable in hospitals and clinics across the nation. But while they’re in demand, more and more foreign doctors are starting to see the immigration process as a risky endeavor.

    During the COVID-19 pandemic, I wrote my dissertation about how immigrant physicians navigate the U.S. immigration system and foreign licensing procedures. My interviewees described how a combination of stricter immigration policies and more competition for residency spots have made the U.S. a less feasible destination.

    Visa vicissitudes

    U.S. visas can be categorized into two categories: immigrant and nonimmigrant. Nonimmigrant visas, such as tourist, student or exchange visitors visas, prohibit holders from having what’s called “immigrant intent,” meaning that they don’t plan to use their visas to permanently stay in the U.S.

    In order for immigrant doctors to be licensed to practice in the U.S., they need to complete licensing exams. They also need to obtain clinical experience in the U.S. This can be completed while on a tourist visa or a student visa, which are relatively easy to obtain.

    However, all immigrant physicians – even if they’re certified specialists in their home country – need to get accepted into and complete a U.S. residency program in order to practice in the U.S. as specialists. These are intensive, supervised training programs that can last up to seven years.

    Nonetheless, a majority of immigrant doctors in the U.S. will complete their American residencies on nonimmigrant visas, even though by this point in the process they quite clearly have immigrant intent.

    It wasn’t always this way.

    There’s a special work visa called the H-1B that allows for both immigrant and nonimmigrant intent. A few decades ago, many immigrant physicians entered residency programs that sponsored H-1B visas, which served as stepping stones to green cards.

    But drastic restrictions to the number of people admitted into this visa program, coupled with cuts in graduate medical education funding, have directed most foreign-born doctors to what’s called a J-1 exchange visitors visa.

    Challenges of working in underserved areas

    The J-1 not only explicitly prohibits immigration intent, it also requires that doctors return to their home country for at least two years upon completing American residency training.

    Foreign-born doctors nonetheless pursue the J-1 because there’s the opportunity to obtain a waiver, with limited slots that will allow them to remain in the U.S. and adjust to an H-1B visa. If selected for the waiver program, they must commit to a minimum of three years of service in a designated medically underserved area in the U.S.

    Through a special waiver, immigrant doctors can work at rural hospitals that are underfunded and understaffed.
    Brendan Smialowski/AFP via Getty Images

    While this system can offer short-term relief to physician shortages, it can also lead to exploitation.

    As one interviewee told me, “We hear very scary things about the J-1 waiver. The employers can take advantage and make you work more and pay less.”

    For the duration of the waiver program, immigrant physicians have minimal ability to change employers without violating the conditions of the waiver – and their path to immigration. Underserved areas are often understaffed and underresourced, which can make for stressful working conditions.

    Forced to go above and beyond

    The challenges don’t end with the visa process. There are financial burdens as well.

    International medical graduates often spend tens of thousands of dollars to pay for U.S. medical licensing exams, multiple visa applications, international travel and lodging, residency and green card applications.

    They also spend months in unpaid positions in hospital settings to gain the U.S. clinical experience that’s required to apply for residency. Then, in order to match into residency, immigrant physicians typically need to outperform their American peers on exams. They also need to have more prestigious research qualifications and stronger recommendation letters. Still, immigrant doctors are more likely to match into less competitive residency programs.

    While interviewing immigrant physicians, many testified to the competition getting steeper in recent years.

    “I told a friend, if you don’t have scores in upper 90s in all the exams and you’re not a green card holder, don’t even bother,” an Indian physician who immigrated 20 years ago explained to me. “It’s so tough.”

    Stuck in limbo

    Over the course of my research I noticed a trend: Many international medical graduates will come to the U.S. on student visas to pursue U.S. graduate degrees in health-related fields, such as public health, before they even start the licensing process. This helps them get their foot in the door into a very complicated immigration system and build a stronger resume as they prepare for residency applications. It’s also another expensive investment.

    But even those who match into and complete residency won’t necessarily be able to stay and work in America.

    Those with positive experiences from working in underserved communities often struggle to remain in their positions after their waiver contracts are fulfilled because of the green card backlog.

    The average immigrant’s wait time for a green card has doubled since the national quota system was introduced in the early 1990s.

    By 2018, an applicant had to wait an average of 18 months to get approved for their green card and another five years and eight months to receive it. The COVID-19 pandemic introduced new barriers and delays.

    Indians, one of the biggest nationalities among immigrant physicians, have the longest wait times under the current system, sometimes waiting up to a decade to obtain the security of permanent residence. Among the 1.8 million cases currently stuck in the employment-based green card backlog, 63% are Indian nationals.

    A pending green card application is often formally considered abandoned if the applicant leaves the country, preventing people from visiting loved ones abroad for years.

    No fix on the horizon

    Despite frequent calls for change and reform, these bottlenecks continue to adversely affect both patients and doctors.

    While the current model has its benefits, it also reflects a trend in which much-needed immigrant professionals live in prolonged, demoralizing uncertainty. Work visas have been subject to increasing cuts and restrictions in recent years under both the Trump and Biden administrations. Conditions will likely worsen if Trump returns to office: The “Muslim ban” he enacted in 2017 adversely affected many immigrant doctors and their patients, and his calls for increased vetting will likely exacerbate existing barriers to legal immigration.

    A paradox has emerged: While the U.S. says it wants to attract and retain world class talent, its byzantine immigration system continually discourages potential hires.

    The doctors I interviewed gave a variety of reasons for wanting to work in the U.S., including better lifestyles and opportunities for professional development. But the complexity and sheer unwieldiness of the U.S. visa regime is causing the nation to lose skilled professionals to other countries with more streamlined processes.

    Selma Hedlund does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. America is increasingly dependent on foreign doctors − but their path to immigration is getting harder – https://theconversation.com/america-is-increasingly-dependent-on-foreign-doctors-but-their-path-to-immigration-is-getting-harder-229980

    MIL OSI – Global Reports –

  • MIL-OSI: CERo Therapeutics, Inc. Announces Financing and Provides Update on Investigational New Drug Application for CER-1236

    Source: GlobeNewswire (MIL-OSI)

    Company requests Type A Meeting with U.S. Food and Drug Administration regarding clinical hold for CER-1236; announces key management changes

    SOUTH SAN FRANCISCO, Calif., Sept. 25, 2024 (GLOBE NEWSWIRE) — CERo Therapeutics Holdings, Inc. (Nasdaq: CERO) (“CERo”), an innovative immunotherapy company seeking to advance the next generation of engineered T cell therapeutics that employ phagocytic mechanisms, today announced that existing investors have committed a financing of $1.25 million. With these funds the Company plans to work with the U.S. Food and Drug Administration to resolve the remaining IND issue for CER-1236, which is on clinical hold.

    Vice Chairman Chris Ehrlich will become Chairman and Interim Chief Executive Officer. Brian Atwood has elected to step down as President and CEO to become a consultant to CERo and to Mr. Ehrlich during this transition; he will remain on the board of directors. Both Charles Carter, CERo’s Chief Financial Officer, and Daniel Corey, M.D., Chief Technology Officer have also elected to step down from their positions and board seat in the case of Dr. Corey. The Company has already identified consultants to continue to progress its ongoing work.

    “This is a unique opportunity for us to reset and ensure that CERo is able to deliver on the promise of its science,” stated Mr. Ehrlich. “We will continue to benefit from Brian’s experience in the market, while we work diligently to progress CER-1236 into the clinic. In the meantime, we are implementing cost reductions to minimize our capital needs and have already made considerable headway in identifying replacements for the CFO and CTO positions, both activities which we believe will be instrumental in helping us to drive forward and complete the task at hand.”

    CERo continues to progress in its work to address the Clinical Hold placed on its Investigational New Drug Application for CER-1236. The company has requested a Type A Meeting with the U.S. Food and Drug Administration (FDA) regarding its open Investigational New Drug Application, which is currently on Clinical Hold. The Company intends to discuss its plans and data collected to date.

    As announced previously, the clinical hold is related to only two pharmacology and toxicology questions which the Company believes can be addressed. CERo has initiated pre-clinical in vitro studies and experiments, interim data from which constituted the Company’s Type A Meeting Request regarding the clinical hold. These experiments will continue into October, as CERo awaits FDA’s response to the submitted Type A Meeting Request.

    About CERo Therapeutics, Inc.
    CERo is an innovative immunotherapy company advancing the development of next generation engineered T cell therapeutics for the treatment of cancer. Its proprietary approach to T cell engineering, which enables it to integrate certain desirable characteristics of both innate and adaptive immunity into a single therapeutic construct, is designed to engage the body’s full immune repertoire to achieve optimized cancer therapy. This novel cellular immunotherapy platform is expected to redirect patient-derived T cells to eliminate tumors by building in engulfment pathways that employ phagocytic mechanisms to destroy cancer cells, creating what CERo refers to as Chimeric Engulfment Receptor T cells (“CER-T”). CERo believes the differentiated activity of CER-T cells will afford them greater therapeutic application than currently approved chimeric antigen receptor (“CAR-T”) cell therapy, as the use of CER-T may potentially span both hematological malignancies and solid tumors. CERo anticipates initiating clinical trials for its lead product candidate, CER-1236, in 2024 for hematological malignancies.

    Forward-Looking Statements
    This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations of CERo. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this communication, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. When CERo discusses its strategies or plans, it is making projections, forecasts or forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, CERo’s management.

    Actual results could differ from those implied by the forward-looking statements in this communication. Certain risks that could cause actual results to differ are set forth in CERo’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, filed on April 2, 2024, and the documents incorporated by reference therein. The risks described in CERo’s filings with the Securities and Exchange Commission are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can CERo assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements made by CERo or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. CERo undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Contact:
    Brian Atwood
    Chief Executive Officer
    batwood@cero.bio

    Investors:
    CORE IR
    investors@cero.bio

    The MIL Network –

  • MIL-OSI Russia: Polytechnic at the exhibition-fair “Russian Education. Tashkent-2024”

    MIL OSI Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    On September 20-21, the largest exhibition of Russian higher education, organized by the representative office of Rossotrudnichestvo, was held in Uzbekistan. Representatives of 50 Russian universities took part in the exhibition-fair “Russian Education. Tashkent-2024”. The event brought together more than 4,000 visitors, including schoolchildren and their parents, students, representatives of schools, educational centers, recruiting agencies and the media of Uzbekistan.

