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Category: Economy

  • MIL-OSI Europe: Piero Cipollone: Monetary sovereignty in the digital age: the case for a digital euro

    Source: European Central Bank

    Keynote speech by Piero Cipollone, Member of the Executive Board of the ECB, at the Economics of Payments XIII Conference organised by the Oesterreichische Nationalbank

    Vienna, 27 September 2024

    Money plays a fundamental role in society, driving economic activity and enabling daily transactions.[1] Money in physical form, cash, remains the most frequently used means of payment in stores, especially for lower value transactions. But more and more people are using money in digital form. An average of 379 million retail transactions are made digitally in the euro area every day.[2]

    Given money’s importance for our material and social well-being, the regulation of money has long been considered a cornerstone of state sovereignty. As the influential French jurist and political philosopher Jean Bodin observed in the 16th century, “only he who has the power to make law can regulate the coinage.”[3]

    Today, legislators continue to regulate the use of money and they have entrusted central banks with issuing public money and maintaining confidence in the monetary system.

    At the European Central Bank (ECB), we issue money that can be used to settle wholesale and retail transactions throughout the euro area, thereby guaranteeing the singleness of money across the monetary union. And we ensure that the euro remains a safe, stable and effective medium of exchange and store of value. This provides an essential anchor for the economy and the financial system.

    The Eurosystem has made significant progress in integrating wholesale transactions, largely thanks to the robust payment infrastructure it provides. The Eurosystem’s real-time gross settlement system T2, for instance, processes a value close to the entire euro area GDP on a weekly basis, and it has established itself as a leading global payment system.

    In parallel, euro banknotes are accepted for retail payments across the euro area. They have become a symbol of European integration and freedom[4], uniting us and strengthening our collective identity as Europeans.

    But while central banks have long offered digital settlement in central bank money for wholesale transactions, we do not yet have a digital form of cash.

    This is becoming increasingly problematic because the use and acceptance of cash are declining. In the euro area, cash transactions have fallen below card transactions in value.[5] And the share of companies reporting that they do not accept cash has tripled in the last three years to 12%.[6] The European Commission has therefore put forward a legislative proposal to ensure the acceptance of cash[7] and the ECB is committed to keeping euro cash widely available and accessible.[8] Still, the trend towards less use of banknotes for daily transactions is likely to continue, reflecting the digitalisation of economic activity and mirroring patterns observed in many advanced economies.

    Moreover, digital payments in the euro area remain fragmented, both along national lines and in terms of use cases. Current European digital payment solutions mainly cater to national markets and specific use cases. To pay across European countries, consumers have to rely on a few non-European providers, which now dominate most of these transactions. And even those providers’ payment solutions are not accepted everywhere and do not cover all key use cases (payments in shops, from person to person and online).

    So a key objective of central bank money – to offer the public a means of payment backed by the sovereign authority that can be used for retail transactions across the jurisdiction – is not being fulfilled in the euro area’s digital space. This is all the more awkward given that some euro area countries have made it mandatory to accept digital means of payment, for instance in a bid to combat tax evasion.

    In addition, European payments have become a prime example of the situation that Enrico Letta and Mario Draghi have described in their recent reports.[9] The fragmentation of the market, the lack of European payment solutions available on a European scale and the difficulty faced by European payment service providers in keeping pace with technological advances[10] means that Europe is not competitive within its own market, let alone on a global scale.

    Moreover, in an unstable geopolitical environment, we are being left to rely on companies based in other countries. Today’s dependency on US companies could in future develop into reliance on companies from countries other than the United States. Platforms like Ant Group’s Alipay have demonstrated their ability to bridge geographical gaps: during major events like UEFA EURO 2024 they were able to boost their payment app usage among customers in Europe.[11]

    We must move swiftly to address the risks stemming from Europe’s current inability to secure the integration and autonomy of its retail payment system. This is a key motivation behind the digital euro project: bringing central bank money into the digital age would provide a digital equivalent to banknotes and strengthen our monetary sovereignty.

    Today, I will outline the policy challenges we face as digitalisation reinforces the two-sided nature of the payments market. I will then discuss how the introduction of a digital euro could make a significant difference. By designing the digital euro to meet the diverse needs of consumers, merchants and payment service providers, we can ensure its widespread adoption. This, in turn, will empower us to pursue strategic goals such as innovation, integration and independence, ultimately enhancing our economic efficiency, resilience and sovereignty.

    The retail payments market: a two-sided marketplace

    To fully appreciate why we have been failing to overcome fragmentation and why the digital euro would be a game changer, we must first understand the structure of the retail payments market as a two-sided marketplace.

    Retail payment systems act as vital intermediaries connecting two key participants – merchants and consumers – whose transactions are facilitated by payment service providers.[12] The defining feature of this marketplace is that interactions between participants generate network effects, where the value for each group increases as more participants join the other side. Consider the telephone system: its utility grows with each new user. However, on the downside, this also creates a challenging chicken-and-egg dilemma. Platforms need a critical mass of users to attract additional participants, but they struggle to achieve scale without that initial user base.

    That is why platforms with existing large user bases have an advantage in entering such markets. Indeed, the strength of network effects is amplified when platforms expand their range of activities, thereby broadening their user base.

    Technological innovation and the rise of digital platforms managed by major tech companies are expected to further exacerbate these dynamics. Big techs conduct business in finance in a unique way, drawing on three mutually reinforcing components: data analytics, network effects and interconnected activities.[13] Network effects help big techs gather more data, which enhances their analytics. Better analytics improve services and attract more users, allowing them to offer more services and gather even more data.

    As a result, payment apps provided by big techs have become especially popular in emerging markets and developing economies.[14] Take China, for example. Its financial system has largely disintermediated banks from payment transactions. Instead, big techs have leveraged the widespread use of mobile apps, integrating social interactions and shopping experiences to offer users seamless digital payment methods.[15] What is even more problematic is that these companies operate closed-loop payment systems, in contrast to international card schemes’ open-loop systems. In a closed-loop system, consumers load money onto their Alipay account, for example, and pay by scanning the merchant’s Alipay QR code. As a result, funds are transferred directly from the consumer to the merchant, bypassing the traditional system of banks and network processors. Only the owner of the closed-loop system has access to the payment data. This challenges the traditional banking model, which relies on customer data and relationships to function effectively, and also has an impact on how credit is extended to the economy.[16] There is a risk that the closed-loop systems developed by successful online platforms and big tech companies could, in future, create a parallel economy with their own currencies and distinct units of account.

    At global level, big techs such as PayPal and Apple have developed highly successful ecosystems based on the closed-loop financial services model. By encouraging people to use their payment apps, these ecosystems effectively oblige them to use their payment rails. In parallel, payment platforms have tried to become more integrated in social media giants like WhatsApp and Meta[17]. Platforms like X (formerly Twitter) are considering offering payment functions.[18] And Amazon is now venturing into the credit card and payment app business too. These examples illustrate how these firms can exploit customer networks to create cross-subsidised links between various services.[19]

    However, while network effects can foster a virtuous cycle of economic growth, they also pose significant risks.

    In particular, walled gardens or lack of interoperability between various solutions can result in market fragmentation. Technology can be used to exclude competitors – for example, by preferencing a platform’s own products or restricting competing services – and so can skew the competitive landscape in favour of a dominant player. And these dynamics could further raise the barriers to enter and grow in the two-sided payments market, stifling competition and making it even more difficult for European payment solutions to emerge on a pan-European scale.

    There is thus a risk that the current dynamics, where big tech companies seek to exploit the power of their platforms to expand in payments, could exacerbate the challenges facing the European retail payments market in terms of integration and the ability of European solutions to compete and innovate at scale.

    Addressing market failures through European policy actions

    Since the creation of the monetary union, European policymakers have taken significant steps to foster the development of private European payment initiatives that span the euro area. The hope was that these initiatives could enhance competition within the European payments landscape, providing consumers and businesses with more choice and better services.

    From the launch of the Single Euro Payments Area to the recent adoption of the Instant Payments Regulation, the European Commission[20] and ECB[21] have worked with the private sector to support integration, innovation and the creation of a pan-European retail payment solution.

    Yet, despite these efforts, more than 30 years since the inception of the Single Market and 25 years since the launch of the single currency, most European retail payment solutions remain national in scope, addressing only limited use cases. Moreover, 13 out of 20 euro area countries rely entirely on non-European solutions in the absence of their own domestic payment scheme.

    As a result, people who live, work, travel or shop online in other euro area countries find themselves effectively dependent on two international card schemes, which enjoy strong market power. This situation discourages small businesses from expanding across borders or even into their national online markets, ultimately hindering the deepening of the Single Market.[22] And paradoxically, the benefits from the efforts we make to lower the barriers to trade in European product markets may not fully reach consumers, as they are absorbed in the form of higher profits by the few international players that currently enable payments in stores and online across Europe.

    Rather than joining forces and sharing resources to develop successful pan-European solutions, national communities have often preferred to preserve the legacy of investments made in the past.[23] This reluctance has allowed a few major global players not only to dominate cross-border European payment transactions, but also to steadily capture an even larger share of domestic transactions. The result is that international payment schemes operated by non-European operators today facilitate 64% of all electronically initiated transactions with cards issued in the euro area.[24]

    Merchants – and consumers, to whom costs are eventually passed on – are left to deal with the consequences of the international card schemes’ market dominance.

    For instance, the average net merchant service charges in the EU nearly doubled from 0.27% in 2018 to 0.44% in 2022.[25] This increase occurred despite regulatory efforts to contain it[26], as international card schemes exploited their strong negotiating position to raise the non-regulated components of the merchant service charge, such as scheme fees.[27] As a result, every year, European merchants collectively transfer large amounts to international card networks.[28] The cost falls disproportionately on smaller retailers, who face charges that are three to four times higher than those paid by their larger counterparts.[29]

    This situation has raised concerns among European businesses of all sizes.[30] While the EU competition authorities can take effective action, they usually do so after dominance has been established. Moreover, they have to deal with the complexities of regulating payment networks.[31]

    This trend highlights broader competitiveness issues that have emerged across various markets. In Canada, class action lawsuits alleging collusion to set higher interchange fees have been filed against certain banks as well as Visa and Mastercard.[32] In the United Kingdom, the Payment Systems Regulator has provisionally concluded that there is insufficient competition in the card payments market. This lack of competition allows the two largest schemes to raise fees.[33] Similarly, the United States Justice Department filed a civil antitrust lawsuit earlier this week against Visa, claiming that Visa’s exclusionary and anticompetitive conduct undermines choice and innovation in payments and imposes enormous costs on consumers, merchants and the American economy.[34] It emphasised that Visa extracts fees that far exceed what it could charge in a competitive market and amount to a hidden toll adding up to billions of dollars imposed annually on American consumers and businesses. And because merchants and banks pass on those costs to consumers, Visa’s conduct affects not just the price of one thing, but the price of nearly everything.[35]

    The fact that these issues are not unique to Europe offers little comfort, particularly when considering that, unlike in the United States, this situation poses a risk to our monetary sovereignty.

    The excessive dependence on foreign entities in the European payments sector threatens the autonomy and resilience of European payment services. Without decisive public action, this dependence is likely to worsen. New foreign players – including from China[36], Brazil[37] and India[38] – are seeking to enter, or increase their footprint in, the European market.

    While foreign competition is welcome, we cannot be satisfied that Europeans do not have their own digital payments solution allowing them to pay throughout the euro area. And we need to be careful that foreign central bank digital currencies (CBDCs) do not end up eroding the international role of the euro, especially as some jurisdictions are thinking about allowing their CBDCs to be used abroad.[39]

    European policymakers – and particularly the ECB – have recognised this challenge. In response, we have initiated the digital euro project, which is currently in the preparation phase.[40]

    Digital euro: addressing fragmentation and delivering tangible benefits

    The digital euro project is a crucial step towards enhancing Europe’s payments landscape and safeguarding our monetary sovereignty.

    By ensuring everyone across the euro area would have access to central bank money in digital form, the project aims to provide tangible benefits to consumers, merchants and payment service providers alike.

    Benefits for consumers and merchants

    Complementing banknotes, the digital euro would offer all European citizens and firms the freedom to make and receive digital payments seamlessly.

    During my recent hearing before the European Parliament[41], I extensively discussed the benefits of the digital euro for consumers, particularly in terms of the convenience it would offer. The digital euro would provide a single, easy, secure and universally accepted public solution for digital payments in stores, online and from person to person. It would be available both online and offline. And it would be free for basic use.

    At the hearing, I also highlighted how the digital euro would provide merchants with seamless access to Europe’s consumer base. Moreover, it would offer an alternative that would increase competition, thereby lowering transaction costs in a more direct way than regulations and competition authorities can.[42]

    Fostering competition and innovation in a unified payments ecosystem

    The digital euro would also generate broader benefits for the euro area economy by fostering competition and innovation.

    European payment service providers are finding it increasingly difficult to compete with international card schemes and e-payment solutions. For example, Apple Pay has significantly expanded its reach in Europe, capturing a portion of interchange fees, which represents a “significant expense”[43] for issuing banks. As a result, banks risk missing out on not only interchange fees but also client relationships and user data.

