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  • MIL-OSI United Nations: Civil Society Organizations Brief the Committee on the Elimination of Discrimination against Women on the Situation of Women in Chile, Canada, Japan, Cuba and Benin

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women was this afternoon briefed by representatives of civil society organizations on the situation of women’s rights in Chile, Canada, Japan, Cuba and Benin, whose reports will be considered during the second and third weeks of the session.

    In relation to Chile, speakers raised concerns regarding gender-based violence, abortion, and the treatment of trans people.

    Those speaking on Canada raised topics including the treatment of indigenous women and girls, femicide, and harassment of migrant workers. 

    On Japan, speakers addressed the selective surname system, Japan’s military sexual slavery, and women’s pensions.

    Speakers for Cuba raised issues including legislation on femicide, women in poverty, and the treatment of lesbians. 

    In relation to Benin, speakers addressed human trafficking, attacks on lesbian, gay, bisexual, intersex, queer and transgender people, and discrimination of sex workers. 

    The National Rights Institute of Chile and the Children’s Rights Ombudsperson of Chile spoke on Chile, as did the following non-governmental organizations: Corporation of Opportunity and Jointly Action Opcion – OPCION; Federación Luterana Mundial; and CIMUNIDIS – Círculo Emancipados de Mujeres y Niñas con Discapacidad de Chile.

    The following non-governmental organizations spoke on Canada: Union of BC Indian Chiefs; South Asian Legal Clinic of Ontario and Colour of Poverty – Colour of Change; Justice for Girls and Just Planet; Cecile Kazatchkine, on behalf of HIV Legal Network, Barbra Schlifer Commemorative Clinic; Bout du monde; Amnesty International Canada; Aysha Khan, on behalf of International Human Rights Program (IHRP) at the University of Toronto Faculty of Law, Global Human Rights Clinic (GHRC) at the University of Chicago Law School, and a coalition of almost 50 organizations; Development Alternatives with Women for a New Era (DAWN); International Physicians for the Prevention of Nuclear War Canada (IPPNWC); and Amnesty International Canada. 

    The following non-governmental organizations spoke on Japan: Family Association of the Missing Persons Probably Related to the DPRK; Association to Preserve the Family Bond; People’s Alliance for Protection of Imperial Lineage by Paternal Male Succession to the Imperial Throne; Global Alliance for Anti-Discrimination (GAAD); JNNC (Japan NGO Network for CEDAW); JFBA (Japan Federation of Bar Associations); Be the Change Okinawa, and on behalf of Action Okinawa, Ginowan Churamizu Kai (Clean Water Protection Committee), AIPR, and ACSILs; Warriors Japan; Lawyers and DV Thrivers against Violence and Abuse Japan (LVAJ) and Safe Parents Japan (SPJ); Women’s Political Empowerment; Women’s Active Museum on War and Peace (WAM): and Development Alternatives with Women for a New Era (DAWN) and Pacific Network on Globalisation (PANG).

    The following non-governmental organizations spoke on Cuba: Red de Juristas por los Derechos Sexuales, Unión Nacional de Juristas de Cuba, Asociación Cubana de las Naciones Unidas, Museo Virtual de la Memoria contra la violencia basada en Género Iniciativa para la Investigación y la Incidencia; Cuido 60; Red de Mujeres Lesbianas y Bisexuales; CUBALEX; Justicia 11J; FMC; Prisoners Defenders; Mesa de Diálogo de la Juventud Cubana; and Observatorio de Género de Alas Tensas y Museo de la Disidencia en Cuba.

    The following non-governmental organizations spoke on Benin: Right here Right Now 2 and CFMPDH; Synergie Trans Bénin; Association Solidarité; Changement Social Bénin; and Plurielles.

    The Committee on the Elimination of Discrimination against Women’s eighty-ninth session is being held from 7 to 25 October.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 10 a.m. on Tuesday, 15 October, to  consider the eighth periodic report of Chile (CEDAW/C/CHL/8).

    Opening Remarks by the Committee Chair

    ANA PELÁEZ NARVÁEZ, Committee Chairperson, said this was the second opportunity during the session for non-governmental organizations to provide information on States parties that were having their reports reviewed during the second and third weeks of the session, namely Chile, Canada, Japan, Cuba and Benin.

    Statements by Non-Governmental Organizations 

    Chile

    Non-governmental organizations speaking on Chile said sexual violations had increased drastically between 2019 and 2023.  Protection measures continued to be deficient.  It was concerning that violence against girls and adolescents was increasing. As of June 2023, there were 42 pregnant women and 100 children living with their mothers in prison systems. There needed to be a cultural change in the community, whereby gender-based violence was no longer acceptable. There needed to be a comprehensive sexual education law to ensure rights for women and adolescents.  The abortion regime based on legal grounds was insufficient and there were barriers to accessing contraceptives in primary health care.  Warnings had been issued about six defective contraceptive pills with no steps taken to investigate or provide reparations to those affected.  In Chile, around 800,000 migrant women faced violence and hate speech, especially those with irregular migration status.  The humanitarian visa for migrants was not implemented well in practice. 

    Since 2019, there had been a Constitutional Legal Reform Act, establishing the State’s duty to fight gender equality.  The State’s anti-discrimination law had been in congress for five years and was in danger of being rejected.  Chile had yet to fulfil its obligation to repeal laws discriminating against married women or subordinating them to their husbands.  The comprehensive law on violence against women did not include protection measures for women in penitentiary institutions who had suffered violence.  Violence against trans-people had increased by 145 per cent, and trans-femicide was not recognised as a crime.  The State showed no willingness to address issues faced by trans-people.  Women and girls with disabilities in Chile experienced discrimination.  A report by the Office of the High Commissioner found that there were 163 suspicious deaths in short-stay mental health facilities.  There had been reports of electro-shock therapy on girls with disabilities. 

    Canada

    Speakers on Canada said there were genocidal consequences for indigenous women and girls in the country.  These violations were tied to colonial policies. In its 2015 inquiry, the Committee found that indigenous women and girls suffered from the worst socio-economic conditions, as well as systemic racism and violence, which manifested as pervasive poverty, lack of access to housing, high rates of child apprehension, and disproportionate criminalisation.  The Committee had found that sex discrimination in Canada’s Indian Act was a root of violence, marginalising women and their descendants, excluding them from their lands, cultures and communities, and disentitling them to full personhood.  The 2019 National Inquiry into Missing and Murdered Indigenous Women and Girls issued 231 Calls for Justice.  To-date, only two were complete, and more than half had not been started. Colonialism and the legacy of Residential Schools continued to impact indigenous girls’ access to education. Racialised communities faced oppression in Canada, with Black femicide and forced sterilisations of Black and indigenous women erased due to data gaps and under-reporting. 

    Canada was failing to take serious action on gender-based violence.  Femicides were increasing, with a woman killed every 2.5 days.  But this was not taken into account in the national action plan. Survivors of gender-based violence needed stronger protections and support services.  Law enforcement and judicial officers must receive proper training on these violence dynamics.  Canada needed to ensure survivors were not criminalised for self-defence, and strengthen protections against coercive control and litigation abuse.  In Canada, women who used drugs and indigenous women were disproportionately impacted by HIV/AIDS and faced increased risk of violence and barriers to healthcare.  Migrant workers and migrant sex workers in Canada faced significant oppression due to restrictive work permits, increasing their vulnerability to workplace abuse, harassment and sexual violence. Canada must remove these restrictions, decriminalise these groups, and establish policies that ensured safe working conditions.

    Canada was also implicated in exploitative deep-sea mining, as Canadian companies sought financial gains through predatory partnerships with some Pacific Island States.  These companies must be investigated.  Pacific women and Canadian indigenous women deeply opposed these projects, as they threatened the ocean and marine life.  Canadian resource extraction projects had also increased violence in Ecuador against indigenous women, which would be exacerbated by a proposed free trade agreement.

    Japan

    Speakers on Japan raised issues including objecting to separate surnames after marriages, which could destroy family unity and have negative impacts on children.  The immediate adoption of a selective surname system for married couples was needed.  The ruling party’s promotion of expanding the use of maiden names did not address gender discrimination.  Half of single-mother households lived in relative poverty, as 70 per cent of them did not receive child support and were unable to escape poverty, due to the significant wage gap between men and women. 

    The issue of Japan’s military sexual slavery had been raised 30 years ago before the Committee in 1994. Measures taken by the State were not victim-centred, and therefore failed.  The Government of Japan was called on to recognise that the “comfort women” issue remained unresolved and to fully implement the previous Committee recommendations.  The Status of Forces Agreement between Japan and the United States should be revised to eliminate violence against women linked to United States’ military bases in Okinawa and elsewhere.  There had been seven cases of gender-based violence against women and girls by the United States’ military within the past 11 months.  Since 1954, over 210,000 crimes and accidents by the military had occurred.  There needed to be comprehensive actions taken to end the culture of impunity. Japan needed to accept that the “comfort women” system was one of sexual slavery, and that it had a legal responsibility to provide reparations to all victims. 