    During the exhibition, a meeting of Russian university employees with Deputy Head of Rossotrudnichestvo Pavel Shevtsov and Head of the Representative Office in Uzbekistan Irina Staroselskaya was held, where they discussed the implementation of the 2024–2025 quota admission campaign and attracting applicants from Uzbekistan to Russia.

    The opening ceremony of the exhibition was attended by representatives of the Ministry of Higher Education, Science and Innovation of the Republic of Uzbekistan, the Russian Embassy and the heads of Rossotrudnichestvo. Minister-Counselor of the Russian Embassy in Uzbekistan Andrey Lanchikov welcomed the participants: It is gratifying that Russian education continues to be popular in the Republic of Uzbekistan. This is evidenced by the number of universities from 21 regions of Russia represented here. I really hope that within the framework of this fair, young people, applicants, students will find interesting specialties for themselves, discover new opportunities, see prospects for further education and improvement.

    The annual educational exhibition-fair is held by the representative office of Rossotrudnichestvo in order to show the potential of Russian education and unique opportunities for everyone who wants to get to know Russia better.

    Our task is to improve the quality of education and campus infrastructure so that young people can see the rise that is currently happening in Russia. It is important to demonstrate to Uzbek applicants all the opportunities that Russian education offers, as well as the modern achievements of our universities. This will create a basis for the formation of joint projects in business, science and technology, given the active development of technological potential in both Russia and Uzbekistan, – noted Pavel Shevtsov.

    Irina Staroselskaya addressed schoolchildren: It is very important to make the right choice of specialty. Today you will not only get acquainted with the programs of our universities. You will be able to talk directly with their representatives and get information first-hand: find out how educational programs are organized at universities, where there are dormitories, what scholarships are available, what events are held as part of the training.

    At the international exhibition and fair, the Polytechnic University was represented by the Director of the Center for International Recruitment and Communications Maria Bocharova, Deputy Head of the Department of International Education Tatyana Sytnikova and the Manager of the Center for Work with Applicants Kristina Lavrentyeva. During the exhibition, the SPbPU stand was visited by more than 300 foreign applicants, who asked many questions about their future profession. Also present at the exhibition were undergraduate students from universities in Uzbekistan interested in master’s programs.

    Polytechnic University annually participates in the autumn educational exhibition of Rossotrudnichestvo. Uzbekistan is traditionally one of the priority markets for the export of Polytechnic University educational programs. We pay great attention to promoting our university so that schoolchildren and students of Uzbekistan receive the most up-to-date information about studying at the Polytechnic University within the framework of the quota of the Government of the Russian Federation and through participation in the International Olympiad Open Doors: Russian Scholarship project, as well as on a contractual basis, – commented Maria Bocharova.

    SPbPU staff provided detailed consultations on admission issues, told about areas of training and opportunities for scientific and project activities. This year, applicants are most interested in specialties in the field of IT, artificial intelligence, linguistics, construction and design of buildings, law, design, economics and management, biotechnology.

    The exhibition organizers also held a B2B meeting to discuss cooperation between Russian universities and educational institutions of Uzbekistan. University representatives emphasized the importance of creating a common educational space between the two countries, including joint conferences, seminars, and competitions. Agreements between educational institutions of Russia and Uzbekistan are an important step in developing cooperation in the field of education. This is an opportunity to exchange experiences, joint educational programs, and practices, which in turn will help improve the system of vocational education in Uzbekistan and provide young people with access to quality education in Russia.

    The Polytechnic University cooperates with many universities of Uzbekistan, including SamSU, TSTU, TSUE, KSU, FPI. This year, meeting of the rector of SPbPU, academician of the Russian Academy of Sciences Andrey Rudskoy with the Minister of Higher Education, Science and Innovation of the Republic of Uzbekistan Kongratbay Sharipov, where the leaders discussed work on creating joint network educational programs, advanced training courses for teachers and staff, summer school modules and scientific seminars.

    During the exhibition, Tatyana Sytnikova held a number of working meetings with the heads of the Alfakom and General Lessons training centers, where they discussed options for career guidance events, the organization of preliminary entrance examinations, and assistance in the specialized training of applicants. The head of the Alfakom center, Bakhtiyor Tursunov, noted: Polytechnic consistently attracts students from Uzbekistan. Our task is to assist in their high-quality preparation as applicants.

    In the near future, selection and competitive events will begin for foreign applicants wishing to study at the Polytechnic University for free under the direction of the Ministry of Science and Higher Education of the Russian Federation (under a quota) in the next academic year. You can get up-to-date information about the dates of their holding inPolytechnic’s English-language Telegram channel.

    The first qualifying round of the International Olympiad started on September 5 Open Doors: Russian Scholarship project. Starting this year, the winners will have the opportunity to enroll in the Polytechnic University’s bachelor’s, master’s and postgraduate programs without entrance examinations and study for free in the 2025–2026 academic year.

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

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

    http://www.spbstu.ru/media/nevs/international_activize/polytech-at-exhibition-fair-russian-education-tashkent-2024/

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

    MIL OSI Russia News –

  • MIL-OSI Translation: APL up 3.26% on average on October 1

    MIL OSI Translation. Government of the Republic of France statements from French to English –

    Source: Republic of France in FrenchThe French Republic has issued the following statement:

    The APL is a social benefit paid by the Family Allowance Fund (CAF) to the most modest households. As every year on October 1, it is revalued on the basis of the evolution of the rental reference index of the second quarter of the current year.

    In the 2nd quarter of 2024, theIRL showed an increase of 3.26% (in metropolitan France, Corsica and the overseas regions and departments). The APL should increase by 3.26% on October 1, 2024, unless the government decides otherwise.

    In October 2023, the APL revaluation was 3.5% in mainland France, 2% in Corsica and 2.5% overseas.

    Each APL application is personalized. The amount of aid is calculated based on housing expenditure parameters and resource parameters. The following elements are taken into account in particular:

    the amount of your rent; the number of dependents usually living in your household; the amount of your resources and, where applicable, the amount of resources of the person with whom you live as a couple and of the people usually living in your household; the value of your real estate and financial assets and, where applicable, the value of the assets of the person with whom you live as a couple and of the people usually living in your household. This value is only taken into account if it is greater than €30,000.

    The increase in APL is applied automatically by the Family Allowance Fund (CAF) or the Mutualité Sociale Agricole (MSA). Check on your online account that the revaluation has been taken into account and that the updated amount is paid. If there is a problem updating the amount, contact your CAF or MSA.

    Namely

    The CAF takes into consideration the date on which the request for assistance was made and compensates its beneficiaries at the beginning of the month following this request.

    Please note

    Some of the resource parameters are, for their part, updated on January 1 of each year also on the basis of the IRL. This is the case, for example, of the resource floors for personal housing assistance paid to student beneficiaries.

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

    MIL Translation OSI

  • MIL-OSI Africa: DPWI Minister briefed on department’s performance

    Source: South Africa News Agency

    Wednesday, September 25, 2024

    Public Works and Infrastructure Minister Dean Macpherson today met with the Auditor-General of South Africa (AGSA) for a briefing on the department’s performance for the 2022/2023 year, which saw systemic failures in meeting its targets on delivery and financial management.

    The Minister and the AGSA have committed to working together to assist the department to improve its performance and auditing processes. 

    This forms part of the measures the Minister has committed to implementing to improve audit outcomes within the department following the results reported last week by the AG. 

    This will ensure that public money is spent on the intended outcomes and corruption is met with consequence management.

    “… It is important that drastic action is taken to quickly improve oversight, accounting and reporting within the department. 

    “The findings that irregular expenditure jumped from R98 million in 2020/21 to R521 million in 2022/23 is deeply concerning because it is public money that is being wasted.

    “Working together with the AGSA will help increase the oversight within our branches to expose any malpractices, as well as help officials to improve their reporting to ensure that we can begin the journey to meeting our targets and audit outcomes within the shortest timeframe possible,” the Minister said.

    Macpherson said today’s meeting forms part of other actions he has taken to avoid the wastage of public money within the Department of Public Works and Infrastructure, including removing the ability for officials to spend up to R20 million without accounting officer approval, and requesting a skills audit at the Senior Management Service (SMS) level to ensure the department has the necessary skills.

    “The actions we are taking are part of our goal to lay a strong foundation at the Department of Public Works and Infrastructure to ensure we deliver on our mandate to use public assets for public good and to turn South Africa into a construction site.

    “It will not be an overnight journey to resolve these problems, but it is something I am committed and determined to do at all costs,” Macpherson said. – SAnews.gov.za

    MIL OSI Africa –

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

    Source: United Nations secretary general

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

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

    This is a historic first.

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

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

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

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

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

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

    But without implementation, it will be meaningless.

    The work starts today.

    Excellencies,

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

    And G20 countries can act in three specific areas.

    First, finance.

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

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

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

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

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

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

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

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

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

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

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

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

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

    Excellencies,

    The second area for action is climate.

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

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

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

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

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

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

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

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

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

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

    Excellencies,

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

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

    And renewable technologies have never been better – or cheaper.

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

    It is mindsets, and lack of vision.

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

    But many developing countries are being left behind.

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

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

    Excellencies,

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

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

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

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

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

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

    And enhancing the Economic and Social Council.

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

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

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

    Excellencies,

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

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

    Thank you.

    MIL OSI United Nations News –

  • MIL-OSI Canada: Government of Canada invests close to $4M in quantum sector with support for Calcul Québec and Anyon Systems

    Source: Government of Canada News

    The two organizations receive a total of $3,997,500 in financial assistance from CED.

    The two organizations receive a total of $3,997,500 in financial assistance from CED.

    Montréal, Quebec, September 25, 2024 – Canada Economic Development for Quebec Regions (CED)

    Supporting the development, adoption and commercialization of quantum technologies not only helps Quebec organizations to position themselves in this emerging field, but also strengthens Canada’s global leadership. That is why the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, on behalf of the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, today announced a non-repayable contribution of $3,500,000 for Calcul Québec and a repayable contribution of $497,500 for Anyon Systems.

