Category: Economy

  • MIL-OSI: Bybit Launches Islamic Account, Expanding Access to Crypto Trading for Muslim Communities Worldwide

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Sept. 24, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the launch of its Islamic Account, making it the first global cryptocurrency exchange to offer such a service to Muslim traders worldwide. This initiative represents a major step towards providing crypto trading that is both accessible and compliant with Islamic law.

    Bybit’s Islamic Account offers a comprehensive suite of Shariah-compliant trading products, providing Muslim traders with an inclusive platform to engage in the digital asset market. Developed in consultation with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal to ensure compliance with the Shariah principles, the account ensures that all products strictly adhere to Islamic finance principles.

    Key Features of Bybit’s Islamic Account:

    • Global Accessibility: Available to all users, regardless of region, except in countries with legal restrictions.
    • Shariah-Compliant Product Offerings: Initial offerings include spot trading (limited to 75 Shariah-compliant tokens), DCA trading bot, and Spot Grid Bot.
    • Double Shariah Certification: Crypto Halal Certification, along with official Shariah certification from ZICO Holdings, guarantees that all products meet the highest standards of Islamic law.

    The Islamic economy serves approximately 1.9 billion people worldwide, with the Islamic finance sector currently estimated to be worth $2.3 trillion. The Middle East, Africa, and South Asia (MEASA) region is expected to contribute to the sector’s further expansion. By offering a Shariah-compliant trading platform, Bybit is entering the sector in hopes of providing Muslim traders with a trusted and reliable solution.

    “We are thrilled to introduce our Islamic Account, which represents a major milestone in our commitment to providing inclusive and accessible trading solutions,” said Joan Han, Sales & Marketing Director at Bybit. “By partnering with Crypto Halal and ZICO Holdings, we have ensured that our offerings align with the principles of Islamic finance, empowering Muslim traders to participate in the growing cryptocurrency market.”

    Bybit’s Islamic Account is a testament to the exchange’s dedication to diversity and inclusivity. By offering a Shariah-compliant trading environment, Bybit is breaking down barriers and aiming to create new opportunities for Muslim traders around the globe.

    #Bybit / #TheCryptoArk

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find a fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

    For more details about Bybit, readers can please visit Bybit Press

    For media inquiries, readers can please contact: media@bybit.com

    For more information, readers can please visit: https://www.bybit.com

    For updates, readers can please follow: Bybit’s Communities and Social Media

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    The MIL Network

  • MIL-OSI: As Fentanyl Crisis Escalates, Abuse-Deterrent Formulations to Zero in on the Rising Epidemic of Opiate Abuse

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Sept. 24, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Abuse-deterrent transdermal technology can be used to prevent the misuse of drugs with abuse potential, such as fentanyl, by incorporating aversive agents into transdermal patches. Abuse-deterrent opioid formulations (ADFs) are designed to make it more difficult to abuse opioids by making them less attractive or rewarding, or by increasing the difficulty of manipulating them. ADFs can help reduce the risk of adverse effects associated with snorting or injecting opioids, and may also help prevent medication errors. Active companies in the industry include: Nutriband Inc. (NASDAQ: NTRB), Teva Pharmaceutical Industries Ltd. (NYSE: TEVA), Eli Lilly and Company (NYSE: LLY), Novartis AG (NYSE: NVS), Amneal Pharmaceuticals, Inc. (NASDAQ: AMRX).

    Some benefits of ADFs include: 

    • Reduced risk of abuse: ADFs can help reduce the risk of abuse, addiction, and substance use disorder. 
    • Reduced risk of overdose: ADFs can help reduce the risk of opioid overdose and poisoning. 
    • Reduced risk of medication errors: ADFs can help prevent medication errors, such as when a caregiver crushes an extended-release opioid to mix into applesauce.

    According to OXFORD Academic: “The misuse and abuse of prescription opioids constitute a growing public health problem, which is described in detail in The Burden of the Nonmedical Use of Prescription Opioid Analgesics. Recent efforts to decrease abuse of opioids through formulation engineering have focused on creating broader impediments to abuse, such as incorporating physical barriers, combining agonists with antagonists, including components that cause aversion, and formulating opioid prodrugs, with the goal of reducing abuse by oral and intranasal, as well as, routes. Several of these newer formulations are in late-stage clinical testing and, if approved, may reach the US market later this year. The true “abuse-resistance” or “abuse-deterrence” of these products will be established only when epidemiologic data on their impact confirming such effects are available.” As reported by the U.S. Food & Drug Administration: “The FDA is encouraging the development of prescription opioids with abuse-deterrent formulations (ADFs) to help combat the opioid crisis. The agency recognizes that abuse-deterrent opioids are not abuse- or addiction-proof but are a step toward products that may help reduce abuse.”

    Nutriband Inc. (NASDAQ: NTRB) RECEIVES CHINA PATENT NOTICE OF ALLOWANCE FOR ITS AVERSA™ ABUSE DETERRENT TRANSDERMAL TECHNOLOGY

    • Notice of Allowance received from Chinese National Intellectual Property Administration (CNIPA) for a patent application covering its Nutriband AVERSA™ abuse deterrent transdermal technology
    • Nutriband abuse-deterrent transdermal technology consists of a proprietary aversive agent coating that employs taste aversion to deter the oral abuse of and accidental exposure to transdermal opioid and stimulant patch products

    Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW), a company engaged in the development of prescription transdermal pharmaceutical products, today announced that it has received a Notice of Allowance from the Chinese National Intellectual Property Administration (CNIPA) for patent application entitled, “Abuse and Misuse Deterrent Transdermal Systems,” which protects its AVERSA™ abuse deterrent transdermal technology.

    The Aversa™ abuse deterrent technology is now covered by a broad international intellectual property portfolio with patents issued in 46 countries including the United States, Europe, Japan, Korea, Russia, Mexico, Canada, Australia, and China.

    Nutriband’s AVERSA™ abuse-deterrent technology incorporates aversive agents into transdermal patches to prevent the abuse, diversion, misuse, and accidental exposure of drugs with abuse potential including opioids and stimulants. The AVERSA™ abuse-deterrent technology has the potential to improve the safety profile of transdermal drugs susceptible to abuse while making sure that these drugs remain accessible to those patients who really need them.

    Nutriband abuse-deterrent transdermal technology consists of a proprietary aversive agent coating that employs taste aversion to deter the oral abuse of and accidental exposure to transdermal opioid and stimulant patch products. Preliminary studies have shown that the coating is very difficult to scrape off and the technology has a patented immediate and extended-release profile which presents an additional layer of deterrence to prevent the aversive layer from easily being washed off in an attempt to separate the drug from the aversive agents.

    Nutriband is currently working with its partner Kindeva Drug Delivery, a leading global contract development and manufacturing organization focused on drug-device combination products, to develop its lead product, AVERSA™ Fentanyl, which incorporates Nutriband’s AVERSA™ abuse-deterrent transdermal technology into Kindeva’s FDA-approved transdermal fentanyl patch system.

    AVERSA Fentanyl has the potential to be the world’s first abuse-deterrent opioid patch designed to deter the abuse and misuse and reduce the risk of accidental exposure of transdermal fentanyl patches. AVERSA Fentanyl has the potential to reach peak annual US sales of $80 million to $200 million. (Health Advances Aversa Fentanyl market analysis report 2022). CONTINUED Read this full press release and more news for NTRB at: https://www.financialnewsmedia.com/news-ntrb

    Other recent developments in the industry of note include:

    Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) announced recently that a new analysis from the European cohort of the RIM-TD open-label extension (OLE) study revealed that deutetrabenazine treatment of patients with Tardive Dyskinesia (TD) was associated with long term improvement of TD symptoms. The improvement in symptoms was sustained throughout the three-year study, and deutetrabenazine was well tolerated. The data were presented at the European College of Neuropsychopharmacology (ECNP) annual congress in Milan.

    TD is a stigmatising and debilitating involuntary movement disorder characterised by repetitive movements of the tongue, lower face, jaw, and limbs, which develops in around 15%-25% of patients receiving antipsychotic medications for conditions such as schizophrenia, bipolar disorder, and major depressive disorder. 

    As part of the Lilly 30×30 pipeline efforts, Eli Lilly and Company (NYSE: LLY) is collaborating with NIDA through a Screening Agreement to explore the potential of some early-phase therapies that might be repurposed for the treatment of opioid use disorder (OUD).

    OUD is the chronic use of opioids that causes clinically significant distress or impairment. More than 9.5 million people over age 12 in the U.S. alone misused opioids in the past year. Opioid and other addictive disorders disproportionately affect people with limited resources. Nearly half of non-elderly adults with OUD in the United States have low incomes and almost a quarter live in poverty. Although there are three drugs approved by the U.S. Food and Drug Administration for the treatment of opioid dependence, misuse of opioids remains a significant public health concern, and there is a high unmet need to develop new and effective treatments for opioid and other addictive disorders.

    Sandoz Inc., a Novartis AG (NYSE: NVS) division, and Pear Therapeutics, Inc., in 2019 announced the US commercial launch of reSET-O(TM) for patients with Opioid Use Disorder (OUD). reSET-O, cleared by the US Food and Drug Administration (FDA) in December, is immediately available.

    The reSET-O prescription digital therapeutic (PDT) is a 12-week cognitive behavioral therapy intended to be used in addition to outpatient treatment. It includes transmucosal buprenorphine, a commonly used medication to treat opioid addiction, and contingency management designed to provide incentives to reinforce positive behaviors. reSET-O is available by prescription only for patients 18 years or older under the care of a clinician.

    “The launch of reSET-O provides an important technology-based treatment option for patients with Opioid Use Disorder and may fundamentally change how they interact with their therapies,” said Richard Francis, CEO, Sandoz. “At Sandoz, we are proud and excited to push the frontiers of medical innovation.”

    Amneal Pharmaceuticals, Inc. (NASDAQ: AMRX) earlier this year announced the availability of Over the Counter (“OTC”) Naloxone Hydrochloride (Naloxone HCI) Nasal Spray, USP, 4mg, following Abbreviated New Drug Application (“ANDA”) approval from the U.S. Food and Drug Administration (“FDA”). Amneal’s Naloxone HCI Nasal Spray, manufactured in the U.S., is a generic equivalent to OTC NARCAN® HCI Nasal Spray, a medication that is widely used to help treat drug overdose from opioids, including heroin, fentanyl and prescription opioid medications.

    “With today’s launch, Amneal is proud to help address this public health emergency by providing naloxone nasal spray at an affordable price and without a prescription. Our business is deeply rooted in a commitment to helping others. By enhancing access to naloxone nasal spray, we hope to get this affordable emergency treatment into the hands of even more people who could potentially save countless families and communities from further heartache and loss,” said Chirag and Chintu Patel, Co-Chief Executive Officers.

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

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    The MIL Network

  • MIL-OSI Global: Parents with disabilities have faced discrimination for years in the US, but new rules will help ensure that child welfare systems treat them more fairly

    Source: The Conversation – USA – By Elizabeth Lightfoot, Distinguished Professor of Social Policy, School of Social Work, Arizona State University

    Parents with disabilities have new legal protections. Westend61/Getty Images

    Parents with any kind of disability are much more likely to have some type of interaction with the child welfare system than other parents. This means they are more likely than other parents to be reported for child abuse and neglect and more likely to have abuse or neglect substantiated by child welfare workers. They are also more likely to have their children placed in foster care and more likely to permanently lose their parental rights.

    More than one-third of mothers with intellectual and developmental disabilities have an interaction with the child welfare system within four years of their child’s birth, and about one-fifth of all children in foster care have a parent with some type of disability.

    However, there is little evidence that parents with disabilities abuse or neglect their children at higher rates than anyone else. Instead, there’s evidence that many young adults raised by a parent with a disability have very positive childhood experiences.

    New rules that went into effect in July 2024 provide the first federal protections specifically for parents with disabilities. These new rules ban discrimination against parents and caregivers with disabilities throughout the child welfare system.

    Government is changing these rules

    I’m a social work policy researcher who has studied policies affecting parents with disabilities since 2007.

    In 2010, I found that three-quarters of states had laws which said that a parent’s disability could be used as the grounds for terminating their parental rights. Most of these state laws focused on parents with intellectual and developmental disabilities or mental health disabilities, though some listed physical disabilities and other types as well.

    Many of these laws were vague and used outdated language such as “mental deficiency.”

    Parental disability is the only grounds for termination of parental rights that focuses on a condition of the parent. The rest focus on behaviors. For example, parental poverty is not listed as grounds for termination of parental rights in any state, but neglect – a behavior – is.

    State laws were only one of the issues parents with disabilities encountered related to child protection. For years, there had been confusion as to how the Americans with Disabilities Act, the federal law banning disability discrimination, applied to parents in the child welfare system. Until 2015, most state courts denied ADA claims by parents with disabilities who believed they were discriminated against.

    In addition, most child welfare workers do not receive formal training on working with parents with disabilities. They are not trained in how to assess parenting skills or how to make accommodations to services that they typically provide, such as providing in-home parent training or conveying information in plain language. They might not know about the overwhelming evidence that parents with intellectual disabilities can learn parenting skills.

    This has historically led many child welfare workers to make decisions based on stereotypes or speculation.

    One of the main biases that parents with disabilities face is the “presumption of unfitness bias.” This is a widespread bias that parents are unable to parent solely because of their disability.

    This bias can lead child welfare workers to not consider that parents with disabilities can rely on “parental supports” to assist them in parenting, ranging from adaptive cribs and baby monitors to in-home helpers. It also can result in parents with disabilities being held to a higher standard than others.

    State laws specifically naming parental disability as a for termination of parental rights, the lack of federal protection, and widespread biases left parents with disabilities vulnerable in encounters with the child welfare system.

    Gaining national attention

    Two federal actions in the early 2010s brought national attention to parents with disabilities.

    First, the National Council on Disability, the independent federal agency that advises the federal government on disability issues, released a report in 2012 called Rocking the Cradle. That report focused on the widespread discrimination faced by parents with disabilities; highlighted and called for changing the state child protection laws; and called for the application of ADA protections in child welfare cases involving parents with disabilities.

    This report received a lot of media attention and led to more awareness of the plight of these parents.

    Then, in 2015, Justice Department and the Department of Health and Human Services released guidance directing child welfare agencies to protect parents with disabilities from discrimination. This was the first federal action indicating that the ADA and Section 504 of the Rehabilitation Act applied to child protection services.

    This guidance followed the departments’ investigation of the Massachusetts Department of Children and Families’ removal of a newborn baby from Sara Gordon, a new mother with a developmental disability, in 2012. The Department of Justice and the Department of Health and Human Services found that the state agency had made assumptions that Gordon was unable to take care of her child and unable to learn parenting skills. The state agency had also failed to take into account that Gordon had support systems in place. She lived with her parents, and her mother had quit her job to assist with parenting.

    Making progress for parents with disabilities

    The momentum for protecting parental rights has led to some positive changes.

    A few states changed their own child protection laws to address some of these problems before the federal government took action by providing new protections for parents with disabilities. In addition, the Department of Justice and Department of Health and Human Services have reached agreements with state agencies in Oregon, Georgia and Massachusetts related to discrimination against parents with disabilities.

    Despite this progress, parents with disabilities are still discriminated against by the child welfare system in many parts of the country.

    At the same time, I have no doubt that the federal government’s revision of the rules of Section 504 of the Rehabilitation Act is a major step forward for parents with disabilities.

    In particular, it is promising that Section  84.60 of the rule clarifies that disability discrimination is not allowed in any part of the child welfare process. Child welfare agencies throughout the United States now must ensure that they are not making decisions based on speculation, stereotypes or generalizations.

    Thanks to changes in the federal rule, when a child welfare agency evaluates how a child is being parented, the tools it uses must be backed by research. The evaluations must be conducted by a qualified professional and tailored to the needs of the individual parent. Agencies must ensure that parents with disabilities can participate in any services they provide. These services include parent-child visitation, parenting skills programs, family reunification services and child placements in foster care settings or in the care of another relative.

