Missy Higgins’ recent ARIA number-one album, The Second Act, represents an increasingly rare sighting: an Australian artist at the top of an Australian chart.
My recently published analysis of Australia’s best-selling singles and albums from 2000 to 2023 shows a significant decline in the representation of artists from Australia and non-English-speaking countries.
The findings suggest music streaming in Australia – together with algorithmic recommendation – is creating a monoculture dominated by artists from the United States and United Kingdom. This could spell bad news for our music industry if things don’t change.
Who dominates Australian charts?
In 2023, Australia’s recorded music industry was worth about A$676 million, up 10.9% year on year.
Building a strong local music industry is important, not only to support diverse cultural expression, but also to create jobs and boost Australia’s reputation on a global stage.
When Australian artists succeed, this attracts global investment, which in turn stimulates all aspects of the local music industry. Conversely, a weak music economy can lead to global disinvestment, thereby disadvantaging local companies, artists and consumers.
My research shows how the rise of music streaming – which became the dominant format for Australian recorded music sales in 2017 – has had a noticeable impact on the diversity of artists represented in the ARIA top 100 single and album charts.
In the year 2000, the top 100 singles chart featured hits from 14 different countries. By contrast, only seven countries were represented in 2023.
The percentage of Australian and New Zealand artists in the top 100 single charts declined from an average of 16% in 2000–16 to around 10% in 2017–23, and just 2.5% in 2023.
Album share also declined from an average of 29% in 2000–16 to 18% in 2017–23, and 4% in 2023.
This chart shows changes in diveristy in the ARIA top 100 albums chart over 22 years. Author provided
Similarly, the proportion of artists from outside the Anglo bloc of North America, the UK and Australia/New Zealand declined from an average of 11.1% in 2000–16 to 7.3% in 2017–23 – while album share declined from 5% in 2000–16 to 2.3% in 2017–23.
My study also found representation of Indigenous artists remained low, but stable, over the period studied – and in line with population ratios.
Concetration of power
The findings suggest the decline in Australian and non-Anglo representation in the ARIA top 100 charts is linked.
Some economists and academics have argued easier access to independent music and global distribution via streaming will lead to greater diversity in music. But this hasn’t been the case in Australia, at least as far as chart-topping artists are concerned.
The global recorded music industry has consolidated in recent years. In the early 2000s there were five major music labels. Currently there are just three: Universal, Sony and Warner.
Last year, these three labels were responsible for more than 95% of the Australian top 100 single and album charts. Meanwhile, Spotify, Apple Music and YouTube make up an estimated 97% of the Australian streaming market.
These concentrations of power allow a handful of record labels and distributors to have a disproportionate influence over music design, production, distribution and governance – thereby limiting opportunities for diversity.
The need for new policy
My findings align with European research that found markets with a strong cultural differentiator of language are showing increased national diversity with streaming.
However, countries without a distinctive language are being increasingly dominated by global music production. In Australia’s case, we’re becoming reliant on the star-making machinery of the US.
Recently, Australia’s live music crisis came under scrutiny at a federal government inquiry, which highlighted the significant power imbalance between artists and multinational promoters.
As I and manyothers have suggested, targeted cultural policies are necessary to combat our highly concentrated and US-dependent market.
Relying on labels and streaming platforms will do little to preserve and promote our nation’s unique musical and cultural identity.
Previous employment at Sony Music, Universal Music, Inertia Music. ARIA Chart Committee member 2005-2017. Employment at these labels ceased by 2017. No continued professional relationship with any of the companies.
Source: United States Navy (Logistics Group Western Pacific)
Once a young boy from Brooklyn, petty officer first class Jamal Thompson’s journey began with the dreams of his Guyanese parents who sought freedom, democracy, and prosperity in New York City. As he grew up, he found solace in the cheers for the New York Yankees and the rhythm of music from Nas. Venturing south to Gordon State College in Barnesville, Georgia, he not only found love in meeting his future spouse, but also discovered his calling by joining the U.S. Navy. Fast forward seven years, Brooklyn’s finest, Thompson, stood tall as he was honored with the prestigious title of the 2023 U.S. Navy Sailor of the Year (S.O.Y.) for Commander, Logistics Group Western Pacific/Task Force 73 (COMLOG WESTPAC/CTF-73) in Singapore. Equipped with a no-nonsense New York state of mind, Thompson was unanimously recognized as S.O.Y. by senior leaders for operating as a personified Swiss Army knife, successfully balancing five jobs simultaneously in a single calendar year. “I’m honored to be the CTF-73 Sailor of the Year, yet, I take more pride in serving and caring for my Sailors,” said Thompson. “Whether it is ensuring their award recognition or helping them achieve their goals, I’m there to serve and support. Whether their ambitions are to be a chief petty officer, a commissioned officer, or to transition to the corporate world, I take pride in helping junior personnel reach their professional goals, whether in the Navy or after.” Thompson practices what he preaches, as in 2023, he operated as second in command for CTF-73’s human resources (admin) department, where he approved hundreds of urgent travel claims for personnel. He also served as a victim’s advocate for the command’s Sexual Assault Prevention and Response (SAPR) program while operating as the then-elected president of the non-profit first class petty officer association (FCPOA). Thompson continued setting the example by also leading weekly early morning group fitness sessions for fellow Sailors and Marines through a program called Sailor 360, and stood over 100 hours of security watch — often on nights and weekends. “Sailor 360 coordinator is my favorite collateral duty because I can impact the entire command with just 30 minutes of morning fitness,” said Thompson. “It’s a great way to let our hair down because of the physicality of the workouts before we all start the workday. I never waste anyone’s time because I truly enjoy helping co-workers improve themselves physically, mentally, and spiritually.” The six-foot four Brooklynite who grew up in a predominantly Caribbean-cultured household, credits his unmatched work ethic to his upbringing and “humble beginnings, where I saw a lot of people financially struggle,” he said. According to the American Forces Network (AFN), Thompson is among the approximately 19 percent of Hispanic Americans currently serving in the Armed Forces today. Cuban-born Secretary of the Navy Carlos Del Toro echoed this year’s theme, ‘Pioneers of Change: Shaping the Future Together’, when he said, “Hispanic Americans have had a profound and positive influence on our country. As we discover more of these stories and honor their ultimate impact, we enrich our understanding and strengthen our collective identity.” Thompson identifies as Guyanese-American or Afro-Latino, with his collective South American, Caribbean, and North American identities making him the man he is today. A man whose profound influence is strengthening the U.S. Navy by investing in his fellow Sailors in Southeast Asia. When Thompson isn’t juggling multiple roles, he says he likes to enjoy the sights and tastes of Singapore with his spouse and young children because “it reminds me of home with the train system and the melting pot of different cultures. You can walk the streets of downtown and hear countless different languages: Malay, Mandarin, Tamil, French, Japanese, or English. Singapore feels a lot like New York.” Thompson says he also enjoys the Lion City’s spicy Indian cuisine as it “reminds me of the food I ate growing up like Roti and Chicken Curry,” he said. While Thompson is more than 15,000 kilometers from the Big Apple and over 17,000 kilometers from South America, he says childhood lessons from his heritage are always with him, regardless of his geographic location. Thompson says he was taught, “Haz con los demás, lo que te gustaría que te hicieran a ti, or in other words, ’Just pay it forward.’ We don’t need to backstab or belittle to get ahead in the workplace. If you continue to work hard to the best of your ability, everything will work itself out.” Thompson is living proof of how the U.S. Navy is strengthened by the diversity and inclusion of our people from the rich tapestry of the United States. Thompson plans to continue his humble servant-style leadership at his forthcoming duty station in Spain where he aspires to promote to the rank of chief petty officer. For more information on Sailors and Marines like Thompson serving in Singapore, visit https://www.clwp.navy.mil/
Excellencies, Honored Guests, Ladies and Gentlemen,
Welcome to the IMF, and welcome to the eleventh annual Michel Camdessus Lecture—our signature lecture series on central banking.
Let me also welcome our speaker today: the President of the European Central Bank, Madame Christine Lagarde. Christine’s extraordinary professional standing and personal charisma have earned her remarkable prominence, respect and admiration all over the world. She needs no introduction — least so here, at the IMF. Welcome home, Christine!
During your years at the helm you led the Fund through turbulent times — the aftermath of the Global Financial Crisis, and the Euro area sovereign debt crisis.
And you steered the Fund to adapt to a changing world — by broadening the institution’s perspective on the macro-criticality of inequality, governance, gender, and climate; and by making sure the quotas reform is advanced, so the Fund can better represent its membership. During COVID the social spending floors introduced in 2018 made a material difference in Fund support to the membership.
I am immensely grateful for the fortune to come after you and advance your legacy. I am also a direct beneficiary of your relentless pursuit of breaking new ground for women — first woman-chair at Baker McKenzie, first woman-Minister of Economy and Finance in France, first woman-Managing Director of the Fund, first woman-President of the ECB. I can vouch from experience that when you break the glass ceiling it is so much easier for the next woman to come!
Of course, another indelible mark you left at the Fund is the creation of the Michel Camdessus Lecture series!
So, on behalf of all of us here today: thank you for your friendship, leadership, and exceptional contributions to our entire membership. And thank you for gifting us the Camdessus Lecture series and coming to give one today.
Cautious Optimism about a Soft Landing
Before I turn the floor to you, let me briefly reflect on developments in the world since last year’s Camdessus Lecture.
This has been a year of determined action of central banks — of synchronized tightening of monetary policy to address the surge of global inflation. Not popular, but necessary.
Despite of it, inflation remained stubbornly high and it generated in some places concern about the effectiveness of monetary policy.
Fast forward to today, and we are clearly in a better place.
Inflation has declined significantly, to or near target in many economies. It is the result of resolute actions of central banks, as well as fading supply shocks. The forces of monetary policy transmission have re-asserted themselves in the end.
We are in a better place, but we can’t be complacent. First, in many countries, services inflation is persistent, and inflation could yet tip upwards.
Second, in more shock-prone environment, we simply don’t know what surprise may hide around the corner. Since COVID and Russia’s invasion of Ukraine, it has become clear central banks need to scan the horizon beyond monetary and financial sector developments.
Above all, as we know central bankers face a balancing act. They must ensure that inflation sustainably returns to target — and remain there — while avoiding the risk of excessively tight policies. This is particularly important in a world faced with a low growth/high debt conundrum.
Yet, we can be reasonably confident we have entered the “last mile” in the fight against inflation, allowing most central banks to enter an easing cycle—with ECB in June and the Fed this week marking the most important developments.
Over the last year at the Fund we have been on the side of the “softlanders” — a win against inflation without a sharp global downturn. In fact, while clearly weaker than we would want, economic activity has been remarkably resilient: we are projecting global growth to be more than 3 percent this and next year.
Structural shifts and Monetary Policy
So what next? The fight against inflation has come against the backdrop of four and a half years of extraordinary challenges for central banks.
And while inflation is retreating, rates are going down and recession appears unlikely, challenges will abound. We are living in a more shock-prone world, a world in which geopolitical considerations turn into geo-economic fragmentation, and a world of tremendous structural shifts due to the green and digital transformation.
In this new world, central banks must be vigilant to the potential for shocks to unleash powerful inflationary forces and create difficult tradeoffs.
And they must grapple with ongoing structural changes in the financial sector and the broader economy.