    By contrast, the digital euro would ensure that distribution would remain with payment service providers, allowing them to maintain customer relationships and be compensated for their services, as is currently the case.[44] It would also offer an alternative to co-branding with international card schemes for cross-border payments in – and potentially beyond – the euro area, thus promoting competition.

    The digital euro would also expand opportunities for payment service providers while reducing the cost of rolling out solutions on a European scale. In addition, it would cultivate an environment conducive to the widespread adoption of payment innovations throughout Europe.

    Currently, several innovations aimed at simplifying payments are emerging within specific national markets or across a few countries, driven by European payment service providers. Although these innovations are highly commendable and would enhance people’s lives, existing structural barriers mean they would encounter considerable obstacles in trying to achieve pan-European scale. This fragmentation along national lines further impedes private participants’ ability to achieve the scale required in a two-sided market like the payments market.

    What is the end result? By failing to implement large-scale innovations accessible to everyone in the euro area, these companies are unable to achieve the optimal scale needed for continuous investment in new technology. This limits their ability to compete effectively with the large international players who can fully leverage economies of scale, even on a global level.

    According to the European Commission’s legislative proposal[45], the digital euro’s legal tender status – which would require merchants to accept the digital euro for electronic payments – and mandatory distribution would help overcome the challenges of achieving sufficient scale in a two-sided marketplace by ensuring widespread accessibility and acceptance across the euro area. This legal tender status, combined with the digital euro rulebook, would establish common standards, which are not in place today.

    Let me use an example to explain this in simpler terms. At the moment, in-store payment terminals often use technology known as the “kernel”[46], provided by Mastercard and Visa, to enable contactless (near field communication) transactions. Although domestic card schemes can currently access this technology for free, multi-country European card schemes cannot. Moreover, this free-of-charge policy could change at any time.

    In the future, all stores would be required to accept the digital euro, meaning payment terminals would need to support its standard. According to the draft regulation, the standard would have to be made available for reuse by private parties, who could use it to develop their services. This would mean that all payment terminals in Europe that support digital euro transactions would be equipped with a scheme-agnostic kernel. This open system would be accessible to both regional and domestic European payment schemes, thereby allowing customers to make contactless payments throughout the euro area.

    This would advance a more integrated European payments market. As private providers expand their geographical footprint and diversify their product portfolios, they will benefit from cost efficiencies and be better positioned to compete internationally.

    In essence, the network effects generated by a digital euro would function as a public good, benefiting both public and private initiatives. This approach is akin to creating a unified European railway network or European energy grid, where various companies could competitively operate their own services and deliver added value to customers.

    Instead of requiring significant investment to expand existing services across the euro area, the open digital euro standards would facilitate cost-effective standardisation, making it possible for private retail payment solution providers to launch new products and functionalities on a broader scale.

    Ultimately, whether through the digital euro or private solutions, this standardised framework would unlock innovation, create new business opportunities and improve consumer access to a diverse range of goods and services.

    Making this vision a shared reality

    The design of the digital euro, as well as the key provision in the Regulation proposed by the European Commission, contains all the key elements required to make this vision a reality.

    Over the past years, we have extensively engaged with a multitude of market stakeholders, including through the Rulebook Development Group[47] and the Euro Retail Payments Board, to shape the digital euro value proposition and prepare its implementation. We have collected and discussed the input of the payments ecosystem at large, including from representatives of consumers, merchants, banks and other payment service providers.

    In the coming months we will expand our cooperation with the private sector, focusing on three main themes: how to create a more competitive environment to encourage innovation and offer consumers more choice, how to best identify and leverage synergies to enhance efficiency and create mutually beneficial opportunities across the payments ecosystem, and how to strengthen the business models of all stakeholders, ensuring they can adapt and thrive in a rapidly evolving landscape.

    Each of these value drivers will be discussed in depth, taking into account the different roles in the payment chain, including those of issuing banks and third-party providers. By adopting this inclusive approach, we can ensure that everyone’s needs and perspectives are addressed, paving the way for a more robust and dynamic payments system.

    Conclusion

    Let me conclude. Money is key to sovereignty, a reality that resonates more than ever in the digital age.

    Some 63 countries are now operating, piloting, developing or exploring retail CBDCs.[48] Meanwhile, major private payment solutions are expanding globally and some nations may even seek to leverage crypto-assets, with figures such as US presidential candidate Donald Trump promising to make the United States a “Bitcoin superpower”.[49]

    In this fast-moving environment, Europe cannot stand still. And the role of the ECB in issuing money that is accepted throughout the euro area is particularly crucial in a monetary union where payments markets remain fragmented along national lines.

    We are committed to ensuring that people in Europe can continue to use cash.[50] However, we cannot stand by and watch as individuals are unable to use central bank money for their daily digital transactions.

    Bringing central bank money into a digitalised world through the digital euro would safeguard our monetary sovereignty in the digital age. It would overcome fragmentation by offering money that can be used for any digital payments in the euro area, foster competition and innovation by facilitating the development of pan-European payments services and strengthen our autonomy and resilience by helping us avoid becoming over-reliant on foreign payment solutions.

    Thank you for your attention.

    MIL OSI Europe News –

  • MIL-OSI Europe: Commission approves €1 billion Portuguese State aid scheme to support investments in strategic sectors necessary to foster the transition to a net-zero economy

    Source: European Commission – Justice

    European Commission Press release Brussels, 27 Sep 2024 The European Commission has approved a €1 billion Portuguese scheme to support investments for the production of equipment necessary to foster the transition towards a net-zero economy, in line with the Green Deal Industrial Plan.

    MIL OSI Europe News –

  • MIL-OSI Economics: Avos Finance: BaFin warns consumers about the websites avos-finance.com and avos-finance.ltd

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Avos Finance and the services it is offering. BaFin suspects the operator of the websites avos-finance.com and avos-finance.ltd of offering consumers financial and investment services in Germany without the required authorisation.

    Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: UK Defence supply chain bolstered to support armed forces

    Source: United Kingdom – Executive Government & Departments

     A semiconductor factory has been acquired by Ministry of Defence in Newton Aycliffe, County Durham, boosting UK defence capabilities.  

    The UK’s Armed Forces will be further bolstered as a crucial supply chain to UK defence has been secured today, after the government acquisition of a key semiconductor factory in the north-east.

    Defence Secretary John Healey visited the site today, which is the only secure facility in the UK with the skills and capability to manufacture gallium arsenide semiconductors. These types of specialist semiconductors are used in a number of military platforms, including to boost fighter jet capabilities.

    This acquisition will not only safeguard the future of the facility, which is critical to the defence supply chain and major military programmes and exports, but also secures up to 100 skilled jobs in the North East.

    Semiconductors are vitally important for the modern world we live in, being an essential component for the functioning of almost every electronic device we use, from phones and computers to ventilators and power stations. The importance of semiconductors to military applications means the technology can allow the military to fill the gaps to support their future needs.

    The announcement comes ahead of the Investment Summit next month which will make clear that the UK is “open for business” as the UK government resets relations with trading partners around the globe and creates a pro-business environment that supports innovation and high-quality jobs at home and supports our mission to deliver growth.

    The acquisition will also boost UK defence industrial capacity and exports, as the government intends to invest in the company over the coming years.

    On the visit, the Defence Secretary welcomed the acquisition and spoke to staff directly. 

    Defence Secretary John Healey said:

    Semiconductors are at the forefront of the technology we rely upon today, and will be crucial in securing our military’s capabilities for tomorrow.

    This acquisition is a clear signal that our government will back British defence production. We’ll protect and grow our UK Defence supply chain, supporting North East jobs, safeguarding crucial tech for our Armed Forces and boosting our national security.

    The semiconductor factory in Newton Aycliffe has been acquired by the government from its previous parent company Coherent Inc and will be named Octric Semiconductors UK. 

    This strategic investment will ensure the facility is capable of producing gallium arsenide semiconductors as well as more powerful semiconductors in the future, which will include the latest technology. 

    Over a trillion semiconductors are manufactured each year, with the global semiconductor market forecast to reach a total market size of $1 trillion by 2030. Semiconductors also underpin future technologies, such as artificial intelligence, quantum and 6G.

    This government recognises the strategic importance of semiconductors as a critical technology for the future of the UK and a significant enabler of the government’s growth and clean energy missions.

    Work has already started to implement best practice governance that will ensure appropriate financial oversight to secure the company’s future success.

    Updates to this page

    Published 27 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Progress update on compensation for postmasters subject to bankruptcy orders

    Source: United Kingdom – Executive Government & Departments

    An update on progress for compensation for postmasters subject to bankruptcy orders who are due compensation for losses suffered as a consequence of the Post Office’s Horizon IT system

    UPDATE 24 April 2023

    We have today written to the Chair of the Post Office Horizon IT Inquiry, Sir Wyn Williams, setting out in further detail the Official Receiver’s position as trustee and how the Insolvency Service has, within the confines of the law, assisted individuals who have been subject to bankruptcy orders.

    Insolvency Service letter to the Chair of the Post Office Horizon IT Inquiry

    ODT, 105 KB

    This file is in an OpenDocument format

    Bankruptcy and its impact on the Horizon IT compensation schemes is complex, therefore, the Official Receiver is contacting the affected former postmasters to help work through their options.

    Details of the compensation schemes and the impact of bankruptcy are set out below.

    Historical Shortfall Scheme

    We have been working closely with the Post Office and the Department for Business and Trade in relation to the claims for compensation from the Post Office, submitted by former bankrupts to the Historical Shortfall Scheme.

    Under this scheme, compensation awarded for personal losses, for example, damage to reputation or distress, do not form part of the bankruptcy estate and will be paid by the Post Office to former postmasters.

    However, elements of the compensation that relate to financial losses, for example those due to loss of earnings, under insolvency law are an asset of the bankruptcy and legally must be realised for the benefit of creditors.

    Therefore, when offers of compensation are made by the Post Office, the Official Receiver’s office has been contacting the former postmasters to discuss the implications of bankruptcy and explain the available options. This includes exploring how to apply for the annulment (cancellation) of the bankruptcy order and access to independent legal advice.

    The Official Receiver, as trustee of the bankruptcy estates, must act in accordance with their statutory duties and distribute realised assets for the benefit of creditors. The Official Receiver is actively engaging with creditors to establish if they wish to pursue their claims in the postmaster bankruptcies and seek a distribution from the compensation awards.

    In the event there is a surplus following the payment of any statutory costs of the bankruptcy and any claims from creditors that wish to receive a distribution from the compensation awards, the funds will be paid to the former bankrupts.

    For those former postmasters who believe they experienced shortfalls related to the Horizon system but have not yet submitted a claim, the Post Office is now accepting eligible late applications into the Scheme. You can find information about eligible late applications on the Scheme website.

    Group Litigation Order Scheme

    In cases where former postmasters were previously subject to a bankruptcy order and are now discharged, neither the interim payment nor any future payments under the scheme are due to the bankruptcy estate. Any compensation will therefore be paid in full to the former postmasters. This position is supported by the court’s decision in Secretary of State for Business and Trade v Mustafa Hassanali Abdulali & Anor).

    We continue to work with the scheme administers, the Department for Business and Trade, to ensure these payments are made in a timely manner to the former postmasters.

    Horizon Convictions Redress Scheme and Overturned Historical Conviction Scheme

    In cases where former postmasters were previously subject to a bankruptcy order and are now discharged, neither the interim payment, nor any future payment for malicious prosecution are due to the bankruptcy estate, and will be paid in full to the former postmasters.

    We continue to work with the schemes’ administers, the Department for Business and Trade, to ensure these payments are made in a timely manner to the former postmasters.

    Updates to this page

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Fraudulent website related to Bank of China (Hong Kong) Limited

    Source: Hong Kong Government special administrative region

    Fraudulent website related to Bank of China (Hong Kong) Limited
    Fraudulent website related to Bank of China (Hong Kong) Limited
    ***************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank of China (Hong Kong) Limited relating to a fraudulent website, which has been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.           The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).           Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the website concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

     
    Ends/Friday, September 27, 2024Issued at HKT 17:50

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Helpers to get 2.5% pay rise

    Source: Hong Kong Information Services

    The Minimum Allowable Wage for foreign domestic helpers will rise 2.5% to $4,990 per month, the Government announced today.
     
    In addition, under the Standard Employment Contract for hiring foreign domestic helpers, food allowances paid by employers will remain at not less than $1,236 per month. Under the law, employers must provide their helpers with free food or pay them a food allowance.
     
    The new minimum wage will apply to all contracts signed from tomorrow.
     
    Contracts signed today or earlier at the existing minimum rates will still be processed by the Immigration Department provided that the applications reach the department on or before October 25.
     