    Calcul Québec is a non-profit organization with a mission to provide cutting-edge infrastructure for computational calculations for academic and scientific research and for businesses. Its computational servers, also called supercomputers, are shared by thousands of researchers, mainly in Quebec, but also across Canada. MonarQ, its quantum computer designed by Anyon Systems, is located at the École de technologie supérieure (ÉTS) in a room dedicated to advanced computation, a site that already houses one of the country’s most powerful supercomputers. Calcul Québec’s project aims to increase MonarQ’s computational power from 12 to 24 qubits and thereby better meet businesses’ technology transfer needs.

    Anyon Systems is a Montréal business that develops turn-key quantum computing products such as integrated quantum computers, as well as electronic controllers and cryogenic systems. CED’s support will enable it to pursue its growth and continue to commercialize technologies resulting from R&D, including by manufacturing a demonstrator and participating in trade fairs.

    To support Canada’s quantum sector and solidify the country’s position among the leaders in this fast‑growing field, the Government of Canada has implemented a National Quantum Strategy. The goal of the Strategy is to help Canadian businesses adopt quantum technologies so that they can position themselves in this emerging field and generate economic benefits for the entire community.

    Quotes

    “Quantum research and computing are more than just the frontiers of technology but a keystone for innovation. By unlocking new realms of problem-solving and processing power, they promise to drive unprecedented economic growth, reshape industries, and address the most pressing challenges of our society, from climate change to healthcare. The quantum technology of today builds a more resilient, prosperous, and equitable tomorrow.”

    The Honourable François-Philippe Champagne, Member of Parliament for Saint-Maurice–Champlain and Minister of Innovation, Science and Industry

    “Quebec and Canada are taking their place in the economy of the future, and our government is here to support them. MonarQ’s arrival will give the academic and scientific communities and businesses access to the quantum technologies needed for research in fields as diverse as energy, transportation, pharmaceuticals and materials. By boosting innovation in this way, we are ensuring Quebec’s SMEs and organizations are well positioned and ensuring our global leadership in this area. Congratulations to Calcul Québec, Anyon Systems and the ÉTS on this outcome!”

    The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED

    “Integrating the computational power of a quantum computer into Calcul Québec’s service offering will provide the research and innovation community with a unique opportunity to develop and test new quantum and hybrid algorithms. This will be done while also guaranteeing that all intellectual property generated will remain within Quebec and Canadian institutions. MonarQ will also enable Calcul Québec, in collaboration with research teams, to develop techniques essential to ensuring fluid interoperability between classic and quantum computers. This new infrastructure, which will have an impact both nationally and internationally, will foster the development of free software, thereby strengthening accessibility and innovation in the field.”

    Suzanne Talon, CEO, Calcul Québec

    “Installing the MonarQ superconductor quantum computer in Calcul Québec’s room dedicated to advanced computer calculations enables Anyon Systems to take a major step forward in developing quantum computing solutions. We are proud to be able to offer researchers and industrial users a quantum solution designed and developed entirely in Canada.”

    Alireza Najafi-Yazdi, CEO, Anyon Systems

    Quick facts

    • Funding has been provided under CED’s Support for Regional Quantum Innovation initiative, which stems from the Government of Canada’s National Quantum Strategy.
    • This initiative has a budget of $23.3 million to be used to make strategic investments up to 2028 to help SMEs and NPOs adopt, develop and commercialize quantum technologies and products based on these technologies.
    • CED is the key federal partner in Quebec’s regional economic development. Through its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow’s economy.

    Associated links

    Information

    Media Relations
    Canada Economic Development for Quebec Regions
    media@dec-ced.gc.ca

    Marie-Justine Torres Ames
    Press Secretary
    Office of the Minister of Tourism and Minister responsible for
    Canada Economic Development for Quebec Regions
    Cell: 613-327-5918
    Marie-Justine.TorresAmes@ised-isde.gc.ca

    Stay connected

    Follow CED on social media
    Consult CED’s news

    MIL OSI Canada News –

  • MIL-OSI Africa: Saipem Pre-Qualifies for Structures A&E Project as Libya Advances Gas Monetization Drive

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

    ROME, Italy, September 25, 2024/APO Group/ —

    Italian multinational oilfield services company Saipem announced it has pre-qualified to carry out EPCC works for Production Platform E – part of the $8-billion Structures A&E Development Project – during the Libya-Italy Roundtable and VIP Networking Event in Rome on Monday.

    Led by Mellitah Oil & Gas – a joint venture between Italian multinational Eni and Libya’s National Oil Company – the Structures A&E project aims to increase gas production to supply the Libyan domestic market and exports to Europe, targeting 750 million cubic feet of gas per day (mmcf/d) by 2026. Mellitah Oil & Gas launched the invitation for pre-qualification for the Engineering, Procurement, Construction, Hook-up, Commissioning and Start-up of Production Platform E earlier this year.

    “We are committed to Libyan projects,” said Giorfio Elia, Managing Director – North East Africa & Cyprus for Saipem. “We have pre-qualified for Platform E, which will give Libya one of the biggest production platforms in the Mediterranean. It will be challenging – it’s a more than 60,000-ton platform, with one of the largest jackets in the industry.”

    The announcement was made during an oil and gas-focused roundtable at the Libya-Italy Roundtable and VIP Networking Event, which outlined the country’s current exploration and development prospects. In addition to the Structures A&E Development Project, Eni highlighted several major gas projects under development, including the Bouri Gas Utilization Project – which will recover hydrocarbons from associated gas from two platforms installed on the Bouri field, accompanied by a carbon capture facility – and another 100-mmscf/d gas production project set to come online in 2025.

    “We are committed to providing enough gas to Libya to meet domestic needs and continue exporting, while at the same time reducing our carbon footprint,” said Martina Opizzi, Head of North Africa & the Levant Region for Eni, adding that the operator has “already signed some contracts” for all three projects.

    In addition to gas monetization, Libya is prioritizing enhanced oil recovery to maximize output from mature oil fields and brownfield assets. As a result, the country is looking to international private sector partners to implement advanced technologies and carry out upgrades and maintenance works to boost recovery rates and stabilize production. 

    “Short turn-around-time assets are a major opportunity for companies like ourselves,” said Ibraheim Mejerissi, Managing Director of Wazen Oil Services. “There is a huge potential [in maintenance works] in Libya, whether you’re a trader wanting to provide products, or a service or engineering company.”

    Looking ahead, challenges in fiscal, political and contractual stability remain for Libya, which continues to face long project lead times that impede foreign investment and the timely completion of ongoing projects. Italian engineering and general contracting firm RENCO, for instance, was awarded a contract for the 36 MW Sarir Power Plant in 2013, yet only commissioned the plant in June this year owing to geopolitical uncertainty and delays in payments.

    “We need to start projects with bonds, credit letters and tools from the financial point of view that provide support and create certainty from the banking system,” said Alessandro Galli, Industrial Plants Division Director for RENCO.

    “We need to find a way with our operators to ensure projects are secured and can enter into operation,” added Nicola Ghirelli, Energy Maintenance & Production Services Director at Bonatti, which is currently nearing completion of EPC works for Nafusah Oil Operation at a project in western Libya.

    The Libya-Italy Roundtable and VIP Networking Event served to launch the third edition of the Energy Capital & Power-sponsored Libya Energy & Economic Summit taking place in Tripoli next year, as well as to celebrate the Libyan-Italian connection in the upstream space and forge new pathways to cooperation and partnership in the energy sector. 

    MIL OSI Africa –

  • MIL-OSI Europe: Winners of EU Organic Awards 2024 announced

    Source: European Union 2

    This year’s winners follow the high standards set by their predecessors and showcase sustainable and inspiring projects across the European organic value chain. The winning projects – and the people behind them- demonstrate how organic agriculture and production can create innovative value chains and generate new job opportunities in rural areas.

    The winners of the edition 2024 of the EU Organic Awards are:

    • Best organic farmer (female) to Ms Reinhilde Frech-Emmelmann in Austria. Ms Frech-Emmelmann founded ReinSaat GmbH in 1998 at a biodynamic Demeter farm in St. Leonhard am Hornerwald, Lower Austria. The farm specialises in organic, GMO-free seeds, with over 800 seed-resistant varieties, promoting biodiversity and sustainable farming across Europe.
    • Best organic farmer (male) to Mr Benny Schöpf in Germany. Mr Schöpf is the chief vegetable grower at Kartoffelkombinat, the largest community-supported cooperative farm in Germany. Supplying 2,300 households with organic vegetables weekly, the farm prioritises fair working conditions and sustainable practices, promoting an alternative agricultural economic system.
    • Best organic region to South Savo in Finland. South Savo has built a strong organic farming culture through 40 years of collaboration between farmers, researchers, and local authorities. With 200 organic farms, the region promotes sustainable practices, preserving water quality and biodiversity, and is home to the Finnish Organic Research Institute.
    • Best organic city to BioStadt Bremen in Germany. With over 30% of farms certified organic, the city promotes sustainable food systems through community projects and innovative farming initiatives, empowering citizens to drive local change. BioStadt Bremen is working towards converting all municipal catering in schools, crèches, and hospitals to 100% organic by 2025. 
    • Best organic bio-district to Sörmland Bio-district in Sweden. Located south of Stockholm, Sörmland has been a pioneer in organic farming since the 1940s, bringing together farms, food processors, restaurants, and more. With 20% of its farmland organic, the district promotes local organic products, sustainable tourism, and awareness of organic food’s health benefits.
    • Best organic food processing SME to Gino Girolomoni Cooperativa Agricola in Italy. Located in the Marche region, this cooperative specialises in organic pasta production, continuing the mission of its founder, Gino Girolomoni. With 80 hectares of organic farmland and renewable energy-powered facilities, it produces 9 million tons of pasta annually, supporting over 300 farmers and 60 local workers.
    • Best organic food retailer to SAiFRESC in Spain. Founded by three farmers in 2011, SAiFRESC transitioned to organic farming, revitalising agriculture in the Huerta de Valencia. With 30 hectares of organic land, they produce 70 organic products, selling 90% of their harvest locally and reducing packaging. The initiative promotes a circular economy and provides educational workshops on organic farming.
    • Best organic restaurant/food service to a Kalf & Hansen in Sweden. Founded in 2014 by Rune and Fabian Kalf-Hansen, this restaurant chain offers 100% organic, seasonal Nordic cuisine. With two restaurants, catering services, and organic meals on Swedish trains, Kalf & Hansen prioritise local sourcing, sustainability, and affordable organic meals, building strong relationships with local producers.