    The ratification of the Optional Protocol should be expedited, and there should be a comprehensive anti-discrimination law.  Japan was also urged to create a permanent gender equality committee, to monitor the implementation of the Convention’s concluding observations.  There was an urgent need for the establishment of an independent, national human rights institution in line with the Paris Principles. It was crucial to eliminate low wages and pensions for women due to the gender wage gap, non-regular employment, and unpaid work.  The Japanese Government was also urged to rescue all abductees from the Democratic People’s Republic of Korea.  The Committee was urged to recommend that Japan stop dumping radioactive wastewater in the Pacific Ocean and take immediate steps towards safely disposing the waste on land. 

    Cuba

    Those speaking on Cuba said Cuban women were calling for a robust legislative change of gender-based violence. The State needed to work to coordinate actors on gender issues.  The State should systematically assess the impact of legislation and public policies on gender equality.  The Committee was urged to pay special attention to the devastating impacts of the embargo which had a detrimental impact on women’s organizations. 

    There was a comprehensive law against gender-based violence, but the act of femicide should be defined.  The rate of femicide was occurring in Cuba more than 10 times that which was occurring in Spain.  Cuba had serious deficiencies in the reparation system of gender-based violence.  The legislation should be reformed to establish provisional payments which provided immediate support, particularly to women of African descent or those with low income.  The State should strengthen mechanisms for the prevention and punishment of gender-based violence, and redouble efforts to deconstruct gender stereotypes. 

    Poverty in Cuba today had the face of a woman, particularly that of an Afro-descendent, elderly woman.  Social rights had been cut by the State and women were further exposed to food insecurity and poverty.  The health care system lacked regulations to protect lesbians from phobic treatment.  There needed to be training and awareness raising for health professionals to provide care, free of stigma and phobia. 

    Benin

    Organizations speaking on Benin said women were economically and sexually exploited in Benin as part of human trafficking.  Legislation on this was vague.  Benin was a country of origin, transit and destination of women and children for human trafficking.  It was recommended that the definition of procuring be outlined in the Criminal Code. 

    In Benin, lesbian, gay, bisexual, intersex, queer and transgender people underwent verbal, physical and sexual attacks. Discrimination undergone by these women worsened their economic positioning.  No specific healthcare programme took these people into account, despite their vulnerability.  Lesbian women were not seen as key members of the population.  Religious beliefs and fear of side effects prohibited access to abortion, despite it being decriminalised in 2020.   It was recommended that Benin set up mobile clinics all over the country to facilitate access to sexual and reproductive services. Safe abortion should be accessible without the need for authorisation from a third party. 

    Sex workers continued to be discriminated against in Benin.  The only existing instruments were oppressive in nature.  The national health development plan excluded the healthcare of sex workers.  Today, some services did not cover the medicine for sexually transmitted diseases for sex workers.   If a sex worker underwent an act of violence, victims were required to submit a medical certificate which came at a cost that was prohibitive for these women. 

    Questions by Committee Experts

    A Committee Expert said since there had been a reshuffle in the cabinet in Japan, what was the status of the Gender Ministry?  Who was heading it?  Was there a COVID-19 response plan that covered gender-based violence?  On Canada, was female genital mutilation still an issue?  What was the gravity of the occurrence of femicide? 

    Another Expert asked if the Japanese organizations had information around restricted access to abortion, including that permission was required from a spouse or partner?  Could information on the lack of sexual reproductive education for young people be provided?

    An Expert asked Cuba what services were available for persons deprived of liberty, which were not available to lesbian, gay, bisexual, transgender and intersex persons?  What were the rules related to internal migration in Cuba? 

    A Committee Expert asked Chile if the benefits of the Judicial Academy, which aimed to avoid bias and victimisation of women, were being reaped? 

    Another Expert asked Benin about the medical forms for victims of gender-based violence; were these free? What had the Government done to make birth registration free?  Was there a law on legal aid?  If so, what crimes or rights violations qualified for legal aid?  Was there a court to handle family disputes? 

    An Expert asked Cuba whether the labour law included issues of sexual harassment?

    Another Expert asked Canada how many recommendations by the Truth and Reconciliation Commission had been met?

    A Committee Expert asked Cuba about the situation of human rights defenders who were women?  In Chile, following the 2017 reform, was abortion still practiced illegally?  Could more information be provided about the extractive and mining industries and their impact on women and communities? 

    An Expert asked Cuba for information around issues pertaining to education? 

    A Committee Expert asked how challenging it was to be a female politician in Benin?

    Statements by the National Human Rights Institution of Chile and the Children’s Rights Ombudsman of Chile

    CONSUELO CONTRERAS LARGO, National Director, National Human Rights Institute of Chile, began by referring to gender-based violence.  According to figures from the National Service for Women and Gender Equity, in the last 10 years, there had been 423 femicides in Chile, with figures per year that fluctuated between 34 and 46 femicides.  In 2024, there were already 29 femicides.  In the last two years, there had been a sharp increase in attempted femicides.  In its 2018 and 2021 Annual Reports, the Institution indicated statistical difficulties in recognising violence that affected women in different contexts, since the State did not disaggregate the information into characterisation variables. Consequently, the treatment of violence against women was addressed in a uniform manner, which homogenised the situation of discrimination and violence, preventing the design of public policies capable of responding to different needs.  The State should implement disaggregation of data, particularly for rural women, women with disabilities, and other groups. 

    The Programme for the Comprehensive Prevention of Violence against Women had a budget which was 2.38 per cent of the budget of the ministerial portfolio, which was limited considering the magnitude of the task.  For the 2024 budget, the authorities announced a growth of 5.2 per cent, as part of their programmatic redesign.  The institution remained concerned at the main task defined in the programme.  The programme did not involve any kind of follow-up and it was not possible to discern if those who received the training continued to develop prevention activities. The programme also did not have a territorial focus without taking into account the different realities of women. It was concerning that the courts did not recognise the identity of trans-women in their sentences, according to current gender identity law. 

    The regulatory framework for violence against women had been bolstered.  On 4 March 2020, law no. 21,212 came into force, which redefined and expanded the concept of femicide in Chile.  On 9 May 2023, law 21,565 was published, which established a regime of protection and comprehensive reparation in favour of victims of femicide and their families; and on 14 June, law 21,675 came into force, which established measures to prevent, punish and eradicate violence against women, based on their gender.  There were other legal bodies that had been approved and had entered into force in the country.  Draft bills were moving slowly through the legislature.   Discussions were underway on the bill to reform conjugal partnership and the bill to combat discrimination.  In 2019, a bill was presented that sought to establish the mandatory nature of comprehensive sex education in schools.  This draft was rejected in October 2020 and archived, with no plans for it to be brough back into legislation. 

    As of August 2024, the National Human Rights Institution had registered 19 complaints for human trafficking. During a visit to border regions, the Institute was able to verify the low number of resources of the police units destined to combat trafficking in persons.  The Institute had established the duty of the executive branch to develop and implement a public policy to combat trafficking in persons.  It should also continuously and systematically monitor and evaluate the implementation of new legislation through data collection and analysis and research on internal and cross-border trafficking. 

    ANUAR QUESILLE VERA, Children’s Rights Ombudsperson of Chile, underscored that sexual violence against children and adolescents continued to be one of the most urgent and complex challenges facing the country.  Despite efforts and progress in other areas, the data showed that girls and adolescents continued to be the main victims of this problem.  Between January and June 2024, the Public Prosecutor’s Office of Chile reported a total of 25,352 victims entered into its registries for sexual crimes, of which 59.40 per cent were females under 18.  The State addressed sexual exploitation in a disconnected way, with gaps in areas of prevention, criminal prosecution, punishment and reparation for victims.  It was alarming that, despite the growing incidence of this phenomenon, the State had not prioritised this problem in a systemic manner, which reflected in the limitations faced by the different services and institutions.

    The fate of children in the care of the State was concerning.  There were also new challenges in relation to the security of digital environments. Online platforms and digital spaces had become fertile grounds for the perpetration of sexual violence and abuse. Comprehensive regulation that protected children and adolescents in these spaces was essential.  In view of these challenges, since the beginning of 2024, the Children’s Ombudsman’s Office had urged the Government to adhere to the Council of Europe’s Lanzarote Convention, which was seen as a key tool to protect children and adolescents against sexual exploitation and abuse. Unfortunately, no significant progress had been reported in this regard. 

