Category: Finance

MIL-Evening Report: How did they get my data? I uncovered the hidden web of networks behind telemarketers

Source: The Conversation (Au and NZ) – By Priya Dev, Lecturer & Academic Data Science, Digital Assets & Distributed Ledgers, Australian National University

Kokhan O/Shutterstock

Last year, I started getting a lot of unsolicited phone calls, mainly from people trying to sell me things. This came as a surprise because, as a data scientist, I am very careful about what personal information I let out into the world. So I set out to discover what had happened.

My investigation took several months. It eventually led me to the labyrinthine world of data brokers.

In today’s digital age, where personal data is a new kind of gold, these companies wield significant power, creating networks where our personal information is shared between brokers and telemarketers as easily as TikTok videos. Their businesses profit from the data they collect, and many of the calls they enable come from scammers.

This comes at an enormous cost: in 2023, Australians lost $2.7 billion to scams. This highlights the urgent need for stronger privacy protections to limit how our personal data is collected and shared.

In an attempt to address this need, the Australian government this month introduced long-overdue privacy reforms. But these reforms are still inadequate for the many privacy issues affecting people today, including targeting by data brokers and telemarketers.

Investigating the hidden web

One of the mechanisms designed to protect us from unwanted calls is the Do Not Call Register.

Managed by the Australian Communications and Media Authority, the registry holds more than 12 million phone numbers, including mine. The registry is supposed to block unsolicited calls. But last year, despite being on the list, I began to receive dozens of unwanted calls – on average, about three per day.

Curious, I started tracing the origins of these calls. What I uncovered was a network of hidden connections between data brokers, telemarketers and large organisations – including a major political party. It became clear that simply being on the Do Not Call Register wasn’t enough to protect my privacy.

I started by asking the callers what data they held, and how they had obtained mine. I requested details about the companies they represented, including their websites and Australian Business Numbers (ABNs) – the unique identifiers for Australian businesses.

Most callers hung up the moment I started asking questions, until one day I spoke with a man named Paul, who worked in the real estate sector – an industry worth more than $10 trillion as of 2024. The high-value real-estate market makes our personal data especially valuable to businesses operating within the industry.

Digging deeper

The unique thing about Paul was that he knew my real name, whereas other telemarketers only had access to the pseudonyms I’d used to protect my identity online. Paul explained he had licensed my data from the real estate giant CoreLogic Australia.

This discovery pushed me to dig deeper. After a lot of back and forth, I finally obtained my data from CoreLogic. The amount of information was small, but surprisingly accurate – especially considering the steps I’d taken to hide my identity. It made me wonder where they got it from, as only organisations such as utility companies, banks or the government would hold that type of information.

CoreLogic told me in an email that:

CoreLogic gets data from a variety of sources … most of the information we collect comes from public records, which we license from government departments and agencies. We may also collect personal information from third parties such as through real estate agents, tenancy and strata mangers, financial institutions and marketing database providers.

This was a troubling discovery, because the institutions on which we depend for essentials such as public services, housing and finance – and from which we can’t hide our identities – may be selling our personal information to data brokers, who then pass it along to telemarketers.

What’s even more alarming is that the data is shared unmasked, meaning personal details such as our names, genders and phone numbers are fully visible. Once this information is out in the open, it becomes almost impossible to control how it’s recorded or shared.

It’s also nearly impossible to stop it being passed to overseas telemarketers, who aren’t bound by Australian privacy laws.

Real estate giant CoreLogic says most of the personal data it collects comes from public records.
IgorGolovniov/Shutterstock

Solving the mystery

My investigation didn’t end there.

Eventually, CoreLogic revealed it had purchased my data from Australian data broker firm Smrtr in August 2023. This coincided with the surge in unsolicited calls.

Through Smrtr I learned they had purchased my data in 2016 from another data broker, EightDragons Digital. Smrtr also admitted to selling my data to various companies – all without my consent.

Determined to investigate the origin of my online data trail, I contacted EightDragons Digital, which calls itself “a leading global consumer data agency”. It collects personal data for big brands including Energy Australia, Vodafone, NRMA, Nissan, Johnnie Walker, American Express, The Good Guys, and even the Australian Labor Party.

The company claimed it collected my data in a 2014 marketing campaign, and likely passed it to at least 50 other companies. However, it had no records to verify the marketing campaign or prove that I had given consent.

A small step only

CoreLogic defended its practices as legal, saying it’s too difficult to verify consent or anonymise personal data.

However, with modern technology, it’s actually possible to track where data comes from, check consent, and share insights without exposing personal details such as names and phone numbers.

The government’s recent privacy reforms are a small step in the right direction. But until data brokers are required to obtain explicit consent before trading personal information, they fall far short of being a giant leap forward.

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

– ref. How did they get my data? I uncovered the hidden web of networks behind telemarketers – https://theconversation.com/how-did-they-get-my-data-i-uncovered-the-hidden-web-of-networks-behind-telemarketers-238991

MIL OSI Analysis – EveningReport.nz –

September 29, 2024
MIL-Evening Report: Dogma or data? Why sentencing reforms in NZ will annoy judges and clog the courts

Source: The Conversation (Au and NZ) – By Kris Gledhill, Professor of Law, Auckland University of Technology

Getty Images

The Luxon government surely has little sense of irony.

Shortly after introducing the Parliament Bill, designed to reinforce the fundamental constitutional principle of the separation of powers, it has introduced the Sentencing Reform (Amendment) Bill, which seeks to constrain the judicial arm of the state.

Its purpose is to put more people into prison for longer. In its Regulatory Impact Statement, the Ministry of Justice estimates 1,350 people will be added to the current prison population. The ministry is also clear that most of the changes are unnecessary and rest on inadequate consultation, particularly with Māori.

The main change the bill makes is to cap reductions in a prison sentence for mitigating factors at “40% of the sentence”, unless that would be “manifestly unjust”.

Mitigating factors

To understand why this is a problem, we need to start with how the Sentencing Act 2002 works. First, the seriousness of an offence provides a starting point. Since the maximum sentence is for the worst example of the offence, the facts can be put on a scale.

Secondly, the judge considers aggravating factors, such as repeat offending, malicious motivations or the victim’s vulnerability. The new bill specifies various additional aggravating factors, but the ministry notes these are already taken into account.

Finally, the judge looks at mitigating factors, such as youth, intellectual disability or mental illness, remorse and positive steps to remedy the cause of offending.

One important available reduction is for a guilty plea. The bill will cap this at 25% – the Supreme Court already decided this several years ago.

Sentence reductions based on these factors will regularly exceed the overall 40% cap proposed in the new bill. For example, impulsive offending by a young adult with ADHD who was in state care because of family abuse, and who pleads guilty early, would likely mean a considerable sentence reduction.

Similarly, offending by someone who both admits it, shows remorse and assists the police would qualify for considerable reductions.

Read more:
A last minute amendment to NZ’s gang legislation risks making a bad law worse

‘Moral and fiscal failure’

The New Zealand judiciary is not soft by world standards. Its rate of incarceration – currently 181 per 100,000 people – places the country 90th out of 223 jurisdictions.

This is well above Australia, England, Wales and Scotland, and double the rates in Northern Ireland, the Republic of Ireland and Canada. As Māori have long made up more than 50% of the prison population, their incarceration rate is at US levels. Do we really want to make this worse?

When former Finance Minister Bill English observed New Zealand’s high prison population represented a “moral and fiscal failure”, he asked the chief science advisor to collate the evidence.

The resulting 2018 report, Using Evidence to Build a Better Justice System, concluded the prison population had grown because of “dogma not data”.

Prisoners are seven times more likely than the general population to have a mental health or substance abuse problem. Ninety percent have a history of mental health or addiction, with 60% still affected. Up to 70% have significant literacy problems.

The sentencing reform proposals rest on the notion people should take more personal responsibility. But they overlook the reality of most of the people in the system having a reduced capacity to do that. This looks more like dogma than data.

And since prisons train people in criminal ways and provide gangs with recruits, but do not deal with underlying causes of criminal behaviour, it is dogma that risks creating more victims.

Increased prisoner numbers: Paremoremo Maximum Security Prison, Auckland.
Getty Images

A stressed justice system

On top of this, the criminal justice system is creaking, without enough judges or courtrooms. Complainants, defendants and witnesses already wait too long for trials.

Reductions in sentences for guilty pleas and other mitigating features are essential to preventing this from getting worse. Some of these factors only come to light at the sentencing hearing when pre-sentence reports (often including medical reports) are provided.

Also, the final preparation for a trial often leads the prosecution to accept a plea to a less serious offence. And the time waiting for a trial often means a defendant will have served all or much of their sentence already.

If a judge feels obliged to impose a higher sentence because of the new amendments, lawyers will have to advise defendants accordingly. Inevitably, more will decide to take their chances in a trial rather than plead guilty.

That means more complainants will have to give evidence, some defendants will be acquitted, and the criminal justice system will creak more.

Judges and rules

Judges will have to confront some dissonance in the law. The Sentencing Act requires judges to impose the “least restrictive” sentence. But a sentence that is longer than appropriate doesn’t meet that requirement.

A longer-than-necessary prison sentence is arguably arbitrary detention. But the New Zealand Bill of Rights Act requires judges to interpret other statutes to avoid breaching rights if possible, including the right not to be detained arbitrarily.

In addition, a fair trial should aim to secure the right sentence for the individual defendant.

Judges do not sign up to breach people’s rights. Nor do they like it when the executive branch of government uses its parliamentary majority to overstep the separation of powers. Quite properly, they will do what they can to secure individualised justice.

They might, for example, set a sentence at the low end of the available range to achieve the same outcome while appearing to abide by the new 40% cap. Or they might just decide a rehabilitative sentence, invariably non-custodial, is the better outcome.

Judges spend all their time dealing with rules. You can expect them to be creative in finding ways around restrictions that should not be imposed on them.

Kris Gledhill is currently working on a project relating to sentencing that is funded by the Borrin Foundation. He is also a member of the Executive Committee of the Criminal Bar Association, which represents prosecution and defence lawyers. The views stated in this article are his own.

– ref. Dogma or data? Why sentencing reforms in NZ will annoy judges and clog the courts – https://theconversation.com/dogma-or-data-why-sentencing-reforms-in-nz-will-annoy-judges-and-clog-the-courts-239303

MIL OSI Analysis – EveningReport.nz –

September 29, 2024
MIL-OSI United Nations: Readout of the Secretary-General’s meeting with H.E. Mr. Andrew Holness (ON, PC, MP), Prime Minister, Minister for Defence and Minister for Economic Growth and Job Creation of Jamaica

Source: United Nations MIL-OSI 2

he Secretary-General met with H.E. Mr. Andrew Holness (ON, PC, MP), Prime Minister, Minister for Defence and Minister for Economic Growth and Job Creation of Jamaica. The Secretary-General welcomed Jamaica’s support to the Multinational Security Support mission to Haiti and Prime Minister Holness’ support to the Financing for Development Agenda and participation in the Sustainable Development Goals Stimulus Leaders Group. The Secretary-General and Prime Minister Holness discussed the importance of reforming the international financial architecture.

MIL OSI United Nations News –

September 29, 2024
MIL-OSI New Zealand: ANZ continues to support Hyundai Motor Company’s EV Manufacturing with USD1.35b Green ECA facility
Source: ANZ statements
ANZ has successfully closed an USD1.35b Green Labeled K-Sure covered Term Loan Facility for Hyundai Motor Group, funding its first electric vehicle (EV) manufacturing plant in the US, as the world’s third largest car manufacturer continues to invest in the country.

It will help accelerate Hyundai Motor Company’s electrification strategy with an expected manufacturing capacity of 300,000 units annually at its Georgia Metaplant complex.

The Green Export Credit Agency (ECA) backed loan adheres to LMA Green Loan Principles, and reinforces ANZ as a key financing partner for Hyundai Motor Group, acting as ECA and Green Loan Coordinator, Mandated Lead Arranger, and Bookrunner on its past three mandates.

Aaron Ross, ANZ’s Global Head of Project, Export & Asset Finance said, “These deals underscore ANZ’s market-leading position in the Korean ECA sector, delivering low risk, capital-efficient and high-returning facilities that meet our customer needs. We have executed four major EV sector transactions backed by Korean ECAs in the past five years.

“We’re proud to play a role in supporting Hyundai Motor Group’s capital expenditure initiatives as it strives to become a global leader in electric vehicle manufacturing. Leveraging our expertise across Korea, Japan, Singapore, Indonesia and the US, we have been able to consistently deliver smart solutions by integrating sustainable finance to meet Hyundai Motor Group’s strategic and evolving needs,” Mr Ross said.