    Disability advocacy groups applauded this new rule when it went into effect in the summer of 2024.

    I believe these new rules will protect parents with disabilities when interacting with child protection authorities. They will also make it easier for child welfare agencies and state courts to recognize disability discrimination when it appears in their caseloads or on their dockets.

    Elizabeth Lightfoot receives funding from the National Institute on Disability, Independent Living, and Rehabilitation Research and the Arizona Developmental Disabilities Planning Council.

    ref. Parents with disabilities have faced discrimination for years in the US, but new rules will help ensure that child welfare systems treat them more fairly – https://theconversation.com/parents-with-disabilities-have-faced-discrimination-for-years-in-the-us-but-new-rules-will-help-ensure-that-child-welfare-systems-treat-them-more-fairly-238185

    MIL OSI – Global Reports

  • MIL-OSI: LPL Financial Welcomes 57th Street Wealth Advisors to Linsco Channel

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Sept. 24, 2024 (GLOBE NEWSWIRE) — LPL Financial LLC, announced today that financial advisors Ken Hutkin and Ron Winkler have joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch 57th Street Wealth Advisors. They reported serving approximately $400 million in advisory, brokerage and retirement plan assets* and join LPL from Wedbush Securities. They will operate the first Linsco office in New York City.

    Hutkin brings more than 30 years of experience as a business owner and entrepreneur to the partnership. He prides himself on understanding the unique challenges faced by professionals and business owners, which gives him the ability to design custom-tailored strategies and financial plans. Winkler has spent nearly 40 years of his career as the founder and managing partner of Winkler & Co. CPAs, a tax and financial planning firm. Like Hutkin, Winkler’s passion for business and entrepreneurship drove his successful small business and ability to find approaches to even the toughest of clients’ financial challenges.

    Together, the advisors aim to guide their clients through every step of their financial lives through attentive, personalized service and clear actionable plans. The 57th team also includes licensed Client Services Associate Margarita “Margie” Santiago and wealth associates Nathan Wild and Noah Hutkin.

    “What makes our team distinctive and brings us the most pride is our commitment to both the execution of strategies and our service model,” Winkler said. “We are a process-driven, holistic multi-generational financial planning and asset management team, and we strive to offer exceptional service as we deliver tax-sensitive investment strategies and comprehensive wealth management.”

    Looking to operate with greater autonomy while also evolving their practice, 57th Street Wealth Advisors turned to Linsco by LPL Financial.

    The Linsco employee advisor model serves financial advisors seeking the core tenets of independence, including owning their client relationships and having the flexibility to run their practice on their own terms. With Linsco, advisors have access to LPL’s integrated wealth management platform and robust business resources, along with the additional benefits of having support from an experienced branch management team and other dedicated consultants.

    “We are truly setting up our practice for the future — both for our clients and legacy,” Hutkin said. “LPL is a recognized name in the industry with flexibility, scale and continued investment in resources, which can help us grow our team and ensure business continuity in the years to come. We are also excited for clients to have a successful and streamlined experience with LPL. We look forward to all the new opportunities ahead.”

    Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Ken, Ron and the entire 57th Street Wealth Advisors team to the LPL community. Through Linsco, advisors are empowered and have greater autonomy and flexibility to grow their practice on their terms. LPL’s integrated wealth management platform, robust business resources and support from our experienced branch management team and dedicated consultants can help them take their successful businesses to the next level. We look forward to supporting the 57th Street Wealth Advisors team as they continue to grow and serve their clients.”

    Related

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

    About LPL Financial

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

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

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

    LPL Financial does not offer tax advice or tax preparation services.

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

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

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

    Tracking #631234

    The MIL Network

  • MIL-OSI USA: A Catalyst: Statement on Qatalyst Partners LP

    Source: Securities and Exchange Commission

    Over the last several years, off-channel communications cases have become more prevalent on the Commission’s enforcement docket. We have struggled with these cases. While we supported many of them initially, it was not without deep reservations. Recently, we have objected to the penalties and undertakings in most of these cases. Today’s case against Qatalyst Partners LP[1] illustrates and confirms the reason for our reservations: it does not appear that firms have an achievable path to compliance. Accordingly, we voted no on Qatalyst Partners LP, and urge our colleagues to reconsider our current approach to the off-channel communications issue.

    Recordkeeping by regulated entities is important. The Commission needs to be able to enforce its rules. To do that, it needs access to records about firms’ activities. Firms that are serious about complying with our rules also need access to records about their business activities. If business is being conducted using communications means that are outside of the reach of firm compliance personnel and Commission staff, both will be hampered in their ability to foster compliance with the rules. The off-channel communications cases arise from a legitimate concern that the compliance efforts both of firm compliance personnel and of Commission staff are impeded by improper recordkeeping practices. As the Commission’s Order in the first of these cases stated:

    The federal securities laws impose recordkeeping requirements on broker-dealers to ensure that they responsibly discharge their crucial role in our markets. The Commission has long said that compliance with these requirements is essential to investor protection and the Commission’s efforts to further its mandate of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.

    [2]

    That first case involved a “widespread failure to implement” recordkeeping policies that “was not hidden within the firm,” “was firm-wide, and involved employees at all levels of authority,” and “impacted the Commission’s ability to carry out its regulatory functions and investigate potential violations of the federal securities laws across these investigations.”

    Many other cases have followed. The use of off-channel communications—text messages, smartphone chat applications like WhatsApp, and personal email outside firm-approved systems—is prevalent across the securities industry. We have an industry-wide problem that we will not solve through enforcement.

    Today’s action against Qatalyst illustrates why we cannot enforce our way to compliance. Under the standard applied in this case, even well-intentioned firms could find themselves in the Commission’s enforcement queue time and again. Qatalyst has been working to address the off-channel issue for at least sixteen years. The Commission’s Order outlines some of the firm’s efforts:

    As early as 2008, Qatalyst personnel were advised that the use of unapproved electronic communications methods, including on their personal devices, was not permitted, and they should not use personal email, chats or text messaging applications for business purposes, or forward work-related communications to unapproved applications on their personal devices. Qatalyst reinforced its policies at least annually with regular, mandatory training and reinforcement from compliance and senior management. Qatalyst personnel were specifically advised not to list personal phone numbers in email signatures.

    Then, “beginning in March 2017, Qatalyst provided its personnel with a compliant text-messaging process that could retain business communications” and “instructed its personnel to use only this process to communicate about Qatalyst’s broker-dealer business by text message.” “Beginning in 2020, Qatalyst required all personnel to have a firm-issued device on which to conduct Qatalyst business, and encouraged personnel to use firm-issued devices when communicating with both business and personal contacts.” Further updates to capture Slack and LinkedIn messages came in 2020 and 2022. Qatalyst trained its employees, monitored communications sent through firm-approved communication methods, and disciplined employees who violated the firm’s policies. Even with all that, Qatalyst violated the recordkeeping requirements: “Qatalyst collected data from a sampling of broker-dealer personnel and found that . . . several broker-dealer personnel, including at senior levels, had engaged in off-channel communications that concerned the broker-dealer’s business as such.” At the end of the day, despite Qatalyst’s compliance efforts, the Commission’s order states that:

    Qatalyst . . . failed to implement a system reasonably expected to determine whether all personnel, including supervisors, were following Qatalyst’s policies and procedures. While permitting personnel to use approved communications methods, including on personal phones, for business communications, Qatalyst failed to implement sufficient monitoring to ensure that its recordkeeping and communications policies and procedures were always being followed.” (Emphasis added.)

    This statement sounds to us like one that equates reasonableness with perfection. If we assess reasonableness based on whether policies and procedures always are being followed, firms will never escape our enforcement net. People are not perfect and so compliance will not be perfect—even at a firm that tries as hard as Qatalyst. Firing up our enforcement machinery every couple years to haul the industry in for headline-making penalties will not make people perfect, so firms will continue to discover violations of firm policies. We cannot enforce to perfection, but there is a way to achieve better compliance.

    This case should serve as a catalyst for the Commission. We need to work with the industry and other interested members of the public to develop a pragmatic and privacy-respecting approach that enables firms and the Commission to have the records they need for compliance, examination, and enforcement at a reasonable cost in both financial and privacy terms. As we have this conversation, we ought to bear several points in mind:

    • The existing recordkeeping rules are a product of simpler times. The ways in which people communicate have multiplied, and the percentage of communications that are written has risen so firms have more avenues to monitor. Paper documents have given way to e-mail, which has given way to text messages, which have given way to app-based chats. This technological progression poses unique challenges and opportunities in terms of recordkeeping.
      • How can we modernize the recordkeeping rules to deal with the recordkeeping challenges of the new technology and accompanying shifts in the communication habits of people?  How do we identify and take advantage of aspects of these changes that facilitate recordkeeping?
    • Oral conversations that would not have been captured by recordkeeping rules in the past are now written conversations that are captured. One needs only observe a couple teenagers sitting in a room together who are texting one another rather than talking to each other to realize that texts have taken the place of what would have been oral communications in the past. This shift of communication from verbal to written intensified during the pandemic when colleagues that used to sit next to one another retreated to their own homes.
      • Should we revisit the recordkeeping rules so that they do not capture the modern-day equivalent of oral chatter?
    • Client service imperatives drive how firms communicate with their clients. A client of an investment adviser who is also her neighbor wants to be able to send her a WhatsApp message when she needs advice on her investment portfolio, just as she does when she wants advice on her garden. Firms have made a lot of progress on developing tools that allow their employees to capture the business-related messages for recordkeeping purposes.
      • How can we help firms as they think about seamless ways to accommodate client communication preferences and still meet recordkeeping obligations?
      • Issuing firm phones is an expensive option. What are best practices for firms that do not have the budget to issue phones or whose employees prefer not to have a work phone?
    • Firms and their employees have questions about what types of communications are covered by the rules. Certain messages are clearly covered by the rules, but others are not so clear. The lack of clarity stems in part—but not entirely—from the different scope of the recordkeeping rules for various types of firms.[3]
      • What can the Commission do to provide clarity on the requirements under the existing rules?
      • Is the scope of the current rules appropriate?
      • Once we settle on the scope, how can firms effectively train their employees about what needs to be preserved for recordkeeping purposes?
    • Ensuring that employees abide by firm policies implicates privacy concerns. A firm can write excellent policies and procedures that prohibit the use of off-channel communications but ensuring that everybody complies with them is difficult. We see this in enforcement cases like Qatalyst, where the firm had a great set of policies and procedures, but some employees did not comply. Any firm surveillance system has to achieve record retention without subjecting employees’ personal means of communication to constant surveillance. Doing so is offensive to employees’ privacy and may have legal implications in some jurisdictions. Firms have developed ways, such as monitoring on-channel communications for indications that other communications are happening off-channel and only then looking at employees’ personal phones and emails. Firms also have disciplined employees found to be in violation of the policies, which sends a message that such conduct is not tolerated.
      • What are best practices for training employees and ensuring compliance with off-channel communications policies and procedures?
      • What are best practices for monitoring compliance with off-channel communication prohibitions?
      • How do the securities recordkeeping rules interact with other laws, such as employment or privacy laws?
    • Input from compliance personnel is essential. To develop workable, effective policies, we need to hear from the people who write, implement, and oversee these policies. This issue would be a perfect one to put in front of a Chief Compliance Officer Advisory committee. Compliance personnel understand the importance of maintaining good records, the difficulty of doing so, and have real-world experience in weighing the sometimes-conflicting interests of firms, clients, and employees.
      • What would an effective Chief Compliance Officer Advisory Committee look like?

    The issues laid out above are only a few of the many that deserve discussion outside of the enforcement context. We look forward to working with our colleagues at the Commission and interested members of the public on a more productive path forward.


    [3] See, e.g., Exchange Act Rule 15Ba1-8, 17 C.F.R. § 240.15Ba1-8 (recordkeeping requirements for municipal advisers); Exchange Act Rule 17a-4, 17 C.F.R. § 240.17a-4 (recordkeeping requirements for exchanges, brokers, and dealers); Exchange Act Rule 17g-2, 17 C.F.R. § 240.17g-2 (recordkeeping requirements for nationally recognized statistical rating organizations); Investment Advisers Act Rule 204-2, 17 C.F.R. § 275.204-2 (recordkeeping requirements for investment advisers); Investment Company Act Rule 31a-1 through 4, 17 C.F.R. § 270.31a-1 through 4 (recordkeeping requirements for certain investment companies).

    MIL OSI USA News

  • MIL-OSI: GCM Grosvenor’s Infrastructure Advantage Strategy Acquires Equity Interest in Brookfield’s Shepherds Flat

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Sept. 24, 2024 (GLOBE NEWSWIRE) — GCM Grosvenor (NASDAQ: GCMG), a leading global alternative asset management firm, today announced that its Infrastructure Advantage Strategy has acquired a 25% equity interest in Shepherds Flat (the “Transaction”), the largest repowered wind farm in North America, from Brookfield Asset Management (NYSE: BAM, TSX: BAM) and its institutional partners, including its listed affiliate Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC) (“Brookfield”).

    Shepherds Flat, located in north central Oregon, is a fully contracted 338-turbine wind farm with a nameplate capacity of 845 MW. The wind farm produces in excess of 2,000 GWh of electricity annually, which is enough to power ~185,000 average U.S. households and is fully supported by a long-term contract with a large-scale utility.

    “We believe Shepherds Flat presents a rare opportunity to invest in a high-quality, hard-to-replicate, sustainable infrastructure asset alongside an experienced owner, operator, and developer of clean power,” said GCM Grosvenor Managing Director Matt Rinklin. “The Infrastructure Advantage Strategy is pleased to invest in contracted renewable power generation in the Pacific Northwest energy market. We are confident we can deliver long-term value to our investors through this strategic acquisition.”

    Brookfield Renewable, a global platform for renewable power and decarbonization solutions, acquired Shepherds Flat in 2021. A comprehensive repowering which materially increased the wind farm’s generation capacity was performed under Brookfield Renewable’s ownership, enhancing the plant’s operational efficiency and substantially extending its lifespan.

    “We are excited to partner with GCM Grosvenor while maintaining exposure to this high-quality asset that provides essential clean energy to customers throughout the Pacific Northwest. We continue to see opportunities to further enhance value at Shepherds Flat and are thrilled to be working with GCM,” said Jeh Vevaina, Managing Partner, Brookfield Asset Management.

    GCM Grosvenor’s investment in Shepherds Flat was completed through its Infrastructure Advantage Strategy, which seeks to generate high-quality risk adjusted returns through alignment with key stakeholders, including union labor. As part of the transaction, the Shepherds Flat partnership has adopted a Responsible Contractor Policy which will apply to any material construction work at the site.

    Thorndike Landing LLC acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor on the transaction for GCM Grosvenor. BMO and Wells Fargo acted as financial advisor and King & Spalding LLP acted as legal advisor on the transaction for Brookfield.

    About GCM Grosvenor

    GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $79 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform. GCM Grosvenor’s experienced team of approximately 540 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

    About Brookfield Asset Management

    Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $1 trillion of assets under management. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.

    Brookfield operates Brookfield Renewable Partners (NYSE: BEP, TSX: BEP), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio totals over 34,000 megawatts and our development pipeline stands at approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling.

    Media Contacts:

    GCM Grosvenor
    Tom Johnson and Abigail Ruck
    H/Advisors Abernathy on behalf of GCM Grosvenor
    tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
    212-371-5999

    Brookfield

    Simon Maine
    Managing Director – Communications
    +44 (0)7398 909 278
    simon.maine@brookfield.com

    The MIL Network

  • MIL-OSI: Maris-Tech Announces that its Amethyst Edge Computing Video Solution Now Supports 5G, Enabling Ultra-Speed and High Data Transfer

    Source: GlobeNewswire (MIL-OSI)

    5G integrations for homeland security, safe cities, civil security and defense markets empowers next-generation video streaming technology

    Rehovot, Israel, Sept. 24, 2024 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”)-based edge computing technology, today announced that its Amethyst edge computing video solution product line (“Amethyst”), now supports 5G capability, enabling ultra-speed and high data transfer. This enhancement to the Amethyst product line highlights Maris-Tech’s commitment to staying at the forefront of technology.