    In terms of sexual and reproductive rights, the limited perspective on the progressive autonomy, ownership of rights, and agency of girls and adolescents continued to affect their access to the benefits of the law on abortion.    Adolescents were mostly seeking abortion due to being raped.  The Committee was called on to prioritise legislative strengthening and intersectoral coordination of State institutions, with a focus on increasing resources and adequate training to respond effectively to the challenges posed.

    Questions by Committee Experts

    A Committee Expert asked if the Ombudsperson had any specific information on early marriage, which continued to be a problem?

    Another Expert asked if light could be shed on the issue of comprehensive sexual education in Chile? What were the obstacles?  What should the Committee look at to allow adolescents to access this information? 

    An Expert asked if there were any statistics on how many women who had suffered rape in Chile had then resorted to abortion, and how often was this denied? 

    A Committee Expert asked about the pension gap in Chile? 

    Another Committee Expert asked about the anti-discrimination bill which was presented to amend the Constitution in regard to multiple discrimination?  What were the social and political drivers which did not allow this bill to pass? 

    An Expert asked about global supply chains which were growing in importance in Chile, which was exporting agricultural products to neighbouring countries.  Had any gender-based violence been identified in the supply chains? 

    Responses by the National Human Rights Institution of Chile and the Children’s Rights Ombudsman of Chile

    In response, JUAN ENRIQUE PI, International Adviser, said the Anti-Discrimination Act did not reform the Constitution; the Constitution of 1980 still prevailed.  There seemed to be no movement to further prohibit discrimination. In 2020, there had been an attempt to bring about an act on comprehensive education, to prevent sexual violence against girls and boys.  However, this bill was rejected by a majority and had been shelved.  There was currently no bill in Chile to address sex education in schools.  There was no initiative under discussion. 

    ANUAR QUESILLE VERA, Children’s Rights Ombudsperson of Chile, said Chile had raised the age of marriage to 18.  However, one of the key problems being faced by the country had to do with informal unions in rural areas.  It was difficult to obtain figures on these. 

    JAVIERA SCHWEITZER GONZÁLEZ, International Affairs Coordinator, said when it came to the law on abortion, there was an information gap.  Almost 99 per cent of cases of young girls and adolescents undergoing abortion did have some support.  When it came to conscientious objection, this was of particular concern.  There was no protocol providing for a lack of equipment and there were no available teams. Civil society said the law enforced did not cover training and guidelines and the rights which should protect medical teams.  Furthermore, in the case of rape, few people went to health centres because of revictimisation.  Some headway had been made in comprehensive sex education, however, there were restrictions in terms of its effective implementation.  There had been a drop in the number of teenage pregnancies, but this was due to a use of contraceptives and not comprehensive sexual education. Teenagers had also identified a gap in comprehensive sexual education. 

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CEDAW24.027E

    MIL OSI United Nations News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 14.10.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    14 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 14.10.2024

    Espoo, Finland – On 14 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,318,062 4.01
    CEUX 791,646 4.01
    BATE – –
    AQEU – –
    TQEX – –
    Total 2,109,708 4.01

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 14 October 2024 was EUR 8,460,351. After the disclosed transactions, Nokia Corporation holds 167,654,631 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI Asia-Pac: Union Minister Shri Jual Oram’s Visit to Nagaland: Strengthening Tribal Empowerment and Development

    Source: Government of India

    Posted On: 14 OCT 2024 7:40PM by PIB Delhi

    Union Minister for Tribal Affairs, Shri Jual Oram, is on a three-day visit to Nagaland from 13th to 15th October 2024. This visit is part of the Prime Minister’s initiative to send ministers to every corner of the country, with a special focus on the Northeast, to engage with citizens, understand their concerns, and contribute towards building a Vikasit Bharat (Developed India).

    On 13th October, Shri Oram met with the Hon’ble Chief Minister of Nagaland, Shri Neiphiu Rio, at his residence in Sovima. The meeting focused on key developmental projects, including the effective utilization of funds for Eklavya Model Residential Schools (EMRS) and the National Scheduled Tribes Finance and Development Corporation. Shri Oram emphasized the importance of developing world-class EMRS schools and promoting an entrepreneurship ecosystem in the state.

    On 14th October, Shri Oram addressed local tribal communities at an event held in the Multi-purpose Hall in Zunheboto. He highlighted that the primary objective of his visit was to ensure that government schemes are effectively reaching the people of Nagaland at the grassroots level. Shri Oram listened to the concerns of the communities and reassured them of the central government’s unwavering commitment to fostering development and empowerment in the region.

     Shri Oram also visited the Eklavya Model Residential School (EMRS) in Diphupar, accompanied by the Advisor for Tribal Affairs, Nagaland, Shri H. Tovihoto Ayemi. Following this, he interacted with vendors and artisans at Adi Bazar, engaging with the local community to discuss challenges and explore ways to support their economic growth through government initiatives.

    Explaining the significance of his visit, Shri Oram remarked that it aligns with the Prime Minister’s vision for ministers to directly engage with citizens across the country, particularly in the Northeast, and to advance the nation’s goal of becoming a developed nation.

    On 15th October, Shri Oram will attend the inauguration of a new community hall at Indisen village in Dimapur, further demonstrating the government’s commitment to empowering and uplifting local communities through robust infrastructure development.

    Explaining the significance of his visit, Shri Oram remarked that it aligns with the Prime Minister’s vision for ministers to directly engage with citizens across the country, particularly in the Northeast, and to advance the nation’s goal of becoming a developed nation.

    On 15th October, Shri Oram will attend the inauguration of a new community hall at Indisen village in Dimapur, further demonstrating the government’s commitment to empowering and uplifting local communities through robust infrastructure development.

    *****

    PSF

     

    (Release ID: 2064802) Visitor Counter : 46

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: RE sector set to dominate Indian power industry in the coming years: MNRE Secretary Shri Prashant Kumar Singh

    Source: Government of India

    Posted On: 14 OCT 2024 8:30PM by PIB Delhi

    The renewable energy sector is set to dominate the Indian power industry in the coming years, stated Shri Prashant Kumar Singh, Secretary of the Ministry of New and Renewable Energy. He was speaking at the Brainstorming Conclave organized by the Central Electricity Authority on the Indian Power Sector Scenario by 2047 in New Delhi. He mentioned that RE capacity, which was 76 GW in 2014, is now almost 210 GW, and achieving 500 GW by 2030 is within reach.

    Shri Prashant Kumar Singh highlighted that a major part of this growth in RE will come from the solar sector. Solar capacity has surged from a mere 2.6 GW in 2014 to an impressive 91 GW today, with projections indicating it could reach close to 300 GW by 2030. Initiatives such as PM Surya Ghar and PM KUSUM are driving this demand, complemented by rapid advancements in manufacturing capabilities. Solar power module manufacturing, which stood at 2 GW in 2014, has surged to 60 GW and is expected to surpass 100 GW by 2030.

    He also highlighted the excellent growth of the solar cell manufacturing sector from 1 GW in 2014 to an estimated 8-10 GW today. By the end of March 2025, it is projected to reach 20 GW, with a target of over 70 GW by 2030. Between 2014 and 2023, investments in the RE sector have totalled ₹8.5 lakh crore. At the recent ReInvest event of MNRE, financial institutions, including public sector banks, pledged ₹25 lakh crore in support of RE projects through 2030.

    Secretary Shri P.K. Singh also emphasized the importance of initiatives such as the Production-Linked Incentive (PLI) scheme and the Green Hydrogen Mission in the RE sector. He urged the industry to collaborate on advancing the Green Hydrogen sector in the country. India has set a target of 7.7 metric tonnes of green hydrogen by 2030, alongside establishing 15 GW of electrolyser capacity. Shri Singh also noted advancements in research and development, highlighting the National Physical Laboratory’s development of a reference solar cell—a significant milestone for the sector.

    The Brainstorming Conclave by the Central Electricity Authority on the Indian Power Sector Scenario by 2047 was inaugurated today by Union Minister of Power Shri Manohar Lal Khattar in New Delhi. Union Minister of State for Power & New and Renewable Energy Shri Shripad Y. Naik also addressed the event. The conclave involves policymakers, government leaders, ministers, senior officials from Central and State Governments, industry experts, distinguished guests, and other stakeholders. The event aims to provide a unique platform for knowledge exchange, networking, and collaboration towards a sustainable and resilient power sector.

    ******

    Navin Sreejith

    (Release ID: 2064829) Visitor Counter : 33

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Rwanda: EIB Global Backs Akagera Vaccine Development

    Source: European Investment Bank

    EIB

    • €2 million support unlocks early-stage development of vaccine manufacturing.
    • Investment to accelerate development of vaccines against tuberculosis, HIV, Ebola and other diseases

    Early-stage vaccine development in Rwanda by Akagera Medicines Africa Limited will be supported by €2 million financing from the European Investment Bank (EIB Global). The new backing will accelerate research and development as well as manufacturing of new vaccines to treat infectious diseases including tuberculosis, HIV, Lassa fever, and Ebola.