    The Government reviews the Minimum Allowable Wage for foreign domestic helpers regularly. In this year’s review, it said that it had carefully considered Hong Kong’s general economic and labour market conditions over the past year, the city’s near-term economic outlook, employers’ financial circumstances and helpers’ livelihoods.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: President Lai presides over first meeting of Whole-of-Society Defense Resilience Committee

    Source: Republic of China Taiwan

    President Lai presides over first meeting of Whole-of-Society Defense Resilience Committee
    President Lai presides over first meeting of Whole-of-Society Defense Resilience Committee
    2024-09-26

    On the afternoon of September 26, President Lai Ching-te presided over the first meeting of the Whole-of-Society Defense Resilience Committee. As the committee’s convener, the president presented committee members with their letters of appointment, and explained that in order to build up our whole-of-society defense resilience, we will actively engage in comprehensive preparation to make our nation stronger and our people more confident. The president stated that we will enhance Taiwan’s response capabilities and expand cooperation between the public and private sectors. He stated that he looks forward to working together with everyone to establish a platform through which we can communicate and coordinate on our national resilience strategy, fostering a national consensus, and strengthening resilience throughout Taiwan in national defense, economic livelihoods, disaster prevention, and democracy.
    President Lai stated that a more resilient Taiwan will contribute more to global democracy, peace, and prosperity. He emphasized that as our society becomes better prepared, our nation grows more secure; and as Taiwan shows more determination to defend itself, the international community will feel more at ease. He expressed hope that we will engage in wide-ranging discussions and build a fortress of unity, making Taiwan a cornerstone for ensuring regional stability and democratic sustainability.
    A translation of President Lai’s opening statement follows:
    In order to consolidate forces from various sectors to strategize on national development, at the end of my first month in office, I announced that the Presidential Office will establish three committees in response to three major global issues: climate change, health promotion, and social resilience. Last month we convened the first meetings for two of those committees – the National Climate Change Committee and the Healthy Taiwan Promotion Committee.
    Today, we are convening the first meeting for the Whole-of-Society Defense Resilience Committee. I want to thank our three deputy conveners and all advisors and committee members for their joint commitment. I also want to thank our fellow citizens and friends for following the committee’s proceedings online.
    Climate change, large-scale natural disasters, and the threat to democracy posed by expanding authoritarianism are all challenges not just for Taiwan, but for the entire world. The operations and goals of these three committees are interrelated, and they are closely connected by the issue of national resilience. We intend to build up a more resilient Taiwan, proactively deal with challenges, and bring Taiwan into deeper cooperation with the international community.
    When former President Tsai Ing-wen was in office, the government took stock of resources in the public and private sectors in order to lay a solid foundation on which to build up our social resilience. Now, we will continue forward, from stocktaking to validation. This will entail three principles for whole-of-society defense resilience.
    The first principle is “preparedness through vigilance.” We will actively engage in comprehensive preparation to make our nation stronger and our people more confident. That way, in a disaster or emergency, the government and the public can quickly leverage their respective strengths and maintain the normal operation of society.
    The second principle is “enhanced response, fearlessness in action.” We will expand the training and utilization of civilian forces, and enhance our strategic material preparation and critical supply distribution. We will also improve the readiness of our social welfare, medical care, and evacuation facilities, and ensure the protection of information, transportation, and financial networks. All of this will enhance Taiwan’s response capabilities.
    The third principle is “orderly execution, methodical action.” At all levels of government, from central to local, we will conduct extensive validation and drilling, and we will expand connections with civil society groups and societal forces so that we can all work together, in a systematic and professional manner, to identify problems, propose solutions, and follow through with implementation. This is how we will resolve problems.
    The work involved in whole-of-society defense resilience is diverse and complex. Accordingly, this committee needs members from the public and private sectors who can work together in coordination. The members must be guided by practical experience, have interdisciplinary expertise, span different generations, and constitute a balance between the genders. These were the factors we took into consideration when we invited representatives from industry, government agencies, academia, and research institutions to serve as the four advisors and 23 members who make up this committee. Of the total committee membership, 67.7 percent are not government officials, and 32.3 percent are women. 
    First, I want to thank the committee advisors who have taken on that important responsibility. With us today we have Master Jing Yao (淨耀) of the Buddhist Association of the Republic of China; Huoh Shoou-yeh (霍守業), chairman of the Institute for National Defense and Security Research; and Lin Ming-hsiung (林敏雄), chairman of Chuan Lian Enterprise Co. I thank each of you for your participation, and look forward to seeing you provide the committee with broadly considered, professional views on such matters as civilian force preparedness, strategic frameworks, and supply distribution.
    I also want to introduce committee members who are here today. We have with us Wang Pao-tzong (王寶宗), chairman of the Holy Glory Temple; Chen Hsin-liang (陳信良), general secretary of the General Assembly Executive Committee of the Presbyterian Church in Taiwan; and Yen Po-wen (顏博文), CEO of the Tzu Chi Charity Foundation. I thank you all for your commitment and for giving us all the opportunity to learn how religious groups engage in disaster preparedness and relief efforts.
    Let me also thank James Liao (廖英熙), president of the National Defense Education Association; Enoch Wu (吳怡農), founder of the Forward Alliance; Hsiau Ya-wen (蕭雅文), honorary chairperson of the Taiwan Development Association for Disaster Medical Team; Liu Wen (劉文), chairperson of the Kuma Civil Defense Education Association; and Tseng Po-yu (曾柏瑜), consultant at Doublethink Lab. You have all been long involved in civil defense education, emergency medicine, and other fields, so I am quite confident that you will help the committee to better understand civilian force training and utilization.
    Let me also introduce Tu Wen-ling (杜文苓), distinguished professor in the Department of Public Administration at National Chengchi University, and Hsiao Hsu-chun (蕭旭君), associate professor of Computer Science and Information Engineering at National Taiwan University. I thank both of you for generously contributing your expertise to make Taiwan’s energy and critical infrastructure operations more robust.
    Also, I want to thank Wu Jong-shinn (吳宗信), director general of the Taiwan Space Agency; Kenny Huang (黃勝雄), chairman of the Taiwan Network Information Center; and Dai Chen-yu (戴辰宇), board member of the Association of Hackers in Taiwan. Your involvement will contribute immensely to the protection of information, transportation, and financial networks in Taiwan.
    Among our committee members we have the following six government representatives: Minister of National Defense Wellington Koo (顧立雄); Minister of Economic Affairs Kuo Jyh-huei (郭智輝), who could not attend today’s meeting; Minister of Transportation and Communications Chen Shih-kai (陳世凱); Minister of Agriculture Chen Junne-jih (陳駿季); Minister of Health and Welfare Chiu Tai-yuan (邱泰源); and Minister of Ocean Affairs Council Kuan Bi-ling (管碧玲). The committee has two executive secretaries, namely Chi Lien-cheng (季連成), minister without portfolio of the Executive Yuan, and Ministe
    r of the Interior Liu Shyh-fang (劉世芳).
    In addition, one member who will be joining us shortly is Bob Hung (洪偉淦), general manager of Trend Micro Taiwan. I also want to introduce one advisor and three committee members who could not attend today. They are, respectively, Robert Tsao (曹興誠), founder of United Microelectronics Corporation; Kuo Chia-yo (郭家佑), president of the Taiwan Digital Diplomacy Association; Liu Yu-hsi (劉玉晳), associate professor in the Department of Communications Management at Shih-Hsin University; and Tina Lin (林雅芳), managing director of sales and operations at Google Taiwan. I also thank them for participating in this committee’s operations and for contributing their valuable advice at today’s proceedings in written form.
    Last Saturday marked the 25th anniversary of the major earthquake that struck Taiwan on September 21, 1999. For the past 25 years, we have worked continuously to improve Taiwan’s disaster preparedness and relief capabilities. Today, our purpose in building up whole-of-society defense resilience is to enable each and every individual to realize, when an emergency arises, where to best make a contribution and how to protect themselves, contribute to society, or deter an approaching enemy. We want to enable all our citizens to feel utterly confident in the continuity and future of Taiwan’s society.
    Today, in this first meeting of the committee, the National Security Council (NSC) will brief us on the topic of “Whole-of-Society Defense Resilience: Planning and Challenges.” The NSC will familiarize all of us here, as well as our citizens and friends watching online, with the concepts and operations involved in whole-of-society defense resilience, the associated challenges and goals, and the progress we have made toward achieving our tasks.
    I have said before that a sudden natural disaster is like an acute cold, while climate change is more like a chronic disease. What whole-of-society defense resilience addresses is both the chronic and the acute. In addition to national disasters and emergencies, Taiwan has also been dealing for a long time with the challenges of gray-zone aggression and cognitive warfare.
    Located in the first island chain, Taiwan stands on the frontline of the democratic world. As such, we have always endeavored to safeguard regional peace and stability. I firmly believe that a more resilient Taiwan will contribute more to global democracy, peace, and prosperity.
    I also believe that when Taiwan is properly prepared and shows determination, our like-minded partners from around the world will be more willing to help Taiwan, jointly respond to all kinds of challenges, and work in concert to mitigate risks.
    As the people of Taiwan become more united, our nation grows more stable. As our society becomes better prepared, our nation grows more secure. And as Taiwan shows more determination to defend itself, the international community will feel more at ease.
    And so, I want to thank all of you once again for taking on the major task of enhancing our whole-of-society defense resilience. I look forward to working together with everyone, as we continue to observe global conditions, to establish a platform through which we can communicate and coordinate on our national resilience strategy, thereby fostering a nationwide consensus and strengthening resilience throughout Taiwan in national defense, economic livelihoods, disaster prevention, and democracy.
    Moving forward, let us engage in wide-ranging discussions, build a fortress of unity, and further empower our whole-of-society defense resilience, making Taiwan a cornerstone for ensuring regional stability and democratic sustainability. Thank you.
    Following his statement, President Lai presented letters of appointment to the committee members and heard a report from NSC Deputy Secretary-General Hsu Szu-chien (徐斯儉) on the topic of “Whole-of-Society Defense Resilience: Planning and Challenges.” Afterward, President Lai exchanged views with the committee members regarding the content of the report and the Rules of Procedure for Meetings of the Office of the President Whole-of-Society Defense Resilience Committee.

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: Deaf Awareness Month, a moment of reflection on progress made

    Source: South Africa News Agency

    By Morapedi Sibeko

    This September, as we commemorate Deaf Awareness Month, it is a good moment to look back on the progress made in recognising South African Sign Language (SASL) and to raise awareness of the experiences of Deaf people, whose voices emphasise the continued need for inclusion and activism.

    The South African National Deaf Association (SANDA) estimates that there are over four million Deaf and hard of hearing people in South Africa. Fundamental human rights include the right to language, and for Deaf people, SASL is essential to their full participation in society. They risk being shut out of opportunities for work, education, and other necessities without it. Acknowledging SASL as an official language is about more than just respecting language rights; it’s about giving the Deaf community equity, inclusion, dignity, and self-determination.

    In 2023, South Africa achieved a breakthrough in the advancement of Deaf rights when a Constitutional Amendment Bill was passed, recognising South African Sign Language (SASL) as the nation’s 12th official language. The purpose of this legislation is to provide complete linguistic inclusion and access to services, education, and employment in order to advance the rights and dignity of South Africans who are deaf. Section 9 of the Constitution guarantees the rights of those who are deaf and hard of hearing. The amendment primarily aims to enhance inclusivity, cultural acceptability of SASL, and the deaf culture.

    The Department of Social Development’s (DSD), policy framework Policy on Social Development Services to Persons with Disabilities (PSDSPD) emphasises the mainstreaming of people with disabilities throughout all sectors of society, illustrating the government’s dedication to promoting full inclusion and equal access to opportunities for the Deaf community. These actions demonstrate how South Africa is making significant progress toward fostering Deaf rights and fostering inclusivity.

    Another significant achievement is the selection of partially deaf Miss South Africa 2024, Natasha Joubert. Her success emphasises how more and more Deaf people are appearing in prominent roles, which highlights the significance of ongoing advocacy for complete inclusion and the implementation of laws that promote equitable opportunities for all.

    Nenio Mbazima, a Deaf entrepreneur, founded Strong Wind to address the economic disadvantage of the Deaf community. He noticed that Deaf people often teach hearing people sign language, leading to economic exclusion for the Deaf individuals who have helped spread the language.  This insight inspired him to launch a business that offers interpreting services and supports Deaf people in starting their own enterprises. Mbazima further explained, “I urge Deaf people to launch and register their own businesses as sign language service providers whenever I get the chance.”

    Even though Deaf rights have improved, more work remains to be done. True equality necessitates ongoing efforts to advance inclusivity, accessibility, assist Deaf-owned businesses, and increase public awareness of the significance of Deaf inclusion across all domains.  As we commemorate Deaf Awareness Month, we are reminded of the need to keep up the fight for complete inclusion, financial empowerment, and acknowledgement of Deaf-owned companies. We cannot guarantee that the advancements made today will lead to lasting improvements for the Deaf community tomorrow unless we make consistent efforts.