    Nearly 100 applications were received from across the EU for this year’s edition, with 24 candidates shortlisted from 11 countries. The EU Organic Awards feature 7 categories and 8 individual awards, recognising innovative, sustainable, and inspiring projects that add significant value to organic production and consumption. The awards are organised by the European Commission, the European Economic and Social Committee, the European Committee of the Regions, COPA-COGECA, and IFOAM Organics Europe, with support from the European Parliament and the Council.

    Background

    EU Organic Day was launched by the European Parliament, Council, and European Commission in 2021 as a new initiative to celebrate and promote organic farming.

    By producing high quality food with low environmental impact, organic farming plays an essential role in developing a sustainable food system for the EU. Following the EU Action Plan for the Development of Organic Production in the EU, adopted in 2021, the Commission works to further promote the benefits of organic production. The launch and celebration of an EU Organic Day and EU Organic Awards are two concrete actions to bring organic farming into the spotlight. The CAP Strategic Plans in the current Common Agricultural Policy also provides more financial support – €14.7 billion from 2023 to 2027 – for EU farmers converting to and remaining in organic farming. Nearly all Member States now have comprehensive organic production strategies in place, for the first time ever.

    Between 2012 and 2022, the share of total organic area in the EU’s total utilised agricultural area rose from 5.9 % to an estimated 10.5 %. This represents an estimated increase of 7.4 million hectares. In the last few years, the market for organic products has held up remarkably despite certain challenges, notably the high food inflation and rise of energy costs. Total EU organic retail sales increased from €38.6 billion in 2019 to €45.0 billion in 2022, with a peak at €46.3 billion in 2021.The EU is the second largest market for organic products, after the US.

    More examples of the actions taken under the EU action plan to develop organic production are available in this factsheet (PDF).

    Quotes

    Commissioner for agriculture, Janusz Wojciechowski:

    Today, we celebrate organic farming and the EU organic sector as a whole. This sector is very close to my heart, as it represents everything that I think is important in our food system: progressing towards more sustainable methods and practices; increasing resilience against climate change and supply chain disruptions; providing opportunities for small farmers, young farmers, female farmers; and connecting local communities through short supply chains and bio-districts. I wholeheartedly congratulate today’s winners – they provide living proof of a strong and sustainable organic sector in the EU.

    Mr. Oliver Röpke, President of the European Economic and Social Committee of the European Economic and Social Committee:

    The Organic Awards serve to reward excellent and innovative organic businesses in the EU, and getting inspired by their work and achievements. The organic sector deserves recognition and promotion throughout the food chain. Accessibility and affordability of organic food is very important for the sector to grow, and in turn, also helps the EU to reach the 25% target by 2030. I am proud that the EESC is a partner in managing three of these awards, connecting with the whole EU organic community.

    Ms. Kirstine Bille, Representative of the European Committee of the Regions in the organic awards jury:

    As the CAP is the main tool to support the development of organic farming, its budget for greening should be supplemented by additional resources to support adequately the farmers in the transition to sustainable farming. Moreover, we call for a stronger role for the regions in managing the future CAP so as to bring policy options in line with specific territorial and sectoral characteristics.

    Mr. Mladen Jakopovic, COPA Vice President: 

    The EU Organic Awards spotlight the diversity, resilience and excellence of organic farming in Europe. They present inspiring stories of vision and perseverance, demonstrating what is possible when sustainability and innovation go hand in hand. As Copa and Cogeca, we are proud to be partners for this third edition. I would like to thank all participants and commend all the winners for their dedication and contribution to European organic farming.

    Mr. Jan Plagge, IFOAM Organics Europe’s President:

    The EU Organic Awards showcase the organic supply chain’s role in the transition towards sustainable farming systems that stay within planetary boundaries and reconcile environmental sustainability with a fair income for farmers – a common European goal identified through the Strategic Dialogue. On behalf of IFOAM Organics Europe, I congratulate this year’s winners for showcasing organic’s transformative potential through their outstanding initiatives. Their achievements spotlight organic’s growing significance as the only regulated sustainable production system that already delivers environmental and climate protection, all while fostering environmental, economic and social sustainability. Congratulations also to all those who put themselves in the game! May their endeavours inspire many more to become part of this food and farming revolution towards a more resilient, sustainable and competitive future.

    MIL OSI Europe News –

  • MIL-OSI: MELD Bringing Fiat Payments On-chain With a New zk Privacy Network

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Sept. 25, 2024 (GLOBE NEWSWIRE) — MELD, a new Neobank coming to the market with a new type of banking services platform that merges crypto services and fiat services into a single platform for both users and businesses alike, giving them the ability to have a traditional deposit account and a crypto wallet. MELD account holders can exchange between crypto/fiat and transfer funds between MELD accounts for free while earning interest on stablecoins. Bringing the best of both worlds together in one account.

    This new network is the latest component of MELD neobanking solution, built directly on the blockchain and employs the benefits of being transparent and verifiable. Blockchains like Bitcoin and Ethereum have been doing this for more than ten years. MELD’s innovation is bringing these qualities to the traditional financial space and applying it to banking transactions.

    In its zkBanking network, MELD has built a high performance banking system in line with traditional solutions used by banks today. With each transaction the details of the transaction are confirmed and then processed into a blockchain transaction with a confirmation code. This confirmation is then turned into a proof and published on the MELD public blockchain.

    When a MELD Neobank user wants to prove to a third party they have paid for something or do not have the funds in their bank account, they can share the proof which has been verified. This applies to both private and business accounts in the MELD Neobank.

    This new type of verification becomes particularly useful when businesses are doing cross border trade and need to prove they have the funds to pay for a trade deal. Also businesses can build technology on top of zkProofs to verify a transaction without receiving sensitive private data from a user.

    The network will go live on January 1, 2025. zkBanking nodes will be initially run by five parties with plans to expand that to more than ten in the coming months. MELD’s ambition is to make the traditional neobank network as decentralized as the MELD blockchain while meeting the regulatory requirements of running a global neobank.

    MELD neobank offering will be launching in October, giving retail and businesses in 160 countries crypto-friendly banking. MELD is different because they are crypto native, coming from the world of decentralized finance (DeFi) and integrating classic banking products with a twist.

    MELD is doing a presale of their zkBanking nodes to boost the decentralized nature of the network and give users access to the networks block rewards while they secure the network at the same time. For more details about the node sale go to: https://docs.meld.com/meld-blockchain/zkbanking-network

    About MELD
    MELD is a crypto-native global neobank powered by the blockchain. Bringing fiat currencies like (30+ including USD and EUR) and crypto currencies (1000+ BTC and ETH) together in one seamless wallet supporting more than 150 countries. MELD makes it easy to navigate between these two worlds and get the best out of both. From generating a yield on your crypto to debit cards and business accounts, MELD brings fundamental banking services to everyone.

    The MELD blockchain powers more than just the MELD Neobank, with a non-custodial lending and borrowing protocol and more than 30 businesses building on MELD. Users interact with all of this through the MELD web and Mobile app helping people and businesses take full advantage of both their crypto and fiat assets.

    You can follow the project and stay up to date with its development at these links: Website | X (Twitter) | Telegram |

    Contact:
    Ken Olling
    press@meld.com

    Disclaimer: This content is provided by MELD. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    The MIL Network –

  • MIL-OSI: New Report Highlights Critical Turning Point for Middle Class Families

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Sept. 25, 2024 (GLOBE NEWSWIRE) — A “middle class” income no longer guarantees financial security, threatening both the nation’s economy and its social fabric, according to a new report released today by the Financial Health Network, the leading voice on financial health. The report, Households Under Financial Pressure, describes how daily economic challenges have heightened pessimism and political polarization; previous research found that only about one-third of Americans are considered “financially healthy.”

    Financial health is broadly defined as the ability to spend, save, borrow, and plan in ways that allow people to be financially secure and withstand financial shocks. The report stresses the need for urgent collaboration across key sectors like housing, childcare, and transportation to restore the financial security and well-being of America’s middle class.

    “The middle class might be a hot campaign topic, but let’s be clear: financial health isn’t a red or blue issue — families are struggling financially and it’s happening across race, geography, and politics,” said Jennifer Tescher, president and CEO of the Financial Health Network. “Rising costs for essentials mean more middle-class households struggle with the day-to-day and can’t save for the future, regardless of how much they work or plan ahead. No matter the outcome of this election, we all have an opportunity — and a responsibility — to build a bold new coalition that transcends political divides and is fully committed to securing financial health for all.”

    What is “Middle Class”?
    A May 2024 Gallup poll found that 54% of Americans identify as middle class … but are they?

    • Pew Research Center defines middle class as earning two-thirds to twice the national median income, or $67,819 to $203,458 in 2022 for a family of four. However, only about 50% of adults fall into this category, a figure that has declined steadily over the past five decades.
    • An Obama Administration Task Force on the Middle Class defined the middle class as “one’s ability to achieve common goals, like home and car ownership, college education for children, health and retirement security, and occasional family vacations.”
    • A February 2024 Washington Post study used “basic lifestyle elements” to define middle class achievement: a secure job, ability to save money for the future, ability to afford an emergency $1,000 expense without going into debt, ability to pay all bills on time without worry, having health insurance, and the ability to retire comfortably. With this criteria, just 35% of the population classify as “middle class.”

    Recommendations for Shaping the Future of Financial Health
    The report is part of a new initiative aimed at identifying the needs, challenges, and opportunities for financial health. Financial Health Frontiers, a new Financial Health Network initiative supported by the Citi Foundation, will explore the headwinds and tailwinds that will shape financial health in the years to come. The effort is being guided by an Advisory Council of industry experts, business leaders, policymakers, advocates, and researchers.