We must urgently invest in understanding how the growing importance of non-bank financial institutions could affect the transmission of monetary policy and create new tradeoffs between price and financial stability.
As you do in ECB (and we do at the Fund), we need to recognize the rapid increase of climate-related financial stability risks and the tremendous growth and jobs potential of greening the economy.
We must manage the gains and the disruptions of AI, which could provide a major impetus to productivity growth but also increase inequality if not accompanied by supportive policies. And we need to monitor how further advances in digitalization transform the financial landscape. Digital assets, including central bank digital currencies, stand out as potential game changers.
Last but not least, the conduct of fiscal policy is and will remain relevant to the job of central bankers — complicated by the higher levels of public debt.
Christine, in such a rapidly changing environment, your lecture on structural shifts and monetary policy could not be more timely.
With your exceptional career, you are uniquely positioned to consider the future of monetary policy strategies and toolkits, both conventional and unconventional.
You have often said that your experience as an elite athlete in the French synchronized swim team helped define your managerial style. You have embraced collaborative leadership. You value discipline, endurance and strategic planning.
And you always act with grace under pressure. These are all essential qualities for a central banker — especially one blessed to do the job in such interesting times!
We look forward to hearing your insights on “Setbacks and Strides Forward: Structural Shifts and Monetary Policy in the Twenties.”
The offshore renewable energy sector offers exceptional economic opportunities for Canada, with the offshore wind market alone expected to attract $1 trillion in investment by 2040. Canada is working in partnership with Nova Scotia and Newfoundland and Labrador to seize these unprecedented economic opportunities and create jobs in Atlantic Canada.
October 3, 2024 Ottawa, Ontario Natural Resources Canada
The offshore renewable energy sector offers exceptional economic opportunities for Canada, with the offshore wind market alone expected to attract $1 trillion in investment by 2040. Canada is working in partnership with Nova Scotia and Newfoundland and Labrador to seize these unprecedented economic opportunities and create jobs in Atlantic Canada.
Bill C-49, An Act to amend the Canada–Newfoundland and Labrador Atlantic Accord Implementation Act and the Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation Act, received Royal Assent today. Developed in collaboration with the governments of Nova Scotia and Newfoundland and Labrador, this legislation will help unlock the enormous potential of offshore renewable energy to create thousands of jobs, while attracting billions of dollars in investment and opening new economic opportunities in Nova Scotia and Newfoundland and Labrador.
By harnessing the extraordinary wind resources found off the Atlantic coast, Canada will be able to establish itself as a leading supplier of clean energy, including clean hydrogen that countries like Germany are looking to purchase, while continuing to decarbonize its electricity grids. This legislation will help advance the priorities established through the regional energy and resource tables. Nova Scotia and Newfoundland and Labrador, particularly to seize the opportunities presented by clean energy.
The Government of Canada is working with the governments of Nova Scotia and Newfoundland and Labrador to develop offshore renewable energy resources, enabling the provinces to build on their strengths and accelerate the growth of the offshore wind sector in a responsible and safe manner. Nova Scotia has already passed similar legislation; Newfoundland and Labrador is expected to follow suit in the coming weeks.
Canadian businesses and workers are well positioned to take advantage of the immense economic opportunity that clean energy represents in Atlantic Canada and beyond. This new legislation underscores Canada’s commitment to ensuring prosperity, unlocking new opportunities in the clean energy sector, growing the economy, creating thousands of jobs, and strengthening environmental protection in Canada.
Quotes
“The adoption of the bill C-49“This legislation allows Atlantic Canada to take advantage of the unprecedented economic opportunities presented by offshore renewable energy. This new legislation will strengthen the economy, create thousands of jobs and attract billions of dollars in investment to Nova Scotia and Newfoundland and Labrador. None of this would have been possible without the close collaboration of Newfoundland and Labrador and Nova Scotia Premiers Andrew Furey and Tim Houston and Atlantic Canadian Parliamentarians, who advocated for this project and stood up for the interests of the citizens of both provinces.”
The Honourable Jonathan WilkinsonMinister of Energy and Natural Resources
“This new legislation will play an important role in achieving Nova Scotia’s offshore wind goals. There are many investors interested in harnessing our wind energy and producing clean energy for green hydrogen and other uses. With Bill C-49 now passed, along with our similar provincial legislation, we are well positioned to grow our offshore wind sector in collaboration with our federal partners, starting with our first call for proposals next year.”
The Honourable Tory Rushton, Minister of Natural Resources and Renewable Energy for Nova Scotia
“This new legislation ensures that the necessary measures are in place to unlock opportunities in the offshore renewable energy sector; provides a financial regime that will ensure maximum economic return to Newfoundland and Labrador; and facilitates joint management of the offshore area while leveraging the Canada-Newfoundland and Labrador Offshore Petroleum Board’s extensive expertise in managing offshore projects.”
The Honourable Andrew Parsons, Minister of Industry, Energy and Technology for Newfoundland and Labrador
“It was an honour to sponsor a bill of such economic and environmental importance to my province. I look forward to seeing the positive impact of this new legislation, which opens up unprecedented opportunities for Newfoundland and Labrador, Nova Scotia and all of Canada.”
The Honourable Iris G. PettenSenator, Newfoundland and Labrador
Quick Facts
This law establishes a common regulatory and management framework for the exploitation of offshore renewable energy.
The adoption of Bill C-49 amends the laws implementing the agreements. The new law:
provides a framework for the development of offshore renewable energy; changes the name of the Canada–Nova Scotia Offshore Petroleum Board to the Canada–Nova Scotia Offshore Energy Regulator; changes the name of the Canada–Newfoundland and Labrador Offshore Petroleum Board to the Canada–Newfoundland and Labrador Offshore Energy Regulator; expands the mandates of both bodies to include the regulation of offshore renewable energy projects; better aligns the implementing legislation with the Impact Assessment Act; provides tools to support the Government of Canada’s marine conservation agenda; and modernizes the land tenure provisions of the agreement implementing legislation as they relate to offshore petroleum development.
The offshore renewable energy sector presents a generational economic opportunity for Canada, with the global offshore wind market alone forecast to attract one trillion dollars in investment by 2040. Canada, in partnership with Nova Scotia and Newfoundland and Labrador, is working to seize this unprecedented economic opportunity and create jobs for Atlantic Canadians.
October 3, 2024 Ottawa, Ontario Natural Resources Canada
The offshore renewable energy sector presents a generational economic opportunity for Canada, with the global offshore wind market alone forecast to attract one trillion dollars in investment by 2040. Canada, in partnership with Nova Scotia and Newfoundland and Labrador, is working to seize this unprecedented economic opportunity and create jobs for Atlantic Canadians.
Today, Bill C-49: An Act to amend the Canada-Newfoundland and Labrador Atlantic Accord Implementation Act and the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, received Royal Assent. Developed in partnership with the Government of Nova Scotia and the Government of Newfoundland and Labrador, this legislation will help unlock the enormous potential of offshore renewable energy, to generate thousands of jobs while attracting billions in investment and creating new economic opportunities in Nova Scotia and Newfoundland and Labrador.
By harnessing the world-class wind resources in the Atlantic offshore, we are positioning Canada as the leading supplier of clean energy, including the clean hydrogen countries like Germany are looking to buy, while continuing to decarbonize our electricity grids here at home. This legislation advances the priorities identified through the Regional Energy and Resource Tables in Nova Scotia and Newfoundland and Labrador, including seizing the opportunity clean energy presents.
The Government of Canada is working with the Governments of Nova Scotia and Newfoundland and Labrador to develop offshore renewable energy resources, enabling the provinces to capitalize on their existing strengths and accelerate offshore wind development safely and responsibly. Nova Scotia has already adopted mirror legislation, with Newfoundland and Labrador expected to do the same in the coming weeks.
Canadian workers and businesses are well positioned to seize the enormous economic opportunity clean energy presents, in Atlantic Canada and beyond. Today’s legislation underscores Canada’s commitment to deliver prosperity, create new clean energy opportunities, strengthen the economy, create thousands of jobs and better protect Canada’s environment.
Quotes
“Bill C-49 enables Atlantic Canada to seize the generational economic opportunity presented by offshore renewable energy. It will strengthen the economy, enable the creation of thousands of jobs and attract billions in investments in Nova Scotia and Newfoundland and Labrador. These opportunities would not have been possible without the close collaboration of the Premiers of Newfoundland and Labrador and Nova Scotia, Andrew Furey and Tim Houston, and Atlantic Canada’s Members of Parliament, who fought and delivered for the people of Nova Scotia and Newfoundland and Labrador.”
The Honourable Jonathan Wilkinson Minister of Energy and Natural Resources
“Bill C-49 is important to Nova Scotia meeting its offshore wind targets. Investors are lining up to harness our wind power and produce clean energy for green hydrogen and other uses. Now that this bill has passed, along with our own provincial mirror legislation, we are well on our way to developing our offshore wind industry hand in hand with our federal partners, starting with issuing our first call for bids next year.”
The Honourable Tory Rushton Minister of Natural Resources and Renewables, Government of Nova Scotia
“Bill C-49 ensures the necessary measures are in place to support offshore renewable energy opportunities; allows for a fiscal regime that provides the maximum economic returns to Newfoundland and Labrador; and furthers joint management of the offshore area while building upon the extensive expertise the C-NLOPB has in managing offshore projects.”
The Honourable Andrew Parsons, KC Minister of Industry, Energy and Technology, Government of Newfoundland and Labrador
“I was honoured to sponsor a bill of such significant economic and environmental importance to my province. I look forward to seeing the positive impacts of Bill C-49, as this historic bill presents a generational opportunity for Newfoundland and Labrador, Nova Scotia and Canada as a whole.”
The Honourable Iris G. Petten, Senator for Newfoundland and Labrador,
Senate of Canada
Quick facts
This legislation establishes a joint management regulatory framework for offshore renewable energy development
Bill-49 includes amendments to the Accord Acts that:
establish the framework to develop offshore renewable energy;
change the Canada-Nova Scotia Offshore Petroleum Board’s name to the Canada-Nova Scotia Offshore Energy Regulator (CNSOER);
change the Canada-Newfoundland and Labrador Offshore Petroleum Board’s name to the Canada-Newfoundland and Labrador Offshore Energy Regulator (C-NLOER);
expand the mandates of the CNSOER and the C-NLOER to include the regulation of offshore renewable energy projects;
improve alignment between the Accord Acts and the Impact Assessment Act (IAA);
provide tools to support the Government of Canada’s marine conservation agenda; and
modernize the land tenure regime for offshore petroleum development.
MIL OSI Translation. Government of the Republic of France statements from French to English –
Source: Switzerland – Canton Government of Bern in French
The slight increase in unemployment in September can only be partially explained by seasonal effects in the hotel and catering sector (48 people). The cyclical effects were very marked: in the MEM industry (machinery, electrical equipment and metallurgy, including watchmaking), the increase in unemployment was higher (60 people) than the multi-year average, as in previous months. The number of unemployed also shows an increase higher than the multi-year average in the specialized, scientific and technical activities sector (33 people).
After a below-average increase over the last two months, unemployment fell among 15-24 year-olds in September (-44, to 1,181 people).
In other sectors, it remained stable or decreased. Seasonally adjusted, unemployment stands at 1.9% (see explanations in the box).