    *Morapedi Sibeko is the Events Manager at the Department of Social Development

    MIL OSI Africa –

  • MIL-OSI Economics: Co-Chairs’ Press Release 7th ASEAN-Pacific Alliance Ministerial Meeting

    Source: ASEAN

    New York, 25 September 2024 – ASEAN and the Pacific Alliance welcomed the Ministerial Meeting between the two regional mechanisms during the 7th ASEAN-Pacific Alliance Ministerial Meeting, held on 25 September 2024 on the sidelines of the 79th Session of the United Nations General Assembly (UNGA) in New York City, USA. The Meeting was co-chaired by H.E. Enrique A. Manalo, Secretary for Foreign Affairs of the Republic of the Philippines, and H.E. Alberto van Klaveren, Minister of Foreign Affairs of the Republic of Chile and was the first high level in-person interaction between ASEAN and the Pacific Alliance after their last Ministerial Meeting in September 2019.
    Acknowledging global challenges including post-pandemic economic recovery, climate change and disruptive technologies, the Ministers stressed the importance of continued inter-regional cooperation in mutually beneficial areas for the peoples of the two regions. In particular, the Ministers emphasised the importance of promoting free trade, digital economy, and people-to-people exchange. They also expressed continued support to the Micro, Small and Medium sized Enterprises (MSMEs) as a vital driving force of the economies of both regions.
    The Ministers reviewed the progress of the implementation of the ASEAN-Pacific Alliance (PA) Work Plan (2021-2025), following its adoption in November 2021, and underscored the need to further enhance ASEAN-Pacific Alliance cooperation in the areas of mutual interest, as may be mutually agreed, including trade and investment, digital economy, MSMEs, tourism, education and cultural exchange, people-to-people engagement, science and technology, and sustainable development. The Ministers also took special note of the virtual forum held on 26 June 2024, under the working theme “Mainstreaming Gender Equality: Sharing best practices between the Association of Southeast Asian Nations and the Pacific Alliance”, where both regional blocs reviewed the importance of sex disaggregated data to push forward women’s economic empowerment, and shared the efforts made to mainstreaming the gender perspective in our regions, including the main regional strategies on inclusive trade.
    The Ministers updated the ASEAN-Pacific Alliance Framework Agreement for Cooperation (FAC), adopted in September 2016, by endorsing the addendum to formally acknowledge that the National Coordinators of the Pacific Alliance subsumed the role of the Group of External Relations of the Pacific Alliance since July 2019. Both sides shared the relevance of institutionalizing the changes by revisiting the FAC periodically.
    The Ministers noted the recent developments in ASEAN and the Pacific Alliance, including the 57th ASEAN Foreign Ministers’ Meeting and Related Meetings in July 2024, the upcoming 44th and 45th ASEAN Summits and Related Summits in October 2024 and the Pacific Alliance Presidential Summit next December in Chile, and the progress on the accession process of Costa Rica as a PA member and Singapore as a PA-associated state.

    The post Co-Chairs’ Press Release 7th ASEAN-Pacific Alliance Ministerial Meeting appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Director bans for husband-and-wife who hired illegal workers at Chinese takeaway

    Source: United Kingdom – Executive Government & Departments

    Five-year bans for couple who employed illegal workers

    • Yu Jian Chen and Yunqin He employed three illegal workers at a Chinese takeaway in the Scottish Highlands 

    • The illegal workers were found during a visit from Immigration Enforcement officials last year 

    • Both Chen and He have been banned as company directors for the next five years 

    A couple who employed three illegal workers at a Chinese takeaway in the Scottish Highlands have been banned as company directors. 

    Yu Jian Chen, 39, and his wife Yunqin He, 38, recruited the workers, who were from China and Malaysia, at The Jade Garden in the village of Bonar Bridge. 

    Immigration Enforcement officials discovered the illegal workers during a raid of the takeaway last year. 

    Dave Magrath, Director of Investigation and Enforcement Services at the Insolvency Service, said: 

    Yu Jian Chen and Yunqin He failed to comply with their statutory obligations by employing three people who did not have the right to work at their takeaway. 

    Employers hiring illegal workers not only defraud the public purse but potentially put some of the most vulnerable people in society at risk of exploitation. 

    We are pleased to be supporting the Home Office with their activities by taking firm action against rogue company directors. 

    Chen and He were directors of The Jade Garden, trading under the company name JG Sutherland Limited, when Immigration Enforcement officials visited the premises in January 2023, finding two Chinese men and a Malaysian woman with no right to work there. 

    Immigration Enforcement fined The Jade Garden £45,000 for the immigration breach, which remains unpaid. 

    Brian Gillespie, the Home Office’s Immigration Compliance Enforcement lead for Scotland, said: 

    Illegal working undercuts honest employers, places vulnerable individuals at risk of exploitation and disadvantages legitimate job seekers.  

    It also impacts public finances as taxes are not paid by these businesses and workers, which is why tracking down unscrupulous employers is so important.  

    We’re pleased to secure these bans following an effective and close working relationship between the Home Office and the Insolvency Service. 

    The Secretary of State for Business and Trade accepted disqualification undertakings from Chen and He, and their five-year bans began on Thursday 19 September. 

    The disqualifications prevent the pair from becoming involved in the promotion, formation or management of a company, without the permission of the court. 

    He resigned as a director of the company five days after the Immigration Enforcement raid. 

    Further information 

    Updates to this page

    Published 27 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI Translation: Guarantee of the quality of the women and the provisions used during the legislative process. Examen by the Federal Finance Control

    MIL OSI Translation. Region: Italy –

    Source: Switzerland – Federal Chancellery

    Federal Council

    Berne, 27.09.2024 – The Federal Financial Control Office will proceed with an examination of prescriptions designed to guarantee the quality of women and forecasts which are used in accordance with the legislative process, in accordance with the decision made by the Federal Council for their approval 27 September 2024. This exam will contribute to the fact that the Federal Council, the Parliament and the people have the best possible basis for making decisions.

    The women and the forecasts are of great importance for the legislation. Elles influentialnt l’ensemble du processus, de la consultation à l’éventuelle vote popularaire en passant par les débats au Parlement. As a result, the Federal Council has asked the Federal Finance Inspectorate (CDF) to proceed with an examination of the suitability and effectiveness of the prescriptions and instruments existing here to guarantee the quality of women and forecasts. He is also asked to examine the quality of the women’s bases, methods and processes which are used to evaluate the forecasts contained in the messages and the explanations brochure of the Federal Council. The CDF operates autonomously and independently, within the limits of legal prescriptions. I accept the request of the Federal Council. Your work is signed up for the annual program 2025.

    Erroneous women and imprecise predictions make it possible to question the decisions of the Federal Council and the Parliament, once again the people’s cells if the women’s project is to be voted on. Also the Federal Council at the beginning of the measures on January 15, 2020 to guarantee the objectivity and actuality of the basic decisions. For example, the quantitative data should be presented in a synthetic manner, with its sources, from the stages of consultation and the reports should contain an appreciation of the reliability of the estimations.

    The Federal Council requested by the CDF to verify that the measures decided on 15 January 2020 are well taken into account in practice in all departments. The first to determine is that it is necessary to take the general order measures on the basis of the administrative enquête in cours portant on the erroneous estimations in the financial perspectives of the AVS. Ultimately, the examiner’s request is that the Federal Administration team is competent in the systematic manner of the training undertaken by the Federal Administration of contributions to the arrest suite concerning the initiative on the criminalization of the mariage. The CDF fixes independently the definitive questions that concern the object of the exam.

    The women and the fairytale predictions reinforce not only the legislation, but also the confidence of the population in the political process and the instruments of direct democracy.

    Address for envoi de questions

    Urs Bruderer Chef ai de la Section communication058 483 99 69urs.bruderer@bk.admin.ch

    Author

    Federal Councilhttps://www.admin.ch/gov/fr/accueil.html

    Federal Chancelleryhttps://www.bk.admin.ch/bk/fr/home.html

    Social shares

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

    MIL Translation OSI

  • MIL-OSI Economics: stockstrends.co: BaFin warns consumers about website

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the website stockstrends.co. According to information available to BaFin, financial and investment services are being provided on this website without the required authorisation.

    The operator of the website is StocksTrends Ltd. It provides business addresses in London, United Kingdom, and the British Virgin Islands.
    BaFin has warned consumers about several almost identical websites that have come to its attention recently. The homepage of each website begins with the following sentence: “Step Into the Trading Arena With Confidence & [name of website]”.

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI Europe: Federal Council requests CHF 13 million for humanitarian aid in Middle East

    Source: Switzerland – Federal Council in English

    Bern, 27.09.2024 – At its meeting on 27 September 2024, the Federal Council took a decision concerning the final instalment of the credit for humanitarian operations in the Middle East. A total of CHF 13 million will be used to support national and international organisations working in the region. The Federal Department of Foreign Affairs (FDFA) has been instructed to consult the foreign affairs committees. In this context, the FDFA informed the Federal Council about how it intends to implement Parliament’s decision to reduce the humanitarian credit for 2024. The Federal Council reiterates its call for a diplomatic solution that upholds international humanitarian law and leads to de-escalation and peace in the Middle East.

    As decided by Parliament in December 2023, disbursements for the Middle East under the ‘Humanitarian operations’ credit for 2024 will be made in instalments and only after consultation with the chambers’ foreign affairs committees. For the third and final instalment in 2024, the Federal Council has decided to allocate around CHF 13 million to organisations from Switzerland, the International Committee of the Red Cross, United Nations organisations and international NGOs. The humanitarian aid payments are intended to alleviate hardship, particularly in the areas of water, food, health, education, income and social cohesion in Iraq, Jordan, Lebanon, the occupied Palestinian territory and Syria. The decision regarding this final instalment will be submitted to the foreign affairs committees for consultation.

    The total budget for humanitarian operations in the Middle East this year amounts to around CHF 79 million. On 24 April 2024, the Federal Council approved around CHF 56 million for the first instalment. On 8 May, the Federal Council decided to disburse CHF 10 million to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). This funding was restricted to an appeal for humanitarian aid from UNRWA and to the most pressing basic needs of the people in Gaza. The foreign affairs committees were consulted and approved these funds. As a result of Parliament’s decision to cut the 2024 humanitarian credit by CHF 10 million, in view of the humanitarian situation worldwide (including possible natural disasters) and the related need to maintain a certain degree of financial flexibility until the end of the year, as well as the ongoing parliamentary deliberations on UNRWA, the CHF 10 million contribution to UNRWA approved by the Federal Council in May will not be increased within the 2024 budget.

    The Federal Council emphasises that only dialogue, de-escalation and adherence to international humanitarian law can bring about peace in the Middle East. Regarding Gaza, it reiterates its call for a ceasefire, the immediate and unconditional release of the hostages and unimpeded humanitarian access. The Federal Council also reaffirms that the two-state solution is the only basis for peace between Israelis and Palestinians. In light of the ongoing violence in the Lebanese-Israeli border area and the resulting, a diplomatic solution is essential to enable the Lebanese and Israeli populations to live in peace and security.

    Address for enquiries

    For further information:
    FDFA Communication
    Tel. Press service +41 460 55 55
    kommunikation@eda.admin.ch

    Publisher

    The Federal Council
    https://www.admin.ch/gov/en/start.html

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: expert reaction to news that the FDA has approved the drug Cobenfy (KarXT) for schizophrenia

    Source: United Kingdom – Executive Government & Departments

    Scientists comment on the FDA approving Cobenfy (KarXT) for schizophrenia. 

    Dr Sameer Jauhar, Senior Clinical Lecturer in Affective Disorders and Psychosis, Consultant Psychiatrist, King’s College, London and South London and Maudsley NHS Foundation Trust, said:

    “Schizophrenia can be a devastating illness for people and their families, and the effects on society are significant.

    “We do have effective treatments, and the pharmacological treatments are a foundation for holistic care (which includes psychosocial interventions).

    “Unfortunately currently available antipsychotics have significant side-effects, which include weight gain and movement effects, and this can affect peoples’ concordance with treatment.

    “All currently licensed antipsychotics exert effects on the dopamine system, and this has been the case for at least 50 years.

    “We have had false dawns before, despite significant efforts in the field (with significant financial investment) phase three trials of newer compounds have so far been disappointing.

    “This novel treatment is the first of its kind, which does not act directly on the dopamine system, with good phase three trial data.

    “The side effect profile from Phase three trials suggests it has less of the side effects noted with current treatments.

    “It is acknowledged that these trials are short in duration, and we will need longer-term trials, to inform clinical care.

    “In my opinion, as a clinician and researcher, this is possibly one of the most exciting developments in our field, and I am very excited about this.”

     

    Dr Robert McCutcheon, Wellcome Clinical Research Career Development Fellow, Department of Psychiatry, University of Oxford, said:

    Just how significant is this approval in the mental health/ schizophrenia treatment field?

    “This is a major advance – it is the first treatment for schizophrenia with a novel target for 70 years.

    Why do we need other drug treatments in schizophrenia?

    “Current treatments are ineffective for many of the symptoms of schizophrenia, we need compounds with novel mechanisms of action.

    What is different about this drug to previous drugs for schizophrenia?

    “All other treatments work by targeting dopamine receptors. This is the first treatment that has a different target. We hope this may mean it can help people who don’t respond to standard treatments and maybe help the symptoms that aren’t helped by existing treatments.