Previous deals with Hyundai Motor Group include:
- USD 940 million K-Sure-backed deal for Hyundai Mobis’ EV parts plant located within the Georgia Metaplant complex
- USD 711 million ECA financing to establish South-East Asia’s first and largest EV battery manufacturing facility in Indonesia
- SGD 230 million green loan to finance the Hyundai Motor Group Innovation Center in Singapore
ANZ has set a target to fund and facilitate at least $A100 billion by the end of FY2030, including $A15 billion by end FY2024, in social and environmental outcomes through customer activities and direct investments by ANZ. This includes initiatives that aim to help lower carbon emissions, protect nature, increase access to affordable housing and promote financial wellbeing, as described in the target methodology.
MIL OSI New Zealand News –
September 29, 2024
MIL-OSI China: China’s manufacturing industry delivers new momentum

Source: China State Council Information Office

Qijiang-2 humanoid robot hands an orange to a visitor at the 2024 World Manufacturing Convention in Hefei, east China’s Anhui Province, Sept. 20, 2024. [Photo/Xinhua]

With a human build and sleek appearance, the 1.8-meter-tall Qijiang-2 is captivating visitors in the exhibition hall of the 2024 World Manufacturing Convention as it can mimic human movements with remarkable precision.

The humanoid robot, developed by Anhui Provincial Key Laboratory of Humanoid Robots, is certainly hogging the spotlight at the convention, which opened on Friday and will continue until Monday in Hefei, the capital of east China’s Anhui Province.

Equipped with advanced sensors and intricate inertial measurement units, Qijiang-2 can perform delicate tasks such as folding clothes, opening bottles, wiping dishes and navigating uneven terrain.

But it’s more than just a mechanical marvel. Beyond its physical capabilities, the robot also has decision-making features, including intelligent user recognition and secure access for authorized users.

“In the future, these humanoid robots will be able to adapt to both industrial production and elderly care scenarios, serving as robot workers and robot caregivers,” said Liu Houde, director of the laboratory.

Qijiang-2 and other cutting-edge exhibits like the Jiuzhou Yunjian Longyun rocket engine and the Origin Wukong superconducting quantum computer are demonstrating China’s breakthroughs in frontier technologies at the event, as well as its potential in the field of high-tech manufacturing.

The gathering of leading global enterprises and industry experts has also reflected China’s commitment to advancing international cooperation and working with other countries to address the challenges and opportunities in global manufacturing development.

“After 30 years of development in China, Continental AG values not only China’s market volume but also advanced technologies,” said Enno Tang, president and CEO of Continental China.

With comprehensive industrial categories and a well-rounded manufacturing system, China has attracted global firms to strengthen their investment in the country.

An aerial drone photo taken on Aug. 20, 2023 shows a view of Volkswagen (Anhui) Automotive Company Limited in Hefei, east China’s Anhui Province. [Photo/Xinhua]

Volkswagen Group in April announced an investment of 2.5 billion euros (about 2.8 billion U.S. dollars) in expanding its production and innovation hub in Hefei to increase its pace of innovation in China.

The company also vowed to accelerate the production of two Volkswagen-brand smart electric vehicles (EVs), which are currently under joint development with Chinese manufacturer Xpeng.

A deal reached in 2023 between the two companies gave Volkswagen access to Xpeng’s technologies, including its advanced driving assistance system, as the German carmaker made efforts to tap into China’s fast-growing EV market.

The landmark cooperation agreement between Xpeng and Volkswagen testified to the willingness of China’s auto industry to share its technologies with the world, according to Xpeng CEO He Xiaopeng.

As the world’s economic landscape evolves, China is stepping up efforts to collaborate with international enterprises, aiming to inject fresh momentum into the global manufacturing sector and accelerate the shift toward high-quality growth.

This photo taken on Nov. 9, 2023 shows the booth of Schneider Electric at the 6th China International Import Expo in Shanghai, east China. [Photo/Xinhua]

In the city of Xiamen in east China’s Fujian Province, construction on the Schneider Electric Xiamen Industrial Park began in April.

China is Schneider Electric’s second-largest market globally, one of its most important supply chain bases, and one of its four global R&D hubs.

After its completion, the park will be the French multinational’s biggest manufacturing facility for medium voltage equipment anywhere in the world, and some of its products will be supplied to overseas markets.

The park will be a major R&D center, manufacturing center and supply hub through which the company will serve the global medium voltage market, according to Vincent Bruneau, vice president of Schneider Electric’s Global Supply Chain China.

Through a combination of innovation-driven policies, open market access and strategic partnerships, China continues to strengthen its position as a key player in global manufacturing.

“China has been advancing its manufacturing sector by focusing on high-end, intelligent, green development while increasing its efforts in technological innovation to unlock broader markets,” said Wan Hongxian, a professor at the Anhui University of Finance and Economics.

“China’s manufacturing sector provides a highly promising market for global high-end equipment. Moreover, its advanced production capabilities and responsiveness to market demand enable the development of more high-quality products, delivering tangible benefits to consumers worldwide,” Wan added.

MIL OSI China News –

September 29, 2024
MIL-OSI United Nations: Deputy Secretary-General’s remarks at the open dialogue on “Strengthening Financing for the SDGs: High-level Dialogue between MDB Heads and UN Member States” [as prepared for delivery]

Source: United Nations secretary general

Excellencies, Ladies and Gentlemen,

I am thrilled to be with you all at this high-level dialogue.

We meet at a pivotal time.

The SDGs are off-track. Hunger is rising. Fossil fuel use and global temperatures have reached unprecedented new highs. Conflicts are spreading. And the fight for gender equality has stalled.

Meanwhile, financing gaps are large and growing.

Multilateral Development Banks are a critical part of the solution to salvage the SDGs and spur progress towards the future we want and need.

MDBs are an essential source of affordable, long-term finance to developing countries.

They provide vital countercyclical support in times of crisis.

And they are uniquely capable of mobilizing other sources of finance with the SDGs, including private investments.

But to fulfill this role effectively, MDBs must become bigger, better and bolder.

This message is being clearly articulated by Member States at the Summit of the Future.

In the Summit’s Pact, Member States welcome the reforms taking place across the MDB system, while declaring that further reforms are urgently needed.

What we will hear today is that MDBs are rising to this challenge.

This meeting provides a unique opportunity for MDB Principals to share their vision for reform, explain how it can accelerate SDG action, and take stock of progress.

They will also explain where they need your support to push their reforms – and impact – further.

I’m delighted that the MDB Principals are delivering these messages here – in New York, the home of the SDGs – and now, against the backdrop of the Summit of the Future.

This sends a powerful message of the bridges we are building between the UN and MDBs, between New York and Washington DC, and between Ministries of Finance and Ministries of Foreign Affairs.

Over the coming months, the UN will be working with our MDB partners to agree on further steps to increase development finance and to reform the international financial architecture, as we prepare for the

Fourth International Conference on Financing for Development in Spain in 2025.

This is our once-in-a-decade opportunity to transform financing to serve sustainable development everywhere.

The United Nations is proud to be travelling this path with you.

Thank you.

MIL OSI United Nations News –

September 29, 2024
MIL-OSI Australia: Call for information – Aggravated robbery – Marrara

Source: Northern Territory Police and Fire Services

Northern Territory Police are calling for information after an aggravated robbery in Marrara early Sunday morning.

Around 12:45am, police received reports that a 26-year-old female had been approached at a residence on Dornoch Court by two youths who allegedly threatened her with a blunt weapon for her keys before stealing her vehicle.

A short time later, police observed the vehicle being driven on Elrundie Avenue and attempted to apprehend the vehicle. The vehicle failed to stop, and a pursuit was initiated.

The pursuit continued throughout the Palmerston area and later into the northern suburbs where a tyre deflation device was successfully deployed.

The alleged offenders abandoned the vehicle in Malak and fled the scene on foot.

Investigations are ongoing.

Police urge anyone with information about the incident to make contact on 131 444 and quote occurrence number P24261314.

Anonymous reports can be made through Crime Stoppers on 1800 333 00 or through https://crimestoppers.com.au/.

MIL OSI News –

September 29, 2024
MIL-OSI China: US blasted for high subsidies to PV sector

Source: China State Council Information Office

The China Photovoltaic Industry Association has expressed serious concerns about and strong opposition to the United States’ distorting the global solar market by providing excessive subsidies to US companies and imposing high tariffs on imported solar products.

It said the US moves are hampering international cooperation in the fight against climate change.

The trade body said in a recent statement that the US has built high walls of protectionism by imposing multiple trade restrictions and continuously increasing tariff barriers on imported photovoltaic products. In May, for example, the US decided that the import tax on Chinese solar cells would rise from 25 percent to 50 percent.

The association also pointed out that the US implemented exclusive and discriminatory industrial policies through legislation such as the Inflation Reduction Act and the Infrastructure Investment and Jobs Act, and subsidized its own photovoltaic industry on a large scale.

“The Inflation Reduction Act, introduced in 2022, offers subsidies of an unprecedented $369 billion to support investments and production in the clean energy sector, including domestic PV products, aiming to reconstruct the PV industry chain,” said the trade body’s statement.

On May 16, the US Department of Energy announced $71 million investment to fund the Silicon Solar Manufacturing and Dual-Use Photovoltaics Incubator Program ($27 million) and the Advancing US Thin-Film Solar Photovoltaics Funding Program ($44 million), aiming to close the gaps in PV supply chain manufacturing capabilities, the association added.

Such moves violated multilateral trade rules and severely distorted the market operations of the global supply chain of the PV industry, according to the statement.

Experts and business leaders said that while subsidies are common globally in the new energy industry, the US strategy of raising tariffs under anti-subsidy pretexts and financially backing domestic companies is a double standard, with the aim of hindering Chinese solar companies from capturing global market share.

They said that Chinese-made solar and wind power equipment has facilitated the widespread adoption of affordable renewable energy worldwide, contributing to a global shift toward green development, adding that collaboration among global economies is essential for mutual gains in the sector.

Cui Fan, an international trade professor at the University of International Business and Economics in Beijing, said that policy interventions are necessary globally to address market flaws in advancing new energy. Solely relying on market forces could significantly delay global decarbonization progress by 20 to 30 years, which would be out of sync with the pace of global green initiatives, he added.

“However, in the WTO framework, subsidies must adhere to specific conditions, including avoiding unjust discrimination. The US’ Inflation Reduction Act breaches this by favoring US products over Chinese imports,” Cui said.

Lin Boqiang, head of the China Institute for Studies in Energy Policy at Xiamen University, said that the US’ high subsidies for its new energy industry, as well as its consistent raising of tariffs on Chinese goods under anti-subsidy pretexts, showcase a US double standard.

Song Hao, assistant vice-president at GCL Technology Holdings, said the US’ contradictory actions of restricting imports under anti-subsidy pretexts while heavily supporting domestic solar industries were undermining fairness.

Lin said: “Although the US has continuously raised trade barriers, it has limited impact on the Chinese solar industry, as China’s direct exports to the US are relatively small. Chinese companies have diversified investments globally, forging stronger ties with Europe, the Middle East and other regions to explore new opportunities.”

The US was not among the top 10 markets for China’s solar module exports in the first half of this year, while Europe and Asia collectively accounted for over 80 percent of these exports, according to the China Photovoltaic Industry Association. Solar modules accounted for 87 percent of China’s total PV product exports in terms of value, it added.

MIL OSI China News –

September 29, 2024

MIL-OSI Economics: Money Market Operations as on September 20, 2024

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	7,728.83	6.48	5.75-7.00
I. Call Money	1,164.20	6.22	5.75-6.55
II. Triparty Repo	5,257.05	6.48	6.10-7.00
III. Market Repo	199.58	6.75	6.75-6.75
IV. Repo in Corporate Bond	1,108.00	6.74	6.71-6.80
B. Term Segment
I. Notice Money**	11,389.50	6.69	5.10-6.80
II. Term Money^@@	300.00	–	6.70-7.42
III. Triparty Repo	379,998.10	6.59	6.47-6.91
IV. Market Repo	167,874.30	6.68	5.50-6.90
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo	Fri, 20/09/2024	14	Fri, 04/10/2024	25,002.00	6.52
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF^#	Fri, 20/09/2024	1	Sat, 21/09/2024	16,671.00	6.75
	Fri, 20/09/2024	2	Sun, 22/09/2024	0.00	6.75
	Fri, 20/09/2024	3	Mon, 23/09/2024	5,060.00	6.75
4. SDF^Δ#	Fri, 20/09/2024	1	Sat, 21/09/2024	80,399.00	6.25
	Fri, 20/09/2024	2	Sun, 22/09/2024	0.00	6.25
	Fri, 20/09/2024	3	Mon, 23/09/2024	5,464.00	6.25
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-39,130.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
5. On Tap Targeted Long Term Repo Operations^€	Mon, 27/09/2021	1095	Thu, 26/09/2024	600.00	4.00
	Mon, 04/10/2021	1095	Thu, 03/10/2024	350.00	4.00
	Mon, 15/11/2021	1095	Thu, 14/11/2024	250.00	4.00
	Mon, 27/12/2021	1095	Thu, 26/12/2024	2,275.00	4.00
6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£	Mon, 15/11/2021	1095	Thu, 14/11/2024	105.00	4.00
	Mon, 22/11/2021	1095	Thu, 21/11/2024	100.00	4.00
	Mon, 29/11/2021	1095	Thu, 28/11/2024	305.00	4.00
	Mon, 13/12/2021	1095	Thu, 12/12/2024	150.00	4.00
	Mon, 20/12/2021	1095	Thu, 19/12/2024	100.00	4.00
	Mon, 27/12/2021	1095	Thu, 26/12/2024	255.00	4.00
D. Standing Liquidity Facility (SLF) Availed from RBI^$				8,547.26
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				13,037.26
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-26,092.74
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		September 20, 2024		963,311.59
(ii) Average daily cash reserve requirement for the fortnight ending		September 20, 2024		990,362.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		September 20, 2024		25,002.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		September 06, 2024		427,689.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^£ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
Shweta Sharma General Manager
Press Release: 2024-2025/1145

MIL OSI Economics –

September 29, 2024

MIL-Evening Report: Woolworths and Coles sued by ACCC for allegedly misleading shoppers over the price of more than 500 products

Source: The Conversation (Au and NZ) – By Jeannie Marie Paterson, Professor of Law, The University of Melbourne

At a time most people are trying to cut their weekly grocery bills, Australia’s supermarket giants have been hit with legal action for allegedly misleading shoppers over the price of hundreds of products.