Unemployment increased slightly in six out of ten administrative districts. It remained unchanged or decreased slightly in the other four. The rate ranged from 0.7% (Interlaken – Oberhasli) to 3.8% (Biel/Bienne). It was 3.6% in the Bernese Jura.
At the end of September, there were 2,504 more unemployed people in the canton of Bern than at the same time last year.
A teenager has been convicted of murder after a police investigation into a stabbing in Islington.
Sanchez Tate, 18, [15.7.06] of Tufnell Park Road, Islington was found guilty of the murder of Mohamed Abdi Noor on Tuesday, 1 October, following a trial at the Old Bailey.
Police were called at 19:27hrs on Monday 11 December 2023 to Tufnell Park Road, N7.
Officers and London Ambulance Service attended and found 21-year-old Mohamed Abdi Noor with stab wounds. He was taken by ambulance to hospital, where, despite the best efforts of medical staff, he sadly died in the early hours of 12 December.
Mohamed’s family were informed and have been supported throughout the investigation and court proceedings.
A murder investigation was launched, led by homicide Detective Chief Inspector Larry Smith.
DCI Smith said: “The dispute started as a verbal argument between the defendant and Mohamed after Mohamed had found his motorbike had been knocked over while left parked-up near his home.
“This escalated tragically to physical violence, and was further accelerated by the fact that Sanchez Tate was carrying a sword with a 43.5cm long blade and made the terrible choice to use it.
“The decision to carry a weapon can, as this case shows, be life changing.
“My thoughts are with Mohamed’s family and those who knew him, who have lost a dearly loved family member and friend.
“I am also mindful that there are no winners in this case and Tate, who was 17 years of age at the time, will have a good deal of time in prison to reflect on the callous stupidity of his actions.
“The investigation team would like to thank the witnesses to this shocking incident, who stepped in to try to stop it. They also alerted emergency services, assisted with first aid, made statements to police and gave crucial evidence at the trial.”
Sanchez Tate was arrested on 11 December at his home address, near to the murder scene and Mohamed’s home. Following the death of Mohamed Abdi Noor, he was charged with murder.
Tate will be sentenced at the Old Bailey on 21 November.
If you are concerned about knife crime – and in particular if you know somebody who carries a weapon, has been a victim or is at risk of becoming a victim – please visit the Crimestoppers website or the Met’s ‘Stop Knife Crime’ web pages.
Detectives investigating a fatal incident in Wallington are appealing for witnesses or anyone with dashcam footage to come forward.
Police were called by London Ambulance Service (LAS) at 21:45 hrs on Tuesday, 1 October to reports of a collision involving a box panel van and a man on Manor Road, near the junction with Melbourne Road, SM6
Emergency services attended and provided first aid. Despite their efforts the man, aged in his 70s, sadly died at the scene.
Police have informed his next of kin and advised the man’s family that they will be supported by specialist officers.
The driver of the box panel van stopped at the scene and was arrested on suspicion of causing death by dangerous driving. He has since been released on bail.
Anyone who witnessed this incident or has information or footage should call police on 101 or post on X @MetCC quoting 7310/01OCT24. Alternatively contact the witness line on 02085435157
In view of the rampant human rights violations against migrants, asylum seekers, and refugees in Tunisia, especially those who are Black; Tunisia’s lack of an asylum system; the Tunisian government’s crackdown on civil society, judicial independence, and the media; and the impossibility of fairly and individually determining nationalities or assessing the protection needs of migrants and asylum seekers while at sea, it is clear that Tunisia is not a safe place for the disembarkation of people intercepted or rescued at sea. The ongoing cooperation between the European Union (EU), EU member states, and Tunisia on migration control which includes reliance on the possibility to disembark people rescued or intercepted at sea in Tunisia – similar to previous cooperation with Libya – is contributing to human rights violations.
European policies to externalize border management to Tunisia are supporting security authorities who are committing serious violations. They are also obstructing people’s rights to leave any country and to seek asylum, containing refugees and migrants in countries where their human rights are at risk. Moreover, disembarkation in Tunisia can endanger individuals and expose them to serious harm, and further puts refugees and migrants at high risk of collective expulsion to Libya and Algeria, which can violate the principle of non-refoulement. The establishment on 19 June 2024 of the Tunisian Search and Rescue Region (SRR), called for and supported by the European Commission, risks becoming another tool to violate people’s rights rather than a legitimate fulfillment of the responsibility to protect safety at sea. Mirroring its cooperation with Libya, the EU and its member states’ engagement with Tunisia may have the effect of normalizing serious violations against people seeking protection and undermining the integrity of the international search and rescue system by twisting it to serve migration control purposes. 
As humanitarian and human rights organizations, we call on the EU and its member states to terminate their cooperation on migration control with Tunisian authorities responsible for serious human rights violations at sea and in Tunisia. Search and rescue NGOs and commercial ships should not be instructed to disembark anyone in Tunisia.
Widespread and repeated violations of human rights
Findings from Tunisian and international organizations, as well as UN bodies, over the past two years indicate that Tunisia cannot be considered a ‘Place of Safety’ for people intercepted or rescued at sea, most notably Black people as defined by the 1979 SAR Convention, the Maritime Safety Committee (MSC) and UN bodies.
Despite being party to the 1951 UN Refugee Convention, Tunisia has no national asylum law or system. People who enter, stay in, or exit the country irregularly are criminalized by law. Following interceptions at sea or after arbitrary arrests on Tunisian territory, Tunisian authorities have repeatedly abandoned refugees, asylum seekers, and migrants in the Tunisian desert or remote border regions with Libya and Algeria. These practices can amount to unlawful collective expulsions, demonstrate a total disregard for refugees’ and migrants’ right to life, and may violate the principle of non-refoulement. People expelled face the risk of serious human rights violations in Libya and onward expulsions from Algeria to Niger. According to reports citing information from the UN, Tunisian security forces have notably rounded up people presumed to be irregular migrants on land and directly transferred them to Libyan authorities, who subsequently subjected them to arbitrary detention, forced labour, extortion, torture and other ill-treatment, and unlawful killings.
According to the accounts of refugees, migrants and asylum seekers documented by Amnesty International, Human Rights Watch, OMCT, and Alarm Phone, Tunisian authorities at sea have committed abuses and put lives at risk during boat interceptions – including by high-speed manoeuvers threatening to capsize the boats, physical violence, firing tear gas at close range, and colliding with the boats – followed by a failure to systematically ensure individualized assessments of protection needs at disembarkation. Tunisian authorities have also subjected refugees, asylum seekers and migrants to torture and other ill-treatment in the contexts of disembarkations, detention, or collective expulsions.
At the same time, several international and local organizations, human rights defenders and lawyers have reported an alarming deterioration of civil liberties and fundamental rights in Tunisia, impacting both the migrant population and Tunisian citizens.. Since 2021, the country has witnessed a significant rollback of human rights, characterized by a dismantling of institutional safeguards for their protection, an erosion of judicial independence and a clampdown on freedom of expression, association and peaceful assembly. The disembarkation in Tunisia of Tunisian nationals intercepted or rescued at sea, which could include people fleeing persecution, torture or other serious harm and intending to seek asylum abroad, could effectively deny the right to seek asylum to those in need of international protection.
The European Union’s complicity in human rights abuses
Despite the documented human rights violations by Tunisian authorities, the EU and its member states have stepped up their support for Kais Saïed’s administration. Through the Memorandum of Understanding signed in July 2023, the EU promised Tunisia 1 billion Euros, including 105 million EUR dedicated to border and migration management, effectively in exchange for preventing sea departures towards Europe, which includes people in need of protection. With the implementation of a Tunisian Search and Rescue Region (SRR), the Tunisian government has met a long-standing priority set by the EU. While on the one hand this represents a formal step towards the fulfillment of Tunisia’s responsibility to protect life at sea, the reality is that European Rescue Coordination Centers (RCC) will now refer boats in distress within the Tunisian SRR to the Tunisian RCC, reinforcing a gradual disengagement of EU actors in favor of actors with a poor human rights record.
By supporting an increased role for the Tunisian Coast Guard (National Guard) – without any human rights benchmarks or monitoring system in place, nor arrangements to ensure that rescued people are disembarked in a place of safety which cannot be Tunisia – the EU is contributing to a risk of further serious human rights violations at sea and in Tunisia against refugees and migrants and people at risk of persecution in the country.
Humanitarian space for search and rescue (SAR) NGOs will also be further curtailed, if European RCCs instruct SAR NGOs to liaise with the newly established Tunisian MRCC for disembarkation, which they may refuse to respect the principle of non-refoulement. The UN refugee agency, UNHCR, has noted that vessels at sea are not the appropriate place for determining protection needs. Under international maritime law, states have the primary responsibility for coordinating rescues within their SRRs and for arranging disembarkation in a place of safety, which may be another state.
European support of human rights violations must end
These developments follow the pattern witnessed in Libya since 2016. In addition to material, technical and political support, the EU and Italy supported the establishment of a Libyan SRR and MRCC, thus leading to a transfer of SAR responsibility to the Libyan Coast Guard and increased pullbacks and disembarkations in Libya, all while being aware that this would expose refugees and migrants to a serious risk of horrific and deadly violations in Libya. Both the Italian government and EU institutions have not only continued this cooperation, but sought to extend it to other countries, including in Tunisia.
We therefore urge the EU and its member states to:
Call on Tunisian authorities to end human rights violations against refugees, asylum seekers, and migrants, including urgently with regards to life-threatening and unlawful collective expulsions.
Call on Tunisian authorities to end the crackdown on civil society.
Ensure that SAR NGOs and commercial ships are not instructed to disembark people they rescue at sea in Tunisia, given the risks of human rights violations there, and given that fair individual assessments concerning these risks cannot be made at sea. Tunisia cannot be considered a place of safety for people rescued at sea under applicable international law.
Terminate financial and technical support to Tunisian authorities responsible for serious human rights violations in relation to border and migration control.
Afrique-Europe Interact
Alarme Phone Sahara (APS)
All Included Amsterdam
Amnesty International
Associazione per gli Studi Giuridici sull’Immigrazione (ASGI)
Association CALAM
Association for Justice, Equality and Peace
Association Lina Ben Mhenni
Association Marocaine d’aide des Migrants en Situation Vulnérable (AMSV)
Association pour la promotion du droit à la différence (ADD)
Association Sentiers-Massarib
Association tunisienne de défense des libertés individuelles
Aswat Nissa
Avocats Sans Frontières (ASF)
BAOBAB EXPERIENCE
Campagna LasciateCIEntrare – MaipiuCIE
Carovane Migranti
CCFD-Terre Solidaire
Chkoun? Collective
Comité de Sauvegarde de la LADDH
Comité pour le respect des libertés et des droits de l’Homme en Tunisie (CRLDHT)
CompassCollective
Damj – l’Association Tunisienne pour la justice et l’égalité
Dance Beyond Borders
EMERGENCY
Fédération des Tunisiens pour une Citoyenneté des deux Rives (FTCR)
Fédération Internationale pour les Droits Humains (FIDH)
Forum Tunsien pour les Droits Economiques et Sociaux (FTDES)
FUNDACION SOLIDAIRE
Human Rights Watch
Intersection pour les droits et les libertés
iuventa-crew
L’association Tunisienne pour les Droits et les Libertés (ADL)
La Cimade
LDH (Ligue des droits de l’Homme)
Maldusa
Médecins Sans Frontières
MEDITERRANEA Saving Humans
Melting Pot Europa
migration-control.info project
Migreurop
Missing Voices (REER)
Mission Lifeline International e.V.