    What does this mean for patients in the UK who may be excited about this news?

    “We will be running the first UK trial of this compound in Oxford, starting in 2025.”

    Dr Paul Keedwell, Consultant Psychiatrist and Fellow of the Royal College of Psychiatrists, said:

    “New candidates for the treatment of this frequently debilitating condition are always welcome. However, the clinical effectiveness needs to be tested in real clinical settings. We also need to know how well it is tolerated given its tendency to cause gastro-intestinal problems in some patients.”

    https://www.fda.gov/news-events/press-announcements/fda-approves-drug-new-mechanism-action-treatment-schizophrenia

     

    Declared interests

    Dr Sameer Jauhar: SJ has given educational talks on psychosis for Behringer=Ingelheim, Sunovian, Janssen, and Lundbeck. He has consulted for LB Pharmaceuticals on antipsychotics. He has sat on a Wellcome Funding Panel, and NICE Technology appraisal panel for treatment of antipsychotic induced movement disorder. He is a Council Member of the British Association for Psychopharmacology (unpaid) and Academic Faculty of the Royal College of Psychiatrists (unpaid).

    Dr Robert McCutcheon: RAM has received speaker/consultancy fees from Boehringer Ingelheim, Janssen, Karuna, Lundbeck, Newron, Otsuka, and Viatris, and co-directs a company that designs digital resources to support treatment of mental ill health. I am leading a Wellcome trust funded RCT of the compound in early psychosis.

    Dr Paul Keedwell: No conflict of interest.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Alexander Novak held talks with the Secretary General of the Gas Exporting Countries Forum Mohamed Hamel

    MILES AXLE Translation. Region: Russian Federation –

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

    Alexander Novak held talks with the Secretary General of the Gas Exporting Countries Forum Mohamed Hamel

    September 27, 2024

    Alexander Novak held talks with the Secretary General of the Gas Exporting Countries Forum Mohamed Hamel

    September 27, 2024

    Alexander Novak held talks with the Secretary General of the Gas Exporting Countries Forum Mohamed Hamel

    September 27, 2024

    Previous news Next news

    Alexander Novak held talks with the Secretary General of the Gas Exporting Countries Forum Mohamed Hamel

    Deputy Prime Minister of the Russian Federation Alexander Novak met with Secretary General of the Gas Exporting Countries Forum (GECF) Mohamed Hamel on the sidelines of the international forum “Russian Energy Week”.

    Alexander Novak called the GECF an important platform for comprehensive dialogue in the energy sector and stated Russia’s interest in further increasing the organization’s authority in the gas market, where, in the context of geopolitical pressure, the demand for constructive cooperation is growing.

    The Deputy Prime Minister named cooperation in the scientific and analytical fields, building up technological partnerships in the gas chemical industry, creating a gas development bank and a network of research centers around the world as priority topics for interaction between Russia and the GECF.

    “GECF forecasts a 34% increase in global gas demand by 2050, with the growth drivers being developing countries in the Asia-Pacific region, the Middle East and Africa. GECF should use its potential and accumulated experience to develop the global energy market by providing developing countries with access to financial products, consulting support, and business solutions from the largest market players. Combating underinvestment in the industry should become a key mission of the GECF gas bank, especially in a situation where global development institutions refuse to finance gas projects, promoting only renewable energy sources,” said Alexander Novak.

    The parties emphasized that gas as an environmentally friendly fuel will take a dominant position in the global fuel and energy balance in the next 25 years. This should be facilitated by new instruments for GECF members, in particular the possibility of organizing swap agreements and gas hubs, which will reduce logistics costs in the delivery of raw materials, as well as conclude profitable long-term contracts with gas consumers. The emergence of secure payment mechanisms is necessary, as well as the expansion of cooperation in the field of equipment and technology supplies.

    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/52816/

    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: KCEX Expands Global Crypto Trading Platform with New Reward Center and Daily Futures Trading Competitions

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Sept. 27, 2024 (GLOBE NEWSWIRE) — KCEX, a leading cryptocurrency exchange, has made significant strides in the digital asset trading space by unveiling a suite of new features, including its Reward Center and a Futures Trading Competition. With a commitment to enhancing user engagement and providing a robust platform for traders, KCEX aims to establish itself as a prominent player in the global crypto trading market.

    Enhanced Trading Experience with KCEX: KCEX has quickly risen as a reliable platform for both novice and experienced crypto traders. The platform provides a secure and user-friendly environment, with over 500 cryptocurrencies available for trading, alongside futures and spot trading options. Notably, the exchange integrates advanced charting tools, competitive trading fees, and robust security features, making it a comprehensive destination for traders worldwide.

    KCEX’s transparent fee structure is a standout feature, offering some of the lowest transaction fees in the market. Traders benefit from a 0% fee on spot trades and a dynamic fee structure of 0% maker, 0.02% taker for futures trading, ensuring affordability across diverse trading strategies. Additionally, KCEX offers exceptional liquidity, which is critical for executing trades swiftly and efficiently, minimizing slippage even in volatile markets.

    Futures Trading Competition: One of the most exciting developments from KCEX is the launch of its Daily Futures PNL Trading Competition, aimed at encouraging active trading and rewarding top-performing users. The competition is structured to reward participants based on their daily profit from futures trading activities, offering an opportunity for both professional traders and enthusiasts to showcase their skills.

    The competition has garnered attention for its attractive daily prize pool of $20K, with rewards distributed to top traders based on their performance in futures trading. This event fosters a competitive yet supportive environment, where traders can engage with the platform, test their strategies, and potentially walk away with significant rewards.

    Reward Center – Incentives for Traders: To further incentivize its user base, KCEX has introduced the Reward Center, a centralized hub where traders can access exclusive bonuses and rewards. The Reward Center is designed to offer a variety of incentives for simple tasks, tailored to boost user engagement and satisfaction.

    Security and Compliance: KCEX has placed a strong emphasis on security and regulatory compliance, which are critical factors for users in today’s volatile cryptocurrency market. The platform utilizes advanced security protocols such as two-factor authentication (2FA), multi-signature wallets, and cold storage solutions to safeguard user assets. Moreover, KCEX adheres to strict anti-money laundering (AML) and know your customer (KYC) regulations, ensuring a safe and compliant trading environment for its global user base.

    Global Reach and Community Engagement: With a growing user base across Asia, Europe, and North America, KCEX has positioned itself as a global platform. Its multilingual support and localized services cater to a diverse range of users, enhancing accessibility. Additionally, KCEX engages actively with its community through social media, offering regular updates, educational content, and market insights, which help traders make informed decisions.

    The exchange’s customer support services have also been highly rated for their responsiveness and efficiency, ensuring that users receive timely assistance with any technical or trading-related issues.

    Future Plans and Roadmap: Looking ahead, KCEX aims to continue expanding its product offerings and global footprint. The platform is exploring the integration of new blockchain technologies and DeFi (Decentralized Finance) features to enhance the trading experience further.

    Conclusion: KCEX’s new features, including the Daily Futures PNL Trading Competition and Reward Center, underscore the platform’s commitment to providing a comprehensive and rewarding trading experience for users. As the cryptocurrency market continues to evolve, KCEX is well-positioned to remain a key player, offering innovative solutions, robust security, and a user-centric approach to trading.

    For more information:

    Web: www.kcex.com
    Contact Name: Carl Yang
    Official Email ID: carl@kcex.com

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

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/bcb219e0-1833-446f-8a41-5682e9db99ed

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4f34302e-2cf9-485e-935a-58a93b980416

    The MIL Network –

  • MIL-OSI: Bitget Partners with Cats (CATS) for Gas-free Airdrop Claim and Launchpool Listing

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Sept. 27, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced a partnership with Cats (CATS), a trending meme coin from the TON ecosystem. Bitget users will now be able to claim the CATS token airdrop on Telegram with zero gas fees. These tokens will be automatically credited to users’ Bitget accounts before CATS spot trading begins in early October. Additionally, CATS will be featured on Bitget Launchpool, a free-to-farm platform, starting October 30, 2024, with a total distribution of 19.5 billion CATS tokens.

    These initiatives aim to enhance user engagement with the Cats platform while providing substantial rewards for early adopters and supporters.

    Earlier in September, Bitget listed CATS in its Pre-market, serving as a vital resource for traders and investors eager to engage with promising tokens ahead of their broader market release. By facilitating early trading opportunities for tokens like CATS, Bitget enhances trading options for its users, offering a unique chance to capitalize on market trends before they enter the mainstream. As of September 27, CATS is trading at 0.00043 USDT in the Bitget Pre-market, with total volume surpassing 1.5 million USDT.

    CATS is a meme coin that embodies the playful spirit and culture of the Telegram community. Similar to its counterpart, Dogs ($DOGS), loyal Telegram users can claim CATS airdrops based on factors such as account age, premium status, and activity levels. To date, the project has attracted over 40 million holders through its viral Telegram mini-app, establishing itself as one of the most popular meme coins on the TON blockchain.

    The listing of CATS on Bitget Launchpool marks a significant milestone in expanding its reach and influence within the blockchain gaming industry. This listing underscores CATS’s potential as a trending TON-based project and reaffirms Bitget’s commitment to supporting innovative TON-based initiatives that drive the future of decentralized ecosystems.

    As the staking period commences, users are encouraged to participate actively and seize the rewards offered through this unique opportunity. With CATS’s growing popularity and its innovative approach to gaming, the listing on Bitget Launchpool is expected to attract considerable attention from both gaming and blockchain communities.

    For more information on CATS, visit the community or check out the Launchpool.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading, AI bot and other trading solutions. Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including being the Official Crypto Partner of the World’s Top Professional Football League, LALIGA, in EASTERN, SEA and LATAM, as well as a global partner of Olympic Athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice. For more information, see our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/68ef6b6b-69ef-41cc-b86f-4b31ee2882e4

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes G Mining Ventures Corp. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Sept. 27, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced G Mining Ventures Corp. (TSX: GMIN; OTCQX: GMINF), a precious metals mining company, has qualified to trade on the OTCQX® Best Market. G Mining Ventures Corp. upgraded to OTCQX from the Pink® market.

    On April 22, 2024, G Mining TZ Corp. (formerly G Mining Ventures Corp.) (“Former GMIN”), Reunion Gold Corporation (“Reunion Gold”) and Greenheart Gold Inc. (“Greenheart”, and collectively with GMIN and Reunion Gold, the “Parties”), entered into an arrangement agreement under which the Parties agreed to complete a plan of arrangement under Section 192 of the Canada Business Corporations Act (the “Arrangement”). Pursuant to the Arrangement, which closed on July 15, 2024, a newly incorporated successor issuer, G Mining Ventures Corp. (“New GMIN”), now holds and manages the combined business of Former GMIN and Reunion Gold.

    As a result, shares of Former GMIN ceased trading on the OTCQX on July 17, 2024, and New GMIN shares begins trading today on OTCQX under the symbol “GMINF,” in substitution for the Former GMIN shares. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

    “We have seen significant and growing investor interest as our flagship Tocantinzinho Gold Mine in Brazil commenced commercial production in September, the Oko West Project in Guyana delivered a positive Preliminary Economic Assessment, and the acquisition of the CentroGold Project from BHP is targeting completion by Q1 2025. We are very pleased that our graduation to the OTCQX® Best Market will provide enhanced visibility to U.S. investors and help meet the significant interest from U.S. based investors,” commented Louis-Pierre Gignac, President and CEO of G Mining Ventures.

    About G Mining Ventures Corp.
    G Mining Ventures Corp. is a mining company engaged in the acquisition, exploration and development of precious metal projects to capitalize on the value uplift from successful mine development. GMIN is well-positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. GMIN is currently anchored by the Tocantinzinho Gold Project in Brazil and Oko West Project in Guyana, both mining friendly and prospective jurisdictions.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Amplify ETFs Declares September Income Distributions for its Income ETFs

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Sept. 27, 2024 (GLOBE NEWSWIRE) — Amplify ETFs announces September income distributions for its Income ETFs.

    ETF Name Ticker Amount
    per Share    		 Ex-Date Record
    Date    		 Payable
    Date
    Amplify Samsung SOFR ETF SOFR $0.42733 9/27/2024 9/27/2024 9/30/2024
    Amplify CWP Enhanced Dividend Income ETF DIVO $0.16343 9/27/2024 9/27/2024 9/30/2024
    Amplify Cash Flow High Income ETF HCOW $0.16000 9/27/2024 9/27/2024 9/30/2024
    Amplify CWP International Enhanced Dividend Income ETF IDVO $0.15520 9/27/2024 9/27/2024 9/30/2024
    Amplify CWP Growth & Income ETF QDVO $0.14880 9/27/2024 9/27/2024 9/30/2024
    Amplify High Income ETF YYY $0.12000 9/27/2024 9/27/2024 9/30/2024
    Amplify Natural Resources Dividend Income ETF NDIV $0.11979 9/27/2024 9/27/2024 9/30/2024

    About Amplify ETFs
    Amplify ETFs, sponsored by Amplify Investments, has over $9 billion in assets across its suite of ETFs (as of 6/30/2024). Amplify ETFs deliver expanded investment opportunities for investors seeking growth, income, and risk-managed strategies across a range of actively managed and index-based ETFs. Learn more visit AmplifyETFs.com.