    The new 5G capability allows Amethyst to significantly improve operational efficiency in real-time, mission-critical environments.

    The integration of 5G into Amethyst delivers high-quality, narrow-band, ultra-low-latency video streaming over cellular networks. This upgrade is aimed to benefit the homeland security and civil security markets, where missions require real-time, reliable communications.

    Amethyst is an advanced, low-power H.264/5 multiple-stream recorder and streamer that supports both cellular and Ethernet networks. The device accepts video from IP and USB cameras, generates multiple H.264/5 streams IP camera inputs, and records the streams onto local EMMC or Micro-SD storage. Amethyst also enables real-time and pre-recorded video streaming over cellular or Ethernet networks and is fully controlled through Android, iOS, and Windows applications.

    Israel Bar, Chief Executive Officer of Maris-Tech, said, “The introduction of 5G capability in Amethyst reflects Maris-Tech’s commitment to innovation. By integrating the latest technology in our product line, we are providing our customers with higher levels of performance and flexibility. This leap to 5G is expected to allow our clients to execute complex missions with greater efficiency, precision and confidence.”

    In addition to speed and latency, 5G technology delivers superior network capacity by supporting a higher density of connected devices – crucial for modern security operations in urban environments. Its adaptable network architecture also allows for more customized, efficient communication systems.

    According to Markets and Markets, “The 5G Defense market is estimated to be USD 0.9 Billion in 2023 to USD 2.4 by 2028”. Maris-Tech’s Amethyst 5G is well-positioned to meet this rising demand. The airborne segment, a key area for 5G deployment, is projected to reach $0.786 billion by 2028, further highlighting the importance of 5G-enabled technologies in modern security operations, according to Markets and Markets.

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israel technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS) and communication industries worldwide. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we are discussing our commitment to staying at the forefront of technology, our position to meet the rising demand of the global defense market and the expected advantages and benefits to our customers from the integration of 5G capability into Amethyst, including the improvement in operational efficiency in real-time mission-critical environments, the delivery of high-quality, narrow-band, ultra-low-latency video streaming over cellular networks, the high level of performance and the ability to execute complex missions with greater efficiency, precision and confidence, the delivery of superior network capacity and adaptability of the network architecture to allow more customized and efficient communication systems. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services, including in the United States; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 21, 2024, and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, Chief Financial Officer
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network

  • MIL-OSI: Zoom introduces new advanced enterprise offerings to boost efficiency, reliability, security, and compliance for enterprise organizations

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Sept. 24, 2024 (GLOBE NEWSWIRE) — Today, Zoom announced several new add-on products and functionalities to further strengthen its advanced enterprise offerings portfolio for the Zoom platform. Zoom advanced enterprise offerings consist of a comprehensive portfolio of Zoom products and features that help organizations meet their compliance, security, privacy, survivability, and manageability requirements.

    “Zoom’s advanced enterprise offerings reflect our commitment to empowering businesses and providing them with offerings that enable them to be more efficient, secure, compliant, and reliable,” said Smita Hashim, chief product officer, Zoom. “Our advanced enterprise products and features are essential tools built for Zoom Workplace and Zoom Business Services like Zoom Events and Zoom Contact Center that work behind the scenes as part of the Zoom network infrastructure to provide exceptional experiences to our customers. Our goal is to make communication and collaboration on Zoom foolproof, future-proof, and fail-proof.”

    New offerings for enterprise customers

    In 2023 alone, over $549 million in non-compliance penalties were issued globally, more than 353 million individuals were impacted by security breaches, and 31 percent of enterprises experienced unstable network or bandwidth constraints. Companies face urgent pressures to manage often complex compliance obligations, avoid hefty fines, safeguard their reputations against security threats, and prevent user dissatisfaction stemming from unreliable connectivity. Zoom’s newest additions to its advanced enterprise offerings are poised to help companies overcome these challenges.

    • Zoom Compliance Manager Plus: Launched in March and powered by Theta Lake, Zoom Compliance Manager (ZCM) is an all-in-one offering that provides archiving, eDiscovery, legal hold, and information protection offerings for enterprises. Zoom Compliance Manager Plus enhances ZCM with advanced features such as risk detection, data loss protection, and advanced trends analysis. These enhanced capabilities will further help organizations fulfill regulatory obligations and mitigate organizational communications compliance risks.
    • Zoom Meeting Survivability: Introduces a new level of network redundancy and enables business continuity, helping to ensure uninterrupted Zoom meeting service even during internet disruption due to outages from a storm, natural disaster, or carrier failure. Utilizing Zoom Node, a central hub for hosting Zoom workloads on premises, this functionality keeps meetings running smoothly via a failover to data centers where meetings are hosted on your local servers with minimal disruption to the end users.
    • Zoom Mesh for Meetings: With Zoom Mesh, companies can optimize bandwidth usage and save up to 60 percent on internet bandwidth and associated costs. Already available for Zoom Webinars and Zoom Events, this capability now extends to Zoom Meetings for an exceptional user experience regardless of bandwidth constraints.
    • Zoom Customer Managed Key (CMK) Hybrid: CMK Hybrid enhances Zoom’s current CMK data privacy offering by providing customers with more options to manage the encryption keys used to protect data maintained by Zoom. CMK Hybrid allows customers to control the entire encryption/decryption process on premises. Zoom Team Chat messages, for example, can be encrypted locally by the Zoom Workplace app (some Zoom cloud-based Team Chat functionalities will not be available as a result). Zoom CMK Hybrid will be available for Zoom Workplace starting with the support of Zoom Team Chat in Q4 2024.

    An enterprise-grade offerings portfolio designed to meet organizations’ needs

    The new advanced enterprise products and features introduced today bolster the existing robust portfolio of Zoom’s enterprise offerings, which are specifically designed to address the complex needs of large organizations and those in regulated industries such as finance, healthcare, and government agencies. These offerings are included with Zoom Workplace Enterprise licenses, help improve business continuity, optimize bandwidth, enhance security, simplify manageability, and support communications compliance. The advanced enterprise offerings are organized across six key categories:

    • Communications compliance: Archiving, Data Loss Prevention, Information Barrier, and Chat Etiquette solutions help address communications compliance requirements for regulated industries worldwide.
    • Data residency & privacy compliance: Tools to help meet local and regional customer data residency and privacy compliance requirements such as Customer Managed Key.
    • Policy & deployment management: Zoom Device Management, policy provisioning, and deployment tools to help ease implementation and support.
    • Security & access control: Encryption and virtual desktop infrastructure (VDI) offerings to provide enhanced security protection for data at rest and in transit.
    • Analytics & insights: A robust set of dashboards, monitoring, reporting, and alerting tools to improve overall operational visibility.
    • Network optimization & survivability: Zoom Mesh, Zoom Node, and Zoom survivability solutions help reduce bandwidth, optimize performance, and improve business continuity.

    Several Zoom advanced enterprise offerings including end-to-end encryption, GDPR and privacy controls, management dashboards, and other capabilities are already available with Zoom Workplace Enterprise licenses while other features, including these new products, are available as paid add-ons. For more information on Zoom’s advanced enterprise offerings, please visit the Zoom advanced enterprise website. Zoom will also host technical sessions on its enterprise offerings at Zoomtopia 2024 for those interested in learning more.

    About Zoom
    Zoom’s mission is to provide one platform that delivers limitless human connection. Reimagine teamwork with Zoom Workplace — Zoom’s open collaboration platform with AI Companion that empowers teams to be more productive. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer care teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more information at zoom.com.

    Zoom Public Relations
    Travis Isaman
    press@zoom.us

    The MIL Network

  • MIL-OSI: David Henshall Joins BlackLine Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    Henshall brings significant experience in enterprise software and
    possesses unmatched expertise in finance, strategy, and technology development

    LOS ANGELES, Sept. 24, 2024 (GLOBE NEWSWIRE) — BlackLine (NASDAQ BL), the future-ready platform for the Office of the CFO, today announced the appointment of David Henshall to its Board of Directors.

    Henshall brings a wealth of business experience and deep financial expertise, with a proven track record advising companies on strategies to enhance operations and financial performance. He spent nearly 20 years in various executive roles at Citrix, most recently as President and Chief Executive Officer. During his tenure, he played a critical role in accelerating Citrix’s cloud transition and enhancing the company’s operational performance. Prior to his role as CEO, he served as Chief Operating Officer and Chief Financial Officer.

    “We are thrilled to welcome David, a proven software leader, to our Board of Directors,” said Owen Ryan, Co-CEO and Chairman of BlackLine. “David possesses one-of-a-kind executive experience leading a reputable business in the enterprise software space. His experience advancing technology companies aligns perfectly with our vision and operating model, and his skill set will further support our continued development of financial and operational strategies, helping BlackLine achieve its long-term potential. This appointment reflects our commitment to strong corporate governance and delivering value to our shareholders.”

    Co-CEO and Founder Therese Tucker added, “I look forward to collaborating with David as we continue to execute our strategic initiatives. At BlackLine, we are constantly innovating to harness the full power of our platform, delivering future-ready financial operations that are accurate, efficient, and intelligent. David’s leadership qualities and valuable insights gained from his proven track record and other board experiences will add to the strength of our Board of Directors and aid us in continuing to create measurable value for our customers, investors, and other stakeholders.”

    Henshall commented, “I am honored to join BlackLine’s Board of Directors. BlackLine is uniquely positioned in the market with unmatched domain expertise and a comprehensive platform that empowers the office of the CFO. I look forward to working with this innovative and visionary team to drive continued growth and success.”

    About David Henshall

    David Henshall most recently served as President & CEO of Citrix Systems, a leading multinational provider of cloud computing and virtualization technology, where he held executive roles for the past nearly twenty years. Prior to his role as President, CEO, and Director of Citrix, Henshall served as Chief Operating Officer and Chief Financial Officer, overseeing the company’s worldwide finance, operations, and administration organizations. Before joining Citrix, he served as Chief Financial Officer of Rational Software Corporation, a software company acquired by IBM Corporation.

    An experienced public company board director, Henshall also actively serves as a member of the boards of directors of HashiCorp, Inc., Aspen Technology, Inc., and Feedzai, Inc., and was formerly the Chairman of the board of directors of Everbridge, Inc., and a director of New Relic, Inc. and LogMeIn, Inc. 

    About BlackLine

    BlackLine (Nasdaq: BL), the future-ready platform for the Office of the CFO, drives digital finance transformation by empowering organizations with accurate, efficient, and intelligent financial operations.

    BlackLine’s comprehensive platform addresses mission-critical processes, including record-to-report and invoice-to-cash, enabling unified and accurate data, streamlined and optimized processes, and real-time insight through visibility, automation, and AI. BlackLine’s proven, collaborative approach ensures continuous transformation, delivering immediate impact and sustained value. With a proven track record of innovation, industry-leading R&D investment, and world-class security practices, more than 4,400 customers across multiple industries partner with BlackLine to lead their organizations into the future.

    For more information, please visit blackline.com.

    Media Contact:

    Samantha Darilek
    VP, Communications
    BlackLine
    samantha.darilek@blackline.com

    BlackLine Forward-looking Statements

    This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “would,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Forward-looking statements in this release include statements regarding our growth plans, strategies and opportunities.

    Any forward-looking statements contained in this press release are based upon BlackLine’s current plans, estimates and expectations, and are not a representation that such plans, estimates, or expectations will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith beliefs and assumptions as of that time with respect to future events and are subject to risks and uncertainties. If any of these risks or uncertainties materialize or if any assumptions prove incorrect, actual performance or results may differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the Company’s ability to execute on its strategies, attract new customers, enter new geographies and develop, release and sell new features and solutions; and other risks and uncertainties described in the other filings we make with the Securities and Exchange Commission from time to time, including the risks described under the heading “Risk Factors” in our Annual Report on Form 10-K. Additional information will also be set forth in our Quarterly Reports on Form 10-Q.

    Forward-looking statements should not be read as a guarantee of future performance or results, and you should not place undue reliance on such statements. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0d33f625-3545-4e45-ba35-fd1b97885c56

    The MIL Network

  • MIL-OSI: Cipher Mining Announces the Closing of its Acquisition of Barber Lake 300 MW Data Center Site

    Source: GlobeNewswire (MIL-OSI)

    Completed acquisition of Barber Lake data center site, which includes 250 acres of land in West Texas, a newly constructed high-to-mid voltage substation, approvals for 300 MW, and agreements necessary to participate in the ERCOT market

    Site acquisition funded with the proceeds from bitcoin inventory sales

    NEW YORK, Sept. 24, 2024 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced it has completed the acquisition of the recently announced Barber Lake site in West Texas for a cash payment of $67.5 million and a variable fee of $3/MWh for the initial five years after the energization of the site.

    The site features 300 MW of front-of-the-meter capacity, a newly constructed, fully energized, high-to-mid voltage substation, and all necessary regulatory approvals. As part of the transaction, Cipher has acquired the 250 acres of land surrounding the substation and completed agreements necessary to participate in the ERCOT market.

    “We are delighted to close the acquisition of our new Barber Lake site, which is ideally suited for either hosting a large HPC customer or mining bitcoin. The site is immediately available with an existing high-quality substation and all the essential characteristics necessary to develop a large-scale HPC data center. Large sites with these characteristics are extremely rare, and we have already received interest in the site from multiple hyperscalers. We sold a portion of our bitcoin treasury to fund the majority of this purchase and believe we have exchanged one rare and valuable asset for an even more rare and more valuable asset – an immediately available, large-scale, interconnected site with plenty of land. We constantly assess the optimal capital allocation for our growth strategy and are thrilled to close a deal that we believe represents an ideal use of our appreciated bitcoin treasury holdings,” said Tyler Page, Cipher’s CEO.

    With this acquisition and other recently announced purchases, Cipher’s portfolio will grow to more than 2.5 GW across 10 sites.

    About Cipher
    Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers. Cipher is dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure. Together with its diversely talented team and strategic partnerships, Cipher aims to be a market leader in bitcoin mining growth and innovation. To learn more about Cipher, please visit https://www.ciphermining.com/.