PRO ASYL Bundesweite Arbeitsgemeinschaft für Flüchtlinge e.V.
r42-SailAndRescue
Reclaim the Sea
Refugees in Libya – APS
Refugees Platform In Egypt (RPE) منصة اللاجئين في مصر
Resqship
SALVAMENTO MARITIMO HUMANITARIO -SMH
SARAH Seenotrettung gUG
Sea-Eye e.V.
Sea-Watch e.V.
Search and Rescue Malta Network
Seebrücke
SOS Humanity e.V.
SOS MEDITERRANEE
Statewatch
Union des diplômés-chômeurs (UDC)
United4Rescue – Gemeinsam retten e.V.
Univ. of Southern California Gould School of Law Immigration Clinic
Reacting to the government announcement of investment in carbon capture and storage projects, Green MP and party co-leader Adrian Ramsay said:
“Labour has spent too long listening to the pleadings of energy companies for major public investment in unproven technological solutions like carbon capture that simply won’t deliver the immediate real change we need.
“This announcement is no substitute for the urgent and immediate investment needed in home and business insulation to cut energy use and the increased renewables funding that is badly needed to meet future energy needs.”
MIL OSI Translation. Government of the Republic of France statements from French to English –
Source: Switzerland – Department of Foreign Affairs in French
State Secretariat for Economic Affairs
Bern, 04.10.2024 – The State Secretariat for Economic Affairs (SECO) has published its latest reports on the labour market situation in Switzerland. In September 2024, the number of unemployed people increased by 1,891 (1.7%) compared to the previous month to 113,245. Compared to the same month of the previous year, unemployment increased by 22,419 people (24.7%). In September 2024, the unemployment rate increased by 0.1 percentage points compared to the previous month to 2.5%.
UnemploymentIn September 2024, the seasonally adjusted number of unemployed persons increased by 2,492 (2.1%) compared to the previous month, to reach 119,310. In September 2024, the seasonally adjusted unemployment rate increased by 0.1 percentage points compared to the previous month, to reach 2.6%.Between August 2024 and September 2024, the number of young unemployed persons (aged 15 to 24) increased by 52 persons (0.4%) to reach 11,957. Compared to the same month of the previous year, this corresponds to an increase of 2,178 persons (22.3%). The youth unemployment rate remained at 2.7% in September 2024. In September 2024, the number of unemployed older people (aged 50-64) was 459 or 1.5% higher than in the previous month (30,798). Compared to the same month of the previous year, it increased by 5,442 people (21.5%). In September 2024, the unemployment rate for seniors was 2.2%, the same percentage as in the previous month.
Job seekersIn September 2024, 184,373 job seekers were registered, which is 4,137 more than the previous month (2.3%). Compared to the same month of the previous year, this number increased by 30,838 people (20.1%). In September 2024, the job seeker rate increased by 0.1 percentage points compared to the previous month, to 4.0%.In September 2024, the seasonally adjusted number of job seekers increased by 3,707 (2.0%) compared to the previous month to 192,739. In September 2024, the seasonally adjusted job seeker rate increased by 0.1 percentage points compared to the previous month, to 4.2%.
Arrivals at the end of rightsAccording to data from the end of September 2024, the number of people who exhausted their rights to unemployment benefits during the month of July 20241 amounted to 2,454. This represents 172 more people (7.5%) than in June 2024.
VacanciesIn September 2024, 38,320 vacancies were announced to the ORPs, 2,074 more than in the previous month (5.7%). 18,693 (48.8%) positions are subject to the obligation to announce vacancies. There were 8,871 fewer vacancies (-18.8%) than in the same period of the previous year.In September 2024, the number of vacancies adjusted for seasonal variations increased by 565 (1.6%) compared to the previous month, reaching 36,240.
Short-time workingAccording to data from the end of September 2024, short-time working affected 2,566 people in July 20241, which is 3,699 fewer (-59.0%) than in June 2024. The number of companies affected decreased by 121 (-37.9%) compared to June 2024, to 198.1 For reasons of payment practice, the unemployment funds’ data on the number of arrivals at the end of their rights/cases of short-time working counted are published with a two-month delay. These figures may still change subsequently.
Address for sending questions
Antje Baertschi, Head of Communications and Spokesperson SECO, tel. 41 58 463 52 75Françoise Tschanz, Spokesperson SECO, tel. 41 58 463 05 70Please send your written media requests to medien@seco.admin.ch
Source: Switzerland – Canton Government of Grisons in Italian
In the Canton of Graubünden, 986 people were registered as unemployed in September, which corresponds to an unemployment rate of 0.9 percent. Compared to the previous month, with 882 unemployed, the number of unemployed rose by 104 units. In addition, 796 non-unemployed people were registered as looking for a job.
Non-unemployed persons seeking employment include those participating in professional development or employment measures, or those who perform jobs with an intermediate income, as well as those who use only the placement services of the regional employment offices (URC).
Adding the number of unemployed and non-unemployed people looking for a job gives the number of people looking for a job. In September, 1782 people were registered looking for a job. Compared to the previous month, this number increased by 195 units.
Detectives investigating a fatal collision in Islington are appealing for witnesses or any road users with dashcam footage to come forward.
Police were called by London Ambulance Service at approximately 14:25hrs on Thursday, 3 October to reports of a collision involving a double decker bus and a pedestrian on Baron Street, at the junction with White Lion Street, N1.
Emergency services attended and provided first aid. Despite their efforts the pedestrian – a woman aged in her 60s – sadly died at the scene.
Her next of kin have been informed and support will be provided to them by specially trained officers.
Road closures were put in place while the scene was dealt with.
The driver of the bus, a man aged in his 40s, stopped at the scene – he was arrested for causing death by careless driving and has been bailed pending further enquiries.
Anyone who witnessed this incident or has information or footage should call police on 101 or post on X @MetCC quoting 3982/03OCT24. Alternatively contact the witness line for the Serious Collision Investigation Unit on 020 8246 9892.
Source: Government of Ireland – Department of Jobs Enterprise and Innovation
4th October 2024
The Injuries Resolution Board today publish their Annual Report for 2023. The Board (formerly PIAB) is Ireland’s independent State Body established in 2004 to support the fair, prompt, and transparent resolution of personal injuries claims without the need for unnecessary litigation. Each year the state body through its work generates millions of euro in savings which would otherwise be spent on pursuing personal injury claims through litigation.
To enhance and reform the agency the Personal Injuries Resolution Board Act 2022 was enacted in December 2022 and was commenced over three phases in 2023. The Act introduces new functions for the Board, including a wider reporting and research role, allowing the Board retain more complex injury claims, and significantly the introduction of a mediation service to facilitate the resolution of personal injury claims.
In welcoming the publication of the Report, Minister Calleary stated:
“Today’s Annual Report from the Injuries Resolution Board provides further evidence of what has been achieved through government’s ‘Action Plan for Insurance Reform’. The Report shows a substantial reduction in the cost of personal injury claims since the Action Plan was put in place. Last year the Board’s work generated savings of €75million which would otherwise have been spent in expensive and prolonged litigation. These are real savings that should be passed onto Insurance policy holders.”
“I am pleased to see the all-time high engagement by stakeholders with the Board in 2023, with the 71% consent rate being the highest achieved for assessments by the Board since establishment.”
Minister Calleary added:
“The introduction of mediation is a step change for resolving injury claims in our country. The service has commenced for employer liability and public liability injury claims and will be introduced for motor injury claims later this year. Mediation is already working and is successful in bringing about an agreed resolution to personal injury claims.
It is imperative that all stakeholders fully commit to supporting the reforms implemented through the Action Plan for Insurance Reform to fully deliver the benefits to businesses, communities and citizens across our country. We said we would bring down the costs of personal injury claims and today’s annual report shows that both the costs and volume of claims have now substantially reduced since the introduction of the Personal Injuries Guidelines.”
The Injuries Resolution Board (formerly PIAB) is Ireland’s independent State Body established in 2004 to support the fair, prompt, and transparent resolution of personal injury claims without the need for unnecessary litigation.
The Injuries Resolution Board generates millions of euros in savings which would otherwise be spent on pursuing claims through litigation leading to higher costs for parties to claims and ultimately to policy holders, communities and businesses.
2023 saw the greatest expansion in the Board’s role since it was established in 2004. To enhance and reform the agency the Personal Injuries Resolution Board Act 2022 was passed by the Oireachtas and signed into law by the President on 13 December 2022. The Act was commenced over three phases in 2023 (13 February, 4 September, and 14 December).
Under the new Act the Board was renamed as the Injuries Resolution Board and given new functions. Together with the assessment of compensation for personal injury claims, the Board now offers a mediation service to facilitate the resolution of claims. Mediation for employer liability injury claims was introduced from 14 December 2023, this was extended to public liability injury claims on 8 May 2024, and will be commenced for motor liability injury claims in Q4 2024.
Following its reform the Board now has a wide reporting and research role, retains more complex injury claims, and has introduced new anti-fraud measures. Beginning in 2023 the agency also facilitates the resolution of injury claims under the Garda Síochána (Compensation) Act 2022.
Government’s ‘Action Plan for Insurance Reform’
In December 2020 Government launched the ‘Action Plan for Insurance Reform’. The Action Plan set out 66 actions to bring down costs for business and consumers, introduce more competition into the market and prevent fraud.
The Fourth Implementation Report on the Action Plan was published on 29 February 2024 and shows that 95% of the actions (63 out of the 66) are now considered complete, including all 13 principal actions. Key actions completed include:
The Personal Injuries Guidelines have been given effect;
Amendments to the Occupiers Liability Act 1995 to rebalance the ‘Duty of Care’;
Legislation to strengthen the laws on perjury has been enacted;
The Personal Injuries Resolution Board Act 2022 to enhance and reform the Injuries Resolution Board (formerly PIAB) has been enacted;
The Insurance Fraud Coordination Office has been established;
The Insurance (Miscellaneous Provisions) Act 2022 has been enacted;
The Competition (Amendment) Act 2022 has been enacted;
The Office to Promote Competition in the Insurance Market within the Department of Finance has been created.
Government is engaging directly with insurers in respect of commitments made to reflect the savings arising from insurance reform in premium costs. Underpinned by the Government reforms a number of new insurers/intermediaries have entered or announced their intent to enter the Irish market, including OUTsurance, Revolut, and Fastnet Underwriting. This brings additional capacity and competition to the insurance market benefitting consumers.
Source: Australian Government – Minister of Foreign Affairs
As part of the Albanese Government’s ongoing work to assist Australians seeking to depart Lebanon, two Government-supported charter flights carrying up to 500 passengers will depart Beirut Airport tomorrow for Larnaca, Cyprus.
This continues the Australian Government’s work with partners and commercial airlines, which has seen seats secured on several flights this week, including a Canadian assisted-departure flight last night which had 41 Australians on board.
Further flights are planned for subsequent days and will be subject to demand.
Operation of the Australian Government-supported charter flights is subject to the airport in Beirut remaining open and other operational constraints.