    The new financing will also be used to strengthen technical skills and expertise of Rwanda based teams to support home-grown discovery, manufacturing, and development of vaccine delivery systems within Rwanda.

    The latest health financing from the EIB Global is part of the wider EU Global Gateway initiative for Africa and is designed to unlock crucial investment to improve access to public healthcare. EIB Global supports high impact investment to enhance healthcare and pharmaceutical manufacturing across Africa, strengthen health resilience on the continent, and support equitable access to healthcare in Africa.

    Africa bears the highest disease burden globally and more home-grown or continent based solutions need to be supported. Vaccination is a critical activity to ensure and guide investments in universal health and has a crucial role to play in achieving 14 of the 17 United Nations Sustainable Development Goals.

    Akagera Medicines, Africa was established in Rwanda in July 2022 to develop the pharmaceutical sector in Rwanda and elsewhere in Africa. The company is majority-owned by the Republic of Rwanda through the Rwanda Social Security Board (RSSB).

    Speaking at the World Health Summit in Berlin, Germany, where the financing announcement was made, Michael Fairbanks, Chief Executive Officer of Akagera Medicines said: “We are a public private partnership and enjoy the support of Coalition for Epidemic Preparedness Innovations (CEPI) in Norway, the Gates Foundation, and the National Institute of Health in Washington. With the significant support of the European Investment Bank, we are now a clinical company and moving faster to build human capacity and specialized infrastructure in Africa to support vaccine development. “

    RSSB CEO, Regis Rugemanshuro said: “European Investment Bank’s financial support to Akagera Medicines represents an important contribution to the realization of Rwanda’s vision to become a biotech hub, and to the vision of Africa becoming self-reliant in vaccine and medicine manufacturing. RSSB is looking forward to deepening partnerships with EIB and other international institutions to build resilient healthcare ecosystems in Rwanda and in Africa.”

    EIB Vice President, Thomas Ostros said: “The partnership with Akagera demonstrates the European Investment Bank’s close cooperation with public and private partners to accelerate development of innovative solutions for combating deadly diseases and scaling up healthcare financing and delivery. The EIB is committed to further strengthening our partnership with local and international players, to scale up investment and support innovative technology together.”

    EU Ambassador to Rwanda Belen Calvo Uyarra, said: “Through Global Gateway, the EU is focused on advancing equitable access to health products and local manufacturing in Africa. This investment by EIB with Akagera Medicines marks another important milestone on this journey.”

    The financing to Akagera complements other EU initiatives in Rwanda and the region under the Global Gateway Flagship – Manufacturing and Access to Vaccines, Medicines and Health Technologies (MAV+), which focus mainly on supporting the necessary ecosystem for vaccine manufacturing.

    This is supported by the EU-Africa Infrastructure Trust Fund (EU-AITF), established to increase investment in infrastructure in Sub-Saharan Africa dedicated to projects in Africa with the aim of reducing poverty and fostering economic growth in the region.

    Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It 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 devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices around the world.

    About Akagera:

    Akagera Medicines develops novel liposomal formulations of drugs to treat tuberculosis, RSV, influenza, avian flu, and HIV. The clinical stage company was founded in 2018 in Kigali, Rwanda. It is well-funded, majority-owned by the people of Rwanda through the Rwanda Social Security Board (RSSB), registered as a Delaware corporation, and has laboratories in Boston and San Francisco. Akagera registered a 100%-owned subsidiary in Kigali in 2022 to do manufacturing and clinical trials. Founding board members include Ambassador Dr. Albrecht Conze, Dr. Paul Farmer, and Dr. Donald Kaberuka. Dr. Daryl Drummond and Dr. Dimitri Kirpotin are cofounders who translate their successful delivery system from oncology to infectious diseases.

    EIB Global Backs Akagera Vaccine Development in Rwanda
    EIB Global Backs Akagera Vaccine Development in Rwanda
    ©EIB
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    EIB Global Backs Akagera Vaccine Development in Rwanda
    EIB Global Backs Akagera Vaccine Development in Rwanda
    ©EIB
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    EIB Global Backs Akagera Vaccine Development in Rwanda
    EIB Global Backs Akagera Vaccine Development in Rwanda
    ©EIB
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    EIB Global Backs Akagera Vaccine Development in Rwanda
    EIB Global Backs Akagera Vaccine Development in Rwanda
    ©EIB
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    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Contempt for the Prespa Agreement shown towards 12 EU ambassadors and four representatives of European bodies – E-001967/2024

    Source: European Parliament

    Question for written answer  E-001967/2024
    to the Council
    Rule 144
    Nikolaos Anadiotis (NI)

    From the date when she was sworn in on 12 May 2024 until the present, President Gordana Siljanovska, as ‘President of Macedonia’, has been engaged in violating the Prespa Agreement. From the very first of her meetings in the city of Skopje with ambassadors of Member States (Czechia, Bulgaria, Slovenia, Poland, Hungary, Netherlands, Italy, Belgium, Slovakia, Germany, Croatia and Sweden) and representatives of European bodies [the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the OSCΕ and the European External Action Service (EEAS)], among others, she issued official communications that referred to the country as ‘Macedonia’.

    Five hundred incidents of this kind have been recorded; they are not merely violations, but constitute systematic ‘material breaches’, according to the international terminology[1]. It should be borne in mind that, pursuant to the 1969 Vienna Convention on the Law of Treaties, for a bilateral treaty, when one party is in ‘material breach’ of the treaty the other party is entitled to request the suspension and termination of that treaty (Article 60(1)).

    In view of the above:

    • 1.Is the Council aware of the contempt for the Prespa Agreement, the Member States and the European institutions shown by President Siljanovska, who is a head of state, and what is more, of a country that is a candidate for accession?
    • 2.How does it intend to formally express its displeasure?

    Submitted: 4.10.2024

    • [1] https://www.epitropiellinismou.gr/post/3080
    Last updated: 14 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Contempt for the Prespa Agreement shown towards 12 EU ambassadors and four representatives of European bodies – E-001966/2024

    Source: European Parliament

    Question for written answer  E-001966/2024
    to the Commission
    Rule 144
    Nikolaos Anadiotis (NI)

    From the date when she was sworn in on 12 May 2024 until the present, President Gordana Siljanovska, as ‘President of Macedonia’, has been engaged in violating the Prespa Agreement. From the very first of her meetings in the city of Skopje with ambassadors of Member States (Czechia, Bulgaria, Slovenia, Poland, Hungary, Netherlands, Italy, Belgium, Slovakia, Germany, Croatia and Sweden) and representatives of European bodies [the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the OSCΕ and the European External Action Service (EEAS)], among others, she issued official communications that referred to the country as ‘Macedonia’.

    Five hundred incidents of this kind have been recorded; they are not merely violations, but constitute systematic ‘material breaches’, according to the international terminology[1]. It should be borne in mind that, pursuant to the 1969 Vienna Convention on the Law of Treaties, for a bilateral treaty, when one party is in ‘material breach’ of the treaty the other party is entitled to request the suspension and termination of that treaty (Article 60(1)).

    In view of this:

    • 1.Is the Commission aware of the contempt shown by President Siljanovska for the Prespa Agreement, the Member States and the European institutions, despite the fact that she is a head of state, and what is more, of a country that is a candidate for accession?
    • 2.How does it intend to formally express its displeasure?

    Submitted: 4.10.2024

    • [1] https://www.epitropiellinismou.gr/post/3080
    Last updated: 14 October 2024

    MIL OSI Europe News –

  • MIL-OSI: Intermex to Release Third Quarter 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Oct. 14, 2024 (GLOBE NEWSWIRE) — International Money Express, Inc. (NASDAQ: IMXI), also known as Intermex, will release its Third Quarter 2024 earnings before the start of trading on Friday, November 8, 2024. The Intermex management team will be hosting a conference call on the same day at 9:00 am ET.

    Interested parties are invited to join the conference and gain firsthand knowledge about Intermex’s financial performance and operational achievements through the following channels:

    • A live broadcast of the conference call may be accessed via the Investor Relations section of Intermex’s website at https://investors.intermexonline.com/.
    • To participate in the live conference call via telephone, please register HERE. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.
    • Following the conference call, an archived webcast of the call will be available for one year on Intermex’s website at https://investors.intermexonline.com/.

    About International Money Express, Inc.        
    Founded in 1994, Intermex applies proprietary technology enabling consumers to send money from the United States, Canada, Spain, Italy, the United Kingdom, and Germany to more than 60 countries. The Company provides the digital movement of money through a network of agent retailers in the United States, Canada, Spain, Italy, the United Kingdom and Germany; Company-operated stores; our mobile app; and the Company’s websites. Transactions are fulfilled and paid through thousands of retail and bank locations around the world. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, London, England, and Madrid, Spain. For more information about Intermex, please visit http://www.intermexonline.com.