The Australian Competition and Consumer Commission (ACCC) on Monday announced it was launching separate actions in the Federal Court against the largest and second-largest grocery chains, Woolworths and Coles.

The ACCC alleges the two have systematically misled consumers over price discounts on hundreds of everyday products. The ACCC chair, Gina Cass-Gottlieb, said the alleged wrongdoing involved the sales of “tens of millions” of products, reaping “significant” extra revenue for the businesses.

Woolworths’ list of 266 items included Arnott’s Tim Tams, Dolmio sauces, Doritos salsa, Friskies cat food, Kellogg’s cereal and Stayfree pads, while the 245 products allegedly targeted by Coles included Arnott’s Shapes biscuits, Band-Aids, Bega cheese, Cadbury chocolates and Libra tampons.

These were not one-off pricing errors. The ACCC alleges the misleading conduct took place over 20 months as part of the Woolworths “Prices Dropped” and the Coles “Down, Down” promotional campaigns.

How shoppers were allegedly misled

The ACCC alleges on repeated occasions the supermarkets’ strategy was to temporarily raise the price of goods before applying the so-called discount.

The approach meant that although the boldly placed, coloured discount tickets showed a reduction from the previous “regular” price of the products, the discounted price was still higher than the price before the temporary price rise.

The ACCC gave the example of how consumers were allegedly misled over savings on a 370-gram family pack of Oreo original biscuits.

From at least January 1 2021 until November 27 2022, Woolworths offered the Oreos for sale at a regular price of $3.50 on a pre-existing “Prices Dropped” promotion. Then, on November 28 2022, the price was increased to $5.00 for 22 days.

On December 20 2022, the product was placed on a “Prices Dropped” promotion with the tickets showing a “Prices Dropped” price of $4.50 and a “was” price of $5.00. The “Prices Dropped” price of $4.50 was in fact 29% higher than the product’s previous regular price of $3.50.

What is the legal claim?

The ACCC does not regulate prices. Instead, it acts on breaches of the Competition and Consumer Act 2010, including making false or misleading claims about the prices of goods and services.

While it was true that Woolworths and Coles reduced the shelf price of the products, the ACCC alleges they didn’t reveal that the starting price had recently been increased. It is this conduct of promoting a discount from a recently inflated price that the ACCC says would mislead consumers.

The ACCC’s argument is the “ordinary and reasonable” consumer expects a discount to be genuine, not coming off a recently inflated price. The net effect of that strategy is just an increased price.

Other cases

This is not the first time the ACCC has pursued such a claim. In 2020, the commission successfully went after online retailer Kogan for engaging in a similar strategy.

Kogan ran an online promotion advertising to consumers that they could use the code TAXTIME to reduce prices by 10% at the checkout. The court found the ads conveyed false or misleading representations because Kogan had increased the prices of more than 600 of its products immediately before the promotion by at least 10% per cent.

A similar strategy of offering discounts that were not genuinely delivered has also been raised against insurer IAG. The Australian Securities and Investments Commission (ASIC) alleges IAG did not deliver promised loyalty discounts to customers because their premiums were increased before the discount was applied by more than the amount of the discount.

IAG is now facing action for civil penalties from the regulator (ASIC) and a class action by affected customers.

Potential penalties Woolies and Coles might face

The ACCC is seeking fines (civil penalties) which could be significant. In the Kogan case, the Federal Court awarded penalties of $350,000.

But since November 2022, potential penalties have risen. These increases are designed to ensure companies do not treat the possibility of being penalised as a cost of doing business that is outweighed (and disregarded) by the benefits that might come from contraventions of the law.

These new penalty amounts work on a sliding scale: they start at $50 million but can go up to potentially 30% of a company’s turnover during the period of the contravening conduct.

This amount is per contravention. This means, if the ACCC’s allegations of misleading conduct are established, each time the supermarkets misled consumers, they would technically be liable to pay the full penalty amount.

That said, in such a case, a court would likely take a more holistic approach in setting the penalty, taking several matters into account including: the extent of the conduct, its impact on consumers, the gain to the business and whether the conduct was deliberate.

Fittingly, the ACCC is also asking the supermarkets to make a contribution to charities that provide food to people in need.

Notably, in May Qantas agreed with the ACCC to pay a penalty of $100 million, subject to court approval and in addition to compensating customers, for misleading conduct in selling tickets for flights it had already cancelled.

Jeannie Marie Paterson receives funding from the Australian Research Council and DFAT.

– ref. Woolworths and Coles sued by ACCC for allegedly misleading shoppers over the price of more than 500 products – https://theconversation.com/woolworths-and-coles-sued-by-accc-for-allegedly-misleading-shoppers-over-the-price-of-more-than-500-products-239585

MIL OSI Analysis – EveningReport.nz –

September 29, 2024
MIL-OSI Video: UpLink: Investing in Water Innovation

Source: World Economic Forum (video statements)

Water is crucial for human life and the economy, with its economic use value estimated at 60% of global GDP. However, investment in water solutions remains significantly low.

This is the full audio from a studio session on 12 September, 2024 with leading investors and innovators discussing the untapped potential in water solutions and exploring the findings of the recently launched community paper ‘Investing in Water: A Practical Guide.’
Panelists:

Kelven Lam, Investment Manager, Emerald Technology Ventures Romeo Bütler, Principal, Verve Ventures Catalina Pfenniger, Strategy Director, Kran Nanobubble Anna Huber, UpLink Project Lead, Innovation Ecosystems, World Economic Forum (moderator)

You can watch the session here: https://www.linkedin.com/events/investinginwaterinnovation7237072505000067072/theater/
Links:

Investing in Water: A Practical Guide: https (https://wef.ch/4d6u9GA) ://wef.ch/4d6u9GA (https://wef.ch/4d6u9GA)

Check out all our podcasts on wef.ch/podcasts (http://wef.ch/podcasts) :

YouTube: (https://www.youtube.com/@wef/podcasts) – https://www.youtube.com/@wef/podcasts

Radio Davos (https://www.weforum.org/podcasts/radio-davos) – subscribe (https://pod.link/1504682164) : https://pod.link/1504682164

Meet the Leader (https://www.weforum.org/podcasts/meet-the-leader) – subscribe (https://pod.link/1534915560) : https://pod.link/1534915560

Agenda Dialogues (https://www.weforum.org/podcasts/agenda-dialogues) – subscribe (https://pod.link/1574956552) : https://pod.link/1574956552

Join the World Economic Forum Podcast Club (https://www.facebook.com/groups/wefpodcastclub) : https://www.facebook.com/groups/wefpodcastclub

https://www.youtube.com/watch?v=iNKPHdqwupQ

MIL OSI Video –

September 29, 2024
MIL-OSI United Kingdom: Honiara: London Fashion Week Show Blo Iumi returns bigger, better in 2024
Source: United Kingdom – Executive Government & Departments

The event celebrated 40 years of the London Fashion Show, one of the “Big Four” fashion weeks, alongside Paris, Milan, and New York.
Winner of the Great London Fashion Show Mrs Hahe Alatala of Ahe Designs. Photo credit: Courtesy of Jay Gagame Photography.

The British High Commission in Honiara hosted its second edition of the popular London Fashion Week Show Blo Iumi on Tuesday 17 September 2024, with fantastic local designers and incredible models showcasing the best in Solomon Design.

The event celebrated 40 years of the London Fashion Show, one of the “Big Four” fashion weeks, alongside Paris, Milan, and New York. It showcases the work of leading British designers and attracts international buyers, media, and fashion enthusiasts. Burberry, present their collections here.

The 40th celebration focuses on uniting creative communities, honouring the diversity of cultures and creativity of the city and positioning London at the forefront of the cultural zeitgeist. It is an occasion to celebrate not just the event itself but everyone that makes it possible.

The Great funded Fashion Show Blo Iumi attracted 7 designers, 55 models including 5 Miss Solomon Islands Pageants 2024 contestants, and over one hundred excited guests.

Speaking at the Fashion Show’s opening ceremony, Deputy High Commissioner to Solomon Islands, Emma Jane David said:

Like in Solomon Islands, London’s fashion is deeply intertwined with its diversity. The city’s fashion reflects its multicultural population, drawing on a wide range of influences to create unique and eclectic styles. British fashion is at the forefront of sustainable and ethical fashion movements.

This year’s Fashion Show Blo Iumi included 4 categories featuring a Lavalava wear, Evening wear, Lotu wear and a Contemporary traditional wear. Four judges made the tough decision selecting the best designs and models.

Mrs Hahe Alatala of Hahe Designs emerged the winner, picking up a trophy and a mentoring session with a UK designer. Rosemary Boe of Rosie’s Couture and Wendy Gwaena of WG Designs took second and third places.

Sonia’s Rochenberg of Sons and Daughters Designs, Prudence Beck of Threads Investment, Lava Grossmith of Lava’s Original and Luke Gegeu of EL Designs all received commendations.

The show also featured body art by artists Hamid Ramokasa, Fred Oge, Wilson Kabe, Cassey Hairiu and Emmanuel Manu on five body building athletes, and a performance from Blad P2A and Khazin.

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Published 23 September 2024
MIL OSI United Kingdom –
September 29, 2024
MIL-OSI New Zealand: Business urges a global-facing CER partnership
Source: BusinessNZ

Business leaders from the Australia New Zealand Leadership Forum (ANZLF) met with Australian and New Zealand Trade Ministers at their annual Closer Economic Relations (CER) Ministerial Meeting held in Rotorua this weekend.

The Dialogue provided an opportunity to explore the future development of the CER framework, including the Single Economic Market (SEM) agenda, the Trans-Tasman Mutual Recognition Agreement (TTMRA) and the CER Investment Protocol, and to discuss collaboration on regional and global trade issues.

The ANZLF CER Business Dialogue was attended by the New Zealand Minister for Trade, Hon Todd McClay, and Australian Minister for Trade and Tourism, Senator the Hon Don Farrell.

The Ministers joined ANZLF CEO delegates for a discussion on how to enhance trans-Tasman economic and trade cooperation through:

Streamlining regulations and standards to boost competitiveness and facilitate seamless trade

Jointly developing and promoting an attractive single investment environment for both domestic and foreign investors

Strengthening supply chains to mitigate risks and ensure business continuity in times of crisis

Leveraging technology to modernise trade processes, including the transition to paperless trade documentation and the adoption of coherent digital standards for areas like digital identity verification, cyber security, e-commerce, and data exchange.

Australian ANZLF Co-Chair and CEO of CyberCX, John Paitaridis, emphasised the ANZLF’s role in fostering strong relationships between business and political leaders to ensure a healthy and vibrant trans-Tasman relationship. Mr Paitaridis noted that for twenty years the ANZLF has helped develop the SEM agenda and influenced a raft of policies, ranging from border control to business regulation.

“The ANZLF brings trans-Tasman business leaders together to advance the trans-Tasman relationship,” Mr Paitaridis said, “Our engagement with Ministers in Rotorua underscored the importance of the ANZLF as a platform for dialogue and active collaboration. It also spoke to the Prime Ministers’ recent joint statement acknowledging the ANZLF’s relevance to business and effectiveness as a voice to governments.”

Spark NZ CEO, Jolie Hodson, highlighted the need for a more outward-looking approach to the trans-Tasman relationship. Ms. Hodson said, “CEOs emphasised the importance of promoting CER to the world, and ensuring the SEM agenda remains modern and, forward-thinking, attractive to foreign investors by pursuing regulatory coherence wherever possible and embracing new opportunities in the digital economy.”

Mr Paitaridis concluded, “By aligning our policies, enhancing investment frameworks, supporting innovative supply chain solutions and digitising the trade relationship, we can ensure our two countries remain match fit for a modern trade relationship.”