Onward travel to Australia is being arranged for those landing in Cyprus. Qantas has confirmed two flights from Cyprus to Sydney and we are grateful for their assistance. We are working with other airlines to confirm additional flights.
These flights will be free-of-charge for those eligible Australians, permanent residents and their immediate family members with a right of entry to Australia. Vulnerable passengers will be prioritised.
The Department of Foreign Affairs and Trade will be in contact with registered Australians to facilitate their departure and will continue to provide updates to registered Australians.
Australians in Lebanon who wish to leave should ensure they are registered via DFAT’s Crisis Portal or by calling the Australian Government’s 24-hour Consular Emergency Centre on +61 2 6261 3305.
Our message to Australians in Lebanon remains – now is the time to leave. Please take the first flight option that is available. There is no guarantee of preferred flights or that these flights will continue.
Media note: Images from last night’s flight are available via DFAT’s Media Library.
Blue Badge holders are being notified that the 2 routes into York city centre will temporarily close from 10.30am to 7.00pm daily during the Christmas market period of 14 November to 22 December.
This will be the first such closure since the routes reopened, and access will remain open overnight, between 7.00pm and 10.30am.
It was agreed when these routes reopened, that at extremely busy times during major events, they would need to close temporarily. One of these times was expected to be during the Christmas Markets.
This formed part of the original consultation to allow Blue Badge holder access that included disabled people, businesses and residents. The closure was recommended by the city’s multi-agency Safety Advisory Group.
Taxi firms are also being contacted about this temporary change.
Cllr Kate Ravilious, Executive Member for Transport at City of York Council, said:
When we reopened these important routes, we were clear that at extremely busy times, we’d have to consider temporarily closing them. The popular Christmas Markets are one such time.
“In future years we intend to find ways to enable Blue Badge holders’ access to the city centre during the Christmas Market, but this requires significant forward planning with Make it York.
“We’re notifying Blue Badge holders and taxi drivers and operators well ahead of this temporary closure from Thursday 14 November to Sunday 22 December, 10.30am to 7.00pm.
“This will be York’s first Christmas with the temporary barriers replaced with permanent barriers, now offering a safe and attractive city centre environment during a very busy period. The temporary barriers did the job but I’m not sorry to see them go.”
ID-Sparinvest, Filial af Sparinvest S.A., Luxembourg offentliggør opdateret prospekt for Investeringsforeningen SparDanmark Invest med tilhørende afdelinger.
I forbindelse med at ID-Sparinvest, Filial af Sparinvest S.A., Luxembourg er udpeget som nyt administrationsselskab for foreningen, er prospektet ajourført med redaktionelle ændringer og opdaterede SFDR-bilag.
Source: United Kingdom – Executive Government & Departments 3
£10 million humanitarian package will support thousands of people who have been displaced and impacted by the conflict
The Foreign Secretary continues to work with his counterparts to reduce tensions in the Middle East.
Comes as the UK Government has chartered more flights to help British nationals leave Lebanon
The UK is boosting its humanitarian support for Lebanon with a further £10 million to respond to the mass displacement of people, as well as the growing number of civilian casualties.
The funding comes as the UK continues to urge all British nationals to leave the country as soon as possible, and for an immediate ceasefire between Lebanese Hizballah and Israel. A ceasefire would provide the space necessary to find a political solution in line with Resolution 1701 and enable civilians on both sides to return to their homes.
The aid package responds to serious concerns over a widespread lack of shelter, and reduced access to clean water, hygiene and healthcare. It will be delivered through trusted humanitarian organisations, who have a long-established presence delivering aid within Lebanon.
The announcement follows the £5 million humanitarian package delivered through UNICEF to support access to clean water and sanitation, health, and nutrition supplies.
The UN’s Central Emergency Response Fund (CERF), which the UK is the largest donor to, this week also allocated £7.6m to respond to the urgent conflict-related needs and displacement in Lebanon.
Anneliese Dodds, Minister of State for Development and Minister of State for Women and Equalities, said:
The human cost of the conflict in Lebanon is clear for all to see. This additional funding from the UK will help to address the rapidly deteriorating humanitarian situation, providing relief for people displaced by the continuing violence.
This lifesaving aid is vital, but not a long-term solution. The only way to truly address the growing humanitarian crisis is an immediate ceasefire adhered to by both sides.
We continue to urge British nationals in Lebanon to leave immediately.
The Government yesterday (3 October) announced that it is also chartering more flights to help British nationals leave Lebanon. More than 150 British nationals and dependants left Beirut on a government-chartered flight on Wednesday (2 October).
British nationals and their spouse or partner, and children under the age of 18 are eligible. All passengers must hold a valid travel document. Dependants who are not British nationals will require a valid visa that has been granted for a period of stay in the UK of more than 6 months.
The UK continues to work with partners to increase capacity on commercial flights for British nationals. Around 700 troops and Foreign Office and Home Office staff, including Border Force officers, have been deployed to Cyprus for contingency planning.
Defence Secretary John Healey travelled to Cyprus yesterday to meet and thank deployed military personnel.
Background
Today’s funding announcement comes from pre-existing Official Development Assistance budgets and is already accounted for.
The UK is committed to supporting the most vulnerable in Lebanon, including refugees and Lebanese communities, with timely, flexible assistance to address basic needs and reduce suffering.
The UK’s bilateral humanitarian support to Lebanon this financial year through the Lebanon Humanitarian Programme – including this £10 million – is focussed on:
Supporting the most vulnerable refugee and Lebanese communities to meet their basic needs
Providing essential education and child protection services to over 5,000 of the most vulnerable and marginalised out of school children and
Supporting the Government of Lebanon to develop more inclusive, sustainable, and accountable social protection systems
Through the Lebanon Humanitarian Programme, the UK is one of the largest donors to UN OCHA’s Lebanon Humanitarian Fund which has allocated $14.7 million to a range of non-governmental organisations for preparedness and response to displacement.
In addition to the $10m announced this week, earlier this year a CERF allocation of $9 million was released to support UN partners response to the rising needs in Southern Lebanon.
$2.2 million Education Cannot Wait (ECW) funding has been released to support 5,000 children affected by the crisis. The UK is the second largest donor to ECW.
Source: Traditional Unionist Voice – Northern Ireland
TUV leader Jim Allister said:
“Oh, the elitism of Alliance knows no bounds!
Now, electorally rejected Stephen Farry and colleague are to be parachuted into plum jobs by UU in a process which defies every component of conventional recruitment. Due process has been shamelessly jettisoned!
“Instead, jobs for the boy and girl of Alliance are secured through handpicking them, without the threat or trouble of competition, and all done under what is deceptively called ‘Exceptional talent Pool process’.
“What process? What exceptional talent?
UU, which is heavily publicly funded, should be ashamed of the blatant politicising of its processes and of the brazen preferential advancement of two Alliance hacks.”
We are excited to announce that Hay Hill has re-opened to the public today.
The £3.2m investment has created a public garden in the heart of the city where large areas of new planting complement the existing mature trees. The relocated Thomas Browne statue and new water feature bring a new focal point, attraction and ambiance to the city centre space. Whilst the new layout with level access, steps with handrails, more seating, and performance area makes Hay Hill a vibrant, more accessible and usable area than ever before.
Cllr Emma Hampton said, “The regeneration of this well-known, much-loved landmark has transformed the area into a vibrant space that can be enjoyed by everyone. We would like to thank everyone for their patience, while we’ve been finishing the works to make this a beautiful place where people can sit, reflect and enjoy the nature around them in the heart of our city.”
We are also pleased to welcome the local trader from the current ice cream stand into a newly constructed kiosk in the new area.
This significant city centre regeneration project was completed as part of the £25m investment from the Ministry of Housing, Communities and Local Government to revitalise key areas of the city.
The Homage to Thomas Browne sculptures, previously located on Hay Hill, have been moved to Eaton Park. For further information see our previous news release.
Source: United Kingdom – Executive Government & Departments
£10 million humanitarian package will support thousands of people who have been displaced and impacted by the conflict
The Foreign Secretary continues to work with his counterparts to reduce tensions in the Middle East.
Comes as the UK Government has chartered more flights to help British nationals leave Lebanon
The UK is boosting its humanitarian support for Lebanon with a further £10 million to respond to the mass displacement of people, as well as the growing number of civilian casualties.
The funding comes as the UK continues to urge all British nationals to leave the country as soon as possible, and for an immediate ceasefire between Lebanese Hizballah and Israel. A ceasefire would provide the space necessary to find a political solution in line with Resolution 1701 and enable civilians on both sides to return to their homes.
The aid package responds to serious concerns over a widespread lack of shelter, and reduced access to clean water, hygiene and healthcare. It will be delivered through trusted humanitarian organisations, who have a long-established presence delivering aid within Lebanon.
The announcement follows the £5 million humanitarian package delivered through UNICEF to support access to clean water and sanitation, health, and nutrition supplies.
The UN’s Central Emergency Response Fund (CERF), which the UK is the largest donor to, this week also allocated £7.6m to respond to the urgent conflict-related needs and displacement in Lebanon.
Anneliese Dodds, Minister of State for Development and Minister of State for Women and Equalities, said:
The human cost of the conflict in Lebanon is clear for all to see. This additional funding from the UK will help to address the rapidly deteriorating humanitarian situation, providing relief for people displaced by the continuing violence.
This lifesaving aid is vital, but not a long-term solution. The only way to truly address the growing humanitarian crisis is an immediate ceasefire adhered to by both sides.
We continue to urge British nationals in Lebanon to leave immediately.
The Government yesterday (3 October) announced that it is also chartering more flights to help British nationals leave Lebanon. More than 150 British nationals and dependants left Beirut on a government-chartered flight on Wednesday (2 October).
British nationals and their spouse or partner, and children under the age of 18 are eligible. All passengers must hold a valid travel document. Dependants who are not British nationals will require a valid visa that has been granted for a period of stay in the UK of more than 6 months.
The UK continues to work with partners to increase capacity on commercial flights for British nationals. Around 700 troops and Foreign Office and Home Office staff, including Border Force officers, have been deployed to Cyprus for contingency planning.
Defence Secretary John Healey travelled to Cyprus yesterday to meet and thank deployed military personnel.
Background
Today’s funding announcement comes from pre-existing Official Development Assistance budgets and is already accounted for.
The UK is committed to supporting the most vulnerable in Lebanon, including refugees and Lebanese communities, with timely, flexible assistance to address basic needs and reduce suffering.
The UK’s bilateral humanitarian support to Lebanon this financial year through the Lebanon Humanitarian Programme – including this £10 million – is focussed on:
Supporting the most vulnerable refugee and Lebanese communities to meet their basic needs
Providing essential education and child protection services to over 5,000 of the most vulnerable and marginalised out of school children and
Supporting the Government of Lebanon to develop more inclusive, sustainable, and accountable social protection systems
Through the Lebanon Humanitarian Programme, the UK is one of the largest donors to UN OCHA’s Lebanon Humanitarian Fund which has allocated $14.7 million to a range of non-governmental organisations for preparedness and response to displacement.
In addition to the $10m announced this week, earlier this year a CERF allocation of $9 million was released to support UN partners response to the rising needs in Southern Lebanon.