    Forward Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations regarding our future results of operations and financial position, business strategy, timing and likelihood of success, potential expansion of and additional bitcoin mining data centers, expectations regarding the operations of mining centers, and management plans and objectives, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024, and in Cipher’s subsequent filings with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contacts:
    Investor Contact:
    Josh Kane
    Head of Investor Relations at Cipher Mining
    josh.kane@ciphermining.com

    Media Contact:
    Ryan Dicovitsky / Kendal Till
    Dukas Linden Public Relations
    CipherMining@DLPR.com

    The MIL Network

  • MIL-OSI Asia-Pac: Speech by FS at business luncheon Hong Kong-Spain: Partnering for Success (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at business luncheon Hong Kong-Spain: Partnering for Success in Madrid, Spain, today (September 24, Madrid time): Dr Peter Lam (Chairman of the Hong Kong Trade Development Council), Ms Jarillo (Deputy Director General for Asia, Europe and Oceania, Ministry of Economy, Trade and Enterprise of Spain, Ms Laura Jarillo), distinguished guests, ladies and gentlemen,      Good afternoon. I’m delighted to be here, in Madrid, the dynamic capital and financial heart of Spain, a city renowned for its world-class museums and fine dining and wine, not to mention the best football club in Europe, if not the world. What more can a visitor ask for?     Well, I can tell you that this speaker, and the young and energetic innovation and technology delegation here with me, are pleased to be here, with you, to talk about how Spanish and Hong Kong business can partner for success long-term, mutually rewarding success.Hong Kong, connecting Spain and Asia     Ladies and gentlemen, like Spain, Hong Kong is back in business after the challenges of the COVID pandemic, back creating opportunity for a world of business. Spain, included of course.     Hong Kong has long been recognised as one of the best connected cities in the world. Half the global population is no more than a five-hour flight away from us.     Before the pandemic, Hong Kong International Airport operated 1 100 flights a day, covering 220 destinations. Today, passenger throughput is rebounding, reaching over 80 per cent of pre-pandemic levels on peak days, with full resumption expected by year’s end.     As for cargo, our airport has been the busiest in the world for 13 of the last 14 years.     This strategic connectivity is enhanced by Hong Kong’s institutional advantages, reinforcing our role as a “super connector” in Asia.     The unique “one country, two systems” arrangement makes this possible.     As part of China, Hong Kong enjoys convenient and sometimes priority access to the vast Mainland market, particularly the Guangdong-Hong Kong-Macao Greater Bay Area, a city cluster comprising Hong Kong, Macao and nine Mainland cities in Guangdong province.      The Greater Bay Area’s collective population counts more than 87 million, with a GDP exceeding 1.8 trillion euros, surpassing that of Australia and the Republic of Korea.     And, on a purchasing power parity basis, the per capita GDP of the Greater Bay Area is US$40,000, 75 per cent of Spain’s. (Note: HK’s is US$71,500)     Hong Kong, let me add, is the most international city in China, thanks to the “two systems” that distinguish us.     We are the only jurisdiction in China practising the common law system, our judiciary exercising its powers independently. Information, capital, goods and people flow freely in and out of our city. Our taxes are low and simple, with a currency pegged to the US dollar. Our regulatory systems and professional services align with the best international standards.     Our commitment to the rule of law is exemplified by the Rule of Law Index, produced by the World Justice Project. In the latest Index, Hong Kong ranked 23rd and Spain 24th, both ahead of the United States.     Hong Kong’s enduring strengths will continue to thrive, as our country is committed to the “one country, two systems” principle for the long term. This commitment has been reiterated by President Xi Jinping on multiple occasions, and reaffirmed at various high-level state and party meetings in Beijing.     Last year, China and Spain celebrated the 50th anniversary of diplomatic ties. And those ties continue to grow. Earlier this month, Prime Minister Sanchez was in Beijing, his second trip to the Chinese capital in two years.     As political and economic ties between our two countries strengthen, Hong Kong is proud to play a pivotal role in fostering more two-way investments, and more economic, innovation and cultural exchanges.Financial Services     One obvious area where we can contribute is financial services.      Hong Kong, after all, is an international financial centre – number three worldwide, behind only New York and London, according to the latest Global Financial Centres Index, released today.     We have a robust fund-raising market. Our stock market’s total capitalisation stands at 3.7 trillion euros, while assets managed by private equity and venture capital exceed 200 billion euros. Hong Kong is the leading biotech fund-raising hub in Asia, too.     A defining feature of our capital market are the “Connect Schemes” with the Mainland. Under the schemes, Mainland investors can buy stock, bonds, ETFs and derivatives directly from Hong Kong, while foreign investors can buy similar financial products on the Mainland through Hong Kong. In short, Spanish companies looking to list or issue bonds in Hong Kong can tap the capital from both the Mainland and international markets.     Hong Kong is also the world’s offshore renminbi hub. As the use of renminbi as a trade and reserve currency increases, businesses will naturally look for renminbi-denominated investment and risk-management tools. Hong Kong handles approximately 80 per cent of global offshore renminbi transactions, offering a wide range of investment and risk-management products.     Then there’s green and sustainable finance. We have long been Asia’s leader in green finance, issuing, on average, more than 55 billion euros in green and sustainable debt a year over the past three years.     Our green standards align with the best international practices. To take an example, the Hong Kong Taxonomy for Sustainable Finance, released in May, is highly compatible with the European Union’s Taxonomy for Sustainable Activities.     For green projects looking for funding, Hong Kong is simply Asia’s premier destination.Innovation and Technology     No less important is our commitment to rise as a global innovation and technology hub, together with the Greater Bay Area.     We have what it takes to realise that ambition. Hong Kong is home to five global top 100 universities, and our two medical schools are among the world’s top 40.     We also support 29 labs and research and development centres in collaboration with prestigious universities around the world.      Our start-up system is thriving, offering a variety of innovative products in fintech, green tech, biotech, supply-chain management, big-data analytics and more. And 20 per cent of our 4 200 start-ups were founded by overseas entrepreneurs.     Many of them are based in our two main innovation flagships: Science and Technology Park and Cyberport. And you will soon hear more from senior executives from these institutions, Albert and Eric. Let me add that our delegation members, many of them founders and CEOs of start-ups, are eager to talk to you, to explore business opportunities together.     Hong Kong boasts a full-spectrum financing market, including banks, private equity funds, venture-capital funds and a well-developed stock and bond market. These provide abundant financial support for tech companies local and global, at different stages of growth.     Greater Bay Area cities, let me add, each offers distinct strengths in innovation and technology; from basic research to technological application, commercialisation, and advanced manufacturing.      This year, the World Intellectual Property Organization’s Global Innovation Index ranked the Shenzhen-Hong Kong-Guangzhou cluster second, globally, for the fifth consecutive year.     Now, allow me now to highlight a few I&T areas where Hong Kong and the Greater Bay Area offer singular advantages, starting with artificial intelligence.      Crucial to AI are algorithms, supercomputing power, data and application scenarios, all of which Hong Kong is blessed with. We serve as a convergence point for Mainland and international data. We are also investing in the necessary i
    nfrastructure, including a supercomputer centre. Hong Kong and the Greater Bay Area provide many different application scenarios for AI. Many AI companies, let me add, are choosing Hong Kong to develop their large language models and to go global.     Biotechnology is also a priority. And we are planning to conduct clinical trials for the Greater Bay Area. We are also working on a “primary evaluation system” that will allow medicine and medical devices approved in Hong Kong to be widely used in the Greater Bay Area, the Asian region and around the world.     Then there’s the Northern Metropolis, a 300-square kilometre area in Hong Kong bordering Shenzhen. The Northern Metropolis is destined to rise as an innovation and technology hub, a vast bridgehead for Hong Kong’s co-operation with other Greater Bay Area cities.     Ladies and gentlemen, that just touches on the opportunities Hong Kong is actively pursuing. But let me say that we’re particularly focused on four areas: AI, biotech, fintech and new energy and new materials. We are bringing in strategic companies to help us develop those sectors. Since the end of 2022, we have attracted over 100 tech companies to Hong Kong. Together, they will invest about 6 billion euros and create more than 15 000 jobs in our city.      We are equally keen on attracting talent. Since the launch of the new talent admission schemes and updating existing ones, to date, we’ve received some 360 000 applications under our various talent admission schemes. About 226 000 applications have been approved, and 150 000 professionals have already arrived in Hong Kong, I’m pleased to say.Concluding remarks     Ladies and gentlemen, Hong Kong offers boundless opportunities for Spanish companies – as a gateway to the Chinese Mainland and throughout Asia, and as a hub for financial services and I&T.     My thanks to the Hong Kong Trade Development Council for hosting today’s luncheon, and to our Spanish partners, including CEOC, ICEX and the Spanish Chamber of Commerce, for make this welcome gathering possible.     I am happy now to take your questions, to hear your thoughts and ideas on how our two economies and peoples can deepen our co-operation, creating far-reaching opportunities that benefit us all.     Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI Translation: Tax strategy: an ambitious plan for purchasing power

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

    Source: Swiss Canton of Vaud – news in French

    This plan is part of the major balances built into the legislative programme and constitutes one of the most ambitious cantonal tax reforms for individuals, including progressive and financially absorbable measures.

    It also serves as an indirect counter-project to the popular initiative “Tax cuts for all: restoring purchasing power to the middle class” – considered excessive – and which the Council of State opposes.

    Press release of September 24, 2024

    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: President Ramaphosa urges US business to invest in SA’s growing economy

    Source: South Africa News Agency

    President Cyril Ramaphosa has called on US businesses to deepen their investment ties with South Africa, highlighting the country’s renewed focus on economic recovery and structural reform. 

    Speaking at the SA-US Interactive Business Forum in New York on Monday, the President emphasised the progress made under South Africa’s Government of National Unity (GNU) and the vast opportunities available to foreign investors.

    He said this is a “timely intervention”, referencing his first visit to the US since South Africa’s general elections in May, which led to a coalition government of political parties committed to inclusive growth and job creation.

    “The advent of the Government of National Unity has renewed investor optimism in the South African economy. The message I bring to US investors today is that this optimism is well-placed. 

    “South Africa is firmly on the road to recovery, and we invite you to be part of this journey. Investments in South Africa are secure. Our business environment is stable. This is supported policy certainty and regulatory safeguards,” the President said. 

    He added that South Africa intends to stay the course on the structural economic reform process, on scaling up investment in key infrastructure, and on improving the business operating environment.

    The President noted South Africa’s success in attracting investment, revealing that the country had achieved its target of raising R1.2 trillion (approximately USD 63.6 billion) ahead of schedule in 2022. 

     “We have announced a new target of approximately R2 trillion or approximately USD 100 billion over the next five-year period up to 2028. 

    “The far-reaching structural reforms we have implemented over the past six years have opened up the country to increased levels of investment that continues to grow,” the President said. 

    Ramaphosa particularly underscored the potential in the clean energy sector, which has attracted significant investment, supporting South Africa’s commitment to decarbonisation and energy security. 

    “We are equally committed to a Just Energy Transition that is inclusive, that take our developmental needs into account, and that leaves no community behind. 

    “We have a supportive and enabling industrial policy that incorporates amongst others expanding the special economic zones, driving export-led growth, and harnessing the potential of the Africa Continental Free Trade Area or AfCFTA. In January 2024 we began preferential trading under the AfCFTA,” he said. 

    The President emphasised that the Government of National Unity is furthermore committed to prudent monetary and fiscal policy and to strengthening regulatory and legislative frameworks to combat corruption.

    The President also highlighted the importance of strategic partnerships with US businesses, especially in sectors like advanced manufacturing, energy, healthcare, and infrastructure. 

    “South Africa and Africa is ripe for investment in financial services, advanced manufacturing, energy, healthcare, infrastructure development, mining, science and technology and other sectors. South Africa is also developing the value chains of the future.

    “With substantial reserves of critical energy transition minerals, we are positioning ourselves to be at the forefront of the green energy revolution,” he said. 

    He added that as the country with the world’s largest platinum group metal reserves, South Africa has a competitive advantage when it comes to the production of sustainable energy technologies, including electric vehicles, new energy vehicles and renewable energy components.

    President Ramaphosa praised the collaboration between the New York Stock Exchange (NYSE) and Johannesburg Stock Exchange (JSE), following the 2022 Memorandum of Understanding. He stated that the partnership between the two stock exchanges “promotes cross-border investment and drives economic growth on a global scale.”

    The President further highlighted the US as one of South Africa’s most valued trade partners, noting that bilateral trade totalled USD 17.6 billion in 2022. 

    He also praised the impact of the African Growth and Opportunity Act (AGOA) in fostering trade and creating jobs in sectors like automotive, agriculture, and precious metals.

    With Africa’s population expected to reach 2.5 billion by 2050, President Ramaphosa painted a bright picture of the continent’s economic prospects, noting that the African Continental Free Trade Area (AfCFTA) would “drive a wave of industrialisation and create dynamic regional value chains.”

    “This too presents opportunities for US businesses and investors, and opens up new markets for their goods, products and services. 

    “Mutually beneficial trade and investment not only unlocks the dynamism and potential of an entire continent. It will also aid Africa’s efforts to achieve the Sustainable Development Goals,” the President said. 

    In closing, President Ramaphosa reassured investors of the stability and security of investments in South Africa. 

    “South Africa is open for business. Sustainable and inclusive growth spurs development and creates jobs.

    “Together, we can forge a path to shared success and progress, leveraging our combined strengths to achieve enduring prosperity for our people,” the President said. – SAnews.gov.za

     

    MIL OSI Africa

  • MIL-OSI Global: On the US-Mexico border, the records of Trump and Harris reflect the national mood of less immigration, not more

    Source: The Conversation – USA – By William McCorkle, Assistant Professor of Education, College of Charleston

    Migrants at a shelter in Tijuana, Mexico, watch the first presidential debate between Kamala Harris and Donald Trump on Sept. 10, 2024. Carlos Moreno/NurPhoto/Getty Image

    In late July 2024, Democratic presidential nominee Kamala Harris released a campaign ad about the U.S.-Mexico border that resembled something out of the Republican playbook.

    In the ad, Harris said as president she would increase Border Patrol agents, stop human traffickers and prosecute transnational gangs – some of the very things that Republican contender Donald Trump has also promised to do if elected.

    Considered by her campaign strategists to be a good political move, Harris’ shift to the right reflects the more anti-immigrant direction the U.S. population has taken over the past few years. According to a July 2024 Gallup Poll, 55% of Americans wanted increased limits on immigration, marking the first time in nearly two decades that a majority of Americans supported such curbs.

    These anti-immigrant attitudes are partially due to exaggerated claims from conservative politicians and right-wing pundits that management of the U.S.-Mexico border is a disaster and the government is endangering public safety by allowing violent criminals to cross into the U.S.

    Worse, during the presidential debate on Sept. 10, 2024, Republican presidential nominee Donald Trump falsely accused Haitian immigrants in Springfield, Ohio, of eating dogs and cats.

    As someone who has worked extensively with asylum-seekers at the border since 2019, I see clear differences between Harris and Trump on the issue of immigration.

    While in office, Trump instituted restrictive immigration policies at the border, which all but halted asylum. He also was behind the controversial child separation policy in 2018 and sought to end the Deferred Action for Childhood Arrivals, or DACA, the Obama-era federal program that prevents hundreds of thousands of undocumented immigrants who came to the U.S. as children from being deported.

    Though Harris’ record on immigration is not as extensive as Trump’s, she has shown as U.S. senator and vice president a willingness to be more restrictive on the border while continuing to support a pathway to citizenship for “Dreamers” and undocumented migrants who are married to U.S. citizens.

    Trump’s extremist rhetoric and policies

    Given that border security has become his signature issue, Trump may take even more draconian measures than he did during his first term in office, including restricting the asylum system further and deporting as many as 20 million undocumented immigrants.

    Perhaps Trump’s most controversial action during his first term was his child separation policy in 2018, which led to over 5,000 children being taken from their parents after being apprehended at the border. This action led to nationwide protests and international condemnation. As of May 2024, about 1,400 children remained separated from their families.

    Undaunted, Trump pursued other restrictive policies.

    Trump signed an executive order in 2019 and launched the Migrant Protection Protocols, better known as the Remain in Mexico policy. This order required asylum-seekers arriving at the U.S. border to be returned to Mexico while their claims were being processed. This program stayed in effect until the end of Trump’s presidency in 2020 and led to 81,000 expulsions.

    Trump also used Title 42 restrictions during the COVID-19 pandemic to quickly expel migrants without visas to contain the pandemic with no exceptions. In the first seven months, almost 200,000 migrants were expelled.

    Former U.S. President Donald Trump speaks in Arizona about immigration on Aug. 22, 2024.
    Olivier Touron/AFP/Getty Images

    Notably, the use of violent rhetoric against migrants increased dramatically during Trump’s emergence as the GOP leader. In his first term, Trump and his officials discussed shooting migrants crossing the border in the leg. Texas Gov. Greg Abbott, one of his key allies, said the reason officials there do not shoot migrants is because they would be charged by the federal government.

    Trump has also promised he would be willing to use the U.S. military in Mexico to combat drug cartels.

    Harris’ balancing act

    As a U.S. senator in 2019, Harris voted against an anti-sanctuary city amendment that would have allowed local police to cooperate with federal immigration officials and potentially deport immigrants living in the U.S. illegally.

    She was also the initial sponsor of legislation that would limit U.S. Immigration and Customs Enforcement actions against those caring for unaccompanied minors. But as attorney general of California, Harris did support turning over to immigration authorities minors living in the U.S. illegally who had committed crimes.

    As vice president, Harris has appeared to support a more restrictive approach similar to that of Biden‘s June 4, 2024, executive order that limited the number of asylum-seekers allowed to cross the border.