    This information is not intended to provide and should not be relied upon for accounting, legal or tax advice, or investment recommendations. To receive a distribution, you must be a registered shareholder of the fund on the record date. Distributions are paid to shareholders on the payment date. There is no guarantee that distributions will be made in the future. Your own trading will also generate tax consequences and transaction expenses. Past distributions are not indicative of future distributions. Please consult your tax professional or financial adviser for more information regarding your tax situation.

    Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in Amplify Funds’ statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectuses carefully before investing.

    Investing involves risk, including the possible loss of principal.

    Amplify ETFs are distributed by Foreside Services, LLC.

    The MIL Network –

  • MIL-OSI Banking: AIIB Launches Groundbreaking Tool for Concessional Resource Mobilization

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) unveiled its latest digital solution, AIIB+, a first-of-its-kind interface designed to better match external concessional and technical resources with AIIB’s project pipeline.

    “AIIB+ is not just another digital platform,” said AIIB Vice President, Policy and Strategy, Sir Danny Alexander. “It is a vision, which intends to revolutionize the way in which Multilateral Development Banks mobilize concessional resources.”

    To address the urgent and significant infrastructure needs faced by developing countries in Asia and beyond, AIIB+ aims to:

    • 1) Match AIIB’s project pipeline with the most suitable technical and concessional financial resources from external partners
    • 2) Mobilize grants and concessional finance at speed and scale with minimum transaction costs and maximum leverage for donors
    • 3) Scale the impact for clients by expanding the range of financing and technical sources and partners, connecting them with other digital solutions.

    “As the first MDB digital matchmaker, AIIB+ is poised to transform the landscape of infrastructure financing,” Sir Danny said. “It is not just about funding, it is about creating partnerships to bridge gaps, build futures and deliver concessional financing to AIIB Members.”

    Several institutions, public and private, have already subscribed to the digital portal and joined the launch, including the Swiss State Secretariat Office for Economic Affairs (SECO), the China International Development Co-operation Agency (CIDCA), the United Nations Development Programme (UNDP), the United Nations Children’s Fund (UNICEF) and the Alliance to End Plastic Waste (AEPW).

    For more information on AIIB+ or to become a member, please visit AIIB+ Portal or email partnerships@aiib.org

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond—infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    MIL OSI Global Banks –

  • MIL-OSI Africa: African Development Bank pledges more support for Angola’s rapidly reforming economy

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

    LUANDA, Angola, September 27, 2024/APO Group/ —

    In recent talks between Angola’s President João Manuel Lourenço and African Development Bank Group (www.AfDB.org) head Dr Akinwumi Adesina, the two leaders discussed a wide range of measures introduced by the Angolan government to rapidly transform the economy.

    The reforms include diversifying away from oil, promoting private sector, tackling the country’s debt burden, reduce poverty, achieving food and energy security, and creating youth employment. The leaders met on Friday 20 September, in the Angolan capital Luanda.

    Terming the reforms as bold, Adesina told President Lourenço, “What you have done to reduce public debt is impressive. You moved from 119% of GDP in 2020, to an expected 58% of GDP this year below, despite significant external shocks.” 

    He also pointed to the positive outlook of the country’s economic performance saying, “even though your GDP growth is estimated at 2.7% this year, it is projected to rise to 4.3% in 2025 because of the structural reforms and diversification agenda you are implementing.”

    Stressing the importance of maintaining the momentum for reform, Adesina announced that the African Development Bank will support Angola’s request for a two-year budget support operation of about $160 million for 2024, with a second tranche scheduled for 2025.

    President Lourenço said in addition to promoting a private sector driven economy and diversifying away from the oil sector, his government is working to create decent jobs for youth. He has made human capital and skills development one of the three pillars of his government’s National Development Plan 2023-2027. 

    Angola has one of the world’s fastest growing populations, with half of its 35 million people being youth. 40% of its youth are unemployed. About 550,000 new workers join the labor force every year, requiring a concerted effort to created decent jobs at comparable pace.

    President Lourenço welcomed the Bank’s offer to work with his government to design and co-finance a comprehensive initiative to avail capital to young entrepreneurs as the Youth Entrepreneurship Investment Banks which the Bank has successfully helped to establish in countries such as Liberia and Ethiopia.

    The Bank recently approved $124 million for a youth project in Angola, locally known as CRESCER, which brings together the financial sector and the entrepreneurial associations to find tailored solutions for young entrepreneurs.

    On agriculture, the Angolan leader and the Bank Group president agreed that with 35 million hectares of fertile land and water supply, the country should transform its sector to achieve food security and create jobs for youth and women.

    “Angola has no business spending $2 billion per annum importing food. It should and can be totally self-sufficient and even become a net exporter,” said Adesina.

    The African Development Bank has a portfolio of $212 million currently invested in the sector and is finalising a further investment of around to step up agricultural production in the easter region of Angola. $100 million. The Bank pledged to help Angola scale up fertiliser use and domestic production, and work with the country towards the establishment of Special Agriculture Processing Zones operating in 11 other African countries.

    In addition to agriculture, “Angola is sitting on a gold mine of clean hydro energy,” said Adesina, “you have 1.5GW of unused clean hydro energy and by 2027 you will have 3.5GW. With investment from the private sector, the country can provide power solution to Zambia, Namibia and South Africa.”

    Angola is working to attract significant private sector investment and will present projects worth nearly $2 billion at this year’s Africa Investment Forum, to be held in Morocco’s city of Rabat from 4 to 6 December.  

    Adesina thanked Angola for its support for the Bank, including the General Capital Increase and the Bank’s campaign for rechanneling of the IMF’s Special Drawing Rights through multilateral development banks. Angola is also one of the few regional contributors to the Bank’s concessional window, the African Development Fund, having provided about 6.5 million Euros to each of the Fund’s last three replenishments.

    During his visit, the Bank Group president also met with Angola’s Finance Minister Vera Daves De Sousa and the Minister for Planning Victor Hugo Guilherme. He later toured the Bank’s $90 million funded Luanda Science and Technology Park.

    Adesina was accompanied by the Director General for Southern Africa Region Leila Mokaddem, the Country Manager for Angola and Sao Tomé Principe Pietro Toigo, the Executive Director for Angola, Mozambique, Namibia and Zimbabwe João Luis Ngimbi and Modibo Toure, Bank Group President’s Special Envoy for Shareholder Relations in Africa.

    MIL OSI Africa –

  • MIL-OSI Translation: Sandra Felix is the new director of the Federal Office of Sport

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

    Source: Switzerland – Department of Foreign Affairs in French

    Federal Council

    Bern, 27.09.2024 – At its meeting on 27 September 2024, the Federal Council appointed the current Deputy Director of the Federal Office of Sport (FOSPO) and Head of Sports Policy and Legal Affairs as Director of the FOSPO as of 1 November 2024. She succeeds Matthias Remund, who will leave his position on 31 October 2024 to take up a new challenge.

    Sandra Felix, 57, has a degree in business economics from the FES. After obtaining this qualification in 1997, she completed further training in the field of quality management and techniques for economists. She gained experience in management positions and leadership roles in the construction and machinery industry, then, from 2005, in the Grisons public administration in the Department of Finance before holding the position of Secretary of the Department of Economics and Social Affairs of the Canton of Grisons for six years. In July 2017, Sandra Felix joined the OFSPO. On 1 September 2018, she became Deputy Director for Office Management and headed the Sports Policy and Legal Affairs Division. She was appointed Deputy Director of the OFSPO on 1 April 2021.

    For the vacant position, Viola Amherd, President of the Confederation and Head of the Federal Department of Defence, Civil Protection and Sport (DDPS), has set up a selection committee comprising Daniel Büchel, Secretary General of the DDPS, Marc Siegenthaler, Deputy Secretary General of the DDPS, Christelle Luisier Brodard, State Councillor, Head of the Department of Institutions, Spatial Planning and Sport and President of the Vaud State Council and Ruth Wipfli Steinegger, Vice-President of Swiss Olympic.

    Sandra Felix clearly stood out during the recruitment process due to her education, professional background and many years of experience. In particular, she has experience in operational and strategic management and is very familiar with the Swiss sports system and the collaboration with private-law sports organisations, the relevant departments of the federal administration, the cantons and other institutions.

    The Federal Council thanks Matthias Remund for his valuable service over almost twenty years as Director of OFSPO.

    Address for sending questions

    Lorenz FrischknechtSuppl. Head of Communications / DDPS spokesperson 41 58 484 26 17

    Author

    Federal Councilhttps://www.admin.ch/gov/fr/accueil.html

    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: Federal Council provides 13 million francs for humanitarian aid in the Middle East

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

    Source: Switzerland – Department of Foreign Affairs in French

    Federal Council

    Bern, 27.09.2024 – At its meeting on 27 September 2024, the Federal Council decided to allocate CHF 13 million for the final tranche of the “Humanitarian Action” credit for the Middle East to national and international organisations active in the region. The Federal Department of Foreign Affairs (FDFA) was tasked with consulting the foreign policy committees on this matter. It also informed the Federal Council of the implementation of the reduction in the “Humanitarian Action” credit decided by Parliament for 2024. The Federal Council continues to call for a diplomatic solution based on international humanitarian law and leading to de-escalation and peace in the Middle East.

    As decided by Parliament in December 2023, the contributions for the Middle East from the “Humanitarian Actions” credit will be paid in instalments in 2024 and after consultation with the foreign policy committees of the Federal Chambers. For the third and final instalment in 2024, the Federal Council has decided to allocate around 13 million francs to organisations established in Switzerland, the International Committee of the Red Cross, United Nations organisations and international non-governmental organisations. The aim of these contributions is to provide relief to populations in need in Iraq, Jordan, Lebanon, the Occupied Palestinian Territory and Syria, particularly in the areas of water, food, health, education, income and social cohesion. This final instalment is submitted to the foreign policy committees for consultation.

    In total, contributions to humanitarian actions in the Middle East amount to around CHF 79 million in 2024. On 24 April 2024, the Federal Council set the amount allocated in the first tranche at around CHF 56 million. On 8 May 2024, it decided to grant CHF 10 million to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) in response to the agency’s appeal for humanitarian aid. This contribution, intended solely to cover urgent vital needs in Gaza, was approved by the foreign policy committees. It will not be increased in the 2024 budget. On the one hand, this allows for a certain financial flexibility to be maintained until the end of the year, given the global humanitarian situation, which is also dependent on possible natural disasters. On the other hand, this decision takes into account the reduction of 10 million francs in the “Humanitarian Actions” credit decided by the Federal Chambers for 2024 and the ongoing parliamentary debates relating to UNRWA.

    The Federal Council stresses that only dialogue, de-escalation and respect for international humanitarian law can lead to peace in the Middle East. For Gaza, it continues to call for a ceasefire, the immediate and unconditional release of the hostages and unhindered humanitarian access. It reiterates that the two-state solution is the only one likely to lead to peace between Israelis and Palestinians. In view of the persistent violence in the border region between Israel and Lebanon and the resulting escalation, a diplomatic solution is essential so that the Lebanese and Israeli populations can live in peace and security.

    Address for sending questions

    For further information: DFAETel. Press Service 41 58 460 55 55kommunikation@eda.admin.ch

    Author

    Federal Councilhttps://www.admin.ch/gov/fr/accueil.html

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

    MIL Translation OSI

  • MIL-OSI USA: UConn Releases Annual Safety Reports

    Source: US State of Connecticut

    UConn is releasing two reports detailing its response to reports of criminal activity, sexual violence, serious on-campus injuries, and other issues it monitors to ensure the safety of its campus communities.

    The first, the Clery Annual Security and Fire Safety Report, is required from all U.S. universities that receive federal financial aid funds. It includes data about certain crimes identified by the Clery Act, including violations of the Violence Against Women Act; arrests and disciplinary referrals for drug and alcohol violations; and hate crimes reported on property that UConn owns or controls, and on public property within or immediately adjacent to campus.

    It also includes a comprehensive overview of safety policies and prevention programs available to UConn’s campus communities. It is compiled by the UConn Division of University Safety.

    The second report, compiled by UConn’s Office of Institutional Equity (OIE), is a state-mandated annual overview in which all Connecticut colleges and universities outline their policies and data on sexual assault, stalking, and intimate partner violence.

    It captures a wider range of data in those categories than the Clery report because the data collected is not limited to incidents reported to have occurred on UConn property, and because it includes incidents reported even in the absence of a UConn connection.

    Some categories listed in the Clery and OIE reports might appear to capture data about the same kinds of crimes and incidents, including some regarding sexual assault and related crimes.

    However, the numbers will differ between the two reports because of the differences in how the incidents are defined, and the locations for which incidents must be captured.