Australia Delegation

John Paitaridis, CEO, CyberCX and ANZLF Co-Chair

Bran Black, CEO, Business Council of Australia

Paul Corbett, General Manager, New Zealand, CPB Contractors

Tracey Evans, Managing Director, Aurecon

Ranj Samrai, Australia Director, ANZLF

New Zealand Delegation

Jolie Hodson, CEO, Spark NZ and Acting ANZLF Co-Chair

Jason Boyes, CEO, Infratil

Roger Gray, CEO, Port of Auckland

Traci Houpapa, Chair, Federation of Māori Authorities and ANZLF Indigenous Business Sector Group

Simon Limmer, CEO, Indevin

Amelia Linzey, CEO, Beca

Stephen Jacobi, New Zealand Director, ANZLF

Simon Le Quesne, New Zealand Associate Director, ANZLF.
MIL OSI New Zealand News –
September 29, 2024
MIL-OSI Australia: Three charged over $130,000 worth of stolen property

Source: Tasmania Police

Three charged over $130,000 worth of stolen property

Monday, 23 September 2024 – 3:46 pm.

Three people have been charged after police recovered more than $130,000 worth of stolen property.
Detectives from Northern Criminal Investigation Branch arrested a 22-year-old Kings Meadows man, a 28-year-old Mowbray man, and a 43-year-old Mowbray woman last week in relation to a recent series of burglaries in the northern suburbs of Launceston during which vacant residences and unlocked motor vehicles were targeted.
During a subsequent search of a residence at Mowbray police seized the stolen property.
They have each since been charged with aggravated burglary, possession of stolen property, stealing, trespass, and burglary and bailed to appear in the Launceston Magistrates Court at a later date.
Tasmania Police reminds the community to ensure residences and vehicles are secure when left unattended, to deter opportunistic crime.
Anyone with information should contact police on 131444 or anonymously by calling Crime Stoppers on 1800 333 000 or online at crimestopperstas.com.au.

MIL OSI News –

September 29, 2024
MIL-OSI New Zealand: Business – Wellington Chamber of Commerce welcomes move to encourage public servants to return to the office

Source: Business Central

Wellington Chamber of Commerce welcomes move to encourage public servants to return to the office

The Wellington Chamber of Commerce supports the Government’s move to issue new guidance for working from home in the public service, and expects it to make a real difference to the capital.

Finance Minister Nicola Willis has issued new guidelines for public service CEOs to encourage more employees to work from the office.

Wellington Chamber of Commerce CEO Simon Arcus says the move will have a number of benefits, particularly in the capital.

“Today’s announcement is welcome news for Wellington businesses and will have a positive impact on our city,” says Arcus.

“Footfall is critical for a number of industries, especially retail and hospitality. These sectors have been struggling with a lack of customers with more Wellingtonians working from home. Many businesses have gone from expecting several days of profitable trading to turning a profit only one day a week,” he says.

“CBD businesses pay the highest levels of rent, rates and insurance and rely on a thriving central city to survive.”

Arcus says there are a number of other good reasons for encouraging employees to work from the office, whether in the public or private sector.

“Working in the office also has benefits for productivity and team culture. It gives junior staff much better opportunities to be mentored by senior colleagues and encourages . The corporate sector has recognised this and has already moved to reduce working from home arrangements. It’s pleasing to see the public sector do the same,” he says.

“We encourage local councils to follow the government’s lead and encourage their staff to come back to the office. This change will bring life back to our city, bringing benefit to businesses, communities and workers,” he says.

MIL OSI New Zealand News –

September 29, 2024
MIL-Evening Report: View from The Hill: The Greens’ demands on the RBA make for bad economic policy. Is it also crazy politics?

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

When the Greens tell Labor they’re ready to negotiate, what they usually mean is they’re preparing to make populist demands that can’t or shouldn’t be met.

So it is with their “ask” on the Reserve Bank legislation.

Treasurer Jim Chalmers wants to split the Reserve Bank board into two, one to run monetary policy and the other to administer the bank.

He got close to agreement with the Liberals, but then they saw an advantage in walking away. The Greens jumped in to fill the void, demanding an interest rate cut in exchange for their support.

“Both the Treasurer and the RBA Governor have said the reforms are important. Now they know what they have to do to get them done – provide some much needed relief to mortgage holders,” the minor party’s treasury spokesman Nick McKim said on social media on Monday.

“We are unashamedly using our political power to fight for mortgage holders who are getting smashed by high interest rates.

“The power exists for the Treasurer to bring down interest rates. Time to stop the pretence that the RBA is independent.

“Time for Jim Chalmers to end his ritual ashen-faced handwringing, end the pretence there’s nothing he can do, and intervene to bring down interest rates,” McKim said.

“We are deliberately bringing the RBA into the centre of the political debate where it belongs. The RBA board are unelected technocrats, not high priests who are beyond criticism. Every decision they make is political.”

When it comes to the Greens, the government gives as good as it gets.

“The Greens are out of control,” Finance Minister Katy Gallagher told the ABC on Monday. “It’s crazy what they’re saying to us,” adding, rather primly, that it was “a bit unseemly” for McKim to be “issuing ultimatums”.

Leave aside the unseemly – that’s a common political trait. What about the crazy?

What the Greens are demanding is bad economic policy. Whether it is crazy politics remains to be seen.

From time to time the Reserve Bank comes under sharp criticism, from experts and from the public.

Chalmers and McKim agree on one thing – the “smashing” power of high interest rates.

But the bank’s essentially independent status is a bulwark against monetary policy becoming the creature of short-term politics, as McKim would have it.

(The bank isn’t totally independent. Section 11 of the RBA Act gives the treasurer the power to overrule it, with statements from both the treasurer and bank tabled in parliament. The section has never been invoked.)

What the Greens are proposing, having the treasurer use his power to overrule the bank board to get his way on legislation, is irresponsible.

It’s also illogical. The whole point of the proposed dual boards is to strengthen the bank’s expertise as the independent setter of monetary policy. But McKim wants, in essence, to scrap that independence.

The stand on the Reserve Bank is typical of the Greens policy positions more generally. They’re presently holding up the government’s housing legislation in the Senate, making demands they know the government won’t meet, such as controls on rents.

When challenged, the Greens point out that after playing hardball on earlier housing legislation, they won extra funding.

They’re probably hoping the government will decide to buy them off this time with some more housing money. Notably, they have delayed the latest bills rather than vote them down. To do this they’ve teamed up with the Coalition – expediency overcomes ideology with these bedfellows.

Monday’s announcement that the Australian Competition and Consumer Commission has launched legal action against Coles and Woolworths over their allegedly misleading behaviour on product discounts feeds right into the Greens’ (and the Coalition’s) policy for the power to break up the big supermarkets.

The government reacted on Monday by releasing an exposure draft of its mandatory food and grocery code of conduct, which has been in the pipeline for some time. A government inquiry by former Labor minister Craig Emerson argued against divestiture powers but it’s easy to understand how cash-strapped families struggling with grocery bills could see that as appealing.

In general, is wild economics savvy politics? We won’t know until after the election.

The Greens were on a roll in 2022. They ended up with four lower house members, up from the one (leader Adam Bandt) they had before. The extra seats, all in Queensland, were won from both Labor (one) and the Liberals (two).

They also came out of the election with a record dozen senators (now 11, after Lidia Thorpe’s defection).

In the hunt for more lower house seats, the Greens would hope to pick up votes from those on the left who see Labor as too conservative, people financially hurting who are attracted to populist solutions, and young voters turned off the major parties.

Given its present radicalism, one wonders whether the Greens will hold the two Brisbane seats they won from the Liberals.

It’s difficult to chart the likely trajectory of the Greens, given their small share of the vote, and the heavier concentration of their support in particular areas. But Labor is certainly afraid of them. With the government on the back foot, it knows the potential attraction of easy-sounding solutions.

The Greens hope there will be a minority Labor government after the election, and that they would be in a position to twist that government’s arm on multiple issues.

The risk for them, however, is that if they overreach now, some of their potential but still undecided voters might become wary about how they would behave if their power was much enhanced.

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

– ref. View from The Hill: The Greens’ demands on the RBA make for bad economic policy. Is it also crazy politics? – https://theconversation.com/view-from-the-hill-the-greens-demands-on-the-rba-make-for-bad-economic-policy-is-it-also-crazy-politics-239595

MIL OSI Analysis – EveningReport.nz –

September 29, 2024
MIL-OSI Canada: Saskatchewan Leads The Nation In Retail Trade Growth

Source: Government of Canada regional news

Released on September 20, 2024

Growth in province’s retail trade ranks first in both month-over-month and year-over-year categories

According to data released today by Statistics Canada, Saskatchewan ranks first among the provinces for year-over-year growth in retail trade. Retail trade sales in the province increased by 6.3 per cent from July 2023 to July 2024 (seasonally adjusted), reaching $2.2 billion.

“The growth we are seeing in our retail sector is a vitally important leading economic indicator, which shows the current strength of Saskatchewan’s economy and points to our continued leadership position in Canada,” Minister of Trade and Export Development Jeremy Harrison said. “This growth is creating new opportunities for the people and families of our province. With the strongest job growth in the country, lowest rate of inflation, and record investment, Saskatchewan’s strong and vibrant communities are well positioned now and into the future.

“Our government will continue to work alongside our industry partners and job creators to protect and promote the interests of Saskatchewan residents.”

The value of retail trade in Saskatchewan increased by 3 per cent in July 2024 compared to June 2024 (seasonally adjusted), also ranking first in terms of percentage change among the provinces.

The Monthly Retail Trade Survey compiles data on sales, including e-commerce sales, and the amount of retail locations by province, territory, and selected census metropolitan areas from a sample of retailers.

Retail sales is a measure of total receipts at stores, or establishments, that sell goods and services to final consumers.

The province continues to see positive outcomes in several key economic areas, with Saskatchewan currently maintaining the lowest year-over-year rate of inflation according to the Consumer Price Index, at 1.1 per cent.

Statistics Canada’s latest GDP numbers also indicate that Saskatchewan’s 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.2 billion, or 1.6 per cent. This places Saskatchewan second in the nation for real GDP growth, and above the national average of 1.2 per cent.

Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent over 2023. This is the highest anticipated percentage increase in Canada.

The province has revealed “Securing the Next Decade of Growth: Saskatchewan’s Investment Attraction Strategy,” in conjunction with the launch of the investSK.ca website. These initiatives are positioned to amplify growth in Saskatchewan, serving as pivotal instruments in driving further development.

To learn more, visit: investSK.ca.

-30-

For more information, contact:

MIL OSI Canada News –

September 29, 2024
MIL-OSI Canada: Manitoba’s Affordable Energy Plan Launches Historic Partnerships in Wind Generation
Source: Government of Canada regional news

September 20, 2024

Manitoba’s Affordable Energy Plan Launches Historic Partnerships in Wind Generation

Next Generation of Energy Will Keep Rates Low for All Manitobans: Kinew

The Manitoba government is unveiling the plan to build the next generation of affordable energy, Premier Wab Kinew, Finance Minister Adrien Sala, minister responsible for Manitoba Hydro, and Environment and Climate Change Minister Tracy Schmidt announced today.

“We are giving you the freedom to make climate-friendly choices by making those choices more affordable,” said Kinew. “Building more energy capacity starts with a new government-to-government partnership in wind, the best source of new clean energy. By building out the grid we’ll keep rates low for everyone and put more Manitobans to work in good union jobs. Together we’ll build the next generation of affordable energy to power Manitoba’s future.”

For the first time in the province’s history, the Manitoba Affordable Energy Plan formalizes into government policy Indigenous-owned, utility-scale electricity resource supply through the creation of government-to-government partnerships with Indigenous nations in wind generation, while ensuring Manitoba Hydro stays public.

“Manitoba has some of the lowest energy costs in the country, thanks to decades of investment in Manitoba Hydro’s clean energy grid and skilled workforce,” said Sala. “But we can’t just take it for granted. Now it’s time to build on our advantage to ensure we have low rates, good jobs and clean energy for years to come.”

Other actions in the plan include:
- Creating an Indigenous loan-guarantee program to provide First Nations and Métis the capital support and capacity to participate in the energy transition and finance new partnerships in wind generation.
- Refurbishing Manitoba Hydro generating stations to unlock up to 200 megawatts of power.
- Ending the first-come, first-served approach for large grid connection to better align with Manitoba’s economic development goals.
- Strengthening energy codes for homes and buildings to generate long-term energy savings for Manitoba families.
- Stronger oversight of the oil and gas sector with regular provincial inspections to ensure environmental safety and reliability.
- Installing new Manitoba Hydro owned and operated public electric vehicle chargers.
- A renewed focus on energy security with stronger protections in place for procurement and data management to keep Manitoba’s energy supply safe and secure.
“Our plan supports Manitoba’s path to net zero emissions by 2050 and will help us protect our air, land and water for future generations,” said Schmidt. “By making clean energy choices more affordable, we’ll help families save money while they save energy.”

To read the plan, visit https://manitoba.ca/energyplan.