    Investor Relations:
    Alex Sadowski
    Investor Relations Coordinator
    Tel: 305-671-8000
    IR@intermexusa.com

    The MIL Network –

  • MIL-OSI China: Deputy Governor Xuan Changneng Attended the BRICS Finance Ministers and Central Bank Governors Meeting

    Source: Peoples Bank of China

    Deputy Governor Xuan Changneng attended the Second BRICS Finance Ministers and Central Bank Governors Meeting of the year, which was held in Moscow on October 11, 2024. The meeting discussed issues including Global Monetary and Financial System and international financial cooperations.

    Date of last update Nov. 29 2018

    2024年10月14日

    MIL OSI China News –

  • MIL-OSI: Kaltura to Announce Financial Results for Third Quarter 2024 on Wednesday, November 6, 2024

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 14, 2024 (GLOBE NEWSWIRE) — Kaltura, Inc. (Nasdaq: KLTR), the video experience cloud, today announced it will release its third quarter financial results for the period ended September 30, 2024, before market open on Wednesday, November 6, 2024.

    Kaltura will host a conference call to review its third quarter 2024 financial results and discuss its financial outlook.

    Date: Wednesday, November 6, 2024
    Time: 8:00 a.m. ET
    United States/Canada Toll Free: 1-877-407-0789
    International Toll: +1- 201-689-8562
       

    A live and archived webcast will be available in the Investor Relations section of Kaltura’s website at: https://investors.kaltura.com/news-and-events/events

    About Kaltura
    Kaltura’s mission is to power any video experience for any organization. Our Video Experience Cloud offers live, real-time, and on-demand video products for enterprises of all industries, as well as specialized industry solutions, currently for educational institutions and for media and telecom companies. Underlying our products and solutions is a broad set of Media Services that are also used by other cloud platforms and companies to power video experiences and workflows for their own products. Kaltura’s Video Experience Cloud is used by leading brands reaching millions of users, at home, at school and at work, for communication, collaboration, training, marketing, sales, customer care, teaching, learning, virtual events, and entertainment experiences. For more information, visit http://www.corp.kaltura.com.

    Investor Contacts:
    Kaltura, Inc.
    John Doherty
    Chief Financial Officer
    IR@Kaltura.com

    Sapphire Investor Relations, LLC
    Erica Mannion and Michael Funari
    IR@Kaltura.com
    +1 617 542 6180

    Media Contacts:
    Kaltura, Inc.
    Lisa Bennett
    pr.team@kaltura.com

    Headline Media
    Raanan Loew
    raanan@headline.media
    +1 347 897 9276

    The MIL Network –

  • MIL-OSI: Bel Announces Appointment of Umasankar (‘Uma”) Pingali as Global Head of Sales and Marketing

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., Oct. 14, 2024 (GLOBE NEWSWIRE) — Bel Fuse Inc. (“Bel,” or, “the Company”) (Nasdaq:BELFA and Nasdaq:BELFB), today announced its appointment of Uma Pingali as Global Head of Sales and Marketing, a newly created role. With over 30 years of management experience in global sales, marketing, business development within the electronic industry, Uma is uniquely positioned to lead and accelerate Bel’s sales and marketing organizations. His experience with integrating various sales teams that have joined via acquisitions will be very helpful for Bel with our history of acquisitions.

    Uma started his career in India and has lived and led sales organizations there and in Singapore, China, Hong Kong and the U.S. In his most recent role as President of Global Sales at Farnell, based in Chicago, Uma managed a team of 600+ people in driving a $1.6 billion global sales organization.

    Dan Bernstein, President and CEO, said, “Uma is the perfect fit for the role, given his extensive global experience in the electronics industry. He will be responsible for creating and executing strategies that drive growth beyond current trends, identifying areas for improvement, challenging existing processes, and implementing innovative solutions to optimize sales performance. We are very much looking forward to the contributions that Uma will bring to Bel in further positioning the company for long-term success.”

    About Bel

    Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, military, commercial aerospace, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components), Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), and Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies). The Company operates facilities around the world.

    Company Contact:

    Lynn Hutkin
    Vice President of Financial Reporting & Investor Relations
    ir@belf.com

    Investor Contact:

    Three Part Advisors
    Jean Marie Young, Managing Director or Steven Hooser, Partner
    631-418-4339
    jyoung@threepa.com; shooser@threepa.com

    The MIL Network –

  • MIL-OSI USA News: Statement by President Joe  Biden Marking One Year Since the Killing of Wadee  Alfayoumi

    Source: The White House

    On October 14th, one year ago today, six-year-old Wadee Alfayoumi, a bright and cheerful American Muslim boy of Palestinian descent, was brutally killed in his family’s home in Plainfield, Illinois. The attacker also repeatedly stabbed and seriously wounded Wadee’s mother, Hanan Shaheen, resulting in murder, attempted murder, and hate crime charges in Illinois. After this heinous attack, Jill and I spoke with their family, as did Vice President Harris. We joined Americans from across the country in expressing our horror and offering our condolences and prayers.

    One year later, we continue to think about them. We are grateful for Hanan’s recovery and her powerful voice for peace. But we know the hole in their heart that remains without their beloved son. Days like this are hard because it brings it all back. We keep them in our hearts.

    On this day, let us all take steps that honor Wadee’s memory and reaffirm together that there is no place for hate in America, including hatred of Palestinians, Arabs, and Muslims. We can all reject hatred and expose misinformation and disinformation that is cynically aimed at turning us against one another. We can all reach across divides of background and belief to create greater understanding and unity in our country. No one in this country should be subjected to violence or hateful and dehumanizing rhetoric simply because of who they are. No one of any background in this country should be made to feel unsafe in America.  

    Today, we also reaffirm our commitment to mobilize government to counter hate in all its forms. In May 2021, I signed into law the COVID-19 Hate Crimes Act, which includes the Khalid Jabara and Heather Heyer NO HATE Act, to enhance hate crime data collection and provide community-centered solutions to assist hate crime victims and their communities. The Federal Bureau of Investigation has elevated hate crimes and criminal civil rights violations to its highest-level national threat priority, which has increased the resources for hate crimes prevention and investigations and made hate crimes a focus for all of the Bureau’s field offices. My Administration will continue to spare no effort in countering hate in all its forms.

    Together, we must work to end acts of senseless violence and stand united in support of all of our fellow Americans, no matter their race, ethnicity, or creed. May we summon the courage and the strength to do so. 

    May God bless Wadee Alfayoumi and his family.

    ###

    MIL OSI USA News –

  • MIL-OSI USA News: FACT SHEET: Biden-⁠ Harris Administration Takes New Actions to Counter Islamophobia and Anti-Arab  Hate

    Source: The White House

    Over the past year, the Biden-Harris Administration has continued to take action to fight hatred and violence against Muslim and Arab communities. Members of these communities, including Palestinian Americans, have been murdered or wounded in hate-fueled attacks; shot and subjected to other assaults as they simply walked down streets; bullied at schools, including by having their religious head coverings ripped off; and denied jobs, harassed, or demoted at work merely because of their faith or ethnicity.

    President Biden and Vice President Harris are leading efforts to bring about much-needed change and have repeatedly condemned such violence, discrimination, and bias. These efforts are part of a larger Administration initiative to counter hate in all its forms, to keep every community safe, to promote equal justice, and to afford all Americans a fair shot at success. For generations, Muslim and Arab Americans have contributed to the enrichment and prosperity of our nation through their public, military, and community service, in addition to many other invaluable contributions. And like all Americans, they are entitled to the promise and opportunities of our great nation.

    Today, the Biden-Harris Administration is highlighting some actions taken as part of its forthcoming National Strategy to Counter Islamophobia and Hatred Against Arabs in the United States, including important steps to address daily concerns regarding safety and discrimination, as well as issues related to travel. The Administration will continue to lead a whole-of-government and a whole-of society effort to counter hate.