$2.2 million Education Cannot Wait (ECW) funding has been released to support 5,000 children affected by the crisis. The UK is the second largest donor to ECW.
MIL OSI Translation. Government of the Republic of France statements from French to English –
Source: Canton of Neuchatel Switzerland
04.10.2024
In September 2024, an increase in the number of job seekers (63) and unemployed (85) is noted and these numbers stand at 5,322 and 3,487 people respectively.
The unemployment rate in Neuchâtel increased by 0.1 pt compared to the previous month to reach 3.9%. It is up for the third consecutive month but the increase is more moderate this month (it was 0.2 pt the previous month and 0.3 pt in July). An increase of 0.1 pt is also observed at the national level and at the French-speaking level with rates reaching 2.5% and 3.6% respectively.
In terms of entry dynamics, the number of registrations in an ORP in the canton amounts to 693 people in September compared to 688 in August. As for exit dynamics, the number of people who left the ORP amounts to 628, or 41 fewer than the previous month.
Concerning the monthly variations in the number of unemployed in the canton, the evolution is contrasted. Indeed, an increase is observed among young people under 25 (45) and mainly concerns young people reaching the end of vocational training. People aged 25 to 49 (45) also see their numbers increase. On the contrary, a slight decrease is observed for those over 50 (-5). Thus, the unemployment rate for young people (under 25) increases by 0.5 pt to reach 4.9% and the unemployment rate for seniors remains stable at 3.3%.
As for the economic sectors, an increase in the number of unemployed is noted for the other manufacturing activities sector (20) and watchmaking (15). No significant decrease is noted in September.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.
The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
Washington, DC – October 4, 2024:
San Marino’s economy remains resilient, supported by a more diversified growth model with manufacturing and the nonfinancial service exporting sectors as key drivers. Prudent fiscal policy and access to international capital markets helped weather the pandemic and energy crises. However, additional fiscal consolidation is warranted given the still high debt level and contingent liabilities from the financial sector. Notwithstanding important progress in resolving legacy issues, further efforts are needed to improve asset quality and strengthen banks’ capitalization and profitability. With the recently negotiated European Union (EU) association agreement, San Marino has a unique opportunity to accelerate much-needed public and financial sector reforms and to further the integration with the EU’s single market to boost confidence in the economy and lift potential growth.
San Marino’s economic growth remained positive despite adverse external shocks, including a regional slowdown and higher interest rates. After an exceptionally strong post-pandemic recovery in 2021-22, growth slowed in 2023 to 0.4 percent following a decline in external demand. Manufacturing, which has been operating at high levels, has decelerated as export orders declined, in part due to the phase-out of fiscal incentives in Italy and a related slowdown in the construction sector. The strong service sector performance, benefiting from the tourism boom and healthy domestic demand, kept employment growing at a robust pace.
Growth is projected to edge up in 2024, strengthening further in 2025, as external demand improves. Stronger consumption on the back of rising real wages and higher investment, facilitated by easing financial conditions, will support domestic and external demand next year. However, there are risks ahead. Downside risks are related to the weakening of external demand while remaining vulnerabilities in the financial sector constitute one of the key domestic risks. The underlying strength of the manufacturing sector, the healthy private sector balance sheets, and prompt implementation of the EU association agreement constitute upside risks to the baseline.
The fiscal position was stronger than expectedlast year but further efforts are needed to ensure sustainability.The government has saved the cyclical tax revenues, kept expenditures in check and primary balance stable in 2023. However, moderate government spending pressures arose in 2024 ―as real spending compression reached its limits and the cost of interest subsidies for the private sector expanded. The public debt-to-GDP ratio continued declining, but its level remains high.
Additionalfiscal consolidation is needed to mitigate financing risks, build fiscal buffers, and reduce the debt-to-GDP ratio below 60 percent.San Marino is an euroized small open economy with a vulnerable financial sector and limited fiscal buffers. The government’s goal of reducing public debt below 60 percent of GDP over the medium term is an important anchor to guide fiscal policy. To achieve this target a moderate additional fiscal effort totaling 1 percent of GDP over the next three years is recommended through:
Designing and implementing a tax reform package introducing a value-added tax (VAT) and broadening the income tax base. With a low tax-to-GDP ratio, introducing a VAT in San Marino can simultaneously enhance fiscal revenues and tax efficiency while minimizing related distortions, increasing fairness and progressivity, and aligning indirect tax procedures with international standards, benefitting the ease of exports. Redesigning tax rebates to avoid overlaps with other exemptions—such as San Marino Card (SMaC) discounts and income tax deductions—can further rationalize the system. The authorities should leverage the technology used for the SMaC in combination with electronic invoicing to mitigate tax avoidance in the new VAT system. Equallyimportant, income tax revenues can be significantly enhanced by rationalizing income tax deductions.
Improving the efficiency of public spending.San Marino should shift from real expenditure compression across all spending areas to prioritizing consolidation of spending with low social return. In this context, it will be important to review transfers to the private sector―including interest subsidy programs―to ensure that transfers are more targeted. Reviewing extra-budgetary funds is also needed to rationalize spending. Large investment plans require sound prioritization based on rigorous cost-benefit analyses.
Keepingpublic wages and pensions growth in check. Moderate public wage and pension growth was key to improving the primary balance. Looking forward, given the limited fiscal space, it is critical to avoid public wage and pension growth above domestic inflation.
Long-term demographic challenges will require additional parametric pension recalibration. The 2022 pension reform has increased contributions, delaying the depletion of the pension fund for a decade. However, ensuring the long-term sustainability of the pension system will require further parametric calibrations to address generous benefits. In addition, there is a need to continue the gradual diversification of the investments of the pension fund towards international markets to mitigate concentration of risks and increase returns.
The debt management strategy needs strengthening to minimize refinancing risks. The recently published fiscal strategy marks an important advancement in the predictability of fiscal policy and communication with investors, but further efforts are needed to upgrade San Marino’s debt management capacity, including more autonomy to implement the financing plan approved in the budget. To smooth the debt amortization of the Eurobond in 2027, the authorities should consider liability management operations, including smaller international issuances with longer maturities.
Banks’ liquidity and reported profits improved in 2023, but declining interest margins, high personnel costs, and remaining legacy non-performing loans (NPLs) pose risks going forward. Higher interest rates last year have improved banks’ cyclical profits without deteriorating the quality of loan portfolios, but structural profitability remains low. The safeguarding of profits to increase capital, as requested by the Central Bank, is welcome. However, with limited income-generating assets, high operating costs, and tight reported capitalization in some banks, the financial sector remains vulnerable.
A speedy adjustment of banks’ costs is a priority to improve long-term viability and capital positions. Most banks’ profitability remains significantly lower than regional peers. The continuing reduction of income-generating assets in recent years has not been followed by a scale-down of banking sector employment. San Marino’s banking system also has the largest number of branches per capita in Europe. With the EU association agreement, the opening of the banking sector will bring new opportunities, but San Marino banks need to improve efficiency to be competitive.
Important progress has been made in implementing the authorities’ strategy to reduce nonperforming loans (NPLs) through an Asset Management Company (AMC) and calendar provisioning. The write-off of a large NPL position and AMC securitization have reduced the NPL ratio from 53 to 21 percent. The asset recovery of the AMC has progressed better than expected, with the principal of state-guaranteed senior securities declining from 70 to 44½ million euros in the first half of 2024. Meanwhile, calendar provisioning has prompted banks to expedite the recovery and write-offs of NPLs. However, it will be important to improve dissemination of the information about the AMC asset recovery to anticipate and address any bottlenecks. The risk weights for junior securities should be increased faster to reflect the difference between the net book value and the real economic value of NPLs on banks’ balance sheets. Any undercapitalization that could arise from the securitization process and the implementation of calendar provisioning should be promptly addressed with credible capitalization plans. To strengthen CBSM supervisory powers and to help attract external capital, legal limits on banks’ shareholding structure should be lifted.
The bank resolution framework needs to be updated to widen burden-sharing. The bank resolution law should be updated to gradually complete the alignment with EU standards. The process needs to be coordinated with addressing existing issues in the banking system.
San Marino should continue to make progress to strengthen its AML/CFT framework. The domestic legal framework was amended in 2023 to incorporate the 5th EU AML Directive and improve technical compliance with the FATF standards. This resulted in an upgrade by MONEYVAL on technical compliance for AML/CFT sanctions regime. The National ML/TF Risk Assessment will be updated next year. San Marino should continue working to enhance the adequacy, accuracy, and up-to-dateness of its central beneficial ownership registry.
The EU association agreement sets an ambitious financial sector reform agenda. The agreement requires the central bank of San Marino (CBSM) to complete the alignment of the regulatory framework with the EU. To that end, the CBSM will need additional staff and financial resources. The CBSM financial position should be strengthened to safeguard its independence and support financial sector stability through an effective lender of last resort capacity. To comply with EU standards, legacy issues should be addressed, including through a gradual conversion of the perpetual bond owned by the state-owned bank into liquid instruments. Overall, while the banking sector has 15 years to meet the requirements, earlier implementation, as envisaged by the authorities, will boost confidence.
The conclusion of the EU association negotiations signals strong commitment to deeper integration with the EU and could lift potential growth by accelerating structural reforms. The successful implementation of the agreement is a priority and will support the competitiveness of the manufacturing sector and help consolidate gains in tourism. The authorities should ensure sufficient resources and staff are available to support implementation without undermining the fiscal consolidation path. In addition, further labor market flexibility is needed to improve labor reallocation, including in the banking sector. Real estate market reforms to facilitate price and market information dissemination and foreign ownership, will be key to support NPL resolution. Finaly, the authorities should foster energy safety and green transition, including by allowing households to sell back excess solar generated electricity.
The mission would like to thank the authorities and other counterparts for their warm hospitality as well as candid and productive discussions.
Source: Africa Press Organisation – English (2) – Report:
PARIS, France, October 4, 2024/APO Group/ —
Two weeks after the highly successful inaugural Tranoï Tokyo trade show held in Japan from September 4-5, over 20 exceptional fashion brands from across Africa and the diaspora showcased their designs at the Paris Fashion Week on 26-29 September at Tranoï, Palais Brongniart as part of Afreximbank’s CANEX Presents Africa initiative (www.Afreximbank.com).
Afreximbank’s dedicated scenographic exhibition space showcased a diverse array of brands, including Ethiopia’s Mafi Mafi, Kenya’s Adele Dejak, We Are NBO, and Katush, Zanzibar’s Doreen Mashika, and Nigeria’s Emmy Kasbit, WUMAN and Bloke. Representing South Africa were JUDY SANDERSON, David Tlale, and Thebe Magugu, while Zimbabwe was represented by Vanhu Vamwe.
Other incredible brands included The Cloth from Trinidad and Tobago, Olooh and Kente Gentlemen from Côte d’Ivoire, Ghana’s Christie Brown and Beyodoe, Late For Work from Morocco and Margaux Wong from Burundi.
The event climax was a highly anticipated runway show, celebrating the richness and diversity of Africa’s design talent. Held beneath the majestic columns of the iconic Palais Brongniart, the show marked a historic moment in the global fashion calendar.
Artistic Director Jenke Ahmed Tailly, renowned for his visionary approach, curated an exclusive fashion show featuring three distinguished African designers Sukeina, Lagos Space Programme and Thebe Magugu, each presenting unique collections that embodied the essence of African creativity and craftsmanship. This presentation highlighted the synergy between tradition and modernity, with designs that ranged from bold, avant-garde statements to intricate, culturally inspired pieces.