– 30 –

MIL OSI Canada News –
September 29, 2024
MIL-OSI Security: Sin City Deciples Founder Sentenced to 360 Months in Prison

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

HAMMOND- Kenneth Christopher McGhee a/k/a “Sonny,” “Angel,” age 75, of Gary, Indiana, was sentenced by United States District Court Judge Philip P. Simon after being found guilty of racketeering conspiracy, conspiracy to possess with intent to distribute cocaine, and being a drug user in possession of a firearm following an 18-day jury trial, announced United States Attorney Clifford D. Johnson.

McGhee was sentenced to 360 months in prison followed by 3 years of supervised release.

According to court documents, the Sin City Deciples, originally formed in 1967 in Gary, Indiana, is an outlaw motorcycle organization in which its members and associates engaged in acts of violence, extortion, and narcotics distribution in the Northern District of Indiana and elsewhere. McGhee served as the “Founder” of the entire club and lead the conspiracy for decades, including during the charged period between 2009-2021. As the “Founder,” McGhee commanded and oversaw multiple acts of extortion and violence, including attempted murder, conspiracy to commit murder in retaliation for the death of a fellow Sin City member, and conspiracy to distribute large amounts of cocaine. At the time of his arrest, he unlawfully possessed at least 8 firearms and hundreds of rounds of ammunition.

The agencies involved in this prosecution were: the Bureau of Alcohol, Tobacco, Firearms and Explosives, the East Chicago Police Department, the Federal Bureau of Investigation, the Gary Police Department, the Griffith Police Department, the Hammond Police Department, the Internal Revenue Service-Criminal Investigation Division, the Lake County Sheriff’s Department, Indiana High Intensity Drug Trafficking Area officers and agents, the Merrillville Police Department, the Munster Police Department, and the Schererville Police Department. Also providing assistance were the Lake County Prosecutor’s Office, the U.S. Attorney’s Offices for the Eastern District of Arkansas, the Northern District of Illinois, the Southern District of Indiana, the Western District of Kentucky, and the Western District of Pennsylvania.

This case was prosecuted by Assistant United States Attorneys David J. Nozick and Michael J. Toth.

This case was part of an Organized Crime Drug Enforcement Task Force (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

This case was also part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

MIL Security OSI –

September 29, 2024
MIL-OSI Security: Slidell Man Sentenced For Making False Statements To Small Business Administration

Source: United States Department of Justice (National Center for Disaster Fraud)

NEW ORLEANS – United States Attorney Duane A. Evans announced that DEAN MEILLEUR (“MEILLEUR”), age 57, a resident of Slidell, Louisiana, was sentenced on September 17, 2024, for making or using false writings or documents to the United States Small Business Administration (SBA), in violation of Title 18, United States Code, Section 1001(a)(3).

According to court documents, MEILLEUR, submitted false writings and documents to the SBA to obtain Economic Impact Disaster Loans (“EIDL”). In his EIDL applications, among other things, MEILLEUR falsely represented that he was the owner of a trucking business formed in 2017 and, that he was eligible for EIDL funds. As a result of these false submissions, MEILLEUR obtained $147,400 from the SBA to which he was not entitled.

United States District Judge Brandon S. Long sentenced MEILLEUR to four (4) years of probation, payment of restitution in the amount of $147,400.00, and a $100 mandatory special assessment fee.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

U.S. Attorney Evans commended the Federal Bureau of Investigation for investigating this matter. Assistant United States Attorney Andre J. Lagarde of the Public Integrity Unit is in charge of the prosecution.

MIL Security OSI –

September 29, 2024
MIL-OSI Security: Woman admits to submitting false disaster relief applications resulting in $620,000 loss

Source: United States Department of Justice (National Center for Disaster Fraud)

HOUSTON – A 34-year-old former Houston resident has pleaded guilty to conspiracy to commit wire fraud, announced U.S. Attorney Alamdar S. Hamdani.

From March 2020 until March 2021, Cora Chantail Custard conspired with others to submit false and fraudulent loan applications for financial assistance both personally and on behalf of others.

The co-conspirators submitted false applications to the Small Business Administration (SBA), Federal Emergency Management Agency (FEMA) and multiple state unemployment insurance agencies.

Over the course of the conspiracy, Custard resided in both Houston and San Antonio.

As part of her plea, Custard admitted to using her Facebook account to advertise her services to file fraudulent disaster relief applications. Custard’s posts repeatedly described the scheme to her social media followers as “doing apps,” with the ability to obtain between $6,000 and $8,000 for an application within four to seven days of filing.

Custard submitted or caused the submission of over 100 fraudulent Economic Injury Disaster Loan applications, at least 36 of which resulted in advance payments totaling $345,000.

Further investigation revealed Custard filed at least 30 fraudulent FEMA Disaster Benefit applications related to Hurricane Laura in August 2020 and Hurricane Sally in September 2020. At least 16 of those fraudulent applications resulted payouts totaling approximately $75,000.

Additionally, Custard committed several other fraudulent acts like filing over 100 false unemployment insurance applications in Michigan, Illinois and several other states for her own and others’ benefits. At least 20 of those fraudulent applications resulted in payments totaling approximately $200,000.

Due to her actions, multiple agencies lost a total of $620,000.

U.S. District Judge David Hittner will impose sentencing in January 2025. At that time, Custard faces up to five years in federal prison and a possible $250,000 maximum fine.

She was permitted to remain on bond pending that hearing.

The Department of Homeland Security-Office of Inspector General (OIG), IRS-Criminal Investigation, Treasury Inspector General for Tax Administration, Social Security Administration-OIG, SBA-OIG and Department of Labor-OIG conducted the investigation.

Assistant U.S. Attorney Karen M. Lansden is prosecuting the case.

MIL Security OSI –

September 29, 2024
MIL-OSI USA News: FACT SHEET: Biden-⁠ Harris Administration Highlights New Actions to Support Women’s Economic Security
Source: The White House

Today, the Biden-Harris Administration is announcing new resources to support women’s economic security and convening stakeholders to discuss the Biden-Harris Administration’s efforts to ensure that women age with the financial security that they deserve.

Under the leadership of President Biden and Vice President Harris, working age women’s labor force participation is the highest on record, the gender pay gap has narrowed, and the Administration is ensuring that women have access to good jobs and safe workplaces free from discrimination. Still, women—and women of color in particular—experience workplace inequities throughout their lives, including as a result of discrimination, pay disparities, occupational segregation, and unpaid caregiving responsibilities. These inequities can add up to millions of dollars lost over the course of a lifetime and contribute to a retirement savings gap between men and women. While women typically retire with less savings than men, they are also living longer—thereby, experiencing more financial strain as they age.

The Council of Economic Advisers is releasing a new issue brief on the Economic Security of Older Women highlighting the economic challenges that compound over the course of a woman’s life and underscoring that women are more vulnerable to economic shocks. The issue brief also highlights Biden-Harris Administration policies that have helped mitigate these challenges and ensure women’s economic security as they age.

Since Day One, President Biden and Vice President Harris have fought to improve women’s economic security and protect and strengthen Social Security, Medicare, and Medicaid—lifelines for millions of women. From lowering prescription drug costs for millions of seniors through the historic Inflation Reduction Act to issuing new rules to ensure that the financial advice that Americans get for retirement is in their best interest, the Biden-Harris Administration is taking action to support women’s financial security. The Biden-Harris Administration is also closing gaps in women’s health research, ensuring that women enter retirement more securely, supporting families’ access to care, and protecting women from financial fraud and scams.

As part of the ongoing efforts to support women’s economic security, the Biden-Harris Administration is announcing the following new actions:

Supporting Employment Training and Housing for Seniors. The Department of Labor (DOL)—through the Senior Community Service Employment Program—is awarding more than $200 million in new grants to support training and employment for older adults. Through these grants, participants—the majority of whom are women—are connected to jobs, gaining critical workplace skills and a pathway to financial stability. The Department of Health and Human Services (HHS) is announcing nearly $3 million in funding for the Elder Justice Innovation Grants. Because traditional emergency housing options often cannot meet the needs of older adults, older women experiencing abuse are often forced to return to unsafe environments; these funds will support emergency and transitional housing tailored to the needs of older women.

Providing New Resources to Help Support Women’s Retirement Security. HHS is announcing a new guide to services and resources—including tools for retirement planning and financial literacy—to assist women in planning for a healthy financial future in older age. DOL is publishing resources to assist women navigating challenging retirement scenarios, including a new effort to educate attorneys and advocates on qualified domestic relations orders, a critical step in dividing a couple’s retirement assets in the event of a divorce. The Department of Treasury is publishing a new issue brief on the unique challenges that many women face in retirement, and how the Biden-Harris Administration’s implementation of the SECURE 2.0 Act—including the Saver’s Match, emergency savings provisions, and expanded coverage for part-time workers—will help mitigate the gender retirement savings gap. And the Social Security Administration is releasing a new resource for women and their families about how they can better access Social Security benefits and services.

Protecting Women’s Earnings and Savings. The Consumer Protection Financial Bureau (CFPB) is announcing new efforts to help older women—who are more vulnerable to certain financial frauds and scams—protect their hard-earned savings. Today, the CFPB spotlighted the legal challenges faced by surviving spouses—often women—who may be pursued for their spouse’s medical debt. Some states have enacted laws making clear that surviving spouses are not responsible for their deceased partners’ debts, and others limit the circumstances in which a surviving spouse is responsible; however, the CFPB has found that debt collectors may try to capitalize on a surviving spouse’s vulnerabilities by attempting to collect their deceased spouse’s unpaid medical bills without real consideration of whether the surviving spouse actually owes the debt. This follows the CFPB’s proposed rule earlier this year, announced by Vice President Harris, which proposed to remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from using the credit reporting system to coerce people to pay. The CFPB will also release a report on the barriers that older Americans face in banking that financial institutions must work to address, including loss of a spouse, cognitive challenges, and changes in health.  The Equal Employment Opportunity Commission is releasing a new resource highlighting enforcement activities and public education efforts to combat sex and age discrimination.

Today’s announcements build on the Biden-Harris Administration’s actions to help ensure women age with financial security, including—

Lowering Health Care Costs for Women

The President and Vice President believe that health care is a right, not a privilege, and have expanded health care to millions more Americans while lowering health care costs. The Administration continues to build on, strengthen, and protect Medicare, Medicaid, and the Affordable Care Act and has signed historic new laws to lower prescription drug costs and health insurance premiums. The President’s prescription drug law, the Inflation Reduction Act, is directly benefiting women with Medicare, including nearly 30 million women enrolled in Medicare Part D. These actions are especially important for women, who typically face higher health care costs than men and who are more likely than men to take less medication than was prescribed because of cost—with even greater disparities for women of color. To help address these challenges, the Biden-Harris Administration is:
- Lowering the Cost of Insulin. The Administration is delivering on the President’s promise to lower health care costs by capping seniors’ insulin costs at $35 for a month’s supply. As a result, all 3.4 million Medicare Part D enrollees who filled an insulin prescription in 2023 had their insulin costs capped at $35 per month, saving some seniors hundreds of dollars for a month’s supply and lowering costs for about 733,000 women enrolled in Part D and B.
- Capping Out-of-Pocket Prescription Drug Costs. Under the President’s leadership, HHS is implementing a $2,000 out-of-pocket cap for prescriptions drugs costs for Medicare Part D enrollees. In 2025, when the cap goes into effect, nearly 19 million seniors and other beneficiaries are projected to save $400 per year on prescription drugs.
- Lowering the Cost of Prescription Drugs. For the first-time ever, the Administration announced new, lower prices for the first ten drugs selected for Medicare drug price negotiations, including for drugs that women disproportionately use. For example, one of the first 10 drugs is Enbrel—an arthritis treatment; women comprise 72 percent of the enrollees who use Enbrel; a woman with Medicare who takes Enbrel and pays $1,777 today for a 30-day supply would pay only $589 to fill her prescription when the negotiated prices take effect—a 67% decrease in out-of-pocket costs.
- Lowering the Cost of Health Insurance. Millions of women are saving an average of $800 on health insurance premiums thanks to the Administration’s expansion of the Premium Tax Credit. This expansion has helped drive health insurance coverage to a record high, while the Affordable Care Act continues to ensure that insurance companies cannot charge women more just because of their gender.
Supporting Women’s Financial Security