    Completed executive branch actions that are part of the forthcoming Strategy include:

    Improving Safety and Security

    • The Department of Homeland Security (DHS), the Federal Bureau of Investigation (FBI) and the National Counterterrorism Center (NCTC) have completed an unclassified assessment on violent threats facing Muslim and Arab communities in the United States. The assessment will be published this week, and is the first of what will be an annual assessment by these agencies regarding threats facing these communities.
    • Since 2021, DOJ has awarded over $100 million in grants to law enforcement and prosecution agencies, community-based organizations, and civil rights groups to address hate crimes through outreach, investigations, prosecutions, community awareness and preparedness, reporting, hotlines, and victim services. This figure includes nearly $30 million in grants announced last month.
    • DOJ continues to support law enforcement agencies’ transition to the National Incident-Based Reporting System (NIBRS). Beginning in January 2021, NIBRS became the national standard for law enforcement crime data reporting in the United States and the transition to NIBRS represented a significant improvement in how reported crime is measured and estimated by the federal government. Since 2015, DOJ’s Bureau of Justice Assistance and the FBI have provided more than $150 million to law enforcement agencies and state Uniform Crime Programs to support their transitions to NIBRS.
    • The DOJ Civil Rights Division continues to prosecute Islamophobic and other hate crimes, including hate crimes directed at students on campus. Last week, a New Jersey man pleaded guilty to a federal hate crime for breaking into the Center for Islamic Life at Rutgers University in New Brunswick, New Jersey, during the Eid-al-Fitr holiday and damaging and destroying religious artifacts because of the Islamic faith of those associated with the facility.
    • DOJ’s United Against Hate initiative, led by all 94 United States Attorneys’ Offices (USAOs), combats unlawful acts of hate by teaching community members how to identify, report, and help prevent hate crimes and by building trust between law enforcement and communities. To date, at least 45 USAOs have engaged directly with Muslim communities.
    • Attorney General Garand directed the Federal Bureau of Investigation (FBI) and all 94 USAOs across the country to work with local law enforcement and community leaders to protect communities from hate-fueled violence in the last year and recently reaffirmed DOJ’s commitment to combat the disturbing rise in the volume and frequency of threats against Muslim, Arab, and Palestinian as well as Jewish communities here in the United States. DOJ created a webpage aimed at raising awareness of resources for addressing these threats, and it will continue to publicize its efforts.
    • During the September 2024 Protecting Places of Worship Week of Action, the DHS Center for Faith-Based and Neighborhood Partnerships and White House Office of Faith-Based and Neighborhood Partnerships hosted workshops to encourage partnerships to take collective action against hate-based violence, including Islamophobic violence and hate crimes against Arabs. This emphasis included promotion of a guide to applying for Nonprofit Security Grant Program funding.
    • DHS has announced that it will distribute $210 million in Nonprofit Security Grant Program funds as the second tranche of additional funding the Biden-Harris Administration secured to protect faith-based institutions and nonprofit organizations against targeted attacks. This funding opportunity will be made available in late October.

    Tackling Discrimination and Bias

    • The U.S. Office of Personnel Management has published the Workplace Rights Federal Toolkit, a compilation of resources for employees of the federal government regarding their workplace rights, including information about their rights to nondiscrimination and religious accommodation.
    • The Department of Labor sent a letter to American Job Centers and other public workforce entities reminding them about their legal obligations to enforce prohibitions on discrimination based on actual or perceived religion, shared ancestry, or ethnic characteristics — including Islamophobia, Antisemitism, and related forms of discrimination – in federally funded activities and programs. The letter also included a fact sheet with examples of these forms of discrimination in the workforce development system.
    • DOJ issued a fact sheet titled Confronting Discrimination Based on Religion in Schools: A Resource for Students and Families, which discusses scenarios involving students’ rights to pray and wear religious attire in schools.
    • ED’s Office for Civil Rights (OCR) issued a Fact Sheet on Harassment based on Race, Color, or National Origin on School Campuses, reminding schools of their federal civil rights obligations under Title VI of the Civil Rights Act of 1964 (Title VI) to take prompt and effective action to respond to harassment that creates a hostile environment. ED OCR continues to investigate and resolve claims of shared ancestry discrimination under Title VI at schools. For example, ED OCR recently entered into a resolution agreement with the Ann Arbor Public Schools in Michigan to address concerns about a hostile environment for students based on shared Muslim/Arab Palestinian ancestry.
    • The Department of Housing and Urban Development (HUD) issued a letter to the over 200 federally-funded Fair Housing Initiatives Programs and Fair Housing Assistance Programs on how to identify and counter Islamophobia, Antisemitism, and related forms of bias and discrimination in housing. Also, HUD created a webpage on protections against housing discrimination on the basis of religion, shared ancestry, or ethnic characteristics, which include the Fair Housing Act of 1968 and Title VI of the Civil Rights Act of 1964.
    • The Department of Transportation (DOT) provided a number of resources related to travelers’ rights and opportunities to file a complaint when there may be an instance of discrimination by airlines or recipients of federal funding, including discrimination on the basis of religion or national origin. The Passengers’ Right to Fly Free from Discrimination is a guide designed to explain DOT’s role in protecting aviation passengers from unlawful discrimination. Similarly, the Guidance for Airline Personnel on Non-discrimination in Air Travel assists airline personnel in understanding their legal obligations not to discriminate against passengers. For example, this guidance notes that it is impermissible to remove a passenger from a flight simply because he is holding a book that appears to be a Quran.
    • DOJ sent a letter to state, county, and municipal officials reminding them of the obligation of public officials to comply with the land use provisions of the Religious Land Use and Institutionalized Persons Act (RLUIPA) and to inform them about documents issued by DOJ that may be of assistance to them in applying this federal civil rights law. RLUIPA is a federal law that protects people and religious institutions from discriminatory and overly burdensome land use regulations. For example, DOJ recently filed a complaint and consent decree in United States v. Hendricks County, settling allegations that Hendricks County violated RLUIPA and the Fair Housing Act by twice unlawfully denying zoning approval to an Islamic educational organization that sought to develop a religious seminary, school, and housing on land in Hendricks County.
    • Some Americans, including many Muslims and Arabs, have documented how financial institutions use de-risking, a practice to terminate or restrict business relationships indiscriminately with broad categories of clients rather than analyzing and managing the risks of clients in a targeted manner. To help address de-risking, the U.S. Treasury Department has published its National De-Risking Strategy. The Treasury Department also has issued a proposed rule to improve the effectiveness of how banks manage potential risks associated with anti-money laundering and counter-financing of terrorism in a risk-based manner, while avoiding one-size-fits-all approaches that can lead to financial institutions declining to provide financial services to entire categories of customers.

    Addressing Issues Related to Travel

    • On January 20, 2021, President Biden rescinded the previous administration’s discriminatory Muslim Ban, which included many Arab countries and was inconsistent with our nation’s foundation of religious freedom for all. At President Biden’s direction, the U.S. Department of State conducted a review of visa applications and has taken various corrective actions to process applications that were impacted by the prior travel ban, including reconsidering previously denied applications and implementing a one-time fee credit for certain applicants.

    ###

    MIL OSI USA News –

  • MIL-OSI Russia: Financial news: The first issue of digital financial assets on a work of art on the Russian market

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    October 11, 2024 on the Moscow Exchange platform The first issue of digital financial assets (DFA) on a work of art, the work Yuri Zlotnikov (1930-2016) from the series “Protosignals”.

    The issue volume was 900 CFAs with a yield of 22% per annum. The issuer of the CFAs was SELF SOFT PRODUCTION LLC, a company specializing in the creation of asset tokenization platforms and acting as the administrator of the investment art marketplace MyInvest.Art.

    Sergey Kharinov, Managing Director for Digital Assets at Moscow Exchange:

    “The issuance of digital financial assets for art objects is an important stage in the development of financial technologies and the spread of securitization mechanisms into new business segments. In the long term, this will allow investors to be provided with a wide variety of financial products that will expand the possibilities for diversifying their investments.”

    Vladimir Shabason, founder of the MyInvest.Art platform:

    “This is the first successful tokenization of a contemporary art piece in Russia, and we are proud that our team made this step possible. We are confident that this project opens a new era of investment in contemporary art, making it accessible to a wide range of investors. We plan to offer investors new products that will allow them to earn on the growth in the value of works of art.”

    On August 3, 2023, the Moscow Exchange Group received licenses from the Bank of Russia to operate as an information system operator (NPO JSC NSD) and a digital financial asset exchange operator (PJSC Moscow Exchange).

    Moscow Exchange is the largest Russian exchange, the only multifunctional platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Group includes a central depository, as well as a clearing center that performs the functions of a central counterparty in the markets, which allows Moscow Exchange to provide clients with a full cycle of trading and post-trading services.

    Contact information for media 7 (495) 363-3232PR@moex.com

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

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

    https://www.moex.com/n73958

    MIL OSI Russia News –

  • MIL-OSI: ArrowMark Financial Corp. Releases Month End Estimated Net Asset Value as of September 2024

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Oct. 14, 2024 (GLOBE NEWSWIRE) — ArrowMark Financial Corp., (NASDAQ: BANX) (“ArrowMark Financial”), today announced that BANX’s estimated and unaudited Net Asset Value (“NAV”) as of September 30, 2024, was $21.73.

    This estimated NAV is not a comprehensive statement of our financial condition or results for the month ended September 30, 2024.

    About ArrowMark Financial Corp.
    ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under the symbol “BANX.” Its investment objective is to provide shareholders with current income. BANX pursues its objective by investing primarily in regulatory capital securities of financial institutions. BANX is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com, or contact Destra at 877.855.3434 or by email at BANX@destracapital.com.