The event provided a powerful platform for these designers to showcase their work to an international audience, affirming Africa’s growing influence on the global fashion scene. From vibrant textiles and intricate patterns to contemporary silhouettes and sustainable innovations, the runway show captured the continent’s rich heritage and innovative approach to fashion. Each designer brought their distinct vision to life, offering a fresh perspective on what African fashion represents in the 21st century.
Commenting on the event, Mrs. Kanayo Awani, Afreximbank’s Executive Vice President, Intra-African Trade and Export Development, said: “We are immensely proud of our growing impact on Africa’s Creative and Cultural Industries through CANEX Presents Africa initiative which continues to spotlight the continent’s abundant talent. This moment is quite significant as it marks the first time three of our designers have taken to the prestigious runway at the Paris Fashion Week – a milestone only possible following years of consistent hard work and focus. By providing an exclusive platform to these brands to showcase their designs and engage with international buyers, we are not only developing the continent’s creative sectors but also expanding Africa’s influence in global cultural trade.”
Given the relevance and opportunities provided by the creative economy as a key driver for development and job creation, Afreximbank has deployed the Creative Africa Nexus Programme (CANEX) to facilitate the development and growth of the creative and cultural industries in Africa and the diaspora. The programme provides a range of financial and non-financial interventions to support Africa’s production, trade, and investment in creative content. CANEX Presents Africa provides emerging fashion designers with a platform for development through the transfer of skills, linkages and partnerships as well as market access opportunities aimed at equipping the participants with skills for creating financially sustainable businesses capable of being scaled.
The inaugural CANEX Presents Africa event took place in Porto, Portugal in October 2021. To date, 80 designers from 27 African countries and the Diaspora have benefited from the initiative.
Current account surplus at €381 billion (2.6% of euro area GDP) in four quarters to second quarter of 2024, after a €76 billion surplus (0.5% of GDP) a year earlier.
Geographical counterparts: largest bilateral current account surpluses vis-à-vis United Kingdom (€215 billion) and Switzerland (€79 billion) and largest deficits vis-à-vis China (€78 billion) and United States (€18 billion).
The current account of the euro area recorded a surplus of €381 billion (2.6% of euro area GDP) in the four quarters to the second quarter of 2024, following a €76 billion surplus (0.5% of GDP) a year earlier (Table 1). This development was mainly driven by a larger surplus for goods (from €72 billion to €358 billion) and, to a lesser extent, by widening surpluses for services (from €134 billion to €149 billion) and for primary income (from €34 billion to €37 billion). Moreover, the deficit for secondary income decreased slightly from €164 billion to €163 billion.
The estimates on goods trade broken down by product group show that, in the four quarters to the second quarter of 2024, the increase in the goods surplus was mainly due to a smaller deficit in energy products (from €454 billion to €275 billion). In addition, the surplus for machinery and manufactured products increased from €240 billion to €318 billion, while the balance for other products switched from a €28 billion deficit to a €2 billion surplus.
The higher surplus for services in the four quarters to the second quarter of 2024 was mainly due to larger surpluses for telecommunication, computer and information (from €159 billion to €184 billion) and for travel (from €47 billion to €57 billion), and a lower deficit for other business services (from €54 billion to €42 billion). This was partly offset by a widening deficit for other services (from €55 billion to €75 billion) and a decreasing surplus for transport (from €16 billion to €1 billion).
The increase in the primary income surplus in the four quarters to the second quarter of 2024 was mainly due to larger surpluses in direct investment (from €73 billion to €100 billion) and other primary income (from €5 billion to €14 billion), partly offset by a larger deficit in portfolio equity (from €143 billion to €182 billion).
Table 1
Current account of the euro area
(EUR billions, unless otherwise indicated; transactions during the period; non-working day and non-seasonally adjusted)
Source: ECB. Notes: “Equity” comprises equity and investment fund shares. Goods by product group is an estimated breakdown using a method based on statistics on international trade in goods. Discrepancies between totals and their components may arise from rounding.
Data on the geographical counterparts of the euro area current account (Chart 1) show that in the four quarters to the second quarter of 2024, the euro area recorded its largest bilateral surpluses vis-à-vis the United Kingdom (€215 billion, up from €184 billion a year earlier) and Switzerland (€79 billion, down from €89 billion). The euro area also recorded a surplus vis-à-vis the residual group of other countries of €96 billion, after a €21 billion deficit a year earlier. The largest bilateral deficits were recorded vis-à-vis China(€78 billion, down from €135 billion a year earlier) and the United States (€18 billion, down from €32 billion).
The most significant changes in the geographical components of the current account relative to the previous year were as follows: the goods deficit vis-à-vis China declined from €166 billion to €105 billion, while the balance vis-à-vis Russia shifted from a deficit (€41 billion) to a surplus (€3 billion). Furthermore, the balance vis-à-vis the residual group of Other countries shifted from a deficit (€104 billion) to a surplus (€39 billion), which was partly explained by a smaller deficit vis-à-vis Norway (from €39 billion to €21 billion) and a shift from a deficit (€6 billion) to a surplus (€5 billion) vis-à-vis Saudi Arabia. The goods surplus increased vis-à-vis the United Kingdom (from €116 billion to €148 billion) and vis-à-vis the United States (from €169 billion to €191 billion). In services, the deficit vis-à-vis the United States increased (from €117 billion to €141 billion), which was more than offset by a shift from a deficit (€15 billion) to a surplus (€18 billion) vis-à-vis Offshore centres. In primary income, the deficit vis-à-vis Offshore centres (€11 billion) turned to a surplus (€21 billion), while a smaller deficit is recorded vis-à-vis the United States (from €82 billion to €67 billion). The deficit in secondary income vis-à-vis the EU Member States and EU institutions outside the euro area decreased (from €77 billion to €71 billion).
Chart 1
Geographical breakdown of the euro area current account balance
(four-quarter moving sums in EUR billions; non-seasonally adjusted)
Source: ECB. Note: “EU non-EA” comprises the non-euro area EU Member States and those EU institutions and bodies that are considered for statistical purposes as being outside the euro area, such as the European Commission and the European Investment Bank. “Other countries” includes all countries and country groups not shown in the chart, as well as unallocated transactions.
At the end of the second quarter of 2024, the international investment position of the euro area recorded its largest net assets on record, increasing to €1.18 trillion vis-à-vis the rest of the world (8.0% of euro area GDP), up from €0.76 trillion in the previous quarter (Chart 2 and Table 2).
Chart 2
Net international investment position of the euro area
(net amounts outstanding at the end of the period as a percentage of four-quarter moving sums of GDP)
The €423 billion increase in net assets was mainly driven by lower net liabilities in other investment (down from €0.76 trillion to €0.63 trillion) and in portfolio equity (from €3.31 trillion to €3.19 trillion), as well as larger net assets in direct investment (up from €2.41 trillion to €2.52 trillion) and in reserve assets (up from €1.22 trillion to €1.27 trillion).
Table 2
International investment position of the euro area
(EUR billions, unless otherwise indicated; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted)
Source: ECB. Notes: “Equity” comprises equity and investment fund shares. Net financial derivatives are reported under assets. “Other volume changes” mainly reflect reclassifications and data enhancements. Discrepancies between totals and their components may arise from rounding.
The developments in the euro area’s net international investment position in the second quarter of 2024 were driven mainly by positive price changes, transactions and other volume changes which were slightly offset by negative exchange rate changes (Table 2 and Chart 3). The large positive price changes reflect the divergent evolution of the stock exchange markets in the euro area and outside the euro area.
At the end of the second quarter of 2024, direct investment assets of special purpose entities (SPEs) amounted to €3.52 trillion (28% of total euro area direct investment assets), down from €3.59 trillion at the end of the previous quarter (Table 2). Over the same period, direct investment liabilities of SPEs decreased from €3.26 trillion to €3.25 trillion (33% of total direct investment liabilities).
At the end of the second quarter of 2024 the gross external debt of the euro area amounted to €16.52 trillion (112% of euro area GDP), down by €78 billion compared with the previous quarter.
Chart 3
Changes in the net international investment position of the euro area
(EUR billions; flows during the period; non-working day and non-seasonally adjusted)
Source: ECB. Note: “Other volume changes” mainly reflect reclassifications and data enhancements.
This statistical release incorporates revisions to the data for the reference periods between the first quarter of 2020 and the first quarter of 2024. The revisions reflect revised national contributions to the euro area aggregates as a result of the incorporation of newly available information, including from major regular revisions.
Source: United Kingdom – Executive Government & Departments
Scientists comment on a government pledge of £21.7bn for carbon capture projects.
Prof Stuart Haszeldine, Professor of Carbon Capture and Storage at the University of Edinburgh, said:
“This is fourth time lucky for CCS in the UK. After 3 false starts on projects with single sources to capture CO2, a change of philosophy has produced multiple industrial CO2 capture projects, mutually supporting pipelines feeding into secure geological stores. This ambitious and complex pathway is starting to convert the world’s first nation to industrialise coal use into the world’s first nation to decarbonise industry.
“The UK’s long CCS design journey started in 2005 with an unexpected offer from BP – not accepted by Government, leading to a competition to retrofit coal power electricity not awarded in 2011, then last minute cancellation in 2016 of funding for gas powered capture, and from 2018 a pivot to industrial projects mutually supporting shared pipelines and stores.
“CCS has operated successfully and safely in the Norwegian North Sea since 2006. But the debate between Perfect or Pragmatic on CCS still exercises those commentators and campaigners who prefer to completely escape from fossil fuels. However, hundreds of CO2 injections into geological storage worldwide have been competed with no leakage. But providing energy from adequate supplies of renewable electricity, and electrolysis to make green hydrogen, will not be installed for several decades. CCS provides achievable steps to rapidly decrease emissions at industrial scale, starting a transition into a lower carbon future. This is a revolutionary leap in energy systems.
“Perception of price remains the biggest blockage to routine installation of CCS. But the cost of government subsidy for the first projects will be spread between across the national energy system – equivalent to a fraction of penny each kilowatt hour. At full decarbonisation, CCS will cost around 15 pence per litre of petrol – much less than annual market price variations, and affordable.
“Anticipating successful CCS operating projects, the UK government now needs to plan future CCS projects to operate without government grant support. Existing policies are mis-directed to pay for permissions to emit. What is needed for the future is a payment reward for storage of CO2. That can be achieved by an extended obligation on oil company suppliers of fossil carbon to capture and store CO2 emissions arising from their products. That principle was legally established for development of new oilfields in the UK Supreme Court ‘Finch’ case in June 2024.”
Declared interests
Stuart Haszeldine is not funded by hydrocarbon companies or CCS developers supported by government
The Isle of Wight Council’s Adult Community Learning team is excited to announce the launch of its autumn programme, offering a diverse range of workshops and courses.
Whether you’re interested in improving your functional skills in English and maths, exploring ICT, or engaging in arts, crafts, health, and wellbeing activities, there is something for everyone.
There are also FREE online short courses available.
Alternatively, you can speak to a member of staff by calling 01983 817280 or visiting The Learning Centre at Westridge, Ryde.