    She also supports the CBP One app system that was created by the Biden administration in early 2023.

    Under that process, individuals seeking asylum are given an opportunity to meet with an immigration official but often have to wait for months in dangerous conditions in Mexico.

    U.S. Vice President Kamala Harris holds a virtual meeting with immigrant rights leaders on July 22, 2021.
    Win McNamee/Getty Images

    Harris has also consistently spoken out on the need to support DACA. The Biden administration expanded health care coverage in 2024 for DACA recipients, giving them access to insurance through the Affordable Care Act, better known as Obamacare.

    If elected, Harris likely would extend another of Biden’s 2024 executive orders that created a legal pathway to citizenship for immigrants who don’t have legal authorization to be in the U.S. but are married to U.S. citizens.

    In stark contrast, Trump has already criticized the policy and said he would end it if elected.

    The Biden-Harris administration also had a nuanced record on the border and deportations. They have deported almost the same number of immigrants living in the U.S. without legal authorization as Trump did.

    The Texas National Guard conducts an operation to prevent migrants from building a camp along the U.S.-Mexico border in April 2024.
    David Peinado/Anadolu via Getty Images

    As of June 2024, the number of deportations since the start of the Biden administration in January 2021 was already at 4.4 million. At the same time, these higher numbers reflect the fact that more people are coming to the border due to increased chances of entering.

    During the first three years of Biden’s presidency, over 1 million migrants at the border were granted temporary humanitarian parole, which allows them to stay in the U.S. while waiting for their asylum hearing.

    The reality of immigration

    Immigration has been largely portrayed as either a clear and present threat by Republicans or as an act of compassion by Democrats.

    In the increasingly anti-immigrant environment, however, you’ll rarely hear that the increased immigration under the Biden-Harris administration has been a significant factor in U.S. economic growth.

    Indeed, many economists also have argued that working-class immigrants coming from across the border have helped reduce inflation. Its my belief that the U.S. is in need of more migrants, not fewer, and hard-line stances and policies damage our society and economy.

    While Trump’s hard-line stance against immigrants both at the border and within the country is well known, Harris’ record shows a more balanced approach that has offered support for at least some immigrants who are living in the U.S. illegally – and for those seeking asylum.

    William McCorkle 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. On the US-Mexico border, the records of Trump and Harris reflect the national mood of less immigration, not more – https://theconversation.com/on-the-us-mexico-border-the-records-of-trump-and-harris-reflect-the-national-mood-of-less-immigration-not-more-237269

    MIL OSI – Global Reports

  • MIL-OSI Global: Why home insurance rates are rising so fast across the US – climate change plays a big role

    Source: The Conversation – USA – By Andrew J. Hoffman, Professor of Management & Organizations, Environment & Sustainability, and Sustainable Enterprise, University of Michigan

    The U.S. has seen a large number of billion-dollar disasters in recent years. AP Photo/Mark Zaleski

    Millions of Americans have been watching with growing alarm as their homeowners insurance premiums rise and their coverage shrinks. Nationwide, premiums rose 34% between 2017 and 2023, and they continued to rise in 2024 across much of the country.

    To add insult to injury, those rates go even higher if you make a claim – as much as 25% if you claim a total loss of your home.

    Why is this happening?

    There are a few reasons, but a common thread: Climate change is fueling more severe weather, and insurers are responding to rising damage claims. The losses are exacerbated by more frequent extreme weather disasters striking densely populated areas, rising construction costs and homeowners experiencing damage that was once more rare.

    Hurricane Ian, supercharged by warm water in the Gulf of Mexico, hit Florida as a Category 4 hurricane in October 2022 and caused an estimated $112.9 billion in damage.
    Ricardo Arduengo/AFP via Getty Images

    Parts of the U.S. have been seeing larger and more damaging hail, higher storm surges, massive and widespread wildfires, and heat waves that kink metal and buckle asphalt. In Houston, what used to be a 100-year disaster, such as Hurricane Harvey in 2017, is now a 1-in-23-years event, estimates by risk assessors at First Street Foundation suggest. In addition, more people are moving into coastal and wildland areas at risk from storms and wildfires.

    Just a decade ago, few insurance companies had a comprehensive strategy for addressing climate risk as a core business issue. Today, insurance companies have no choice but to factor climate change into their policy models.

    Rising damage costs, higher premiums

    There’s a saying that to get someone to pay attention to climate change, put a price on it. Rising insurance costs are doing just that.

    Increasing global temperatures lead to more extreme weather, and that means insurance companies have had to make higher payouts. In turn, they have been raising their prices and changing their coverage in order to remain solvent. That raises the costs for homeowners and for everyone else.

    The importance of insurance to the economy cannot be understated. You generally cannot get a mortgage or even drive a car, build an office building or enter into contracts without insurance to protect against the inherent risks. Because insurance is so tightly woven into economies, state agencies review insurance companies’ proposals to increase premiums or reduce coverage.

    The insurance companies are not making political statements with the increases. They are looking at the numbers, calculating risk and pricing it accordingly. And the numbers are concerning.

    The arithmetic of climate risk

    Insurance companies use data from past disasters and complex models to calculate expected future payouts. Then they price their policies to cover those expected costs. In doing so, they have to balance three concerns: keeping rates low enough to remain competitive, setting rates high enough to cover payouts and not running afoul of insurance regulators.

    But climate change is disrupting those risk models. As global temperatures rise, driven by greenhouse gases from fossil fuel use and other human activities, past is no longer prologue: What happened over the past 10 to 20 years is less predictive of what will happen in the next 10 to 20 years.

    The number of billion-dollar disasters in the U.S. each year offers a clear example. The average rose from 3.3 per year in the 1980s to 18.3 per year in the 10-year period ending in 2024, with all years adjusted for inflation.

    With that more than fivefold increase in billion-dollar disasters came rising insurance costs in the Southeast because of hurricanes and extreme rainfall, in the West because of wildfires, and in the Midwest because of wind, hail and flood damage.

    Hurricanes tend to be the most damaging single events. They caused more than US$692 billion in property damage in the U.S. between 2014 and 2023. But severe hail and windstorms, including tornadoes, are also costly; together, those on the billion-dollar disaster list did more than $246 billion in property damage over the same period.

    As insurance companies adjust to the uncertainty, they may run a loss in one segment, such as homeowners insurance, but recoup their losses in other segments, such as auto or commercial insurance. But that cannot be sustained over the long term, and companies can be caught by unexpected events. California’s unprecedented wildfires in 2017 and 2018 wiped out nearly 25 years’ worth of profits for insurance companies in that state.

    To balance their risk, insurance companies often turn to reinsurance companies; in effect, insurance companies that insure insurance companies. But reinsurers have also been raising their prices to cover their costs. Property reinsurance alone increased by 35% in 2023. Insurers are passing those costs to their policyholders.

    What this means for your homeowners policy

    Not only are homeowners insurance premiums going up, coverage is shrinking. In some cases, insurers are reducing or dropping coverage for items such as metal trim, doors and roof repair, increasing deductibles for risks such as hail and fire damage, or refusing to pay full replacement costs for things such as older roofs.

    Some insurances companies are simply withdrawing from markets altogether, canceling existing policies or refusing to write new ones when risks become too uncertain or regulators do not approve their rate increases to cover costs. In recent years, State Farm and Allstate pulled back from California’s homeowner market, and Farmers, Progressive and AAA pulled back from the Florida market, which is seeing some of the highest insurance rates in the country.

    In some cases, insurers are restricting coverage. Roof repairs, like these in Fort Myers Beach, Fla., after Hurricane Ian, can be expensive and widespread after windstorms.
    Joe Raedle/Getty Images

    State-run “insurers of last resort,” which can provide coverage for people who can’t get coverage from private companies, are struggling too. Taxpayers in states such as California and Florida have been forced to bail out their state insurers. And the National Flood Insurance Program has raised its premiums, leading 10 states to sue to stop them.

    About 7.4% of U.S. homeowners have given up on insurance altogether, leaving an estimated $1.6 trillion in property value at risk, including in high-risk states such as Florida.

    No, insurance costs aren’t done rising

    According to NOAA data, 2023 was the hottest year on record “by far.” And 2024 could be even hotter. This general warming trend and the rise in extreme weather is expected to continue until greenhouse gas concentrations in the atmosphere are abated.

    In the face of such worrying analyses, U.S. homeowners insurance will continue to get more expensive and cover less. And yet, Jacques de Vaucleroy, chairman of the board of reinsurance giant Swiss Re, believes U.S. insurance is still priced too low to fully cover the risk from climate change.

    Andrew J. Hoffman 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. Why home insurance rates are rising so fast across the US – climate change plays a big role – https://theconversation.com/why-home-insurance-rates-are-rising-so-fast-across-the-us-climate-change-plays-a-big-role-238939

    MIL OSI – Global Reports

  • MIL-OSI Canada: Canada imposes additional sanctions in response to Hamas’ terrorist attacks against Israel

    Source: Government of Canada News

    Effective immediately, Canada is imposing additional sanctions against eleven individuals and two entities pursuant to the Special Economic Measures (Hamas Terrorist Attacks) Regulations, in response to the terrorist attacks by Hamas on Israel that began on October 7, 2023, and the threat that Hamas and its affiliates pose to regional security.

    Effective immediately, Canada is imposing additional sanctions against eleven individuals and two entities pursuant to the Special Economic Measures (Hamas Terrorist Attacks) Regulations, in response to the terrorist attacks by Hamas on Israel that began on October 7, 2023, and the threat that Hamas and its affiliates pose to regional security.

    Canadian measures

    The regulations impose a prohibition on dealings related to the listed individuals and entities, effectively freezing any assets they may have in Canada. Persons in Canada and Canadians outside the country are prohibited from dealing with the listed individuals and entities, and the listed individuals are also rendered inadmissible to Canada under the Immigration and Refugee Protection Act. The specific prohibitions are set out in the regulations.

    The names of the eleven individuals added to the schedule of these regulations are the following:

    • Musa Muhammad Salim Dudin (Hamas financier and operative)
    • Amer Kamal Sharif Alshawa (Hamas financier)
    • Ahmed Sadu Jahleb (Hamas financier)
    • Walid Mohammed Mustafa Jadallah (Hamas financier)
    • Zuhair Shamlakh (Hamas financier)
    • Alaa Shamlakh (Hamas financier)
    • Ahmed Shamlakh (Hamas financer)
    • Imad Shamlakh (Hamas financier)
    • Nabil Khaled Halil Chouman (Hamas financier)
    • Khaled Chouman (Hamas financier)
    • Reda Ali Khamis (Hamas financier)

    The names of the two entities added to the schedule of these regulations are the following:

    • Al-Markaziya Li-Siarafa (Al-Markaziya) (Hamas-affiliated financial exchange company)
    • Nabil Chouman & Co. (Hamas-affiliated financial exchange company)

    MIL OSI Canada News

  • MIL-OSI Europe: Address by Jean-Noël Barrot, Minister for Europe and Foreign Affairs (23.09.24)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    President of the General Assembly,

    Deputy Secretary-General of the United Nations,

    Heads of State and Government,

    Ministers,

    Ambassadors,

    Colleagues,

    We are gathered here today to reaffirm our commitment to an ambitious, effective and representative multilateralism to face the challenges of tomorrow. Many of you want to advance our multilateral system, a system founded on respect for the rule of law and clear principles established following the Second World War and on respect for the Charter of the United Nations, a system based on cooperation between nations, sustainable development for all and solidarity between countries.

    Today, that system needs reform. For global governance must be both more representative and, collectively, more effective. Everyone needs to contribute, everyone needs to shoulder their responsibilities.

    I would like to thank the Secretary-General for enabling us to move forward on this essential project for future generations, which France is supporting with strength and conviction.

    This Summit of the Future, Secretary-General, should enable the achievement of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals in good time. We need to step up our efforts to address climate challenges.

    True to its historical commitment within the United Nations, France has worked to ensure the Pact for the Future meets the expectations of the Member States when it comes to Security Council reform. We are advocating an expansion in both categories of members and a greater African presence, including among permanent members. In the same vein, we promote a joint initiative with Mexico to regulate the use of vetoes in the event of mass atrocities, which is already supported by 106 States from all world regions.

    France has also been innovative in its proposals to reform the international financial architecture, in the spirit of the Paris Pact for Peoples and the Planet that the French President launched at the June 2023 Paris Summit.

    The New Agenda for Peace should help modernize United Nations tools for international peace and security. We need to ensure that peace operations, which have evolved considerably, are suited to addressing new challenges. I would like to seize this opportunity to commend the work of the blue helmets who foster global peace and security every day. I have in mind the men and women of UNIFIL in Lebanon, including its French contingent. The Lebanese people are also in my thoughts right now: Israeli strikes have just killed hundreds of civilians, including dozens of children. These strikes, made from both sides of the Blue Line and more widely in the region, must cease immediately. France once again calls on the parties and their supporters to de-escalate and avoid a regional conflagration that would be devastating for everyone, starting with civilian populations. That is why I have called for an emergency Security Council meeting this week to discuss Lebanon.

    In Lebanon and elsewhere, France will remain totally committed to resolving the major crises that shake the international order. It will take initiatives. It will continue to condemn Russia’s war of aggression against Ukraine unreservedly, and to demand peace and compliance with the law. It will continue to demand the release of all hostages, respect for international humanitarian law and a ceasefire in Gaza. France considers all human lives to be equal in dignity. France will not look away from any armed conflict. It will therefore continue its initiatives to support Sudan, alongside its partners.

    Deputy Secretary-General, you want us to look together towards the future. That future will be marked by great progress in digital technologies, starting with artificial intelligence. The Global Digital Compact enshrines the commitment of the international community as a whole to coordinate on these new challenges. The digital revolution must not further widen the digital gap and must serve the Sustainable Development Goals. This will be a central priority at the AI Action Summit that will be held in France on 10 and 11 February 2025.

    The fight against climate change and for the protection of the environment is not an issue for the future but a challenge for the present. The climate threat is devastating. Inaction and lack of ambition are culpable. We owe our people determined, tangible, immediate and effective action. It is in this spirit that the Presidents of France and Kazakhstan and the President of the World Bank are jointly organizing the One Water Summit this year.

    Thank you.

    MIL OSI Europe News

  • MIL-OSI Canada: Government announces mortgage reform details to ensure Canadians can access lower monthly mortgage payments by December 15

    Source: Government of Canada News

    Canadians work hard to be able to afford a home. However, the high cost of mortgage payments is a barrier to homeownership, especially for Millennials and Gen Z. To help more Canadians, particularly younger generations, buy a first home, on September 16, 2024, the federal government announced the boldest mortgage reforms in decades.

    September 24, 2024 – Ottawa, Ontario – Department of Finance Canada

    Canadians work hard to be able to afford a home. However, the high cost of mortgage payments is a barrier to homeownership, especially for Millennials and Gen Z. To help more Canadians, particularly younger generations, buy a first home, on September 16, 2024, the federal government announced the boldest mortgage reforms in decades.

    Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced technical guidance for lenders and insurers to ensure Canadians can benefit from these mortgage reforms by December 15, 2024:

    • Increasing the $1 million price cap for insured mortgages to $1.5 million, to reflect current housing market realities and help more Canadians qualify for a mortgage with a downpayment below 20 per cent. Increasing the insured-mortgage cap—which has not been adjusted since 2012—to $1.5 million will help more Canadians buy a home.
    • Expanding eligibility for 30 year mortgage amortizations to all first-time homebuyers and to all buyers of new builds, to reduce the cost of monthly mortgage payments and help more Canadians buy a home. By helping Canadians buy new builds, including condos, the government is announcing yet another measure to incentivize more new housing construction and tackle the housing shortage. This builds on the Budget 2024 commitment, which came into effect on August 1, 2024, permitting 30 year mortgage amortizations for first-time homebuyers purchasing new builds, including condos.