    The report makes several broad recommendations, including:

    • Expanding measurement, evaluation, and research efforts to assess how housing, labor, and environment policies and investments in education can support the middle class.
    • Looking more holistically at the interconnected expenses families face – things like childcare, housing, and transportation – with a particular focus on how different communities experience the barriers to a middle class lifestyle to design new solutions.
    • More intentionally fostering collaboration among business leaders, community-based organizations, and government agencies, along with policymakers and advocates working in housing, education, transportation, finance, and health care to build the middle class.

    This report will be followed by deep dives into how other financial headwinds and tailwinds – shifting demographics, the changing nature of work, climate change, and tech/artificial intelligence – will impact financial health in the future.

    About the Financial Health Network
    The Financial Health Network is the leading authority on financial health. We are a trusted resource for business leaders, policymakers, and innovators united in a mission to improve the financial health of their customers, employees, and communities. Through research, advisory services, measurement tools, and opportunities for cross-sector collaboration, we advance awareness, understanding, and proven best practices in support of improved financial health for all. For more on the Financial Health Network, go to www.finhealthnetwork.org and follow us on Twitter at @FinHealthNet.

    Media Contacts
    Michael Salmassian
    Financial Health Network
    msalmassian@finhealthnetwork.org

    The MIL Network –

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

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

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

    What is whistleblowing?

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

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

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



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

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

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

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

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

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

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

    Why the focus on whistleblowers?

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

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

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

    You want to blow the whistle. What next?

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

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



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

    What protections should whistleblowers expect?

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

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

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

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

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

    What would a forward-looking whistleblower policy look like?

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

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

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

    Gedion Onyango receives funding from ESRC. He is also affiliated with Afrobarometer East Africa

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

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Government of Canada advances 2SLGBTQI+ inclusion in Ontario with funding for Rainbow Community Places

    Source: Government of Canada News (2)

    News release

    September 25, 2024 – Scarborough, Ontario — Women and Gender Equality Canada

    Equality depends on all people having the opportunity to participate fully in Canada’s economic, social, and political life. Removing systemic barriers with respect to sexual orientation, gender identity, or gender expression through the inclusion of 2SLGBTQI+ communities will ensure a better future for all Canadians.

    Today, the Honourable Marci Ien, Minister for Women and Gender Equality and Youth, announced $147,000 for Rainbow Community Places, a 2SLGBTQI+ organization based in Scarborough, Ontario.

    This funding will enable Rainbow Community Places to improve their organizational governance, develop a donation system, and craft a sustainability plan to increase financial stability. The organization will also develop strategies to attract volunteers, build partnerships through outreach, and develop an advocacy strategy.

    Through the Federal 2SLGBTQI+ Action Plan, the Government of Canada continues to advance rights and equality for 2SLGBTQI+ communities. This work will continue to be guided by collaboration directly with community partners, whose work and lived experiences help address inequities experienced by 2SLGBTQI+ people.

    Quotes

    “Amidst a rise in hate, the federal government stands shoulder to shoulder with Canada’s 2SLGBTQI+ communities. In order to assist these communities, we are investing in the vital community organizations that serve them, like Rainbow Community Places in Scarborough. At the end of the day, it is organizations like this that are on the front lines of ensuring that 2SLGBTQI+ communities can thrive and grow, building a more vibrant and inclusive country for everyone.”

    The Honourable Marci Ien, Minister for Women and Gender Equality and Youth

    “Working with grassroots organizations, led by 2SLGBTQI+ communities, is how we will create and sustain safe and vibrant communities here in Scarborough. Supporting the commendable work of these organizations brings us one step closer to the diverse, inclusive vision of the Federal 2SLGBTQI+ Action Plan.”

    The Honourable Bill Blair, Minister of National Defence and Member of Parliament for Scarborough Southwest

    “The support of the community capacity funding from Women and Gender Equality Canada (WAGE) has been key to enabling Rainbow Community Places to move forward with building the organizational infrastructure needed to put it on the path to effective governance and financial sustainability. In these troubled times, we are seeing a rapid rise in violence and hate crimes based on sexual orientation, leaving 2SLGBTQI+ communities feeling isolated and under attack. In response, Rainbow Community Places is seeking to offer a welcoming place of belonging and support to 2SLGBTQI+ community members through the Toby’s Place youth and Dorothy’s Place seniors’ drop-in programs. The WAGE funding over a 28-month period is providing a solid financial base for our organization’s growth and development, and we greatly appreciate this federal government support.”

    Julian Monro, Executive Director, Rainbow Community Places

    Quick facts

    • The Government of Canada has invested over $250 million to advance rights and improve equality for 2SLGBTQI+ communities over the past eight years. As part of this total, $100 million over five years (2022–27) has been committed directly to the Federal 2SLGBTQI+ Action Plan.

    • Among the Canadian population aged 15 years and older, 1.3 million people reported being part of the 2SLGBTQI+ population. Of this group, 10.5% were between the ages of 15 and 24. Of that 10.5%, 1% identified as transgender or non-binary.

    • Among those aged 15 years and older, 3 in 10 (29.7%) 2SLGBTQ+ people reported their mental health to be fair or poor, compared with fewer than 1 in 10 non-2SLGBTQ+ individuals (9.1%).

    Associated links

    Contacts

    Carolyn Svonkin
    Director of Communications
    Office of the Minister for Women and Gender Equality and Youth
    Carolyn.Svonkin@fegc-wage.gc.ca

    Media Relations  
    Women and Gender Equality Canada  
    819-420-6530  
    FEGC.Media.WAGE@fegc-wage.gc.ca

    Follow Women and Gender Equality Canada:  

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: FS wraps up Spain trip

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan today wrapped up his visit to Spain by attending an exchange session organised by the IESE Business School in Madrid.

    Leading a delegation of technology startups, Mr Chan met more than 10 Spanish startup entrepreneurs, representatives of venture capital funds, investors and business matching enterprises.

    As one of the top business schools in Europe and the world, IESE has close collaborations with several universities in Hong Kong, as well as with the Hong Kong Science & Technology Parks Corporation and Cyberport.

    Mr Chan introduced the new advantages and new opportunities in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area, the policies and measures of the Hong Kong Special Administrative Region Government to promote innovation and technology, along with the flourishing development of the city’s innovation and technology ecosystem.

    Representatives of startups and investors from both economies introduced their businesses and development strategies, with a view to enhancing mutual knowledge and understanding, and opening up more opportunities for collaboration.

    Mr Chan also IESE Business School Dean Prof Franz Heukamp to exchange views on the business environments of Hong Kong and Spain, as well as promote academic exchanges and co-operation between the two places.

    The finance chief welcomed the business school to further leverage Hong Kong’s international academic environment and convenient connections with Mainland China and Asia to deepen exchanges with various academic institutions and businesses in Hong Kong, promoting more co-operation in education, company executive training and other business areas.

    Mr Chan will now proceed to London.

    MIL OSI Asia Pacific News –

  • MIL-OSI Translation: The Government of Canada invests nearly $4 million in the quantum sector by supporting Calcul Québec and Anyon Systèmes

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French

    The two organizations receive financial assistance totaling $3,997,500 from DEC.

    The two organizations receive financial assistance totaling $3,997,500 from DEC.

    Montreal (Quebec), September 25, 2024 – Canada Economic Development for Quebec Regions (DEC)

    Supporting the development, adoption and commercialization of quantum technologies helps position Quebec organizations in this emerging field, while strengthening Canada’s global leadership. This is why the Honourable François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, announced today, on behalf of the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, a non-repayable contribution of $3,500,000 to Calcul Québec and a repayable contribution of $497,500 to Anyon Systèmes.

    Calcul Québec is a non-profit organization whose mission is to provide cutting-edge computational computing infrastructure for academic and scientific research and businesses. Its computing servers, also called supercomputers, are shared by thousands of researchers, mainly in Quebec, but also in Canada. MonarQ, its quantum computer designed by Anyon Systèmes, is located at the École de technologie supérieure (ÉTS) in a room dedicated to advanced computing, a site that already hosts one of the most powerful supercomputers in the country. Calcul Québec’s project aims to increase MonarQ’s computing power from 12 to 24 qubits and thus better meet the technology transfer needs of businesses.

    Anyon Systèmes is a Montreal-based company that develops turnkey quantum computing products such as integrated quantum computers, electronic controllers and cryogenic systems. CED’s support will enable it to continue its growth and commercialize the technologies resulting from its research and development, including the manufacture of a demonstrator and participation in trade shows.

    To support Canada’s quantum sector and solidify the country’s position as a leader in this growing field, the Government of Canada has implemented the National Quantum Strategy. It aims to help Canadian companies adopt quantum technologies so that they can position themselves in this emerging field and generate economic benefits for the entire community.

    Quotes

    “Quantum research and computing push the boundaries of technology and are the cornerstone of innovation. These powerful, high-performance computing tools will solve problems, drive unprecedented economic growth, transform industries, and address our society’s most significant challenges, from climate change to healthcare. Today’s quantum technology is enabling a more resilient, prosperous, and equitable future.”

    The Honourable François-Philippe Champagne, Member of Parliament for Saint-Maurice–Champlain, Minister of Innovation, Science and Industry of Canada

    “Quebec and Canada are taking their place in the economy of the future, and our government is there to support them. The arrival of MonarQ will allow the academic and scientific community and businesses to have access to the quantum technologies needed for research in fields as diverse as energy, transportation, pharmaceuticals and materials. By supporting innovation in this way, we are ensuring that Quebec SMEs and organizations are well positioned and strengthening our global leadership in this field. Congratulations to Calcul Québec, Anyon Systèmes and ÉTS for this achievement!”

    The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for DEC

    “Integrating the computing power of a quantum computer into Calcul Québec’s service offering will provide the research and innovation community with a unique opportunity to develop and test new quantum and hybrid algorithms. This will be done while ensuring that all intellectual property generated remains the property of Quebec and Canadian institutions. MonarQ will also enable Calcul Québec, in collaboration with research teams, to develop essential techniques to ensure seamless interoperability between classical and quantum computers. This new infrastructure, with its national and international impact, will promote the development of free software, thereby strengthening accessibility and innovation in the field.”

    Suzanne Talon, General Manager, Calcul Québec

    “The installation of the MonarQ superconducting quantum computer in Calcul Québec’s advanced computing room allows Anyon Systèmes to take an important step in its development of quantum computing solutions. We are proud to be able to offer researchers and industrial users a quantum solution entirely designed and developed in Canada.”