    Disclaimer and Risk Factors:
    There is no assurance that ArrowMark Financial will achieve its investment objective. ArrowMark Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of ArrowMark Financial may not be appropriate for all investors. Investors should review and consider carefully ArrowMark Financial’s investment objective, risks, charges and expenses. Past performance does not guarantee future results.

    The Annual Report, Semi-Annual Report and other regulatory filings of the Company with the SEC are accessible on the SEC’s website at http://www.sec.gov and on the BANX’s website at ir.arrowmarkfinancialcorp.com.

    Contact:
    BANX@destracapital.com

    The MIL Network –

  • MIL-OSI Global: Tito Mboweni: South African Minister and Reserve Bank governor who drove significant economic reforms

    Source: The Conversation – Africa – By Roy Havemann, Research Associate, Stellenbosch University

    Tito Mboweni, former South African Reserve Bank Governor, Minister of Finance, and Minister of Labour was arguably one of the country’s most consequential economic policymakers and drove several significant economic
    reforms.

    Mboweni passed away on 12 October 2024 after a short illness.

    Born on 16 March 1959, he received a Bachelor of Arts in Economic and Political Science from the National University of Lesotho in 1985. He had attended the University of the North between 1979 and 1980 but left South Africa to go into exile in his second year of studies. In 1987, he obtained a Master of Arts in Development Economics from the University of East Anglia in the UK.

    He began his career in government as Minister of Labour in President Nelson Mandela’s 1994 administration. As the first Minister of Labour in the new democratic South Africa, he took several steps to improve the relationship between business and labour.

    Among these were major legislative reforms, including the Basic Conditions of Employment Act, Labour Relations Act, Mines Health Safety Act and the NEDLAC Act, designed to improve cooperation between different “constituencies” – labour, business, and government.

    He was appointed as the Eighth Governor of the South African Reserve Bank in
    1999. In this role he introduced inflation targeting and presided over the first monetary policy committee meetings. This substantially modernised the Bank’s approach. For instance, Mboweni introduced a monetary policy statement outlining the reasons for the Bank’s decisions. These were televised, bringing new transparency to the conduct of monetary policy. Before this, the bank’s targeted monetary policy aggregates, and its communications, were made through printed documents.

    Monetary Policy Forums took monetary policy to many parts of the country, bringing a new openness and engagement between the Bank and ordinary South Africans.

    He held the position of Governor until 2009. But his legacy endures. The South African Reserve Bank is highly regarded across the world, with an inflation rate that is firmly within the target range and well-anchored inflation expectations.

    As finance minister

    Shortly after Cyril Ramaphosa was inaugurated as President of the Republic of South Africa in 2018, the then Finance Minister Nhlanhla Nene resigned. The President appointed Mboweni as Minister of Finance in October 2018.

    Mboweni made three consequential decisions in South Africa’s economic policy
    trajectory.

    The first was the decision, in 2019, to freeze government wages from 2020. He was alarmed by the rapid and unsustainable increase in government wages. Together with slowing economic growth, this led to a fiscal position that was deteriorating at an alarming pace. The wage freeze ultimately started the slow return to the fiscal rectitude that had been the hallmark of the period of government before Jacob Zuma became president in 2009.

    The second, also in 2019, was the publication of a paper on economic growth. It was known officially as “Economic transformation, inclusive growth, and competitiveness: Towards an Economic Strategy for South Africa”.

    Unofficially it was known as the “Tito Paper”.

    This set out a programme of much-needed economic reforms – including steps to lift the restrictions on private power generation. In the six years since the publication of the policy paper (and the subsequent reforms), a total of 6 GW of non-Eskom electricity has been added to the grid, saving South Africa six stages of load-shedding.

    Other recommendations of the paper are being followed, including those for rail, telecommunications and ports.

    The third was the introduction of a comprehensive response to the COVID-19 pandemic. This included a significant expansion of the grants system, with a Social Relief of Distress grant pegged at R350 per person per month. Research by the NIDS-CRAM initiative, led by Dr Nic Spaull of Stellenbosch University, has highlighted how the grant positively affected millions of people’s lives.

    Enduring legacy

    It is difficult to think of any other economic policymaker who has left such an enduring legacy.

    Stellenbosch University awarded him an honorary doctorate in 2010 and appointed him Professor Extraordinary of Economics from 2002 to 2005 . He was a frequent participant at Bureau for Economic Research conferences. There, his engaging speaking style made him a popular drawcard.

    His love of red wine and engaging conversation made him a popular visitor at the university. In 2010, he spent time at the Stellenbosch Institute for Advanced Studies as part of a research group working on the global financial crisis and its consequences for democracy.

    This is an edited version of a tribute published by the Bureau for Economic Research, Stellenbosch University.

    Roy Havemann is a senior economist at the Bureau for Economic Research where he leads the Impumelelo Economic Growth Lab. He was previously at the National Treasury where, amongst other things, he was Tito Mboweni’s speechwriter.

    – ref. Tito Mboweni: South African Minister and Reserve Bank governor who drove significant economic
    reforms – https://theconversation.com/tito-mboweni-south-african-minister-and-reserve-bank-governor-who-drove-significant-economic-reforms-241236

    MIL OSI – Global Reports –

  • MIL-OSI Economics: Introducing a digital euro: The cross-border dimension

    Source: Bundesbank

    Check against delivery.

    1 Introduction

    Dear Governor Das,

    dear colleagues,

    ladies and gentlemen,

    I am delighted to be here with you today, at this wonderful location, visiting this wonderful country – one of the cradles of world civilisation and culture. 

    The Reserve Bank of India is currently celebrating its foundation 90 years ago. My heartfelt congratulations to all members of staff on this anniversary! Last year, Indian real-time payment systems processed about 129 billion digital transactions.[1] This means that 84% of electronic payment transactions took place in real time. During the same period, only about 19% of electronic payments worldwide were real-time transactions. In my view, this is impressive evidence of the excellent work the RBI has accomplished over the last few years.

    Payment systems and their cross-border interaction are also an important topic at this conference. This is because cross-border payments are an integral part of our globalised world. Historically, from the Renaissance to modern times, correspondent banks have acted as the bedrock for cross-border payment transactions.[2] However, even today, transferring funds by means of correspondent banking is often slow, involves many steps and may result in high and non-transparent fees. 

    Moreover, in the last two decades, correspondent banking has been subject to a downward trend, mainly due to increasingly strict compliance requirements. Between 2011 and 2022, the number of active correspondents decreased by roughly one third, while the value of cross-border payments increased by almost 40%.[3] Obviously, this is an alarming trend in terms of market competition.

    To some extent, technical progress might be able to compensate for a tighter correspondent banking market. In particular, in the last decade, a number of FinTech companies have provided new opportunities to streamline cross-border payments using innovative methods like blockchain and digital wallets.  The FinTech revolution focused on private money. However, it now appears there may be another revolution on the horizon – this time involving payments in central bank money: the introduction of central bank digital currencies (CBDC).

    In my talk, I would like to address CBDC developments with a particular focus on cross-border payments. First, I will outline some general points about the potential impact and benefits of the introduction of CBDC for processing cross-border transactions. Second, I will aim to highlight this topic in the context of the Eurosystem’s work on a digital euro – the envisaged European retail CBDC.

    2 CBDCs and cross-border payments

    Given that there are correspondent banks and FinTechs working on digital innovations as well, let me begin with a question. What would be the additional benefits of CBDCs in the area of digital payments? The introduction of CBDCs would facilitate a setup of new infrastructures for digital payments. On the one hand, this makes high initial investment necessary. On the other hand, once a CBDC is established with its new infrastructure, it could catalyse broad improvements in payment systems, including cross-border transactions – by introducing new message standards and shorter process chains, for example.[4] 

    Starting on a green field may be one major advantage of CBDCs. Experience shows that, in particular, implementing common standards is not an easy task. Take ISO 20022, for example.[5] The International Organisation for Standardisation proposed this common standard for financial messages in cross-border payments in 2004. It will be probably more widely used in payment systems on a global level next year – 21 years after the initial proposal. This period feels even longer when you think of all the innovations that have taken place in the meantime – the first iPhone was presented in 2007, the concept of a decentralised blockchain in 2008.

    However, to be able to reap the benefits for cross-border payment, interoperability between CBDCs must be ensured early on. To this end, central banks should already begin to consider the best ways for interaction in the planning phase. In my view, we have a historic opportunity to vastly improve cross-border transactions by making different CBDCs interoperable from the very beginning.