    These measures are the most significant mortgage reforms in decades and part of the federal government’s plan to build 4 million new homes—the most ambitious housing plan in Canadian history—to help more Canadians become homeowners.

    As we build 4 million more homes, communities need help building more infrastructure. That is why the federal government is investing $6 billion through the Canada Housing Infrastructure Fund to build and upgrade core infrastructure in communities, including drinking water, wastewater, stormwater, and solid waste infrastructure. The government has started negotiations with provinces and territories on key actions they can take to increase housing supply, in exchange for their share of $5 billion in federal funding. To deliver funding for urgent municipal infrastructure priorities, applications for the $1 billion municipal stream will open next month.

    “Building on our action to help Canadians save for a downpayment, last week, we announced the boldest mortgage reforms in decades. Today, we are providing the technical guidance banks need to offer first time buyers mortgages with lower monthly payments—now, you can start talking to your bank to get your first mortgage application ready for December 15.”

    – The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

    • The strengthened Canadian Mortgage Charter, announced in Budget 2024, sets out the expectations of financial institutions to ensure Canadians in mortgage hardship have access to tailored relief and to make it easier to buy a first home.

    • Mortgage loan insurance allows Canadians to get a mortgage for up to 95 per cent of the purchase price of a home, and helps ensure they get a reasonable interest rate, even with a smaller down payment.

    • The federal government’s housing plan—the most ambitious in Canadian history—will unlock nearly 4 million more homes to make housing more affordable for Canadians. To help more Canadians afford a downpayment, in recognition of the fact the size of a downpayment and the amount of time needed to save up for a downpayment are too large today, the federal government has:

      • Launched the Tax-Free First Home Savings Account, which allows Canadians to contribute up to $8,000 per year, and up to a lifetime limit of $40,000, towards their first downpayment. Tax-free in; tax-free out; and,
      • Enhanced the Home Buyers’ Plan limit from $35,000 to $60,000, in Budget 2024, to enable first-time homebuyers to use the tax benefits of Registered Retirement Savings Plan (RRSP) contributions to save up to $25,000 more for their downpayment. The Home Buyers’ Plan enables Canadians to withdraw from their RRSP to buy or build a home and can be combined with savings through the Tax-Free First Home Savings Account.
    • Last week, the government also released blueprints for a Renters’ Bill of Rights and a Home Buyers’ Bill of Rights, which will protect renters from unfair practices, make leases simpler, and increase price transparency; and help make the process of buying a home, fairer, more open, and more transparent.

    • To end encampments and address homelessness, on September 22, 2024, the federal government announced that $250 million is available to provinces and territories that agree to cost-match this funding. This funding will leverage up to $500 million to provide more shelter spaces, transitional homes, and services to help those in encampments find housing.

    Katherine Cuplinskas
    Deputy Director of Communications
    Office of the Deputy Prime Minister and Minister of Finance
    Katherine.Cuplinskas@fin.gc.ca

    MIL OSI Canada News

  • MIL-OSI Canada: Delivering the Boldest Mortgage Reforms in Decades

    Source: Government of Canada News

    The federal government has the most ambitious housing plan in Canadian history—including building 4 million new homes—to make housing more affordable for Canadians. This plan will build a Canada that is fairer for every generation of Canadians, where they can get ahead, where their hard work pays off, and where they can buy a home.

    September 24, 2024

    The federal government has the most ambitious housing plan in Canadian history—including building 4 million new homes—to make housing more affordable for Canadians. This plan will build a Canada that is fairer for every generation of Canadians, where they can get ahead, where their hard work pays off, and where they can buy a home.

    As announced on September 16, 2024, the federal government is expanding eligibility for 30 year amortizations for insured mortgages to all first-time homebuyers and all purchasers of new builds, and increasing the $1 million price cap for insured mortgages to $1.5 million, effective December 15, 2024. Today, the government is releasing parameters for lenders and insurers to begin offering mortgages under these reforms starting this December.

    Parameters

    Expanding eligibility for 30 year mortgage amortizations for all first-time homebuyers and all buyers of new builds

    • This measure will apply to borrowers requiring high loan to value mortgage insurance in Canada and must satisfy the following requirements:
      • The total loan to value is 80 per cent or more; and,
      • The borrower is either: (i) a first-time homebuyer; or (ii) purchasing a newly constructed home.
    • As the government announced on June 11, 2024, to be considered a first-time homebuyer, a borrower must meet one of the following criteria:
      • The borrower has never purchased a home before;
      • In the last 4 years, the borrower has not occupied a home as a principal place of residence that either they themselves or their current spouse or common-law partner owned; or,
      • The borrower recently experienced the breakdown of a marriage or common-law partnership. On this point, the regulations will follow the approach that the Canada Revenue Agency has taken with respect to the Home Buyers’ Plan.
    • As the government announced on June 11, 2024, to be considered a newly constructed home, the new home must not have been previously occupied for residential purposes. This requirement is not intended to exclude newly constructed condominiums where there has been an interim occupancy period.

    Increasing the $1 million price cap for insured mortgages to $1.5 million

    • This measure would apply to all borrowers requiring high loan to value mortgage insurance in Canada and must satisfy the following requirements:
      • The total loan to value is 80 per cent or more;
      • The value of the eligible residential property against which the loan is secured must be less than $1.5 million; and,
      • The downpayment requirements for the loan are as follows:
        • 5 per cent on the portion of a purchase price up to $500,000.
        • 10 per cent on the portion of a purchase price between $500,000 and $1.5 million.

    Other Parameters

    • Effective date: These measures will be available for mortgage insurance applications that lenders submit to mortgage insurers on or after December 15, 2024.
    • These measures will only apply to high loan to value mortgages on properties occupied by the borrower or a close relative.
    • All other eligibility criteria for government-guaranteed mortgage insurance will continue to apply.

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    MIL OSI Canada News

  • MIL-OSI Translation: Government announces details of mortgage reforms to help Canadians get lower mortgage payments starting December 15

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French

    Press release

    September 24, 2024 – Ottawa, Ontario – Department of Finance Canada

    Canadians work hard to afford a home. However, the high cost of mortgage payments is a barrier to home ownership, especially for millennials and Generation Z. To help more people, especially young people, become first-time homebuyers, the federal government announced the boldest mortgage reforms in decades on September 16.

    The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced technical guidance for lenders and insurers to ensure Canadians can benefit from these mortgage reforms starting December 15, 2024:

    Increasing the price cap for insured mortgages from $1 million to $1.5 million to reflect current housing market realities and help more people qualify for a mortgage with a down payment of less than 20 per cent. Increasing the insured mortgage cap, which has not been adjusted since 2012, to $1.5 million will help more people afford their own home. Expanding eligibility for the 30-year mortgage amortization to all first-time and newly constructed home buyers to reduce the cost of monthly mortgage payments and help more Canadians afford their own home. By helping people afford new homes, including condominiums, the government is announcing a new measure that will encourage new housing construction and address the housing shortage. This measure builds on the commitment made in Budget 2024, effective August 1, 2024, to provide 30-year mortgage amortization for first-time buyers of newly constructed properties, including condominiums.

    These measures, which represent the most significant mortgage reforms in decades, are part of the federal government’s plan to build 4 million new homes to help more people become homeowners. It is the most ambitious plan in Canadian history.

    Along with the 4 million additional homes we are building, communities need help building other infrastructure. That is why the federal government is investing $6 billion through the Canada Housing Infrastructure Fund to help communities expand and improve their infrastructure. This includes clean water, wastewater, stormwater and solid waste management infrastructure. The government has begun negotiations with provinces and territories on key actions they can take to increase housing supply, in exchange for a share of the $5 billion in federal funding. For urgent municipal infrastructure priorities, applications for the $1 billion municipal component will begin next month.

    Quotes

    “To build on our momentum to help Canadians save for a down payment, last week we announced the boldest mortgage reforms in decades. Today, we are providing the technical guidance banks need to offer first-time home buyers lower mortgage payments. Talk to your financial institution today to get your first mortgage application ready by December 15.”

    – The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

    “Everyone deserves a safe and affordable place to call home. By reducing both the down payment and monthly mortgage costs, we are taking the boldest step yet for Canadians looking to buy their first home.”

    – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

    Quick Facts

    ThereCanadian enhanced mortgage charter, presented in Budget 2024, sets out expectations for financial institutions to ensure that people who are having difficulty making their mortgage payments have access to tailored relief and to facilitate the purchase of a first home.

    Mortgage loan insurance allows people to get a mortgage for up to 95% of the purchase price of a property, and ensures they get a reasonable interest rate, even with a smaller down payment.

    The government’s housing plan – the most ambitious in the country’s history – will build nearly 4 million additional homes to make housing more affordable in Canada. To help more people make a down payment, recognizing that the size of a down payment and the time it takes to save are now too large, the federal government has:

    Launching the Tax-Free Savings Account for First-Time Home Buyers, which allows individuals to contribute up to $8,000 per year, up to a cumulative maximum of $40,000 for their first down payment. No taxes on contributions or withdrawals; Increasing the Home Buyers’ Plan limit from $35,000 to $60,000, as announced in Budget 2024. This measure allows first-time home buyers to use the tax benefits of Registered Retirement Savings Plan (RRSP) contributions to save up to $25,000 more for their down payment. The Home Buyers’ Plan allows Canadians to withdraw money from their RRSPs to buy or build a home. It can be used in conjunction with savings through the Tax-Free Savings Account for the purchase of a first property.

    Last week, the government also released plans for a tenants’ bill of rights and a property buyers’ bill of rightsThese will protect tenants from unfair practices, simplify leases and increase transparency of rental amounts, in addition to helping to make the property buying process fairer, more open and more transparent.

    To end encampments and combat homelessness, The government announced on September 22, 2024, that an amount of $250 million will be provided to provinces and territories that agree to match this funding. This funding will leverage up to $500 million to provide more shelter spaces, transitional housing and services to help people living in encampments find housing.

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    Related links

    Contact persons

    Media may contact:

    Katherine CuplinskasDeputy Director of CommunicationsOffice of the Deputy Prime Minister and Minister of FinanceKatherine.Cuplinskas@fin.gc.ca

    Media RelationsDepartment of Finance Canadamediare@fin.gc.ca613-369-4000

    General Inquiries

    Phone: 1-833-712-2292Teletypewriter: 613-369-3230Email:financepublic-financepublique@fin.gc.ca

    Stay Connected

    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: Implementation of the most daring mortgage reforms in decades

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French 1

    The federal government is proposing the most ambitious housing plan in Canadian history, including building 4 million new homes to make housing more affordable for Canadians. This plan will build a fairer Canada for every generation, where everyone can get ahead, get a fair reward for their hard work, and be able to afford to own a home.

    September 24, 2024

    The federal government proposesthe most ambitious housing plan in Canadian history, which includes building 4 million new homes to make housing more affordable for Canadians. This plan will build a fairer Canada for every generation, where everyone can get ahead, get a fair reward for their hard work, and be able to afford to own a home.

    As announced on September 16, 2024, the federal government is expanding eligibility for 30-year amortizations on insured mortgages for first-time and newly constructed home buyers. It is also increasing the price cap for insured mortgages from $1 million to $1.5 million, effective December 15, 2024. The government is releasing parameters today that will allow lending parties and insurers to begin offering mortgages under these reforms starting in December.

    Settings

    Expanding eligibility for 30-year mortgage amortization for all first-time home buyers and those purchasing newly constructed properties

    This measure will apply to borrowing parties who require high loan-to-value (LTV) mortgage insurance in Canada. In addition, the borrowing party’s application must meet the following requirements: The total LTV is 80% or greater; The borrowing party is either a first-time homebuyer or (ii) a newly constructed property.

    As the government announced on June 11, 2024, to be considered a first-time home buyer, the borrowing party must meet one of the following criteria: They have never purchased a property before; In the last 4 years, the borrowing party has not occupied a dwelling as their principal place of residence that they or their spouse or common-law partner owned. The borrowing party has recently experienced the end of a marriage or common-law partnership. In this regard, the regulations will follow the approach taken by the Canada Revenue Agency with respect to the Home Buyers’ Plan.

    As the government announced on June 11, 2024, to be considered a newly constructed home, the home in question must not have been previously occupied for residential purposes. This requirement is not intended to exclude newly constructed condominium apartments where there has been a period of temporary occupancy.

    Price cap increased from $1 million to $1.5 million for insured mortgages

    This measure will apply to borrowing parties who require high loan-to-value mortgage insurance in Canada. In addition, the borrowing parties’ application must meet the following requirements: The total loan-to-value ratio is 80% or greater; The value of the eligible residential property on which the loan is secured must be less than $1.5 million; The down payment requirements for the loan are as follows: 5% on the portion of the purchase price up to $500,000. 10% on the portion of the purchase price between $500,000 and $1.5 million.

    Other settings

    Effective date: These measures will apply to mortgage insurance applications that lenders submit to mortgage insurers on or after December 15, 2024. These measures will only apply to high loan-to-value (LTV) mortgages on properties occupied by the borrowing party or a close relative. All other eligibility criteria for government-backed mortgage insurance will continue to apply.

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

    MIL Translation OSI

  • MIL-OSI: LYB secures capacity to reach its 2030 renewable electricity goal

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON and ROTTERDAM, the Netherlands, Sept. 24, 2024 (GLOBE NEWSWIRE) — LyondellBasell (LYB) today announced it signed a power purchase agreement with Eneco N.V. This agreement brings LYB’s total secured renewable electricity capacity to 100% of its renewable electricity procurement target.

    “Taking climate action is a key part of our strategy to create value for our stakeholders, the environment and society. I am therefore delighted that this latest agreement will help us reach our 2030 renewable electricity goal once all projects become operational,” said Peter Vanacker, LyondellBasell CEO. “Power Purchase Agreements are a critical lever in our efforts to reduce our absolute scope 1 and 2 greenhouse gas emissions.”

    Approximately 15% of LYB’s 2020 baseline scope 1 and 2 greenhouse gas emissions come from its electricity consumption. The company target to procure a minimum of 50% of its electricity from renewable sources by 2030 is based on 2020 procured levels.

    Under the 15-year PPA signed today, LYB will secure 25 megawatts (MW) of renewable electricity generation capacity from the Hollandse Kust West VI (HKW-VI) ecology plot offshore wind farm in the North Sea, the Netherlands.

    Eneco will deliver approximately 103 gigawatt-hours (GWh) of offshore wind power to LYB annually, starting in 2027. This is comparable to the annual electricity consumption of approximately 28,500 European homes. The offshore wind park will rank among the largest of its kind in the Netherlands.

    About LyondellBasell

    LyondellBasell is a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world’s largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit or follow @LyondellBasell on LinkedIn.  

    Forward-Looking Statements

    The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including, but not limited to, the availability, cost and price volatility of utilities; our ability to meet our sustainability goals, including our ability to reduce our emissions and achieve net zero emissions by the time set in our goals; our ability to procure energy from renewable sources; and the successful construction and operation of the projects described in this release. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2023, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission’s website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change, except as required by law.

    For media inquiries, please contact:​
    Media Inquiries
    LyondellBasell Media Relations
    ​Phone: +1 713 309 7575
    ​Email: mediarelations@lyondellbasell.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e76dd5c6-698a-445c-9c45-61d139c32245

    The MIL Network

  • MIL-OSI USA: Congressman Schweikert Introduces Legislation That Would Save Taxpayers Almost $80 Billion Across a Decade

    Source: United States House of Representatives – Congressman David Schweikert (AZ-06)

    WASHINGTON, D.C. — Today, Congressman David Schweikert, alongside Congressmen Jared Golden (D-ME), Mike Kelly (R-PA), and Glenn Grothman (R-WI), introduced the Employee Retention Tax Credit Repeal Act, bipartisan legislation that would disallow the processing of Employee Retention Tax Credit (ERTC) claims filed after January 31, 2024; dramatically increase penalties on those defrauding the government; and aid the Internal Revenue Service (IRS) in getting out the door honest, low-risk returns from small businesses. The original design of the ERTC was to help Main Street retain employees during the pandemic. However, legitimate returns from small businesses desperately needing support were crowded out by perverse promoters looking to take advantage of an emergency program, landing ERTC on the IRS’s “Dirty Dozen” list in 2023.