    Alireza Najafi-Yazdi, Managing Director, Anyon Systems

    Quick Facts

    The funding was provided under CED’s Support for Regional Quantum Innovation, which stems from the Government of Canada’s National Quantum Strategy. This support has a budget of $23.3 million that will allow for strategic investments until 2028 to help SMEs and NPOs adopt, develop and commercialize quantum technologies and products based on these technologies. CED is the key federal partner in regional economic development in Quebec. Through its 12 regional business offices, CED supports businesses, support organizations and all regions of Quebec towards the economy of tomorrow.

    Related links

    Information

    Media RelationsCanada Economic Development for Quebec Regionsmedia@dec-ced.gc.ca

    Marie-Justine TorresPress SecretaryOffice of the Minister of Tourism and Minister responsible for Canada Economic Development for Quebec RegionsCell.: 613-327-5918marie-justine.torresames@ised-isde.gc.ca

    Stay Connected

    Follow DEC on thesocial networksCheck out thenewsfrom DEC

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

    MIL Translation OSI

  • MIL-OSI Translation: Government of Canada advances 2SLGBTQI inclusion in Ontario by funding Rainbow Community Places

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French 1

    Press release

    September 25, 2024 – Scarborough, Ontario – Women and Gender Equality Canada

    Equality is about everyone being able to participate fully in the economic, social and political life of Canada. Removing systemic barriers related to sexual orientation, gender identity or gender expression through the inclusion of 2SLGBTQI communities will ensure a better future for all Canadians.

    Today, the Honourable Marci Ien, Minister of Women and Gender Equality and Youth, announced $147,000 in funding to Rainbow Community Places, a 2SLGBTQI organization located in Scarborough, Ontario.

    This funding will enable Rainbow Community Places to improve its organizational governance, develop a donation system and develop a sustainability plan to increase its financial stability. The organization will also develop strategies to attract volunteers, build partnerships through outreach activities and develop an advocacy strategy.

    Thanks to the Federal 2SLGBTQI Action Plan , the Government of Canada continues to advance the rights and equality of 2SLGBTQI communities. This work will continue to be guided by direct collaboration with community partners, whose work and lived experiences contribute to addressing the inequalities experienced by 2SLGBTQI people.

    Quotes

    “Amid rising hate, the federal government stands in solidarity with 2SLGBTQI communities across Canada. To help these communities, we are investing in vital community organizations that serve them, like Rainbow Community Places in Scarborough. Ultimately, it is organizations like this one that are on the front lines of ensuring that 2SLGBTQI communities can thrive and flourish, building a more vibrant and inclusive country for everyone.”

    The Honourable Marci Ien, Minister of Women and Gender Equality and Youth

    “It is by working with local 2SLGBTQI community-led organizations that we will create and maintain safe and vibrant communities here in Scarborough. By supporting the worthwhile work of these organizations, we are moving closer to the diverse and inclusive vision of the Federal 2SLGBTQI Action Plan.”

    The Honourable Bill Blair, Minister of National Defence and Member of Parliament for Scarborough Southwest

    “Women and Gender Equality Canada’s (WAGE) funding support for community capacity development has been critical in enabling Rainbow Community Places to move forward in developing the organizational infrastructure needed to position the organization for effective governance and financial sustainability. During these challenging times, we are witnessing a rapid increase in violence and hate crimes based on sexual orientation, leaving 2SLGBTQI communities feeling isolated and under attack. In response, Rainbow Community Places seeks to provide a place of belonging and support for 2SLGBTQI community members through Toby’s Place for youth and Dorothy’s Place for seniors. WAGE’s funding over a 28-month period provides a solid financial foundation for the growth and development of our organization, and we are very grateful for this support from the federal government.”

    Julian Monro, Executive Director of Rainbow Community Places

    Quick Facts

    The Government of Canada has invested more than $250 million to advance the rights and improve equality of 2SLGBTQI communities over the past eight years. Of this total, $100 million over five years (2022–27) has been committed directly to the Federal 2SLGBTQI Action Plan .

    Among the Canadian population aged 15 and over, 1.3 million people identified as 2SLGBTQI. Of this group, 10.5% were individuals aged 15 to 24. Of this 10.5%, 1% of these individuals identified as transgender or non-binary.

    Among those aged 15 and older, 3 in 10 (29.7%) 2SLGBTQ people reported their mental health as fair or poor, compared to less than 1 in 10 (9.1%) non-2SLGBTQ people.

    Related links

    Contact persons

    Carolyn Svonkin Director of Communications Office of the Minister for Women and Gender Equality and YouthCarolyn.Svonkin@fegc-wage.gc.ca

    Media Relations Women and Gender Equality Canada 819-420-6530FEGC.Media.WAGE@fegc-wage.gc.ca  

    Follow Women and Gender Equality Canada:

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

    MIL Translation OSI

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

    Source: International Chamber of Commerce

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

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

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

    Philippe Varin, ICC Chair.

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

    A crucial role for business 

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

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

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

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

    Raelene Martin, ICC Head of Sustainability

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

    MIL OSI Global Banks –

  • MIL-OSI USA: IAM Local 774 Members at Textron Aviation Remain On Strike; Ready to Bargain Fair Contract

    Source: US GOIAM Union

    WICHITA, Kan., Sept. 24, 2024 — Nearly 5,000 International Association of Machinists and Aerospace Workers (IAM) Local 774 (District 70) members at Textron Aviation in Wichita remain on strike after the expiration of the current agreement on Monday, Sept. 23. IAM 774 members overwhelmingly rejected the company’s latest contract offer and voted to strike.

    IAM Local 774 members have been in negotiations with Textron Aviation for months. While both sides remain in contact, mediators have been contacted, and talks could potentially resume next week.

    Key sticking points in the negotiations include:

    1. Wages: IAM Local 774 members seek raises to keep pace with inflation and reflect their vital role in Textron’s success.
    2. Healthcare: IAM Local 774 members want affordable and comprehensive healthcare coverage for themselves and their families.
    3. Job Security: IAM Local 774 members are pushing for stronger protections against layoffs and outsourcing.
    4. Retirement Security: IAM Local 774 members demand an improved and reliable retirement plan after decades of service.

    “IAM Union members build the aircraft that make Textron Aviation a leader in the industry,” said IAM International President Brian Bryant. “Our skilled and dedicated membership deserves a contract recognizing their essential contributions and ensuring they are provided the best wages and benefits.”

    The strike has the potential to significantly impact Wichita’s economy. The nearly 5,000 workers are vital to the community, and local businesses and services could feel their absence.

    “Our members at Textron Aviation deserve a contract that reflects their hard work and dedication and secures a future where they can continue to build better lives for themselves and their families,” said IAM Southern Territory General Vice President Craig Martin. “We’re committed to fighting to help our members in Wichita improve and grow stronger with each negotiation.”

    “IAM Local 774 remains committed to securing a fair deal for our members and is prepared to stay on strike until an agreement is reached,” said IAM Aerospace Coordinator Shannon Stucker. “Our negotiating team is willing and able to sit down with Textron Aviation leadership to work on an agreement that is best for both parties.”  

    The International Association of Machinists and Aerospace Workers is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries.

    goIAM.org [goiam.org] | @MachinistsUnion [twitter.com]

    Share and Follow:

    MIL OSI USA News –

  • MIL-OSI USA: Julie Rivera Pérez Bridges Business, STEM to ‘Make the Magic Happen’

    Source: NASA

    Senior Resource Analyst Julie Rivera Pérez ensures finances and assets are in place to enable missions’ engineering and science “magic” can happen. As a former intern, she also reaches out to current students to ensure a diverse and inclusive future workforce.
    Name: Julie Rivera PérezFormal Job Classification: Senior Resources AnalystOrganization: Systems Review Office/Resource Management Office, Office of the Chief Financial Officer (Code 159.2)