The Biden-Harris Administration is committed to ensuring that women are supported throughout their working lives—by ensuring access to high-quality jobs, robustly enforcing workplace antidiscrimination laws, and closing gender wage gaps—and as they enter retirement. The Administration is working to ensure women’s financial security as they age by:
- Safeguarding Social Security Equity and Efficiency. Social Security is the bedrock of financial security for American seniors and for millions of Americans with disabilities. President Biden and Vice President Harris are committed to protecting and strengthening Social Security. SSA also administers the Supplemental Security Income (SSI) program, which provides monthly payments to people with disabilities and older adults who have little or no income and resources; older women are more likely than older men to rely on SSI, making up 64% of SSI recipients aged 65 or older. To simplify and increase access for individuals, SSA announced the first phase of an online, streamlined SSI application; published three final rules simplifying how non-monetary support from friends and family is counted; and initiated efforts to expedite decisions for people with severe disabilities. SSA has also deployed a targeted outreach strategy to ensure that beneficiaries are aware of the benefits SSA pays to widowed and divorced spouses and dependents of eligible workers—a population disproportionately comprised of older women. To help ensure that all beneficiaries receive the benefits that they are entitled to, SSA is also translating more materials into more languages, improving access to interpretation services, and developed a Limited English Proficiency Toolkit. The Biden-Harris Administration is fighting to ensure that SSA has the funding they need to continue administering these crucial programs.
- Protecting Women’s Retirement Savings. Earlier this year, DOL issued a final rule to close loopholes and ensure that the financial advice that Americans get for retirement is in their best interest. DOL’s rule will protect the millions of Americans, including millions of women, who are diligently saving for retirement when they rely on advice from trusted professionals on how to invest their savings. The rule will require trusted investment advice providers to give prudent, loyal, and honest advice, and prevent them from providing recommendations that favor the investment advice providers’ interests—financial or otherwise—at retirement savers’ expense. These new safeguards will save tens or even hundreds of thousands of dollars per impacted middle-class saver. The Administration is also implementing the SECURE 2.0 Act, which allows survivors of domestic abuse to elect to receive penalty-free distributions from an employer-sponsored retirement plan.
- Providing Housing Security for Vulnerable Women. The Department of Housing and Urban Development continues to support housing for older Americans, including through the Home Equity Conversion Mortgages for Seniors program, which allows seniors to withdraw a portion of their home equity for additional income, and the 202 program, which offers direct loans and capital for the provision of secure and supportive housing facilities for older persons. These programs—which predominantly support older women— allow senior homeowners to age in place and help expand the supply of affordable housing by providing low-income older Americans with options that allow them to live independently but in an environment that provides support for daily necessities.
Supporting Families’ Access to Care

The Biden-Harris Administration—through implementation of the President’s Care Executive Order—is working to ensure that older women have the support they need as they age as well as to care for the ones they love. Even as older adults require care, they are also often the ones who provide it. One in four older women provide some form of unpaid caregiving, and, without training and support, their health, well-being, quality of life, and financial future can suffer. The Administration is supporting families’ access to care by:
- Ensuring Safety and Quality Care in Long-Term Care Facilities. Adequate staffing is proven to be one of the measures most strongly associated with safety and good care outcomes. To ensure safety and quality care, earlier this year, Vice President Harris announced that HHS finalized a rule to require all nursing homes that receive federal funding through Medicare and Medicaid to have 3.48 hours per resident per day of total staffing, including a defined number from both registered nurses and nurse aides. This means a facility with 100 residents would need at least two or three registered nurses and at least ten or eleven nurse aides as well as two additional nurse staff (which could be registered nurses, licensed professional nurses, or nurse aides) per shift to meet the minimum staffing standards. Many facilities would need to staff at a higher level based on their residents’ needs. It will also require facilities to have a registered nurse onsite 24 hours a day, seven days a week, to provide skilled nursing care, which will further improve nursing home safety. And HHS released a new “know-your-rights” resource for women to ensure that women can access safe and culturally competent health care free from discrimination and with protections to their privacy.
- Supporting Family Caregivers. Through the American Rescue Plan, the Administration provided $145 million to help the National Family Caregiver Support Program deliver counseling, training, and short-term relief to family caregivers and other informal care providers. HHS issued a report documenting actions taken by the Biden-Harris Administration to implement the first-ever National Strategy to Support Family Caregivers; these actions have created new initiatives that directly support family caregivers, strengthened existing programs, and improved coordination across the federal government to improve the lives of family caregivers. HHS has also taken steps to support family caregivers’ access to training and beneficiary information during the hospital discharge planning process, published the Guiding and Improving Dementia Experience Model to support people living with dementia and their caregivers, and announced new funding opportunities to develop new approaches to support family caregivers. HHS also published a guide to help older women find programs and services—such as respite care, support groups and individual counseling—to help them maintain their own health and well-being while being a caregiver for others. And the Department of Veterans Affairs (VA) launched a program to provide mental health counseling services to family caregivers caring for our nation’s heroes.
- Investing in Care Infrastructure and Supporting Caregivers and Care Workers. The Administration is committed to raising the wages and quality of care worker jobs, and to investing in care infrastructure. In March 2024, SBA announced new funding opportunities to support small businesses in the child care sector as well as the creation of a child care business development guide, which will provide resources for child care businesses on starting and running a business throughout the business life cycle. In addition, SBA is launching a lender campaign to highlight the resources SBA has available to support small, minority-owned, and women-owned businesses, including child care businesses, and will discuss additional reforms to support the growth of child care capacity across the country. The Administration is also taking steps to ensure Service members and military spouses—the vast majority of whom are women—have the support they need to care for themselves and their families while serving our country, including by strengthening hiring and retention of military spouses across the federal government, and expanding access to child care and other employment resources. And the Department of Labor has published sample employment agreements so domestic home care, child care, and long-term care workers and their employers can help ensure all parties better understand their rights and responsibilities.
Protecting Women from Financial Fraud and Scams

The Biden-Harris Administration is working to protect the savings that older Americans have worked their entire lives to build. Each year, Americans over 60-years-old lose billions of dollars to scams. The Federal Trade Commission (FTC), the Consumer Financial Protection Bureau, and other regulatory agencies are taking action to crack down on frauds and scams that too often target older Americans by—
- Protecting Older Women from Financial Fraud. FTC is pursuing actions against scammers who target or disproportionately impact older adults in their schemes, including those who conduct prize, sweepstakes, and lottery scams; tech support scams; and family and friend impersonation. Last year, FTC’s past enforcement efforts resulted in relief of more than $285 million to consumers.
- Equipping Older Women with Tools and Resources to Protect Against Scams. FTC chairs the Scams Against Older Adults Advisory Group focused on expanding consumer education and outreach efforts; improving industry training on scam prevention; identifying innovative or high-tech methods to detect and stop scams; it has produced a report on what research shows are effective tactics in scam-prevention messaging. And the CFPB has released resources to assist older adults—who are disproportionately women—navigate later-in-life challenges, such as resources to navigate critical financial moments after losing a spouse; tools to avoid financial exploitation; and information to help safeguard finances.
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MIL OSI USA News –
September 29, 2024
MIL-OSI Europe: EIB at #UNGA79: Strengthening the multilateral system, reinforcing investment in global health and climate finance
Source: European Investment Bank
- President Nadia Calviño leads EIB delegation to 79^th United Nations General Assembly in New York.
- The EIB will announce new initiatives on financing global health, and climate.
- Multilateral Development Banks present latest climate finance effort of $125 billion.
At the 79^th United Nations General Assembly, European Investment Bank (EIB) President Nadia Calviño will join partners and global leaders to present new solutions and innovative financing approaches to tackle global challenges.

The EIB initiatives include support for women’s health with the Gates Foundation, the launch of new investment plans to strengthen primary healthcare alongside the World Health Organisation (WHO). EIB President Calviño will be accompanied by Vice-Presidents Ambroise Fayolle and Thomas Östros. She will be meeting heads of United Nations agencies, Multilateral Development Banks and leading private sector figures to explore ways of deepening collaboration.

President Calviño said: “We are proud to contribute to the UN Summit of the Future to create and scale up solutions for today’s challenges, paving the way for a stronger, more inclusive and connected multilateralism. That’s what we are here to do – with a focus on high-impact investments outside the EU – we are announcing new projects and initiatives alongside our partners to deliver primary health care, women’s health, as well as stepping up finance for climate action and resilience.”

Multilateral Development Banks (MDBs) today announced that their global climate finance reached a record high of $125 billion in 2023. Mobilised global private finance nearly doubled to $101 billion compared to 2022. The combined total climate finance from the MDBs, including the European Investment Bank, is more than double the amount provided in 2019, when MDBs announced their ambition to increase climate finance volumes over time at the United Nations Secretary General’s Climate Action Summit.

Vice-President Ambroise Fayolle, responsible for Climate Action and Just Transition at the EIB, said: “The combined efforts from the world’s Multilateral Development Banks to deliver $125 billion in direct investments last year for climate action sends the strong message that the MDBs are working as a system to deliver and that the global community can count on MDBs, including the EIB, to accelerate global climate action. As the largest multilateral lender for climate action projects, the EIB will continue to support high impact operations such as breakthrough technologies, climate adaptation and a just transition for the most vulnerable to climate change. To make the green transition a success, we must make sure that climate action works for everybody.”

On 23^rd September, Multilateral Banks will also come together in New York on the margins of the United Nations for a high-level roundtable on the new Health Impact Investment Platform for primary healthcare financing co-hosted by the EIB and the World Health Organisation. The roundtable will spotlight country-level action to boost community based health and vaccination. The event will be livestreamed on EIB and WHO channels.

Vice-President Thomas Östros, responsible for Health financing and Energy said: “Our collective response to the COVID-19 pandemic showed that we can achieve more when we work together. It also highlighted the need for greater collaboration to address current global health challenges and to prepare for potential future emergencies. In the coming days, we will announce new initiatives that I believe will significantly enhance the health of communities worldwide”.

EIB at UNGA

The EIB delegation will be participating in a number of events on the margins of the 79th General Assembly of the United Nations (UNGA). President Calviño and Vice-President Fayolle will take part in a Project Syndicate event on Climate Finance on Sunday 22^nd September which also includes Mia Amor Mottley, Prime Minister of Barbados, Gabriel Boric, President of Chile, Marina Silva, Minister of Environment and Climate Change of Brazil, Mafalda Duarte, Executive Director of the Green Climate Fund and Mukhtar Babayev, President-Designate of COP29 and Minister of Ecology and Natural Resources of Azerbaijan.

A fireside chat on 23^rd September 11.00 EDT between President Calviño and WHO Director-General Dr.Tedros Ghebreyesus will be livestreamed on UN and EIB channels, as part of the SDG Media Zone events.

Media interviews

For interview requests with members of the EIB delegation please get in touch with the .

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It is active in more than 160 countries and makes long-term finance available for sound investment in order to contribute towards EU policy goals.

EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
MIL OSI Europe News –
September 29, 2024
MIL-OSI Europe: Cyprus University of Technology gets €125 million in EIB support for campus upgrades
Source: European Investment Bank

EIB
- EIB to help fund construction of student housing as well as renovation of academic, research and sports facilities at Cyprus University of Technology (CUT)
- CUT campuses in Paphos and Limassol to gain a total of 703 new student residences
- EIB financing covers 70% of project costs
- EIB Advisory services also included to improve energy efficiency of infrastructure
The Cyprus University of Technology (CUT) will benefit from €125 million in European Investment Bank (EIB) loans to build affordable student housing and upgrade campus facilities in the cities of Paphos and Limassol. The EIB funds will ensure that the planned student lodgings are sustainable and affordable and that academic, research and sports facilities meet the highest teaching and environmental standards.

The EIB funds stem from two financing agreements with CUT totalling €108 million and one funding accord with the municipality of Paphos amounting to €17 million. Part of the financing –

€89 million – is backed by the InvestEU programme, which marks its first operation in Cyprus. The EIB support will cover 70% of the project’s total cost.

“Investing in university infrastructure is key to ensuring that Cypriot universities can attract and train talented people and support economic growth, business innovation and social progress in the country,” said EIB Vice-President Kyriacos Kakouris. “A lack of sustainable and affordable housing is a major problem in Cyprus as well as across the EU and one of our priorities is tackling this scarcity. With this new financial support for Cyprus, we are backing up pledges with concrete action.”

The project will involve the construction and renovation of over 81,000 square metres of academic and administrative space along with the creation of 703 additional living places for students. In Limassol, the upgrades will include a solar-power plant to provide renewable energy, making the campus more energy independent. EIB Advisory Services are also providing technical assistance as part of the agreement to help the CUT maximise energy efficiency in the infrastructure that will be developed.

“The EIB’s continued strong partnership with Cyprus has resulted in this vital new financing in our education sector,” said Cypriot Finance Minister Makis Keravnos. “This support is of huge significance and is aligned with our goal of accelerating investments for sustainable and affordable housing and energy efficiency.”

The plans in Paphos offer a signal for Cyprus as a whole.

“By establishing, operating and managing a student residence, the Municipality of Paphos sets the first example of a local authority in Cyprus responding to a clear social need,” said Paphos Mayor Phedon Phedonos. “Decent housing is a basic requirement to have happy, proud and productive students and it is here that local government needs to show that it listens to what the community needs.”

CUT echoed the point.

“A dream we have had for many years has come true,” said CUT Rector Panayiotis Zaphiris.

“The provision of the necessary student accommodation and other major projects funded by the signing of these loan agreements build a stronger future for our university, especially for our students.”