    Earlier this summer, IRS Commissioner Danny Werfel asked for Congress’ “help with this situation” and assist Treasury to “address fraud and error.” The ERTC Repeal Act would enable the return to fiscal sanity and end a program riddled with fraud that could cost up to seven times more—up to $550 billion—than initially estimated if allowed to continue. By eliminating the ERTC program, this bill would save taxpayers an estimated $79 billion over ten years.  

    We’ve all heard from the number of small businesses in our district waiting for their claims to be processed,” said Rep. David Schweikert (AZ-01). “A 1.4 million return backlog still exists, and moving the deadline up, rather than waiting until April 2025, will enable the IRS to go after the bad actors seeking to take advantage of taxpayers while approving legitimate claims faster and delivering long-overdue refunds to small businesses. Congress would be perpetuating a moral hazard if this level of fraud were allowed to go unpunished. It’s past time fiscal responsibility prevails, and we act on behalf of future generations who will be shouldered with a more than $35 trillion national debt.”

    This tax credit was an emergency response to protect workers and small businesses during the pandemic. Today, bad actors are abusing the program to pad their bottom lines at Americans’ expense,” Congressman Jared Golden (ME-02) said. “It’s past time we end this program — the conditions that made it necessary are over, and it’s a ripe target for tax cheats. Taking it off the books will protect taxpayers from fraud.

    Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said“Although the COVID public health and economic emergency has ended, our national debt and fiscal challenges continue to mount. We thank Representatives Schweikert (R-AZ) and Golden (D-ME) for introducing the House version of legislation to repeal the Employee Retention Tax Credit (ERTC), which is rife with fraud and has significantly overshot the original cost estimate, increasing the national debt. Given that the economy has recovered from the pandemic, it’s clear that this tax credit has outlived its purpose. We encourage Congress to pass this bipartisan, bicameral bill without delay and save $80 billion as a first step toward putting our country back on a fiscally sustainable path.”

    Background of the Employee Retention Tax Credit Repeal Act:

    • The Employee Retention Tax Credit (ERTC)—created by the CARES Act and furthered expanded by the Consolidated Appropriations Act of 2021 and the American Rescue Plan—is a refundable credit available to qualifying businesses who paid wages to employees during the COVID-19 pandemic. In October 2021, the IRS issued a notice warning employers of “third parties promoting improper Employee Retention claims.” These “promoters” often use aggressive and deceptive marketing tactics to convince businesses to allow them to file ERTC claims on their behalf. Fraud within the program became so prevalent that it then earned a place on the “Dirty Dozen” list of schemes and scams that make taxpayers vulnerable to personal and financial risk in March of 2023.

    The ERTC Repeal Act would bring forward the sunset date of the ERTC and disallow the processing of ERTC claims filed after January 31, 2024. Additionally, this bill would:

    • Increase penalties for promoters from $1,000 to $10,000 for individuals and $200,000 for business promoters;
    • Impose a $1,000 penalty for failure to comply with due diligence requirements; and
    • Extend the statute of limitations period on assessments to six years.

    Full bill text can be found here.

    ###

    Congressman David Schweikert serves on the Ways and Means Committee and is the current Chairman of the Oversight Subcommittee. He is also the Vice Chairman on the bicameral Joint Economic Committee, chairs the Congressional Valley Fever Task Force, and is the Republican Co-Chair of the Blockchain Caucus, Telehealth Caucus, Singapore Caucus, and the Caucus on Access to Capital and Credit.

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    MIL OSI USA News

  • MIL-OSI USA: Congresswoman Sylvia Garcia Statement on the Federal Reserve’s Decision to Cut Interest Rates

    Source: United States House of Representatives – Congresswoman Sylvia Garcia (TX-29)

    WASHINGTON, D.C. – Congresswoman Sylvia R. Garcia (D-TX-29) issued the following statement following the Federal Reserve’s decision to cut interest rates by 50 basis points (0.5 percent):

    “Today’s rate cut is the first step of many to making everyday expenses more affordable to all Americans. For everyday consumers, it will be easier to obtain a mortgage or to borrow money for necessary expenses. For our businesses, it is now easier and less risky to invest in projects, like housing developments. It is also easier to borrow funds to hire more workers and grow our economy. As the Federal Reserve moves forward with these adjustments, they need to remain vigilant to ensure inflation continues to go down. Given how housing and gas prices continue to drive the current rate, they should continue to pursue avenues to help relieve pressures in these sectors.”

    MIL OSI USA News

  • MIL-OSI USA: CFTC Orders Canadian Imperial Bank of Commerce to Pay $30 Million for Recordkeeping and Supervision Failures for Firm-Wide Use of Unapproved Communication Methods

    Source: US Commodity Futures Trading Commission

    — The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges with Canadian Imperial Bank of Commerce (CIBC), a swap dealer, for failing to maintain and preserve records that were required to be kept under CFTC recordkeeping requirements and failing to diligently supervise matters related to its business as a CFTC registrant.

    The order imposes a $30 million civil monetary penalty; orders CIBC to cease and desist from further violations of recordkeeping and supervision requirements; and orders CIBC to engage in specific remedial undertakings. CIBC also admits the facts detailed in the order.

    Case Background

    The order finds that from at least Sept. 2018 to the present, CIBC failed to stop employees, including those at senior levels, from communicating using unapproved communication methods, including messages sent via personal text. CIBC was required to keep certain of these written communications because they related to the firm’s CFTC-registered business. These written communications generally were not maintained and preserved by CIBC, and CIBC generally would not have been able to provide them promptly to the CFTC if and when requested.

    The order further finds the use of unapproved communication methods violated CIBC’s internal policies and procedures, which generally prohibited such communications. Further, some of the same supervisory personnel responsible for ensuring compliance with CIBC’s policies and procedures also used non-approved methods of communication to engage in business-related communications, in violation of firm policy

    The order recognizes CIBC’s cooperation with the Division of Enforcement’s investigation. 

    Since Dec. 2021, the CFTC has imposed $1.237 billion in civil monetary penalties on 27 financial institutions for their use of unapproved methods of communication, in violation of CFTC recordkeeping and supervision requirements.  [See CFTC Press Release Nos. 8470-21; 8599-22; 8699-23; 8701-23; 8762-23; 8763-23; 8794-23; 8880-24; 8943-24; 89-4524.]

    Related Civil Actions

    The Securities and Exchange Commission also announced today its filing and settling of charges against affiliates of CIBC, and imposed civil monetary penalties for recordkeeping and supervision violations related to the use of unapproved methods of communication.

    The Division of Enforcement staff responsible for this matter are Katie Rasor, Alejandra de Urioste, David MacGregor, Lenel Hickson, Jr. and Manal M. Sultan.

    MIL OSI USA News

  • MIL-OSI Asia-Pac: SFST’s speech at 5th Belt and Road Initiative Tax Administration Cooperation Forum welcome dinner (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the 5th Belt and Road Initiative Tax Administration Cooperation Forum welcome dinner tonight (September 24):Honourable Commissioner Hu Jinglin (Commissioner of the State Taxation Administration), Deputy Commissioner Wang Daoshu (Deputy Commissioner of the State Taxation Administration and Executive Secretary of the Belt and Road Initiative Tax Administration Cooperation Mechanism Secretariat), honourable Ministers and senior officials from the Belt and Road economies, distinguished guests, ladies and gentlemen,     Good evening. I am delighted to welcome you all to the dinner tonight. I am very glad to see so many esteemed officials from tax administrations, representatives from international organisations, business leaders and tax experts from around the world to come to this vibrant city.       I trust your day has been both rewarding and stimulating, filled with productive discussions on emerging tax issues and valuable exchanges of experiences in tax administration. I hope the dialogues today have sparked innovative ideas and fostered meaningful collaborations that will continue to develop throughout this Forum and beyond.     The Belt and Road Initiative Tax Administration Cooperation Mechanism (BRITACOM) has taken up an active role in building a growth-friendly tax environment through promoting international co-operation on tax administration.  Since its inception five years ago, BRITACOM has made substantial achievements and significant milestones in fostering co-operation and building capacity in taxation across Belt and Road jurisdictions. All of you here tonight have witnessed these successes and contributed profoundly to our shared objectives.     The BRITACOF (Belt and Road Initiative Tax Administration Cooperation Forum) is a crucial and exemplary international platform designed to enhance co-operation among tax administrations along the Belt and Road. It facilitates insightful exchanges of experience and expertise among tax authorities, experts, practitioners and the business community, which enable participants to effectively address tax related challenges in their own jurisdictions.         Hong Kong has actively participated in the previous four Forums, and it is our privilege to host this year’s Forum for the first time. I am thrilled to welcome over 400 delegates, both international and local, to this mega event. Indeed, the hosting of the 5th BRITACOF in Hong Kong underscores our unique gateway role in fostering partnerships and creating value for economies, businesses and people along the Belt and Road.     Our commitment to realising the visionary goal of the Belt and Road Initiative goes beyond participation. As the world’s premier international financial centre, Hong Kong brings unique advantages to the table. By integrating our sophisticated infrastructure, globally competitive financial services and transparent legal system, we offer unmatched opportunities for our Belt and Road partners to connect and grow. In every endeavour, we strive to consolidate these advantages, ensuring that Hong Kong continues to serve as a dynamic gateway for international trade and investment, and a “super connector” and “super value-adder” in connecting Mainland China and other Belt and Road jurisdictions.       Now back to the core of our Forum – tax co-operation. An efficient and effective tax system is essential in driving the sustainable growth of an economy. On one hand, it provides resources for governments to deliver essential public services and launch new developments. On the other, tax system must be fair and transparent to avoid becoming a disincentive to people and businesses. Hong Kong’s tax system is internationally recognised for its clarity, efficiency, and compliance with international standards. In fact, the latest World Competitiveness Yearbook 2024 published by the International Institute for Management Development once again acknowledged Hong Kong as one of the most competitive economies in the world, with “Tax Policy” ranking first in the Asia-Pacific region and second in the world. And tomorrow, at a panel to be hosted by Benjamin, our Deputy Commissioner (of Inland Revenue), you will be able to share more and learn more about that. Against this backdrop, Hong Kong is perfectly positioned to be a catalyst for promoting economic activities under the Belt and Road Initiative.      Also, as the globalisation of economic activities continues to evolve and new ways of working and doing business emerge, it is more important than ever for tax administrations to build capacity and share knowledge together. Hong Kong has always been committed to upholding international tax standards, including the Base Erosion and Profit Shifting (BEPS) framework set by the Organisation for Economic Co-operation and Development. We are also fully supportive of the international standard of tax information exchange to avoid tax evasion. By endorsing and implementing these standards, Hong Kong ensures that Belt and Road projects involving Hong Kong companies adhere to the highest international benchmarks in terms of tax governance and transparency.       The future holds great promise, and through our concerted efforts, I am confident that we will continue to see a cascade of benefits for all involved. At this juncture, I am pleased to announce a key achievement that reflects our dedication to strengthening global tax collaboration.      On behalf of the Hong Kong Special Administrative Region Government, I had the honour of signing a new Comprehensive Avoidance of Double Taxation Agreement (CDTA) with Türkiye today as witnessed by all of you. This agreement, along with three others signed earlier this year, bring our total number of CDTAs to 51. Each agreement signed is a step forward in our ongoing effort to broaden Hong Kong’s tax treaty network and reaffirm our commitment to fostering efficient, transparent and fair international tax practices.       Our efforts to conclude more CDTAs with our trading and investment partners from the Belt and Road Initiative will definitely continue. These agreements are instrumental in fostering deeper economic and trade connections between Hong Kong and the Belt and Road jurisdictions. We are now having negotiations with 16 jurisdictions, and about 80 per cent of them are along the Belt and Road. For those who have yet to be our CDTA partners, I hope we can make it happen soon.     Looking ahead, I am filled with optimism about our collective efforts to create a sustainable tax environment. Together, let us strengthen our co-operation in tax administration to support high-quality development of the Belt and Road Initiative, paving the way for a new era with abundant opportunities.        Ladies and gentlemen, I hope you will enjoy this meal and the Chinese cultural performance. And as you are here, I invite you to take some time to explore our wonderful city. Hong Kong actually has 24 country parks, 22 special areas for conservation and other protected areas that together cover more than 40 per cent of the city’s land area. We have some 80 hiking trails totalling 500 kilometres within these areas. We also have some 42 beaches in Hong Kong that you can enjoy the sunshine. Of course, don’t forget to try our wonderful food as well, ranging from street food, dim sum to Michelin cuisine.     Have a productive Forum and an enjoyable stay in Hong Kong. Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Singapore steps up participation in global offshore wind development with new partnership to catalyse project and innovation opportunities

    Source: Global Wind Energy Council – GWEC

    Headline: Singapore steps up participation in global offshore wind development with new partnership to catalyse project and innovation opportunities

    Global Wind Energy Council (GWEC) is a member-based organisation that represents the entire wind energy sector. The members of GWEC represent over 1,500 companies, organisations and institutions in more than 80 countries, including manufacturers, developers, component suppliers, research institutes, national wind and renewables associations, electricity providers, finance and insurance companies.

    Find out more

    MIL OSI Economics

  • MIL-OSI Banking: Singapore steps up participation in global offshore wind development with new partnership to catalyse project and innovation opportunities

    Source: Global Wind Energy Council – GWEC

    Headline: Singapore steps up participation in global offshore wind development with new partnership to catalyse project and innovation opportunities

    Global Wind Energy Council (GWEC) is a member-based organisation that represents the entire wind energy sector. The members of GWEC represent over 1,500 companies, organisations and institutions in more than 80 countries, including manufacturers, developers, component suppliers, research institutes, national wind and renewables associations, electricity providers, finance and insurance companies.

    Find out more

    MIL OSI Global Banks

  • MIL-OSI Russia: Dmitry Chernyshenko: More than 550 finalists from 36 countries will take part in the final of the International Financial Security Olympiad

    MIL OSI Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Previous news Next news

    Dmitry Chernyshenko held a meeting of the organizing committee for the preparation and holding of the International Financial Security Olympiad

    A meeting of the organizing committee for the preparation and holding of the International Financial Security Olympiad was held under the chairmanship of Deputy Prime Minister Dmitry Chernyshenko.

    The Director of the Federal Service for Financial Monitoring, Yuri Chikhanchin, also took part in it.

    At the meeting, the program for the final stage of the fourth Olympiad, which will take place from September 30 to October 4 in the federal territory of Sirius, was approved, as well as the composition of the jury and the appeal committee.

    In his opening remarks, Dmitry Chernyshenko noted the expansion of the geography of the participants of the International Financial Security Olympiad. This year, more than 550 finalists from 36 countries will come to the final in the hospitable federal territory of Sirius.

    “Despite the current international situation, we have managed not only to maintain, but also to expand the level of organization and holding of the Olympiad. This year, more than 550 children from 36 countries will come to Sirius; last year, there were 19 countries. I consider it important that the Olympiad participants will not only win, but also receive opportunities to enter the country’s leading universities and employment prospects,” the Deputy Prime Minister emphasized.

    He also recalled that on September 17, a founding conference was held at the site of the Financial University under the Government of the Russian Federation and the launch of the International Movement for Financial Security was launched, which united representatives from 36 countries.

    According to Rosfinmonitoring Director Yuri Chikhanchin, schoolchildren, students, representatives of financial intelligence agencies, the business community, and the scientific and educational sphere will meet at the Sirius venues. The final stage program includes more than 40 educational events for schoolchildren and students, including meetings with future employers and career guidance events.

    “The events of the final week of the Olympiad are aimed at achieving educational results, professional development of participants, creating conditions for the formation of a cultural and moral environment based on traditional civilizational values, as well as involving participants in the sports movement. As part of the educational direction, schoolchildren and students will be able not only to demonstrate their knowledge, but also to acquire new competencies in master classes, panel discussions and interactive workshops,” said the director of Rosfinmonitoring.