If you’re looking to develop your skills further, perhaps to retrain or return to work, you can book a careers appointment with Claire Rixon, our information, advice, and guidance professional.
Claire can assist with CV writing, covering letters, and application forms, and provide support with career changes, redundancy, education, and training. To book an appointment, call 01983 817280.
Drop-in sessions are also available at Westridge, Ryde centre every Friday from 9.30am to 12.30pm during term time. No booking is necessary; just pop in during these times.
For those needing help with online learning or computer access, the ICT drop-in dates for this term are:
18 October
15 November
29 November
13 December
If you need advice with job applications, the drop-in dates are:
Source: United Kingdom – Executive Government & Departments
Right wing separated from airframe in-flight, Radnor Range, Powys, 5 October 2023
This statement provides an update on the ongoing AAIB investigation into an accident involving a UAS CGT 50 unmanned aircraft at Radnor Range, Powys on 5 October 2023. During a demonstration flight, the unmanned aircraft suffered a structural failure of the right wing. It entered an uncontrolled descent, striking the ground near to some personnel working on the range. There were no injuries.
The investigation, which is nearing completion, has considered the reason for the structural failure, and for the ground personnels’ proximity to the aircraft’s flight path. A final report will be published in due course.
While trying to deliver malware on victims’ devices and stay on them as long as they can, sometimes attackers are using quite unusual techniques. In a recent campaign starting in 2022, unknown malicious actors have been trying to mine cryptocurrency on victims’ devices without user consent; they’ve used large amounts of resources for distribution, but what’s more, used multiple unusual vectors for defense evasion and persistence. One of these vectors was abusing the open-source SIEM “Wazuh” agent.
We are quite sure that this campaign was a global one, but in this article, we’ll focus on an infection chain that, according to our telemetry, was targeting mainly Russian-speaking users. The attackers distributed the malicious files using websites for downloading popular software (uTorrent, Microsoft Office, Minecraft, etc.) for free. These websites were shown to users in the top search results in Yandex. Malware was also distributed through Telegram channels targeted at crypto investors and in descriptions and comments on YouTube videos about cryptocurrency, cheats and gambling.
Infection
The attackers were advertising their websites in Yandex search results. Users would see these malicious sites in the top results when searching for resources freely distributing popular software like uTorrent, MS Excel, MS Word, Minecraft, Discord and so on.
Links to malicious websites in Yandex search results
The frontend of these websites is a copy of either the official software website or a known piracy website distributing this kind of software:
Malicious websites
The attackers are running multiple Telegram channels distributing the malware in question. These channels are most definitely targeted at cryptocurrency owners or cheating gamers: they are offered to download specific software that presumably might be of interest to them. To prevent anyone trying to disclose information about these channels and the fraudulent activity of their creators, the administrators disabled message forwarding, screenshots, and previews of these channels in the Telegram web-version.
Malware in the attackers’ Telegram channel
Even more, the malware was also distributed via YouTube. The attackers uploaded numerous videos in English from multiple accounts which were presumably stolen. It’s also possible that the video content was downloaded from other YouTube channels and reuploaded without the authors’ consent. In the video description and in the top comment the attackers left links to their resources and instructions on how to launch the malware. Some of these links redirected users immediately to malicious websites, while others led to the aforementioned Telegram channels. We have also seen links to known IP logging websites, allowing the malicious actors to collect the IP addresses of anyone who follows the link and gets redirected to the malware-carrying website.
Examples of videos with malicious links in their description or comments
Comment with a link to a malicious Telegram channel
Persistence and defense evasion
After visiting the attackers’ website or channel, users might download a ZIP file being falsely advertised as popular software. Inside the archive is an MSI file and a TXT file with a password required for installation. There are also instructions on how to install the software, in which the attackers recommend disabling any installed antivirus and Windows Defender beforehand. In many cases, the instructions and the password are also provided on the websites and channels from which the user downloaded the malicious archive.
Content of text file
When launched, the MSI file asks for the password from the TXT file, which is one of the first countermeasures against sandbox analysis. If the user specifies the right password, the CustomAction field value of the MSI file is executed — this is effectively a VB script. This script launches a BAT file which extracts the next element of the attack chain from an encrypted archive. The first step is to escalate privileges by adding another BAT file to autorun, granting SYSTEM privileges for a single execution. After that, the system reboots.
CustomAction field value in the MSI file
The BAT file from autorun extracts the encrypted RAR archive and runs the “start” command with two DLL files as arguments — these were previously extracted from the archive. One of these files is a legitimate AutoIt interpreter and the second is a legitimate dynamic library with a valid digital signature. The malicious payload is an A3X script which was compiled into an EXE file and injected right inside the second DLL file signature.
Malicious payload hidden inside a legit dynamic library signature
This technique is interesting for two reasons. First, the A3X script is added to the signature in such a way that its validity remains intact and the whole file is still considered as signed, even with the payload. Such a malicious addition is almost impossible to detect without file content analysis. Second, the AutoIt interpreter has an interesting way of reading files that were specified in its launch argument. The file is scanned for a specific AutoIt signature which is present only in compiled scripts, and all other contents of the file are ignored. This behavior allows the attackers to hide their malicious payload anywhere in the file where it won’t be harmful for the container itself.
Signature at the beginning of the A3X script
Placing malicious payloads in an arbitrary section of a file is not new. Such techniques have been used not only with AutoIt, but with other platforms too. But what makes this attack stand out is the bypass of signature verification, making it possible for the payload-bearing file to seem legitimate.
File with payload successfully bypasses signature verification
If the “start” command failed, the BAT file removes the entire directory with the installed files, including itself. Otherwise, the malicious A3X implant is launched, which checks all active processes in attempt to find anything related to debugging or anti-malware products. If anything is found, the script immediately exits, as you can see in the snippet of deobfuscated code below.
Security process name check by malicious implant
The compiled A3X script contains multiple FileInstall function calls. This function takes two arguments: a path to the file that will be installed, and its destination path. Before compilation, this call just copies the file from its source path to its destination, but during the compilation the interpreter stores the files for installation right inside the compiled script.
The resulting file contains not only the executable code itself, but also additional malicious files which will be installed directly from the implant. These files are required for persistence and to execute the next steps of the infection chain. The files are installed to the following paths:
For persistence purposes, the directories containing the installed files have system, hidden and read-only attributes. In addition, using the icacls utility, the implant forbids all users across all domains to remove these folders, change their permissions, own them, add any files or subdirectories, write to them any attributes (including extended ones), or remove files from them.
Files are copied to directories with unusual names for a reason. For example, the folder name “Classic.{BB64F8A7-BEE7-4E1A-AB8D-7D8273F7FDB6}” is treated specially by Windows Shell: Explorer will find the GUID in its name and treat it as a link — in this case to the Action Center. As a result, the user will not be able to view the contents of the directory.
Malicious directory in Explorer
After installing all the necessary files, the implant establishes persistence using WMI by creating filters which are activated by common events — common enough to guarantee filter activation. For each created filter, a polling frequency is specified. When a filter is activated, a specific command is executed using the __FilterToConsumerBinding class.
Once every three minutes, the netcat utility masked as StartMenuExperienceHost.exe is launched with the C&C address of the attackers (sportjump[.]ru) and “-e cmd.exe” as its arguments. It is then used as a reverse shell by the attackers.
Once every five to ten minutes, files named “nun.bat” are executed. They are copies of the same file which starts the next step of the infection chain. The attackers created two copies to increase the chance of malware execution, but if there are no outages, both of them are launched.
Once every fifteen minutes, the next step of the infection chain is launched directly via the “start” command.
All these methods are used again for a better persistence by launching the “insta.bat” file right before the end of the A3X implant execution.
Launch of the netcat utility
Persistence is established not only through WMI; the implant also directly starts netcat, the “nun.bat” files, and the “start” command. After that, it also abuses the registry keys “Image File Execution Options”, “Debugger” and “MonitorProcess” with the same goals.
One of the most interesting things about some variants of the malware is the download and use of the Wazuh SIEM agent for remote access and telemetry harvesting. To ensure that the attackers can execute any arbitrary command on the victim’s device, during the agent installation, the “remote_commands” option is set.
Installation and launch of the Wazuh agent
The first stage of the A3X implant collects the following information: computer name, username, OS version and architecture, CPU name, data about the GPU and installed AV software. All this information along with the current time is sent to a special Telegram bot chat controlled by the attackers. We’ve also seen some of the malware variants sending a screenshot of the user’s desktop or installing a malicious browser extension, which may replace cryptocurrency wallets in the clipboard.
Malicious browser extension
The next stage of the infection chain consists of two DLL files, that use the same technique as the first stage: a legitimate AutoIt interpreter and another A3X implant, located in the signature of the legitimate dynamic library. This implant is the final payload in the malware variant described here. It injects into a newly created explorer.exe process memory an open-source miner named SilentCryptoMiner, which contains the URL of the attacker’s mining configuration. This configuration specifies the cryptocurrency to be mined, the wallet, and so on. In the analyzed variants, we could see that the attackers mostly use anonymous cryptocurrencies like Monero or Zephyr.
Example of the miner configuration
Aside from its main purpose of generating cryptocurrency, SilentCryptoMiner can also hide its own activity from the processes specified in the “stealth-targets” argument and stop processes from the “kill-targets” process names list.
Attack geography
Most of the attacks with this infection chain targeted Russian users (87.63%). After that, the other top ten countries with the highest number of users affected by these attacks were Belarus, India, Uzbekistan, Kazakhstan, Germany, Algeria, Czech Republic, Mozambique, and Turkey.
TOP 10 countries where users were affected by the described infection chain, June — August 2024 (download)
Conclusion
The attack described in this article vividly illustrates the fact that even mass campaigns can be quite complex and open up a wide range of opportunities for attackers. As a result of the multistage infection chain, the attackers can establish persistence in users’ systems in multiple ways, gaining full access. Even though the main goal of the attackers is to make profit by stealthily mining cryptocurrency, some variants of the malware can perform additional malicious activity, such as replacing cryptocurrency wallets in the clipboard and taking screenshots. The most interesting action in this attack was the implementation of unusual techniques like using an SIEM agent as backdoor, adding the malicious payload to a legitimate digital signature, and hiding directories containing malicious files.
It’s important to mention that the websites, videos, and Telegram channels created by the attackers primarily target users seeking free versions of popular software or videogame cheats. This audience makes an easy target for the attackers because they are open to installing unofficial software from obscure sources and disabling security measures.
Our products detect this malware with the following names:
HEUR:Trojan-Dropper.OLE2.Agent.gen
HEUR:Trojan.BAT.Agent.gen
HEUR:Trojan.VBS.Agent.gen
Trojan.Script.AutoIt.ak
Trojan.BAT.Agent.cix
Trojan.BAT.Miner.id
HEUR:Trojan.Multi.Agent.gen
PDM:Trojan.Win32.Generic
MITRE ATT&CK Matrix
Tactic
Technique ID
Technique
Resource Development
T1608.006
Stage Capabilities: SEO Poisoning
T1608.001
Stage Capabilities: Upload Malware
Execution
T1204.001
User Execution: Malicious Link
T1204.002
User Execution: Malicious File
T1059.010
Command and Scripting Interpreter: AutoHotKey & AutoIT
T1059.003
Command and Scripting Interpreter: Windows Command Shell