CUT Board Chairman Costas Galatariotis added: “Today is the ideal prelude to a new path of development for the Cyprus University of Technology. Our warmest thanks to the EIB and the Republic of Cyprus through the Ministries of Finance and Education, for the trust and support. The impact of this partnership will be extremely important for the University and especially for the progress and well-being of our student community.”

CUT Student Union President Petros Christodoulou stressed the benefits of the planned new student housing.

“The high cost of accommodation has become a significant social problem for university students in recent years,” Christodoulou said. “These investments will help the university accommodate the increasing number of students and keep growing.”

The new loans bring total EIB financing for Cypriot universities and research institutions over the past decade to more than €300 million.

Previous EIB commitments were to expand and modernise the University of Cyprus in 2014 and 2017, when the bank provided a total of €162 million for the extension and modernisation of the University of Cyprus’s facilities and to create the Faculty of Engineering. Those two financing packages also helped improve energy efficiency and protection against earthquakes.

Furthermore, the EIB provided €25 million in 2017 for extra space, new equipment and research activities at the Cyprus Institute of Neurology and Genetics.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400,000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

Cyprus University of Technology gets €125 million in EIB support for campus upgrades
Cyprus University of Technology gets €125 million in EIB support for campus upgrades
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Cyprus University of Technology gets €125 million in EIB support for campus upgrades
Cyprus University of Technology gets €125 million in EIB support for campus upgrades
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Cyprus University of Technology gets €125 million in EIB support for campus upgrades
Cyprus University of Technology gets €125 million in EIB support for campus upgrades
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MIL OSI Europe News –
September 29, 2024
MIL-OSI Europe: Climate finance by multilateral development banks hits record in 2023
Source: European Investment Bank
- Sum for low-and middle-income economies was $74.7 billion, including $24.7 billion for climate change adaptation
- MDBs committed record $125 billion last year for climate action worldwide
- Mobilised global private finance nearly doubled to $101 billion compared to 2022
Multilateral development banks (MDBs) announced today that their global climate finance reached a record high of $125 billion in 2023. The combined total last year from institutions, including the European Investment Bank, is more than double the amount provided in 2019, when MDBs announced their ambition to increase climate volumes over time at the United Nations Secretary General’s Climate Action Summit.

Low and middle-income economies

Last year, $74.7 billion of MDB climate finance were for low- and middle-income economies. Of this sum, 67% – or $50 billion – went to climate change mitigation and $24.7 billion, or 33%, for climate change adaptation. The amount of mobilised private finance for this group of countries stood at $28.5 billion.

High-income economies

In 2023, $50.3 billion were allocated for high-income economies. Of this amount, $47.3 billion, or 94%, were for climate change mitigation and the remaining $3 billion or 6% were for climate change adaptation. The amount of mobilised private finance for high-income countries stood at $72.7 billion.

Climate finance in focus at COP29

Today’s announcement comes in the run-up to the 29th session of the Conference of the Parties (COP 29) to the United Nations Climate Change Conference that will be held in Baku, Azerbaijan in November 2024. One of the key deliverables of COP29 is to increase global climate finance and reach agreement on the new collective quantified goal on climate finance.

EIB Vice-President Ambroise Fayolle said: “Nearly halfway into the critical decade, we must continue to work hard if we are to keep the Paris Agreement goal of limiting global warming to 1.5ºC within reach. Since 2019, multilateral development banks have increased their collective climate financing year on year, exceeding our joint targets. In addition, we are strengthening our cooperation to maximise impact for people and the planet through coordinated country-level support for a just transition away from fossil fuels and more work on adaptation and disaster risk management. Ahead of COP29, today’s announcement of $125 billion in climate finance sends the strong message that the MDB system is delivering and that the global community can count on MDBs, including the EIB, to accelerate global climate action.”

The EIB delivered record volumes of $42.1 billion of climate finance in high-income economies and $4 billion for low- and middle-income economies through its specialised development arm EIB Global. The EIB mobilised global private finance of $53 billion.

Transparent joint reporting on climate finance

The Joint Report on Multilateral Development Banks’ Climate Finance is an annual collaboration to publish MDBs’ climate finance figures, together with a clear explanation of the methodologies for tracking this finance. The joint report, along with the banks’ independent publication of their own climate finance statistics, is intended to monitor progress in relation to their joint climate finance objectives such as those announced at COP21 and the greater ambition pledged for the post-2020 period.

The 2023 multilateral development bank report, coordinated and prepared for publishing by the European Investment Bank (EIB), combines data from the African Development Bank (AfDB), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Council of Europe Development Bank (CEB), the European Bank for Reconstruction and Development (EBRD), the EIB, the Inter-American Development Bank (IDB), the Islamic Development Bank (IsDB), the New Development Bank (NDB) and the World Bank Group (WBG).

For an overview of the key figures click here

Read the report here

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It is active in more than 160 countries and makes long-term finance available for sound investment in order to contribute towards EU policy goals.
- In 2019, the EIB’s updated Energy Lending Policy was adopted to end financing to any unabated fossil fuels energy projects, including natural gas, the first MDB to do so.
- In 2021, the EIB became the first MDB to align its financial activities with the Paris Agreement.
- Through its Climate Bank Roadmap the EIB Group aims to support €1 trillion of investment in climate action and environmental sustainability through the critical decade, 2021-2030.
- With a commitment to increase investment in climate action and environmental sustainability to more than 50% of the EIB’s annual lending by 2025 – last year that was exceeded with 60%.
EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
MIL OSI Europe News –
September 29, 2024
MIL-OSI Europe: Germany: EIB boosts high-speed internet with €350 million InvestEU-backed loan
Source: European Investment Bank

Deutsche Glasfaser
- EIB loan to fibre broadband provider Deutsche Glasfaser will enable up to 460,000 rural German households to access fibre optic internet.
- Project builds on company’s existing network and will bring high-speed connections to underserved areas.
- Loan is backed by the European Union’s InvestEU programme and addresses lack of investment in digital infrastructure in less populated areas.
The European Investment Bank (EIB) is lending fibre broadband provider Deutsche Glasfaser (DG) €350 million to expand its network in Germany. The project will make high-speed internet available to some 460,000 homes and businesses in rural areas that lack high-capacity broadband.

The network will provide retail internet services that are as much as 10 gigabits per second (Gbps) – faster than the broadband speed to which most consumers currently have access. The average download speed in most European countries is in the range of 100 megabits per second (Mbps) or below. Fibre optic infrastructure can support much higher bandwidth than traditional copper-based broadband technologies like DSL, VDSL or cable.

This project benefits from risk sharing under the InvestEU programme of the European Union. It aims to address a lack of investment in high-speed digital infrastructure in less populated areas, where the costs and risks are typically higher for providers.

“Improving digital services in rural areas will enhance living conditions and make these regions more attractive,” said EIB Vice-President Nicola Beer. “At the same time, it will safeguard jobs and support both individuals and businesses in reaching their full potential. It makes these regions ‘future-proof’ by accommodating the growing bandwidth demands of modern internet applications – from cloud computing to remote work and education – and emerging technologies like virtual reality and the Internet of Things. Bridging the digital divide between rural areas and urban centres is essential to help rural regions compete more effectively, driving both economic growth and social progress.”

European Commissioner for the Economy, Paolo Gentiloni, said: “The InvestEU programme is bringing high-speed internet for 460,000 homes and businesses in underserved areas in Germany, in partnership with the European Investment Bank and Deutsche Glasfaser. This investment will help close the digital divide and allow businesses to grow and create jobs. This is a tangible example of a Europe that invests in the future and leaves no one behind.”

The EIB loan comes on top of a multi-billion-euro financing from commercial banks that DG secured in 2022 and 2024, enabling the company to expand a network currently spanning more than 2 million homes that have the potential to be connected. By the end of 2026, DG aims to make available fibre connections to over 3 million households in Germany, with a longer-term ambition to reach up to 6 million households in the country. The EIB loan has a positive signalling effect for further fundraising.

”We are pleased that the EIB is supporting us on our journey to bridge the digital divide in rural parts of Germany,” said DG Chief Executive Officer Andreas Pfisterer, “As the leading fibre player in rural and sub-urban Germany, we are clearly focused on bringing consumers and businesses in these areas to a state-of-the-art fibre network. Our integrated model of retail and wholesale via our open access platform is a key differentiator in the market and is an attractive offer for both the municipality and the citizens.”

Anna Dimitrova, Chief Financial Officer of DG added: “I would like to thank the EIB for its trust in us and its commitment in pushing digital infrastructure in Germany. The new EIB loan is part of a broader ESG-linked financing package that will fund our projects over the next two plus years. Next to the EIB, our funding is based on a large consortium of banks and financial institutions, with most of them supporting us already for many years, being the fibre to the home pioneer in rural Germany.”

Germany has been relatively slow in rolling out fibre broadband networks compared to other European countries. Only about 35% of households reached full-fibre connectivity in 2023 as opposed to an average 64% across the EU plus the UK. This project will support the targets of the German Digital Strategy and the European Digital Compass to provide all households with gigabit connectivity by 2030.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

Deutsche Glasfaser Group is the leading fibre broadband provider in rural and sub-urban Germany. As a FTTH pioneer and industry leader, Deutsche Glasfaser plans, builds and operates open-access fiber networks for private households, businesses and public institutions. The company aims to roll-out fiber networks across the nation, thereby contributing significantly to Germany’s digital transformation. With innovative planning and construction methods, Deutsche Glasfaser is the technology leader for fast and cost-efficient FTTH deployment. Deutsche Glasfaser is backed by the experienced digital infrastructure investors EQT and OMERS.

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Germany: EIB boosts high-speed internet with €350 million InvestEU-backed loan
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Germany: EIB boosts high-speed internet with €350 million InvestEU-backed loan
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MIL OSI Europe News –
September 29, 2024
MIL-OSI Canada: Manitoba Government Investing in Construction Project on Provincial Road 224

Source: Government of Canada regional news

September 20, 2024

Manitoba Government Investing in Construction Project on Provincial Road 224

The Manitoba government is investing in making roads safer for Manitobans travelling on Provincial Road (PR) 224 from PR 325 to Fisher River First Nation, Transportation and Infrastructure Minister Lisa Naylor announced today.

“Many sections along PR 224 became nearly impassable due to large surface failures caused by the 2024 spring breakup,” said Naylor. “This road is the main access route to Peguis First Nation, Fisher River First Nation and many other communities, and our government is committed to restoring its serviceability.”

The Manitoba government is investing $18.3 million to reconstruct a 45-kilometre section of PR 224. The project will include excavating failed sections, repairing the subgrade and replacing the surface. Additionally, sections that have not yet failed will receive a thin lift overlay of bituminous asphalt to increase the overall life of the roadway, noted the minister, adding the gravel shoulders along the route will also be reconstructed.

Construction is expected to be completed in fall 2025, said Naylor.

Budget 2024 invests $500 million in capital funding to repair and rebuild Manitoba’s highways and public infrastructure to spur economic development and make it easier to get around the province.

Additional details regarding Manitoba Transportation and Infrastructure’s capital projects can be found on an interactive map at www.gov.mb.ca/mti/mipmap/map.html.

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MIL OSI Canada News –

September 29, 2024
MIL-OSI USA: Southern California Man Pleads Guilty to Preparing False Tax Returns

Source: US State of California

A Southern California man pleaded guilty yesterday to preparing and filing false tax returns for his clients.

According to court documents and statements made in court, starting in 2013, Salvador Gonzalez, of Corona, operated Grace’s Lighthouse Resource Center Inc., a return-preparation business. Since then, Gonzalez has prepared or assisted in the preparation of more than 11,000 tax returns that requested refunds from the IRS totaling more than $38 million.

Consistently, Gonzalez directed his clients to create a phony corporation and to title their homes, cars and other assets in the name of the corporation. Gonzalez then referred those clients to an associate to prepare these sham corporation’s tax returns. The associate would provide the clients with a blank spreadsheet and request that they input their business expenses into that spreadsheet. At Gonzalez’s direction, the clients would include personal expenses, such as their mortgage payments, car payments and utility bills, and then provide the spreadsheet to the associate. The associate would, in turn, use the spreadsheet to prepare the business tax returns, which inevitably would show a loss.

Gonzalez then prepared the clients’ individual income tax returns, which incorporated the fraudulent business losses and offset their income. To further reduce the clients’ taxes owed to the IRS, Gonzalez also fabricated deductions on the personal returns such as unreimbursed employee expenses, cash contributions to charity and medical and dental expenses. As a result of Gonzalez’s fraudulent return-preparation practices, his clients paid less taxes than they owed.

Gonzalez profited from his return-preparation business. Before 2019, he typically charged clients a flat fee of $500 per tax return. In 2019, he started charging clients 1% of their gross income as a fee for his services.

Gonzalez is scheduled to be sentenced on Oct. 7 and faces a maximum penalty of three years in prison for each of the three counts of aiding and assisting in the preparation of false tax returns to which he has pleaded guilty. He also faces a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and any other statutory factors.

Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Martin Estrada for the Central District of California made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorney Lauren K. Pope of the Justice Department’s Tax Division and Assistant U.S. Attorney Eli A. Alcaraz for the Central District of California are prosecuting the case.

MIL OSI USA News –

September 29, 2024
MIL-OSI Canada: Canada Announces Significant Funding to Unlock More Critical Minerals Development in Northern British Columbia and the Yukon
Source: Government of Canada News

News release

The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, with the Honourable Josie Osborne, British Columbia’s Minister of Energy, Mines and Low Carbon Innovation, and the Honourable Ranj Pillai, Premier of the Yukon, announced up to $60 million in conditionally approved investments for two critical minerals infrastructure developments in B.C.’s Golden Triangle and the Yukon. This funding would be provided through the Critical Minerals Infrastructure Fund (CMIF).

September 20, 2024 Vancouver, British Columbia Natural Resources Canada

Investments in critical minerals infrastructure are essential to enable Canada to seize the generational opportunity of the transition to a low-carbon economy and capitalize on our rich mineral resources. Canada is well positioned to be a global leader and first-class producer of a wide variety of critical minerals that are essential to power the clean economy and, in turn, create good jobs and support economic opportunities across critical mineral value chains — from upstream exploration and extraction to downstream processing, manufacturing and recycling.

Today, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, with the Honourable Josie Osborne, British Columbia’s Minister of Energy, Mines and Low Carbon Innovation, and the Honourable Ranj Pillai, Premier of the Yukon, announced up to $60 million in funding, pending final due diligence from Natural Resources Canada, for two critical minerals infrastructure developments in B.C.’s Golden Triangle and the Yukon. This funding would be provided through the Critical Minerals Infrastructure Fund (CMIF).

Galore Creek Mining Corporation (Galore Creek) is planning to construct a 43-kilometre access road to support the development of its copper mine located in Tahltan Territory in northwest B.C. The Galore Creek deposits contain over 12 billion pounds of copper and, once in production, will significantly increase Canada’s annual copper supply. The construction of the Galore Creek Access Road would link the mine project to existing road infrastructure, provide ground access to proposed mill and processing facilities, and provide the electricity transmission corridor allowing the Galore Creek mine to operate using BC Hydro’s low-emission electricity grid. Road improvements are integral to advancing critical minerals development in B.C.’s northwest, in partnership with First Nations. Pending final due diligence, Natural Resources Canada has conditionally approved an investment of up to $20 million under the CMIF for this project.

The Government of Yukon is seeking to undertake pre-feasibility activities to advance a 765-kilometre, high-voltage transmission line network that would connect the Yukon electrical grid to the North American grid in B.C. This regional project has proposed energy infrastructure located in two priority regions for critical minerals development — Yukon’s Cassiar and Tanana regions and B.C.’s Golden Triangle. The transmission line could support projects producing critical minerals such as cobalt, copper, molybdenum, nickel, platinum group metals, tungsten and zinc in the Yukon and northern B.C. Pending final due diligence, Natural Resources Canada has conditionally approved an investment of up to $40 million under the CMIF for this project.

The Critical Minerals Infrastructure Fund is a key program under the Canadian Critical Minerals Strategy to address infrastructure gaps and enable sustainable critical minerals production and connect resources to markets through various clean energy, electrification and transportation infrastructure projects. Future funding decisions for projects under the CMIF to further critical minerals infrastructure development are also expected in the coming months.

These projects — which benefit from close collaboration under the B.C. and Yukon Regional Energy and Resource Tables — are, in addition to the recently announced Northwest BC Highway Corridor Improvements Project, key to facilitating critical minerals development in the Golden Triangle and Yukon. B.C.’s Golden Triangle has considerable mineral potential and holds approximately 75 percent of Canada’s known copper reserves. Copper is crucial in various industrial processes and a fundamental component in electrical wiring, electronics and renewable energy systems, including solar panels and wind turbines.

Critical minerals are essential components in products used for clean energy technologies such as electric vehicles, electrical transmission lines and batteries. B.C. and the Yukon’s mining sectors provide many of the building blocks of clean technologies needed to fight climate change and build a clean economy. Across the country, clean energy solutions are providing enormous economic opportunity for Canada.

Quotes

“These two projects, under the Canadian Critical Minerals Strategy’s flagship program, will develop the necessary infrastructure to access and transport our rich critical mineral resources in northern B.C. and the Yukon. Developments like these help mines get built faster, and they are a key element in seizing the generational opportunity before us. These investments are needed to support critical minerals development in the region, improve community access and safety, and create good mining jobs across British Columbia and the Yukon.”

The Honourable Jonathan Wilkinson

Minister of Energy and Natural Resources

“B.C. has the critical minerals that Canada and the world needs to build a clean economy. We have a generational opportunity to create good jobs, not only in northwest B.C. but also in communities across the province that supply and provide services to our mining sector. That’s why we are working with Canada and First Nations on key infrastructure upgrades needed to unlock billions of investments in new critical mineral mines like Galore Creek and provide new opportunities for people and communities.”

The Honourable Josie Osborne

B.C. Minister of Energy, Mines and Low Carbon Innovation

“The Grid Connect Project is more than an energy initiative: it presents a transformative opportunity for all Yukoners. By delivering clean, affordable and reliable clean energy, this project will not only power our homes but also drive economic and social growth. I thank our partners in British Columbia and the federal government for their collaboration on this important project, which will positively impact our northern communities. This is a proud milestone for our government on the path toward a more sustainable energy future.”

The Honourable Ranj Pillai

Premier of the Yukon

“This project will connect Canada’s two most western jurisdictions, helping bring the Yukon on to the North American power grid. It marks a significant step in our shared journey to build a more connected and resilient energy landscape for Yukoners while reducing greenhouse gas emissions. I extend my deepest thanks to everyone whose hard work and determination made this vision a reality. I look forward to seeing how it will enhance clean energy in the Yukon, help protect our incredible natural landscapes and fuel new opportunities for economic growth.”

The Honourable John Streicker

Yukon’s Minister of Energy, Mines and Resources

“We’d like to thank Minister Wilkinson and the Government of Canada for their contribution to developing the Galore Creek Mine and, by extension, Canada’s critical minerals industry. Canada’s support for Galore Creek represents confidence in our project, our owners, the relationships we have fostered with the Tahltan Nation and our commitment to responsibly developing a world-class copper–gold mine.”

Rob Mean

General Manager, Galore Creek Mining Corporation

“Galore Creek has the potential to significantly increase Canada’s production of the copper needed for the energy transition and global development, generating jobs and economic activity, in alignment with Teck’s focus as a Canadian-based energy transition metals company. This investment by the Government of Canada will support the development of infrastructure needed to advance critical mineral projects and strengthen the nation’s mining sector.”

Jonathon Price

President and Chief Executive Officer, Teck Resources Limited

“Newmont is a 50/50 partner of the Galore Creek Project with Teck Resources. Galore Creek stands as Canada’s largest undeveloped copper project, poised to play a crucial role in the transition to a low-carbon economy. As global demand for copper surges, we will soon face a supply deficit that underscores the project’s significance. The investment through Canada’s Critical Minerals Infrastructure Fund in a vital road for Galore Creek will help unlock the project and the broader region’s substantial critical mineral potential in northwest B.C.”

Bernard Wessels

Managing Director North America, Newmont Corporation

Quick facts
- Canada has developed its own critical minerals strategy with the aim of advancing the development of these resources and related value chains to drive the transition to a low-carbon economy and support advanced technology and manufacturing.
- The Canadian Critical Minerals Strategy addresses five core objectives:
  
  o   supporting economic growth, competitiveness and job creation;
  
  o   promoting climate action and strong environmental management;
  
  o   enhancing global security and partnerships with allies;
  
  o   advancing reconciliation with Indigenous peoples; and
  
  o   fostering diverse and inclusive workforces and communities.
- Canada’s whole-of-government approach to critical mineral development is collaborative, forward-looking, iterative, adaptive and long-term. The initiatives presented in the Strategy will be implemented and refined in collaboration with provincial, territorial, Indigenous, industry and other Canadian and international partners.
- The CMIF is a key program under the Strategy to support enabling clean energy and transportation infrastructure projects necessary to increase Canada’s supply of responsibly sourced critical minerals.
- The CMIF supports strategic priorities such as decarbonizing industrial mining operations, strengthening supply chains through transportation infrastructure and advancing economic reconciliation by supporting the participation of Indigenous Peoples in infrastructure and critical minerals projects.
- In addition, the federal government is helping to develop Canada’s abundant critical minerals through NRCan’s Regional Energy and Resource Tables. These regional tables are joint partnerships with individual provinces and territories — in collaboration with Indigenous partners and with the input of key stakeholders — to identify and accelerate shared economic priorities for a low-carbon future in the energy and resource sectors.
Associated links

Contacts

Natural Resources Canada
Media Relations
343-292-6100
media@nrcan-rncan.gc.ca

Cindy Caturao
Press Secretary
Office of the Minister of Energy and Natural Resources
613-795-5638
cindy.caturao@nrcan-rncan.gc.ca

MIL OSI Canada News –
September 29, 2024
MIL-OSI USA: Capito, Manchin, W.Va. Officials Announce Form Energy Selection for $150 Million to Build Out Battery Factory in Weirton

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito
CHARLESTON, W.Va. – Today, U.S. Senators Shelley Moore Capito (R-W.Va.), Ranking Member of the Senate Environment and Public Works (EPW) Committee, and Joe Manchin (I-W.Va.), and a number of West Virginia officials announced that Form Energy has been selected for an award negotiation of up to $150 million from the U.S. Department of Energy’s (DOE) Battery Materials Processing and Battery Manufacturing and Recycling programs to support Form Factory 1 in Weirton, W.Va. The funding is part of the more than $6 billion included in the Infrastructure Investment and Jobs Act (IIJA) to support a strong domestic battery supply chain.
“When I was crafting and negotiating the Infrastructure Investment and Jobs Act (IIJA), delivering support for manufacturing initiatives in West Virginia was an impact I knew we could make. Form Energy is providing a needed boost to the manufacturing industry in our state, specifically to the Weirton community. During my visit to the facility this summer, I saw how their embrace of new technological capabilities will help America continue to lead the way in energy innovation. This grant through the IIJA will expand Form Energy’s production and workforce, and will help continue West Virginia’s proud tradition of being an energy state,” Ranking Member Capito said.
“West Virginian workers and families have made the hard sacrifices to power our country to greatness and become a global energy leader. With today’s investment from the Bipartisan Infrastructure Law, we are continuing to ensure that we are producing the materials needed to protect our nation’s energy independence right here in the Mountain State,” Senator Manchin said. “I was proud to secure this funding and I am thrilled that Form Energy will be able to utilize it to create good-paying jobs in Weirton and help preserve our legacy as America’s Energy Powerhouse for decades to come.”
“We are incredibly grateful to the Department of Energy, Senator Manchin, Senator Moore Capito, and the many state and local leaders from West Virginia who provided pivotal support on the path to this award selection. This selection will enable us to more rapidly scale up our manufacturing capabilities and hire hundreds of skilled workers at Form Factory 1. We’re proud to help contribute to the growth of a clean, domestic, and independent energy economy in America. And we’re honored to do it alongside a strong local workforce, right here from West Virginia.” Mateo Jaramillo, Co-Founder and CEO of Form Energy, said .
“With its investment in Form Energy and Weirton, the U.S. Department of Energy is acknowledging that West Virginia is an ideal place to locate all-of-the-above energy development and manufacturing,” West Virginia Secretary of Economic Development Mitch Carmichael said. “Thanks to the encouragement and support of Senators Manchin and Capito, this backing will ensure even greater success in the Mountain State.”
“With our robust history and past successes in heavy industry, the Northern Panhandle has paved the way for Form Energy and other innovative companies to be successful here in West Virginia,” Anthony Clements, Executive Director of the Business Development Corporation of the Northern Panhandle, said. “This funding from the U.S. Department of Energy shows the unanimous support from our state and our United States Senators Manchin and Capito for our region. I am thrilled we have the opportunity to see Form Energy grow right here in West Virginia.”
“For years as a result of the decline and closure of its steel industry, the people of Weirton believed that its days as a manufacturing hub were over,” West Virginia State Senator Ryan Weld said. “Now, thanks to significant investments made by the State of West Virginia and the U.S. Department of Energy, along with the leadership of Senators Manchin and Capito, there is a renewed excitement for Weirton’s future and the products that will be made here.”
BACKGROUND:
This announcement comes after Ranking Member Capito, Senator Manchin, and a group of their bipartisan colleagues sent a letter to DOE urging them to include alternative battery types, like the iron-air batteries manufactured by Form, in their grant awards. Once awarded, Form plans to use the funding to more rapidly scale up its commercial-scale manufacturing lines to produce up to 20 GWh/yr iron-air batteries and employ at least 600 employees to operate them.
To learn more about the IIJA, click here.
To learn more about DOE’s Battery Manufacturing and Recycling Grants, click here.

MIL OSI USA News –

September 29, 2024