    Deputy Minister of Science and Higher Education Dmitry Afanasyev shared details of the final stage of the Olympiad and reported on the results of the qualifying stages of the fourth Olympiad, noting that in 2024 the number of participants in the final has increased.

    The program of the final stage of the fourth Olympiad includes a meeting of the Council of the International Network Institute in the field of AML/CFT, the international forum on financial security “Sirius-2024”, “Conversations on equal terms”, a phygital basketball tournament, master classes, panel discussions and a number of other events of educational, professional, cultural and sports orientation.

    The meeting was also attended by Deputy Minister of Education Olga Koludarova, State Secretary – Deputy Head of Rospotrebnadzor Mikhail Orlov, Head of the educational foundation “Talent and Success” Elena Shmeleva, First Deputy Governor of Krasnodar Krai Igor Galas, General Director of ANO “National Priorities” Sofia Malyavina, representatives of the Executive Office of the Government of the Russian Federation, the Administration of the President of the Russian Federation, the Bank of Russia, the International Training and Methodological Center for Financial Monitoring (ITMCFM), PJSC Promsvyazbank and universities of the International Network Institute in the Sphere of AML/CFT.

    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://government.ru/nevs/52784/

    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 United Nations: Secretary-General’s remarks at the Opening of the General Debate of the Seventy-ninth Session of the General Assembly [as delivered]

    Source: United Nations secretary general

    Mr. President of the General Assembly,

    Excellencies,

    Ladies and gentlemen,

    Our world is in a whirlwind.

    We are in an era of epic transformation – facing challenges unlike any we have ever seen – challenges that demand global solutions.

    Yet geo-political divisions keep deepening. The planet keeps heating.

    Wars rage with no clue how they will end.

    And nuclear posturing and new weapons cast a dark shadow.

    We are edging towards the unimaginable – a powder keg that risks engulfing the world.

    Meanwhile, 2024 is the year that half of humanity goes to the polls – and all of humanity will be affected.

    I stand before you in this whirlwind convinced of two overriding truths.

    First, the state of our world is unsustainable.

    We can’t go on like this.

    And second, the challenges we face are solvable.

    But that requires us to make sure the mechanisms of international problem-solving actually solve problems.

    The Summit of the Future was a first step, but we have a long way to go.

    Getting there requires confronting three major drivers of unsustainability.

    A world of impunity – where violations and abuses threaten the very foundation of international law and the UN Charter.

    A world of inequality – where injustices and grievances threaten to undermine countries or even push them over the edge.

    And a world of uncertainty – where unmanaged global risks threaten our future in unknowable ways.

    These worlds of impunity, inequality and uncertainty are connected and colliding.

    Excellencies,

    The level of impunity in the world is politically indefensible and morally intolerable.

    Today, a growing number of governments and others feel entitled to a “get out of jail free” card.

    They can trample international law.

    They can violate the United Nations Charter.

    They can turn a blind eye to international human rights conventions or the decisions of international courts.

    They can thumb their nose at international humanitarian law.

    They can invade another country, lay waste to whole societies, or utterly disregard the welfare of their own people.

    And nothing will happen.

    We see this age of impunity everywhere — in the Middle East, in the heart of Europe, in the Horn of Africa, and beyond.

    The war in Ukraine is spreading with no signs of letting up.

    Civilians are paying the price – in rising death tolls and shattered lives and communities.

    It is time for a just peace based on the UN Charter, on international law and on UN resolutions.

    Meanwhile, Gaza is a non-stop nightmare that threatens to take the entire region with it.

    Look no further than Lebanon.

    We should all be alarmed by the escalation. 

    Lebanon is at the brink. 

    The people of Lebanon – the people of Israel – and the people of the world — cannot afford Lebanon to become another Gaza.

    Let’s be clear.

    Nothing can justify the abhorrent acts of terror committed by Hamas on October 7th, or the taking of hostages – both of which I have repeatedly condemned.

    And nothing can justify the collective punishment of the Palestinian people.

    The speed and scale of the killing and destruction in Gaza are unlike anything in my years as Secretary-General.

    More than 200 of our own staff have been killed, many with their families.

    And yet the women and men of the United Nations continue to deliver humanitarian aid.

    I know you join me in paying a special tribute to UNRWA and to all humanitarians in Gaza.

    The international community must mobilize for an immediate ceasefire, the immediate and unconditional release of all hostages, and the beginning of an irreversible process towards a two-State solution.

    For those who go on undermining that goal with more settlements, more landgrabs, more incitement — I ask:

    What is the alternative?

    How could the world accept a one-state future in which a large a large number of Palestinians would be included without any freedom, rights or dignity?

    In Sudan, a brutal power struggle has unleashed horrific violence — including widespread rape and sexual assaults.

    A humanitarian catastrophe is unfolding as famine spreads.  Yet outside powers continue to interfere with no unified approach to finding peace.

    In the Sahel, the dramatic and rapid expansion of the terrorist threat requires a joint approach rooted in solidarity – but regional and international cooperation have broken down.

    From Myanmar to the Democratic Republic of the Congo to Haiti to Yemen and beyond – we continue to see appalling levels of violence and human suffering in the face of a chronic failure to find solutions.

    Meanwhile our peacekeeping missions are too often operating in areas where simply there is no peace to keep.

    Instability in many places around the world is a by-product of instability in power relations and geo-political divides.

    For all its perils, the Cold War had rules.

    There were hot lines, red lines and guard rails.

    It can feel as though we don’t have that today.

    Nor do we have a unipolar world.

    We are moving to a multipolar world, but we are not there yet.

    We are in a purgatory of polarity.

    And in this purgatory, more and more countries are filling the spaces of geopolitical divides, doing whatever they want with no accountability.

    That is why it is more important than ever to reaffirm the Charter, to respect international law, to support and implement decisions of international courts, and to reinforce human rights in the world.

    Anywhere and everywhere.

    Excellences, Mesdames et Messieurs,
     
    L’augmentation des inégalités est un deuxième facteur de l’insoutenabilité et une tache sur notre conscience collective.
     
    L’inégalité n’est pas une question technique ou bureaucratique.
     
    Au fond, l’inégalité est une question de pouvoir, aux racines historiques.
     
    Les conflits, les bouleversements climatiques et la crise du coût de la vie étendent ces racines historiques plus profondément encore.
     
    Dans le même temps, le monde peine encore à se relever de la flambée des inégalités engendrée par la pandémie.
     
    Si l’on regarde les 75 pays les plus pauvres du monde, un tiers d’entre eux se trouve aujourd’hui dans une situation pire qu’il y a cinq ans.
     
    Au cours de la même période, les cinq hommes les plus riches de la planète ont plus que doublé leurs fortunes.
     
    Et un pour cent des habitants de la planète détient 43 % de l’ensemble des avoirs financiers mondiaux.
     
    Au niveau national, certains gouvernements décuplent les inégalités en accordant des cadeaux fiscaux massifs aux entreprises et aux ultra-riches — au détriment des investissements dans la santé, l’éducation et la protection sociale.
     
    Et personne n’est plus lésé que les femmes et les filles du monde entier.
     
    Excellences,
     
    La discrimination et les abus généralisés fondés sur le genre constituent l’inégalité la plus répandue dans toutes les sociétés.
     
    Chaque jour, il semble que nous soyons confrontés à de nouveaux cas révoltants de féminicides, de violences fondées sur le genre et de viols collectifs – en temps de paix comme en tant qu’arme de guerre.
     
    Dans certains pays, les lois sont utilisées pour menacer la santé et les droits reproductifs.
     
    Et en Afghanistan, les lois sont utilisées pour entériner l’oppression systématique des femmes et des filles.
     
    Et je suis désolé de constater que, malgré des années de beaux discours, l’inégalité de genre se manifesteet je vous demande pardon de le dire, elle se manifeste aujourd’hui encore, pleinement dans cette enceinte.
     
    Moins de 10 pour cent des intervenants au Débat général de cette semaine sont des femmes.
     
    C’est inacceptable, surtout quand on sait que l’égalité entre les femmes et les hommes contribue à la paix, au développement durable, à l’action climatique et bien plus encore.
     
    C’est précisément pour cela nous avons pris des mesures spécifiques pour atteindre la parité hommes-femmes parmi les hauts responsables de l’Organisation des Nations Unies,objectif qui est déjà complété.
     
    C’est faisable.
     
    J’exhorte les institutions politiques et économiques du monde dominées par les hommes à le faire aussi.
     
    Excellences,
     
    Les inégalités mondiales se reflètent et se renforcent jusque dans nos propres organisations internationales.
     
    Le Conseil de sécurité des Nations Unies a été conçu par les vainqueurs de la Seconde Guerre mondiale.
     
    À l’époque, la majeure partie du continent africain était encore sous domination coloniale.
     
    À ce jour, l’Afrique n’a toujours aucun siège permanent au sein de la principale instance de paix du monde.
     
    Un changement s’impose.
     
    Il en va de même pour l’architecture financière mondiale, mise en place il y a 80 ans.
     
    Je félicite les dirigeants de la Banque mondiale et du Fonds monétaire international pour les mesures importantes qu’ils ont entreprises.
     
    Mais comme le souligne le Pacte pour l’avenir, la lutte contre les inégalités exige une accélération de la réforme de l’architecture financière internationale.
     
    Au cours des huit dernières décennies, l’économie mondiale s’est développée et transformée.
     
    Les institutions de Bretton Woods n’ont pas suivi le rythme.
     
    Elles ne sont plus en mesure de fournir un filet de sécurité mondial, ni d’offrir aux pays en développement le niveau de soutien dont ils ont tant besoin.
     
    Dans les pays les plus pauvres du monde, le coût des intérêts de la dette dépasse, en moyenne, le coût des investissements dans l’éducation, la santé et les infrastructures publiques réunis.
     
    Et à l’échelle du monde, plus de 80 % des cibles des Objectifs de développement durable ne sont pas en bonne voie.
    Excelencias,

    Volver al camino correcto requiere un aumento de financiamiento para la Agenda 2030 y el Acuerdo de París.

    Esto implica que los países del G20 lideren un Estímulo para los Objetivos de Desarrollo Sostenible de 500.000 millones de dólares al año.

    Implica reformas para aumentar sustancialmente la capacidad de préstamo de los Bancos Multilaterales de Desarrollo – y permitirles ampliar masivamente la financiación asequible a largo plazo para el clima y el desarrollo.

    Implica ampliar la financiación de contingencia mediante el reciclaje de los Derechos Especiales de Giro.

    E implica promover una reestructuración de la deuda a largo plazo.

    Excelencias,

    No me hago ilusiones sobre las barreras a la reforma del sistema multilateral.

    Los que tienen poder político y económico, o y los que creen tenerlo, son siempre reacios al cambio.

    Pero el status quo ya está agotando su poder.

    Sin reformas, la fragmentación es inevitable, y las instituciones globales perderán legitimidad, credibilidad y eficacia.

    Excellencies,

    The third driver of our unsustainable world is uncertainty.

    The ground is shifting under our feet.

    Anxiety levels are off the charts.

    And young people, in particular, are counting on us and seeking solutions.

    Uncertainty is compounded by two existential threats – the climate crisis and the rapid advance of technology — in particular, Artificial Intelligence.

    Excellencies,

    We are in a climate meltdown.

    Extreme temperatures, raging fires, droughts, and epic floods are not natural disasters.

    They are human disasters — increasingly fueled by fossil fuels.

    No country is spared. But the poorest and most vulnerable are hardest hit.

    Climate hazards are blowing a hole through the budgets of many African countries, costing up to five per cent of GDP – every year.

    And this is just the start.

    We are on course to careen past the global limit of a 1.5 degree temperature rise.

    But as the problem gets worse, solutions are getting better.

    Renewable prices are plummeting, roll-out is accelerating, and lives are being transformed by affordable, accessible clean energy.

    Renewables don’t just generate power. They generate jobs, wealth, energy security and a path out of poverty for millions.

    But developing countries cannot be plundered in that journey.

    Our Panel on Critical Minerals has recommended fair and sustainable ways to meet global demand for these resources, which are essential to the renewables revolution.

    Excellencies,

    A future without fossil fuels is certain.  A fair and fast transition is not.

    That is in your hands.

    By next year, every country must produce an ambitious new national climate action plan – or Nationally Determined Contributions.

    These must bring national energy strategies, sustainable development priorities, and climate ambitions together.

    They must align with the 1.5 degree limit, cover the whole economy, and contribute to every one of the COP28 energy transition targets.

    An International Energy Agency report released today breaks this down.

    By 2035, on average, advanced economies must slash energy emissions 80 per cent, and emerging markets 65 per cent.

    The G20 is responsible for 80 per cent of total emissions.

    They must lead the charge – keeping with the principle of common but differentiated responsibilities and respective capabilities in the light of different national circumstances.

    But this must be a joint effort — pooling resources, scientific capacities and proven and affordable technologies for all to be able to reach those targets.

    I’m honoured to be working closely with President Lula of Brazil – who is both G20 Chair and COP30 host – to secure maximum ambition, acceleration and cooperation. We just met for that purpose.

    Finance is essential.

    COP29 is around the corner.

    It must deliver a significant new finance goal.

    We also need a Loss and Damage Fund that meets the scale of the challenge – and developed countries meeting their adaptation finance promises.

    And we must finally flip the script on a crazy situation:

    We continue to reward polluters to wreck our planet.

    The fossil fuel industry continues to pocket massive profits and subsidies, while everyday people bear the costs of climate catastrophe – from rising insurance premiums to lost livelihoods.

    I call on G20 countries to shift money from fossil fuel subsidies and investments to a just energy transition;

    To put an effective price on carbon;

    And to implement new and innovative sources of financing – including solidarity levies on fossil fuel extraction – through legally-binding, transparent mechanisms.

    All by next year and this taking into account that those who shoulder the blame must foot the bill.

    Polluters must pay.

    Excellencies,

    The rapid rise of new technologies poses another unpredictable existential risk.

    Artificial Intelligence will change virtually everything we know — from work, education and communication, to culture and politics.

    We know AI is rapidly advancing, but where is it taking us:

    To more freedom – or more conflict?

    To a more sustainable world – or greater inequality?

    To being better informed – or easier to manipulate?

    A handful of companies and even individuals have already amassed enormous power over the development of AI – with little accountability or oversight for the moment.

    Without a global approach to its management, artificial intelligence could lead to artificial divisions across the board – a Great Fracture with two internets, two markets, two economies – with every country forced to pick a side, and enormous consequences for all.

    The United Nations is the universal platform for dialogue and consensus.

    It is uniquely placed to promote cooperation on AI – based on the values of the Charter and international law.

    The global debate happens here, or it does not happen.

    I welcome important first steps.

    Two resolutions in the General Assembly, the Global Digital Compact, and the recommendations of the High-Level Body on AI can lay the foundations for inclusive governance of AI.

    Let’s move forward together to make AI a force for good.

    Excellencies,

    Nothing lasts forever.

    But a feature of human life is that it appears otherwise.

    The current order always feels fixed.

    Until it is not.
     
    Across human history, we see empires rising and falling; old certainties crumbling; tectonic shifts in global affairs.
     
    Today our course is unsustainable.

    It is in all our interests to manage the epic transformations underway; to choose the future we want and to guide our world towards it.

    Many have said that the differences and divisions today are just too great.

    That it is impossible for us to come together for the common good.

    You proved that is not true.

    The Summit of the Future showed that with a spirit of dialogue and compromise, we can join forces to steer our world to a more sustainable path.

    It is not the end.

    It is a start of a journey, a compass in the whirlwind.

    Let’s keep going.

    Let’s move our world towards less impunity and more accountability …. less inequality and more justice … less uncertainty and more opportunity.

    The people of the world are looking to us – and succeeding generations will look back on us.

    Let them find us on the side of the United Nations Charter … on the side of our shared values and principles … and on the right side of history.

    I thank you.

    MIL OSI United Nations News