    What do you do and what is most interesting about your role here at Goddard?
    I work in Goddard’s Systems Review Office (SRO), which plays a critical role in NASA’s mission gate reviews, also known as system review boards (SRBs). As the lead senior resources analyst, I provide financial expertise relating to budget planning and funds execution in support of all life-cycle reviews for Goddard missions. These reviews occur during key milestones in the progression of a mission through the various stages until launch. A mission cannot proceed with its work unless it passes the gate reviews, like the preliminary design review (PDR), critical design review (PDR), system integration review (SIR), operational readiness review (ORR), among others. It is great to support these reviews and make sure that key panel members like engineering, science, cost/schedule, and programmatic subject matter experts are planned for and funded to hold these SRB reviews. It is exciting to be able to contribute to Goddard missions!
    What is your educational background?
    In 2010, I graduated from the University of Puerto Rico, Río Piedras Campus, with a bachelor’s degree in business administration. My major was in human resources, and my minor was in marketing.
    Why did you come to Goddard?
    I first came to Goddard in 2008, as a summer intern. I will never forget the team of recruiters that visited my university and shared Goddard’s opportunities for business majors. I dreamed to contribute to the NASA mission! I took a chance and signed up to be interviewed. Three months later, I was offered an internship, and here I am, nearly 15 years later and thriving!
    Where have you worked at Goddard? What was a pivotal moment for you?
    In 2009, I had the opportunity to intern with the Office of Human Capital Management, the Office of Diversity and Equal Opportunity, and the Office of Education.
    After graduating in 2010, I joined Goddard as a procurement analyst in the Small Business Office. In 2013, I became the Contracting Officer for the Geostationary Operational Environmental Satellite (GOES) system.
    In 2015, I was selected as a participant in the NASA FIRST Program, a very prestigious NASA leadership program, which was pivotal for me. I learned about different roles at NASA including the important roles of business professionals. This inspired me to transition into the world of resources and finance!
    In 2017, I became a senior resources analyst for the Joint Polar Satellite System (JPSS). My procurement background helped me understand the underlying contractual mechanics in the world of resources. I was very excited to continue to grow in my NASA career! In 2018, I served as a contract resources analyst of the Ground Systems and Missions Operations 2 contract for the Space Science Mission Operations Division. Presently, I serve as the lead senior resources analyst for the Systems Review Office within the Safety and Mission Assurance Business Branch of the Office of the Chief Financial Officer (OCFO).
    It has been an amazing journey! I have had the opportunity to work in multiple flagship missions, mission operations, interagency collaborations, procurement, finance, and resources. I am excited for what the future will bring in my NASA career!
    What are your responsibilities in your current role?
    My key responsibility is serving as the financial liaison between the Systems Review Office (SRO) and program or project offices. I collaborate with program managers, deputy program managers for resources, and financial managers from other NASA centers to ensure the proper coordination of system review boards’ funding requirements. This includes preparing program, planning, budget, and execution (PPBE) inputs, labor projections, continuing resolution funding requirements, and phasing plans for all SRB missions.
    As the SRO lead senior resources analyst, I also oversee the daily functions and activities of the SRO staff members, providing them with appropriate guidance, direction, knowledge sharing, and mentorship.
    What are you most thankful about in your career?
    I have had many opportunities from the moment I started working at Goddard as an intern. I have always been encouraged to continue growing as a professional through several significant work opportunities. One of them being the NASA FIRST leadership program for the 2015 cohort. It was a joy when I was accepted into this life-changing and unique opportunity! Throughout my career at Goddard, I have learned about many different aspects and the importance of being a business professional to help achieve the NASA mission.
    Who is your mentor and what is their advice?
    I have had several amazing mentors throughout my career at Goddard. Dan Krieger was key in my recruitment and has always supported me through my journey. Veronica Hill has continuously provided her guidance and wisdom. Janine Dolinka welcomed me to Goddard as my first mentor and further inspired me grow at NASA. Jennifer Perez took me under her wing and taught me the importance and roles of the Small Business Office. Currently, I am under the mentorship of Rich Ryan (deputy program director for business, Mars Sample Return) and Kevin Miller (chief of Resources Management Office). All in all, my mentors have always reminded me to always be my authentic self. It sounds so simple, yet it is such powerful advice. I want to thank each and every one of them for fueling the desire to make a difference for the NASA mission and to continue bringing my talents to the workforce!
    What is important to you about your role on the Hispanic Advisory Committee for Employees (HACE)?
    A very fulfilling part of the work I do at NASA Goddard is my voluntary service as the co-chair for the Hispanic Advisory Committee for Employees (HACE) resource group. I am in a unique position to provide advice, guidance, and recommendations to center management, the Office of STEM Engagement, and the Office of Diversity and Equal Opportunity on initiatives regarding recruitment, outreach, retention, cultural awareness, and professional development of minorities and Hispanics at Goddard. I also serve as the recruitment and outreach co-lead for the committee. As co-chair, I am a voice representing the interests of the GSFC Hispanic community.
    I also develop key initiatives in student recruitment and outreach to build a pipeline of Hispanic interns for NASA. Every summer, I coordinate intern presentations to center management, as well as provide training to the Hispanic interns on how to write a federal résumé and apply for a federal job within NASA.
    It is my wish to pay it forward. I once was an intern. I want to encourage others to join the NASA community and make a positive impact with diversity, equity, inclusion, and accessibility. Así Se HACE!
    In 2021, you were a panel speaker at the Women of Color conference. What did you talk about?
    It was such an honor to be invited as a panel speaker with a financial professional background for a STEM event. I served as a bridge between STEM and the business world and how both come together to make the magic happen. I have a deep understanding of how the business world and the engineering and science come together to bring missions to life. While I may not have a STEM degree, I am a STEM advocate. This event was an opportunity to tell my story as a Hispanic woman in resources and finance working at NASA. As a business professional, it is important that the money and the assets are in place so all the engineering and science can happen. It was equally important to highlight the value of embracing yourself and what you bring you the table because that is where your strength lies and how you can make a difference.
    What do you do for fun?
    I have a passion for singing! Since my early teens, I studied music and singing at the Music Conservatory of Puerto Rico. In college, I was accepted into the very competitive University of Puerto Rico classical choir. I continued to pursue my love for music through the Goddard Music and Drama Club (MAD). I even starred in
    two musicals produced by MAD!
    I love spending time with my husband and two children, as well as watching movies with family and friends, spending time at the beach, reading, walking, listening to true crime podcasts, and watching the occasional Spanish telenovela.
    What is your favorite life quote?
    This Gandhi quote speaks to the power of perseverance and means a lot to me: “Strength does not come from physical capacity. It comes from an indomitable will.”
    What is your “six-word memoir”? A six-word memoir describes something in just six words.
    PassionateCreativeDedicatedAuthenticLeaderDetermined

    Conversations With Goddard is a collection of Q&A profiles highlighting the breadth and depth of NASA’s Goddard Space Flight Center’s talented and diverse workforce. The Conversations have been published twice a month on average since May 2011. Read past editions on Goddard’s “Our People” webpage.

    MIL OSI USA News –

  • MIL-OSI Translation: Minister LeBlanc launches Canada’s Community Safety Program to protect communities from hate-motivated crimes

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French 1

    Press release

    September 24, 2024

    Ottawa, Ontario

    Everyone living in Canada deserves to be and feel safe in their community. In recent years, we have seen an unacceptable increase in hate incidents targeting many communities, particularly those that are more vulnerable. In response, the federal government is developing safety programs tailored to their needs to ensure their safety.

    Today, the Honourable Dominic LeBlanc, Minister of Public Safety, Democratic Institutions and Intergovernmental Affairs, launched the new Canada Community Safety Program (CCSP), and announced that the program will be ready to accept funding applications from eligible organizations starting October 1, 2024.

    The CCSP replaces and enhances the Security Infrastructure Funding Program (SIFP), which aims to support communities by investing in security measures that will help keep them safe. Eligible measures include security equipment and materials, minor renovations to enhance security, security and emergency plans and assessments, hate-motivated incident response training, and time-limited security personnel.

    The federal government listened to concerned organizations and partners and designed the CCSP to better meet the needs of communities and provide greater flexibility for organizations applying for financial support. Under the CCSP:

    Funding eligibility criteria have been expanded to include office and administrative spaces, cemeteries and early childhood centres; up to 70% of eligible project costs can be covered, compared to 50% of costs under the SIPP; funding for authorized, time-limited third-party security personnel is now a permanent feature of the Program; the maximum amount (or stacking limit) of total government assistance (federal, provincial, territorial and municipal) has been eliminated, providing organizations with more opportunities to apply for other sources of funding; application requirements have been modified to reduce administrative barriers; organizations can apply for funding at any time of the year through an ongoing call for applications process; and organizations can apply for funding and deliver projects on behalf of eligible associated recipients.

    Together, these measures will make it easier for organizations to fund their projects and protect their community gathering places.

    Quotes

    “Every person living in Canada deserves to feel safe in their community. The changes we are making through the new Canada Community Safety Program are informed by what we heard from organizations that interacted with its predecessor, the Security Infrastructure Program. It is now a more flexible, more generous and simpler program that will make it easier for vulnerable communities to protect themselves from hate-motivated crimes.”

    – The Honourable Dominic LeBlanc, Minister of Public Safety, Democratic Institutions and Intergovernmental Affairs

    Quick Facts

    Hate crimes are considered one of the most underreported offences. Research shows that only one-third of hate crime victims in Canada report a crime to police.

    Additional funding for the PSCC was announced in Budget 2023 and Budget 2024 as follows:

    16 million in 2024-2025; 16 million in 2025-2026; 11 million in 2026-2027; 11 million in 2027-2028; 11 million in 2028-2029 and thereafter.

    The CCSP is one of four programs under the National Crime Prevention Strategy, which supports targeted, local crime prevention initiatives and knowledge development and sharing to prevent and reduce crime among at-risk populations and vulnerable communities. The other programs are: the Crime Prevention Action Fund, the Youth Gang Prevention Fund and the Aboriginal and Northern Crime Prevention Fund.

    The PFPIS was originally created in 2007 to support communities at risk of hate crimes by improving their safety infrastructure. This important work will now continue under the PSCC.

    In total, through the SIP and the expanded Security Infrastructure Program (SIIP), the Government of Canada has invested more than $30 million in funding for over 770 projects to help Canadian communities at risk of hate-motivated crime protect their communities and strengthen the security of their community centres, places of worship and other facilities.

    To better support communities in need, costs related to security personnel hired for a fixed period are eligible for reimbursement starting September 24, 2024 and following project approval.

    Public Safety will contact organizations that have submitted an application under the PFPIS to discuss the status of their application and their participation under the PSCC.

    Organizations wishing to be kept informed of the launch of the next PSCC call for applications are invited to register at distribution list from the National Crime Prevention Center.

    Following the National Summit on Antisemitism and the National Summit on Islamophobia, the Government of Canada committed to considering adjustments to the SIP. The SIP will enable the Government of Canada to be more effective and more responsive to the safety and security needs of communities.

    Budget 2024 provides an investment of $273.6 million over six years, starting in 2024–25, and $29.3 million ongoing, for Canada’s Action Plan to Combat Hate. The upcoming Action Plan will support expanded community services and law enforcement reform, address the rise in hate crimes and incidents, strengthen community safety, combat radicalization, and increase support for victims. The additional funding provided to the CCSP in Budget 2024 is part of an investment in this first-ever whole-of-government action plan to prevent and combat hate.

    Related links

    Contact persons

    Gabriel BrunetPress SecretaryOffice of the Honourable Dominic LeBlancMinister of Public Safety, Democratic Institutions and Intergovernmental Affairs819-665-6527gabriel.brunet@iga-aig.gc.ca

    Media RelationsPublic Safety Canada613-991-0657media@ps-sp.gc.ca

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

    MIL Translation OSI

  • MIL-OSI: AMMO, Inc. Appoints New Chief Financial Officer and Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    Paul Kasowski, Who Has Served as Chief Compliance and Transformation Officer, Named New Chief Financial Officer

    The Board of Directors Has Retained Independent Advisors to Support an Investigation Into Financial Reporting for Fiscal Years 2020-2023

    SCOTTSDALE, Ariz., Sept. 24, 2024 (GLOBE NEWSWIRE) — AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today announced that Paul Kasowski, who has served as the Company’s Chief Compliance and Transformation Officer, has been appointed by AMMO’s Board of Directors (the “Board”) as the Company’s new Chief Financial Officer, effective immediately. Mr. Kasowski succeeds Rob Wiley, who resigned on September 19, 2024 at the request of the Board.