    In addition, some categories listed in the Clery reports and federally required Uniform Crime Reports (UCR) – from which crime rates are calculated – might appear to reflect the same kinds of crimes and incidents. However, the Clery and UCR numbers will also differ because they use different metrics on the populations and places for what is included in each report’s calculations.

    Importantly, some figures involving sexual assault and related crimes may differ because the University prioritizes the wishes of the complainant in whether that person wants an investigation to be pursued. That helps them regain a sense of agency over their circumstances and is part of the process to help them make the journey to survivor.

    The Clery report also includes an appendix with additional data required under Connecticut Public Act 21-184, which directs colleges and universities to report accidents on their campuses that result in serious injuries or deaths.

    It is similar to the proposed federal COREY Act (College Operational Reporting of Emergencies Involving Teens and Young Adults), named for Corey Hausman, a Connecticut native who died of a head injury shortly after a skateboarding accident on his campus as a freshman at the University of Colorado.

    —

    2023 Clery Annual Security and Fire Safety Report

    UConn is posting the report for calendar year 2023 on its website and distributing the link electronically in compliance with federal and state law, and in the interest of informing all enrolled students, faculty, and staff on this important subject.

    The Clery data includes reports from complainants made directly to UConn Police, along with information that comes to the attention of campus officials beyond law enforcement.
    Those officials, known as “campus security authorities,” comprise more than 1,200 people who regularly interact with students in their roles as resident assistants, coaches, faculty advisers, and other on-campus authorities.

    The university has significantly increased training for those officials so that they better understand what they are legally required to report and the proper way to do so. In the case of sexual violence crimes, UConn’s Clery numbers reflect a large amount of input from campus security authorities, along with significant outreach services university-wide to encourage reporting of this traditionally underreported crime.

    Of the eight sexual assaults reported at Storrs in calendar year 2023 – the same number as in 2022 – police received six reports directly from individuals. The rest were reported by campus security authorities, including Residential Life and Student Affairs, to be included in the Clery report.

    UConn takes an expansive view on what is included in the data by counting all sexual assault reports received in a given year, regardless of the level of detail known to the university; regardless of when the assault is reported to have occurred; and even when the report comes from a third party in the absence of a complainant.

    This is an important part of UConn’s commitment to creating and maintaining a campus free from all forms of sexual harassment, sexual violence, relationship violence, and stalking.

    Under a University policy, nearly all UConn employees are “responsible employees” to report sexual assault. Because that policy is specific to UConn and other institutions might take different approaches, comparisons are difficult to make against other universities whose policies are not as robust and whose reporting requirements are not as stringent.

    The University provides information online for all individuals impacted by sexual assault to receive support and file reports, including through its website on sexual violence, relationship violence, and stalking awareness.

    It also launched the UConn InForm site (inform.uconn.edu) to simplify and streamline reporting processes, offering an avenue through which students, faculty, staff and others can more easily locate and use the University’s many resources to report concerns and find support.

    This year’s Clery report reflects a decrease in the number of reports of fondling to three reported to UConn Police in 2023, compared to 11 in the previous year.

    Twelve motor vehicle thefts were reported in 2023 on campus, of which 11 were scooters. Those numbers are similar to 2022 figures, which showed 12 thefts that included nine scooters.

    UConn’s 2023 Clery report also captures data on reports of domestic violence, which is defined differently in Connecticut than in many other states. The 2023 figure of nine events reported is up from seven in 2022.

    Before June 2019, Connecticut’s domestic violence laws afforded protection to any people who lived together, including college roommates in non-romantic relationships, but the law was changed to include two exemptions.

    The first exception clarified that platonic roommates are not subject to mandatory arrest when they are attending higher education and live on campus or in off-campus housing that is owned, managed, or operated by the institution.

    The second exception extends to platonic roommates anywhere who are making payments pursuant to a written or oral rental agreement, also excluding them from mandatory arrest.
    The secondary exception would apply to sororities or fraternities who are owned and operated by individual organizations.

    However, roommates who are in a dating relationship, married, formerly married, related by blood or by marriage, or who have a child in common are still subject to the family violence mandatory arrest laws.

    In reviewing Clery data, it is also vital to understand that the ways in which domestic violence is defined and application of the applicable laws vary from state to state, making comparisons to other states’ institutions invalid.

    For instance, UConn’s domestic violence reporting process captures figures for the number of victims, not the number of incidents. Therefore, if two people involved in one incident both report it separately, the same incident appears twice in the data as two separate offenses if both individuals are the victim of a crime. One overall event can generate two or more statistics.

    University officials promote awareness of UConn’s bystander intervention programs, which help increase awareness of sexual violence on campus and empower students to be effective, proactive bystanders.

    One such program, Protect Our Pack, is presented to all incoming first-year and transfer students at the Storrs and regional campuses during fall orientation as students settle in for the new academic year.

    In addition, UConn Police also offers many initiatives tackling difficult conversations about stalking, intimate partner violence, consent, and effective communications. The programs are offered throughout the year to students at all academic levels.

    Under a state law that went into effect in 2021, UConn’s Clery report includes an appendix reporting serious accidental injuries or deaths that it can identify on its campuses for 2023.

    Those incidents can include, but are not limited to, injuries or deaths that resulted from vehicle collisions, and in which pedestrians were hurt or killed while walking, jogging, bicycling, skateboarding, and similar activities.

    The data must also include injuries and deaths from on-campus slips and/or falls such as tripping at ground level or falling from heights, including off bunk beds; alcohol or drug overdoses; choking or drowning; and other accidental incidents. The UConn Division of University Safety quantifies such incidents by reviewing reports from its police and fire/EMS records, Student Health & Wellness, and other sources.

    UConn also proactively included information this year for the first time that explains the University’s Bias Reporting system and reflects its numbers for the past three years.

    Although none of the incidents met the threshold to be criminally prosecutable as a hate crime, UConn encourages members of its community to report incidents they believe exhibit bias based on race, ethnicity, ancestry, religion, national origin, sexual orientation, gender identity or expression, age, a past or present history of mental disorders, or physical, mental, and intellectual disabilities.

    By encouraging members of the community to report these incidents under the bias protocol, the University can better provide support to people and groups who are affected, and to determine if those who exhibited the behavior – if they can be identified – violated the Student Code of Conduct.

    2023 UConn OIE Report Pursuant to State Statute Section 10a-55m

    In addition to the annual federally mandated Clery report, UConn also submits a yearly report to the General Assembly specifically on sexual violence policies and data.

    Figures in this report exceed those in the Clery data because it captures all incidents disclosed to UConn, regardless of on or off-campus location or the year in which they are reported to have occurred.

    It also includes information on prevention, awareness, and risk reduction programs and campaigns provided in the community throughout the year. This year’s report outlines more than 500 such initiatives, constituting a 23% increase in education and prevention programs.

    The 2023 OIE report indicates that OIE received 118 reports of sexual assault, of which 68 were reported to have occurred during 2023. The University’s definition of sexual assault is broad and can include incidents such as unwanted touching (sexual contact) along with more physically invasive offenses categorized in criminal law.

    The sexual assault disclosure numbers also include reports of incidents from many years ago, including childhood abuse – all of which helps the university provide appropriate, compassionate, and trauma-informed services to students and employees if and whenever they choose to share their experience with the University.

    Among the 118 reports of sexual assault logged in the newest report, 42 of the respondents were identified as being connected to UConn; three of the reports came in anonymously or confidentially; and in nine cases, the complainant chose to participate in a University investigation.

    Those who report an incident can request a University investigation at a later time should they wish, not only at the time they make a report.

    The University takes steps to follow the wishes of the complainant whenever possible and does not investigate unless that individual wants the University to do so. Only in limited circumstances will the University proceed with an investigation against a complainant’s wishes.

    Factors considered within this determination include the age of the complainant, whether there is evidence of a pattern of misconduct, the severity of the misconduct, and whether there is a safety risk to the complainant or the campus community.

    In matters where an investigation does not occur, the University may still take responsive or preventative actions, such as meetings with the alleged respondent and/or additional training and prevention work with impacted communities.

    UConn’s OIE report for 2023 also includes 48 reported incidents of stalking, of which 44 were reported to have occurred in 2023. In 28 of the stalking cases, the respondent was identified as being connected to UConn.

    None of the complainants chose to participate in a university investigation at the time of making the report, but they all retain the right to request an investigation later if they wish.

    A total of 66 cases of intimate partner violence (IPV) were reported, including 63 reported to have occurred in 2023. In 15 of the intimate partner violence cases, the respondent was identified as being connected to UConn; and in one of those cases, the complainant chose to participate in a University investigation.

    As with other categories, those who reported intimate partner violence but chose not to participate in a University investigation can still request one later if they wish.

    In addition to providing data, the OIE report outlined 510 awareness and prevention programs and campaigns during the year. They include the “Protect Our Pack” bystander intervention training provided at new student orientation; UConn’s Violence Against Women Prevention Program (VAWPP) Consent 201 courses; the widespread training provided to employees; and many others.

    In addition to Storrs-specific brochures and programs, the University provides programs and publications tailored to the regional campus communities and UConn Health.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Penalty issued for breaches linked to Russia’s invasion of Ukraine

    Source: United Kingdom – Executive Government & Departments

    OFSI announces monetary penalty for breaches of UK financial sanctions imposed on Russia linked to its illegal invasion of Ukraine.

    The Office of Financial Sanctions Implementation (OFSI) has issued a monetary penalty to Integral Concierge Services (ICSL) for breaches of the financial sanctions regime imposed on Russia in response to its illegal invasion of Ukraine in 2022.

    The monetary penalty relates to the property management service ICSL provided to a designated person subject to an asset freeze. Between 2022 and 2023, ICSL made or received 26 payments in connection with the services they were providing to the designated person, despite knowing or having reasonable cause to suspect these were in breach of financial sanctions in the UK.

    As a result of these breaches, ICSL was given a penalty of £15,000. ICSL did not challenge the penalty and paid in full.

    This penalty demonstrates OFSI’s clear commitment to pursuing financial sanctions breaches wherever they occur. From the largest institutions to the smallest, everyone has an obligation to comply with the UK’s financial sanctions regime. OFSI is prepared to utilise the full extent of its legislative powers to pursue those who commit serious breaches of financial sanctions.

    This case was not reported to OFSI by the subject of the penalty, resulting instead from a proactive investigation.

    FCDO Sanctions Minister Doughty said:

    We are firmly committed to enforcing the UK’s financial sanctions regime. We promised this government would act – and we are putting those involved in breaches on notice. Let this be a strong warning to those who fail to comply.

    The UK is continuously working to proactively identify breaches and strengthen our enforcement powers. We will continue to close loopholes, come down hard on sanctions evaders, and crack down on sanctions circumvention to ensure the effectiveness of sanctions against Putin’s Russia, and in the case of other sanctions regimes.

    The monetary penalty highlights key lessons for industry, particularly firms involved in the property management sector. This case demonstrates the importance of understanding and taking appropriate action to address financial sanctions risks arising from your business model and client base, particularly if they present heightened sanctions risks. Firms should seek professional advice on their sanctions obligations wherever necessary.

    Russia is desperate to get around our sanctions and we will not hesitate to take action against those involved in supplying and funding Putin’s war machine. The government is committed to significantly strengthening our sanctions enforcement, and will continue to prioritise sanctions enforcement at every turn. This includes both public actions, such as monetary penalties, and actions which are not made public, such as warning letters and referrals to regulators. Following the introduction of strict civil liability for financial sanctions breaches in June 2022, OFSI is now also able to take action regardless of whether a person knew or had reasonable cause to suspect they would be in breach.

    Updates to this page

    Published 27 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: World Trade Organization: Kazakhstan’s TPR, September 2024. UK Statement

    Source: United Kingdom – Executive Government & Departments 3

    The UK’s Permanent Representative to the WTO and UN in Geneva, Simon Manley, gave a statement during Kazakhstan’s first WTO Trade Policy Review.

    Location:
    Geneva
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    1. Thank you very much, Chair. First of all, let me offer a really warm welcome to the Minister and all his team from Astana. Great to have you here. Great to have you back, Ambassador Zanar Aitzhan, really lovely to see you. Let me thank you, Chair, as ever, for your introduction, the WTO Secretariat for your report and, of course, our Ambassador Sophia Boza Martinez, Ambassador and, of course, Professor. Thank you for your presentation this morning.

    2. As this is the first Trade Policy Review since Kazakhstan’s accession 10 years ago, obviously, today, this week, indeed offers a really unique opportunity to reflect upon Kazakhstan’s trade policies over the last decade. And thank you, Minister, for your presentation to kick us off this morning, but also for the role that trade policy has played not just in Kazakhstan’s development, which you explained, but also in this organisation and in our work over the last 10 years.

    3. Chair, I think probably is not a surprise to you or to most of the people in this room, but the UK is a great believer in the virtues and benefits of WTO accession. And I think they’re demonstrated by Kazakhstan’s economic performance over the last 10 years: trade growth from 57% of GDP back in 2017 to 62% last year, Most Favoured Nation tariff decrease from almost 8% in 2016 to 6% now.

    4. During that same period, again, as the Minister related at the beginning, Kazakhstan has faced the shock, political, economic shock of the pandemic, but showed significant broad-based economic resilience. And we think that is, in part, the fruit of being a member of this organization. We particularly recognize the success of the ‘Digital Kazakhstan’ programme, which has facilitated the growth of so many Kazakh SMEs (Small and Medium-Sized Enterprises).

    5. The UK is, again, both the Minister and Sophia mentioned, a strong believer in the Kazakhstan’s economy. We are one of Kazakhstan’s top six investors, with an annual trade turnover of almost £ 3 billion, which reflects, in our view, a strategic partnership which we have nurtured since Kazakhstan’s independence back in 1991. And that partnership stretches across many areas, from business and education to climate and biodiversity and all the way from Astana and the Caspian Sea to the shores of Lake Geneva here in Switzerland.

    6. For instance, Kazakhstan’s national airline Air Astana was successfully floated on the London Stock Exchange earlier this year; British universities, including Coventry and De Montfort, have opened campuses in Kazakhstan and offered dual degree programmes; British companies have made significant investments in flagship oil and gas projects and Kazakhstan’s mining sector. And here in Geneva, we are close partners, not just here in this organization, but also in the Human Rights Council, where we are proud to work with Kazakhstan as an elected member of that body.

    7. We welcome Kazakhstan’s commitment to continue broadening and deepening that bilateral relationship. We look forward to hosting our annual Intergovernmental Commission on Trade and Investment in London this autumn, and that 11th session of the Commission will provide an important opportunity to discuss how we can further strengthen that relationship for the future, with the first meeting since we signed the UK-Kazakhstan Strategic Partnership and Cooperation Agreement.

    8. Our engagement with this Trade Policy Review has been motivated by a desire to build upon that bilateral progress. Kazakhstan’s constructive answers to our Advanced Written Questions, thank you, should provide clarity, and we hope ease trade for UK and Kazakh businesses.

    9. Most of all, Chair, Minister, we’d welcome progress in tackling one key Market Access Barrier that is faced by British businesses, and that is the use of subsidies favouring domestic agricultural machinery over imported “like” machinery. We fully understand the importance of increasing domestic manufacturing for Kazakhstan’s economy, but we do believe that those subsidies negatively impact Kazakhstan’s agricultural sector development, responsible for over 4% of GDP, pricing, we’d argue, the best technology out of the market. We’d also venture to suggest that those subsidies are not compliant with WTO rules. So, going forward, we would really like Kazakhstan to comply with those rules and take steps to modify or eliminate those subsidies.

    10. We would also, I have to say, welcome Kazakhstan’s accession to the Government Procurement Agreement, as it suggested it would do during the WTO accession process. We maintain an offer of bilateral assistance, should you desire to take forward that process of accession.

    11. More generally, let me pay tribute, as so many others have done this morning, to the role that Kazakhstan has played within this organisation since its accession. Minister, you touched on it, as did Sophia, most significantly the pivotal role you played in chairing the MC12 negotiations, even if we were denied the opportunity, sadly, by the Pandemic of a visit to Astana. It was a great privilege to work with Ambassador Aitzhan, who led the charge for the delivery, not just of that Ministerial Conference, but also for the Services paragraph, and it has been a great tribune for services in trade in this organisation as Chair of the Council for Trade in Services in Special Session. Your work is not being left unfinished. We need to push forward with ensuring that we give due recognition in this organization to the rapidly growing global services in trade, which offer such opportunities for countries in both the developed and developing world.

    12. We also welcome Kazakhstan’s participation within a whole range of other plurilateral initiatives, as others have said this morning, including those on Investment Facilitation for Development, E-commerce and Services Domestic Regulation, all really important initiatives which we wish to see brought within the framework of this organisation.

    13. And it would be remiss of me as one of the co-chairs of the Informal Working Group on Trade and Gender, not to mention, as my Ukrainian colleague did, Kazakhstan’s commitment not just to that Working Group, but to the cause of trade and gender equality, particularly through enhancing women’s employment and entrepreneurial skills. So, I would really love Kazakhstan to come to that Working Group to share its experiences in supporting women in trade, including the Business Roadmap 2020-25 initiative, at one of our future meetings.

    14. Finally, let me commend the Minister and is delegation, who had to face the WTO internal deadline of the 30th of August for submitting Advanced Written Questions, coinciding with their most important national holiday, the Constitution Day. I hope that they found time to have their own belated celebrations, if they haven’t done so far. And I hope that, at the end of this week, they will celebrate in style in this fair city.

    Thank you.

    Updates to this page

    Published 27 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: SJ engages with legal sector in KL

    Source: Hong Kong Information Services

    Secretary for Justice Paul Lam today promoted Hong Kong’s legal services as he continued a visit to Kuala Lumpur, Malaysia, as part of a tour of Association of Southeast Asian Nations (ASEAN) member states.

     

    Mr Lam met Deputy President of the Associated Chinese Chambers of Commerce & Industry of Malaysia Ng Yih Pyng this morning to learn more about the country’s need for cross-jurisdictional legal services, and briefed him on Hong Kong’s diversified professional services.

     

    He then received a lunch briefing from Chief Executive Officer of Standard Chartered Saadiq Malaysia Bilal Parvaiz, gaining a better understanding of Malaysia’s business landscape and the demand from its financial sector for legal and dispute resolution services.

     

    That was followed by a meeting with Vice-President of the Malaysian Bar Anand Raj, which entailed a discussion about legal co-operation and exchanges between Malaysia and Hong Kong.

     

    Mr Lam also took the opportunity to visit the Malaysian International Mediation Centre, which was launched in January under the auspices of the Malaysian Bar Council.

     

    In addition, he met Chief Executive Officer of the Asian International Arbitration Centre (AIAC) Almalena Sharmila Johan to learn about its provision of institutional support for domestic and international arbitration and other alternative dispute resolution proceedings.

     

    Upon arriving in Kuala Lumpur yesterday afternoon, Mr Lam had a meeting with Attorney General of Malaysia Tan Sri Ahmad Terrirudin bin Mohd Salleh.

     

    He also met representatives from Malaysia’s legal and business sectors at a seminar titled Hong Kong: The Common Law Gateway for Malaysian Businesses to China and Beyond. This was followed by an evening networking reception co-organised by the Department of Justice (DoJ), the Hong Kong Economic & Trade Office in Jakarta and the National Chamber of Commerce & Industry of Malaysia.

     

    Attendees were briefed on various topics, including Hong Kong’s unique advantages under “one country, two systems”, and its latest lawtech services for resolving cross-border disputes.

     

    During the seminar, Mr Lam witnessed the signing of a memorandum of understanding (MoU), facilitated by the DoJ, between the South China International Arbitration Center (HK) and the AIAC, and a supplementary MoU between the eBRAM International Online Dispute Resolution Centre and the AIAC.

     

    Yesterday’s itinerary ended with a dinner meeting between Mr Lam and Malaysia’s Minister in the Prime Minister’s Department Azalina Othman Said.

     

    Mr Lam will conclude his ASEAN tour and return to Hong Kong tomorrow.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Conference for the Directors on the Boards of Small Finance Banks (SFBs) held at Bengaluru on September 27, 2024

    Source: Reserve Bank of India

    The Reserve Bank today held a Conference in Bengaluru for the Directors on the Boards of Small Finance Banks (SFBs). Shri Swaminathan J, Deputy Governor inaugurated the Conference. The event, with the theme ‘Governance in SFBs – Driving Sustainable Growth and Stability’, is part of a series of supervisory engagements that the Reserve Bank has been organising with the Directors of its Supervised Entities in recent past. Earlier, the Conferences for Directors on the Boards of Public Sector Banks and Private Sector Banks were held in May 2023 and for UCBs in August 2023 and June 2024.

    Executive Directors Shri S C Murmu, Shri Rohit Jain and Shri R L K Rao along with other senior officials representing the Supervision, Regulation, and Enforcement Departments of the Reserve Bank also participated in the Conference.

    Deputy Governor Shri Swaminathan J., in his keynote address, underscored the significant role of Governance in guiding SFBs towards sustainable growth with stability. He also exhorted the Directors to be vigilant and proactive in identifying and mitigating emerging risks and highlighted the importance of sustainable business models. He emphasised the need for strengthening cybersecurity to safeguard against digital threats, and urged a stronger focus on financial inclusion, customer service and grievance redressal to ensure a broader reach of banking services.

    The Conference also included technical sessions conducted by senior officials of RBI in the areas of ‘Governance and Assurance Functions’, ‘Business Risk – Regulatory & Supervisory Expectations’ and ‘IT Systems & Cybersecurity’. The technical sessions were followed by a talk by an external Expert on ‘Board Conduct in Banks’ and a panel discussion by Independent Directors of select SFBs on the topic – ‘SFBs Prospects & Challenges’.

    The Conference concluded with an open house interactive session of the participants with the Executive Directors of the Reserve Bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1176

    MIL OSI Economics –

  • MIL-OSI Africa: PROTEC and GE Vernova Celebrate Inaugural Next Engineers: Engineering Academy class

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

    JOHANNESBURG, South Africa, September 27, 2024/APO Group/ —

    Next Engineers, a global college-and career-readiness programme working to increase the diversity of young people in engineering, celebrated the graduation of its first-ever Engineering Academy learners in Johannesburg, South Africa on Friday, September 27. The graduation ceremony marked the programme’s contribution towards bridging the Science, Technology, Engineering and Mathematics (STEM) skills gap in the country through exposing learners to hands-on engineering experiences and career pathways.  

    The 37 learners from 15 high schools across Johannesburg who completed the programme, many of whom plan to study towards an engineering-related qualification at university or technical higher learning institutions, were joined by their families at University of Witwatersrand, Sturrock Park Sports Hall, to celebrate their achievements. Launched in 2022, PROTEC, University of Witwatersrand, and Kutitiva Foundation are the educational partners for the local Next Engineers programme, and local GE Vernova engineers and employees actively engage with Academy participants through hands-on, skill-based volunteering.  

    “We are proud to see our first cohort of learners graduating and wish them all a successful learning trajectory in the next stage of their education journey,” said Matsi Eseu, South Africa HR Director for GE Vernova. “At GE Vernova, we believe education is a significant driver of economic inclusion and it’s inspiring to see the positive impact the Next Engineers programme is having, not just in empowering tomorrow’s engineers who will solve society’s most pressing challenges but also in increasing the diversity of young people, particularly females, in the engineering sector. We extend our gratitude to all those involved in the Engineering Academy.” 

    Learners who complete the Engineering Academy program and enroll in a qualified engineering or engineering-related degree programme receive financial aid to support them as they continue on their paths to becoming engineers.

    Balan Moodley, CEO of PROTEC, said, “I extend my heartfelt congratulations to each and every graduate in this programme.  Their commitment and hard work inspire us all, and I have every confidence they will continue to make a positive impact in the field of engineering and beyond. I also want to express my sincere gratitude to GE Vernova in Johannesburg for their unwavering support and partnership throughout this journey. Together, we have laid the groundwork for a brighter future in engineering, and I am excited to see the continued success of Next Engineers in empowering young minds.”

    The Next Engineers: Engineering Academy is a transformative learning experience designed for learners aged 15 to 18. Through a rigorous curriculum, immersive design challenges, and career coaching, participants learn to think and act like engineers.

    Key programme highlights:

    • Dedication: The Engineering Academy spans three years, with learners dedicating 220 hours outside of regular school hours to participate.
    • Design challenges: In small teams, learners tackle increasingly complex design challenges, mastering the engineering design process.
    • Foundational skills: Beyond technical knowledge, learners develop essential skills such as communication, teamwork, persistence, time management, and presentation abilities.
    • Education and career exploration: Workshops and activities prepare learners for their next steps, including university campus tours and interactions with company volunteers.
    • Scholarships: Learners who complete the program and enroll in post-secondary engineering degree programs receive partial scholarships. Next Engineers anticipates granting at least $2 million in scholarships to the inaugural classes of Engineering Academy learners worldwide.

    Johannesburg, South Africa, was among the first four locations to launch Next Engineers, with a $2.5 million (R44.6 million) investment from the GE Foundation in 2021. To date, Next Engineers, which also includes programming for learners in grades 8-12, has reached more than 3,500 learners across Johannesburg.

    STEM training and education, such as Next Engineers, is helping to solve global challenges while also lifting up communities through economic opportunities. Next Engineers is not the only way GE Vernova in South Africa has committed to supporting the next generation of STEM talent. GE Vernova’s South Africa External Bursary Programme has offered comprehensive bursaries to the tune of $5.4 million (R95.6 million) to support over 648 beneficiaries pursuing a Bachelor of Science, Commerce or Arts qualification from 2020 to date. The bursaries are aimed at alleviating the financial strain of tertiary students and covers the tuition, accommodation, textbook costs, and a monthly stipend over the period of study.

    For more information about Next Engineers and the Engineering Academy, visit http://apo-opa.co/3BmFfKp.

    MIL OSI Africa –