    After due consideration, the Company’s Board determined that Mr. Kasowski possesses the requisite experience and qualifications to serve as CFO. Mr. Kasowski most recently served as Chief Compliance and Transformation Officer since January 2024.

    Jared Smith, AMMO’s Chief Executive Officer and Board member, commented:

    “Since my appointment as CEO in July 2023, I have prioritized laying a foundation for long-term value creation and helping AMMO mature as a public company. The appointment of Paul will support these efforts. He brings additive experience in a variety of areas, including enhancing margins, improving internal processes, and positioning businesses to transform.”

    Paul Kasowski Biography:

    Prior to joining the Company in January 2024, Mr. Kasowski held the role of SVP, Business Transformation for Kinder’s Seasonings & Sauces from January 2022 to July 2023 where he professionalized financial reporting and implemented margin improvement projects while building a winning culture for this high growth brand. Previously, from December 2020 to December 2021, he was CFO for Arizona Natural Resources, a privately owned manufacturer of premium beauty care products where he oversaw finance, accounting, IT, HR, planning and sourcing. Mr. Kasowski also held the role of VP, Financial Planning & Analysis from April 2019 to December 2020 for Igloo Products Corp., a manufacturer of coolers and hydration products based in Katy, TX. From 2003 to 2019, he held progressing roles in finance, strategy, and operations for Del Monte Foods and Ainsworth Pet Nutrition. Mr. Kasowski earned his M.S. in Supply Chain Management from Michigan State University, MBA from Ohio University, and B.S. in Finance from Robert Morris University.

    Independent Investigation Into Historical Financial Statements

    As disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission on September 24, 2024, a Special Sub-Committee of the Nominations and Corporate Governance Committee of the Board of Directors has retained a law firm to conduct an independent investigation into the Company’s internal control over financial reporting for the fiscal years 2020 through 2023. The independent investigation is in its early stages and is focused on fiscal years 2020 through 2023.

    The Company does not plan to comment further until the completion of the investigation.

    About AMMO, Inc.

    With its corporate offices headquartered in Scottsdale, Arizona, AMMO designs and manufactures products for a variety of aptitudes, including law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. AMMO promotes branded munitions as well as its patented STREAK™ Visual Ammunition, /stelTH/™ subsonic munitions, and specialty rounds for military use via government programs. For more information, please visit: www.ammo-inc.com.

    About GunBroker

    GunBroker is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, the GunBroker.com website is an informative, secure and safe way to buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. GunBroker promotes responsible ownership of guns and firearms. For more information, visit: www.gunbroker.com.

    Forward Looking Statements

    This document contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like “may,” “will,” “likely,” “should,” “expect,” “anticipate,” “future,” “plan,” “believe,” “intend,” “goal,” “seek,” “estimate,” “project,” “continue,” and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports filed on Form 8-K.

    Contacts

    For media:
    Longacre Square Partners
    Joe Householder, (646) 582-3643
    AMMO@longacresquare.com

    For investors:
    Matt Blazei
    CoreIR
    Phone: (516) 386-0430
    IR@ammo-inc.com

    Source: AMMO, Inc.

    The MIL Network –

  • MIL-OSI: Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date September 13, 2024

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Sept. 24, 2024 (GLOBE NEWSWIRE) — At the end of the settlement date of September 13, 2024, short interest in 3,057 Nasdaq Global MarketSM securities totaled 12,241,625,467 shares compared with 12,296,040,928 shares in 3,037 Global Market issues reported for the prior settlement date of August 30, 2024. The mid-September short interest represents 3.06 days compared with 3.38 days for the prior reporting period.

    Short interest in 1,670 securities on The Nasdaq Capital MarketSM totaled 2,107,947,669 shares at the end of the settlement date of September 13, 2024, compared with 2,103,446,709 shares in 1,668 securities for the previous reporting period. This represents a 1.34 day average daily volume; the previous reporting period’s figure was 1.27.

    In summary, short interest in all 4,727 Nasdaq® securities totaled 14,349,573,136 shares at the September 13, 2024 settlement date, compared with 4,705 issues and 14,399,487,637 shares at the end of the previous reporting period. This is 2.57 days average daily volume, compared with an average of 2.72 days for the prior reporting period.

    The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.

    For more information on Nasdaq Short interest positions, including publication dates, visit
    http://www.nasdaq.com/quotes/short-interest.aspx
    or http://www.nasdaqtrader.com/asp/short_interest.asp.

    About Nasdaq:
    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com. 

    Media Contact:
    Jennifer Lawson
    jennifer.lawson@nasdaq.com

    A graph accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea6c93d1-befd-4bc5-88a7-0ac3aaa2dcbf

    NDAQO

    The MIL Network –

  • MIL-Evening Report: Where do we stash the equivalent of 110 Sydney harbour bridges? That’s the conundrum Australia faces as oil and gas rigs close

    Source: The Conversation (Au and NZ) – By Darryn Snell, Associate professor, School of Management, RMIT University

    James Jones Jr, Shutterstock

    Oil and gas wells are dotted off Australia’s shores. They involve huge steel structures fixed firmly to the sea floor, and thousands of kilometres of pipelines.

    Most of Australia’s offshore oil and gas projects will be decommissioned in the next 30 years – some in the next decade. An estimated 5.7 million tonnes of material will need to be removed – the equivalent of 110 Sydney harbour bridges.

    Australia desperately needs the skills and equipment to conduct these complex decommissioning operations. The Albanese government says a high-capacity decommissioning facility is required by the early 2030s. At present, no such facilities exist.

    We hope the nation welcomes the opportunity to build a new multi-billion dollar demolition and recycling industry, with skilled jobs for workers. Rather than letting companies abandon structures for so-called “artificial reefs”.

    What would a decommissioning industry look like?

    Australia has two main offshore oil and gas producing areas: the North West Shelf in Western Australia and the Bass Strait off Gippsland, Victoria.

    WA and the Northern Territory have 35 platforms, 11 floating facilities and 6,076km of pipelines offshore. Victoria has 22 platforms and 2,089km of pipelines. Altogether, more than a thousand wells will need to be plugged and abandoned.

    Many of these facilities have already reached the end of their lives, or soon will. Less demand for fossil fuels in the future means we don’t need to refurbish or extend them. The only other option is to decommission them.

    Federal law requires the complete removal of offshore oil and gas infrastructure and plugging of wells, unless companies can come up with a better option.

    About 60% of the material requiring removal is steel, which could be recycled. A further 25% is concrete. The remainder includes plastics, hazardous metals and naturally occurring radioactive materials.

    But decommissioning is expensive, complex and time consuming, and the weak regulations are poorly enforced. Companies often present proposals that fail to meet community expectations.

    The Australasian Centre for Corporate Responsibility argues “further regulation is needed to ensure greater transparency, disclosure, and public consultation on decommissioning”.

    The Albanese government has been developing a plan for a decommissioning industry in Australia. It would be worth A$60 billion over the next 30 to 50 years.

    The industry would reclaim the materials and transport them to dismantling yards, for safe sorting and recycling. It would create highly skilled jobs, many of which overlap with skills needed for building offshore wind farms. These include:

    • electricians and mechanical fitters
    • specialist engineering roles
    • various management and contract management roles
    • health, safety and environmental specialists
    • specialist offshore operators, including for cranes and drilling activities.

    Currently only a few countries such as Norway and Turkiye have such dedicated decommissioning industries. Some also accept materials from oil and gas fields further afield. Scottish oil and gas rigs, for example, were controversially transported to Turkiye for dismantling and recycling in 2022-23.

    Plenty of work to be done

    In Gippsland, there may be ways to decommission not just offshore oil and gas, but also coal-fired power stations in the Latrobe Valley, which are scheduled to close in coming years.

    Some 30,000 tonnes of steel and 65,000m³ of asbestos was removed when Hazelwood Power Station was demolished. A further 100,000 tonnes of steel and 100,000 tonnes of concrete was recycled.

    Much recycling work was done on site. This provided more than 1.1 million hours of work employment badly needed in a region that had lost one of its largest employers.

    The WA state government allocated $5 million to a local decommissioning industry in its 2022-23 budget. This funds the Centre of Decommissioning Australia’s research, including a study investigating how to develop a dismantling hub in WA.

    Unfortunately, Victoria has not shown similar interest. This is despite decommissioning work by Esso in Bass Strait raising ongoing community concerns. They relate to the marine environment, human safety – for fishing, beach and tourism activities – and the loss of other potential industry and job opportunities.

    Whether to remove oil and gas structures or leave them in place is hotly debated. Some people argue the structures should be left to serve as artificial reefs. Others say the material is dangerous and potentially toxic.

    Given the immense size and number of oil and gas platforms around the world, a lot of material could be left to decay in the oceans with unknown consequences.

    Gas in the Bass Strait is running out but what will happen to the offshore rigs? | 7.30.

    Challenges and opportunities

    Renewable energy promises to create jobs and revitalise many fossil-fuel dependent regions. Setting up a decommissioning industry in the oil and gas regions of WA and Victoria would provide further opportunities during the transition.

    Ideally, the decommissioning process would deliver positive social and environmental benefits, not just cost savings. But that requires managing decommissioning as part of policies aimed at supporting workers and communities to adjust to a low carbon economy.

    The Future Made in Australia policy, for instance, could consider including support for a decommissioning industry.

    Regulations for decommissioning of oil and gas infrastructure must be strengthened. Environmental groups and unions are increasingly campaigning for these changes. Australia’s oil and gas companies are powerful and will likely resist further regulation.

    Abandoning oil and gas infrastructure on the ocean floor would result in lost opportunities for regions, communities and workers. It would also set a precedent for the dumping of yet more industrial waste into the ocean.

    We must get decommissioning right. Otherwise, it may prove another environmental harm imposed on the planet by the oil and gas industry.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Where do we stash the equivalent of 110 Sydney harbour bridges? That’s the conundrum Australia faces as oil and gas rigs close – https://theconversation.com/where-do-we-stash-the-equivalent-of-110-sydney-harbour-bridges-thats-the-conundrum-australia-faces-as-oil-and-gas-rigs-close-235867

    MIL OSI Analysis – EveningReport.nz –