    Indeed, a number of projects are already researching the best ways of making CBDCs interoperable. For instance, the Bank for International Settlement (BIS) Innovation Hub in Singapore and a number of national central banks in the Indo-Pacific region set up Project Dunbar to explore how a common platform for CBDCs could enable cheaper, faster and safer cross-border payments.[6] 

    I am strongly in favour of a multilateral approach in this area, because this best serves the interests of all participants. If central banks proceed in a largely unilateral way instead, we not only risk inefficiencies, but also undesirable interferences. Consider a scenario in which a CBDC is made available for holders abroad in a unilateral way. In such a case, we could see currency substitution or appreciation pressure for the domestic currency. Also, the balance sheet of the CBDC emitting central bank could strongly expand. A knock-on effect may be that domestic monetary policy in countries that suffer from increased currency substitution becomes less effective. By contrast, a multilateral approach including reasonable holding limits could mitigate these risks.

    Meanwhile, the RBI has made valuable contributions to the topic of retail CBDC. The digital rupee based on blockchain technology was launched on 1 December 2022. It is issued by the central bank and distributed by commercial banks. As I understand it, the RBI intends to tap the potential for using CBDCs in cross-border payments as well.

    3 A digital euro: The cross-border dimension

    In the Eurosystem, we expect a digital euro to be launched in just a few years’ time. The primary goal of a digital euro is meet the domestic needs of the euro area. To some extent, however, this goal already includes a significant cross-border dimension. Let me explain what I mean by that. A quarter century on from the introduction of the euro, there is still no single pan-European solution for digital payments when people go shopping in stores or online. This means there is a risk that traditional cashless payment solutions offered by private European payment service providers will not match customer needs.

    To be fair, some euro area Member States have successfully implemented innovative digital solutions in the area of payments – I am thinking, for example, of the online payment system iDEAL in the Netherlands or Bizum Wallet in Spain. However, such payment solutions by themselves usually only function within national borders. Promising initiatives have been underway in recent years to widen the scope of these solutions. For example, iDEAL was successfully acquired by the European Payments Initiative, a company founded by several European banks and financial services companies. This initiative seeks to create a truly pan-European payment solution in the near to medium term. 

    This shows that the European payments sector has made meaningful progress; however, there are challenges further ahead. International payment providers, particularly those offering credit card schemes, still heavily dominate the European market for payment services – and even more when it comes to payments abroad.

    A digital euro would be a major step forward in this context. It would provide a standardised digital means of payment for day-to-day transactions throughout the euro area. Despite the need for a more integrated payment system, we are determined to prevent the Eurosystem’s footprint in the European financial system from becoming too large. We are therefore planning to issue a digital euro, but not to distribute it. This means that banks and other payment providers should assume the role of the CBDC interface between the Eurosystem and the customers.

    The euro area currently consists of 20 Member States, each of which has its own banking system with its own unique features. Against this background, I am sure you can imagine the overall complexity of our task. Therefore, our current focus is on making the digital euro accessible for all users within the euro area. We are investing great effort in our work on this, and we are constantly explaining what we do and why we do it, not least because a number of people are sceptical of CBDCs. 

    Once we have accomplished a digital euro for all users within the euro area, it will, in my view, be worth considering making it accessible to users outside the euro area as well. Rules for geographical access to a digital euro will be set down in legislation. If European legislation allows, access to a digital euro can also be granted to consumers and firms in the Member States of the European Economic Area outside the euro area. Selected non-EU countries can be included as well.[7]

    Ideally, the D€ would be interoperable with other CBDCs from the very start, for example, for person-to-person payments or commercial payments from or to firms outside the euro area. However, this is currently a vision for the future, since, as already mentioned, we first have to overcome numerous challenges to establish a retail digital euro that works within the euro area.

    4 Concluding remarks

    Let me conclude. So far, CBDCs are newcomers to the world of payment systems. We can only estimate how large a role they will end up playing in payment transactions. This is all the more true when it comes to cross-border payments.

    The scepticism about CBDCs in many quarters is not uncommon for many technological innovations. For example, in the early 1980s, “computerphobia” was a widespread phenomenon.[8] This took a wide range of forms, even fear of physically touching a computer or feeling threatened by those who worked with them. Today, this may seem very strange to us. Computers have since become an essential day-to-day tool for us.

    And so we will continue our efforts to implement CBDCs. I am confident that this will ultimately make our payment systems better, faster and more efficient.

     

    Footnotes:

    1. ACI Worldwide Inc., It’s prime time for real-time: Real-time payments adoption and growth around the globe, Payment report 2024. 
    2. Lothian, J. R. (2002), The internationalization of money and finance and the globalization of financial markets, Journal of International Money and Finance 21, Vol. 6, p. 699-724.
    3. Garratt, R., Wilkens, P. K. and H. S. Shin, Next generation correspondent banking, BIS Bulletin No. 78, 30 May 2024.
    4. Deutsche Bundesbank, Cross-border interoperability of central bank digital currency, Monthly Report, July 2022, p. 59-75.
    5.  ISO 20022 | ISO20022
    6.  Project Dunbar – International settlements using multi-CBDCs (mas.gov.sg)
    7.  International aspects of CBDCs: update on digital euro (europa.eu)
    8. LaFrance, A., When People Feared Computers, The Atlantic, 30 March 2015.

    MIL OSI Economics –

  • MIL-OSI Africa: Tito Mboweni: South African Minister and Reserve Bank governor who drove significant economic reforms

    Source: The Conversation – Africa – By Roy Havemann, Research Associate, Stellenbosch University

    Tito Mboweni, former South African Reserve Bank Governor, Minister of Finance, and Minister of Labour was arguably one of the country’s most consequential economic policymakers and drove several significant economic reforms.

    Mboweni passed away on 12 October 2024 after a short illness.

    Born on 16 March 1959, he received a Bachelor of Arts in Economic and Political Science from the National University of Lesotho in 1985. He had attended the University of the North between 1979 and 1980 but left South Africa to go into exile in his second year of studies. In 1987, he obtained a Master of Arts in Development Economics from the University of East Anglia in the UK.

    He began his career in government as Minister of Labour in President Nelson Mandela’s 1994 administration. As the first Minister of Labour in the new democratic South Africa, he took several steps to improve the relationship between business and labour.

    Among these were major legislative reforms, including the Basic Conditions of Employment Act, Labour Relations Act, Mines Health Safety Act and the NEDLAC Act, designed to improve cooperation between different “constituencies” – labour, business, and government.

    He was appointed as the Eighth Governor of the South African Reserve Bank in 1999. In this role he introduced inflation targeting and presided over the first monetary policy committee meetings. This substantially modernised the Bank’s approach. For instance, Mboweni introduced a monetary policy statement outlining the reasons for the Bank’s decisions. These were televised, bringing new transparency to the conduct of monetary policy. Before this, the bank’s targeted monetary policy aggregates, and its communications, were made through printed documents.

    Monetary Policy Forums took monetary policy to many parts of the country, bringing a new openness and engagement between the Bank and ordinary South Africans.

    He held the position of Governor until 2009. But his legacy endures. The South African Reserve Bank is highly regarded across the world, with an inflation rate that is firmly within the target range and well-anchored inflation expectations.

    As finance minister

    Shortly after Cyril Ramaphosa was inaugurated as President of the Republic of South Africa in 2018, the then Finance Minister Nhlanhla Nene resigned. The President appointed Mboweni as Minister of Finance in October 2018.

    Mboweni made three consequential decisions in South Africa’s economic policy trajectory.

    The first was the decision, in 2019, to freeze government wages from 2020. He was alarmed by the rapid and unsustainable increase in government wages. Together with slowing economic growth, this led to a fiscal position that was deteriorating at an alarming pace. The wage freeze ultimately started the slow return to the fiscal rectitude that had been the hallmark of the period of government before Jacob Zuma became president in 2009.

    The second, also in 2019, was the publication of a paper on economic growth. It was known officially as “Economic transformation, inclusive growth, and competitiveness: Towards an Economic Strategy for South Africa”.

    Unofficially it was known as the “Tito Paper”.

    This set out a programme of much-needed economic reforms – including steps to lift the restrictions on private power generation. In the six years since the publication of the policy paper (and the subsequent reforms), a total of 6 GW of non-Eskom electricity has been added to the grid, saving South Africa six stages of load-shedding.

    Other recommendations of the paper are being followed, including those for rail, telecommunications and ports.

    The third was the introduction of a comprehensive response to the COVID-19 pandemic. This included a significant expansion of the grants system, with a Social Relief of Distress grant pegged at R350 per person per month. Research by the NIDS-CRAM initiative, led by Dr Nic Spaull of Stellenbosch University, has highlighted how the grant positively affected millions of people’s lives.

    Enduring legacy

    It is difficult to think of any other economic policymaker who has left such an enduring legacy.

    Stellenbosch University awarded him an honorary doctorate in 2010 and appointed him Professor Extraordinary of Economics from 2002 to 2005 . He was a frequent participant at Bureau for Economic Research conferences. There, his engaging speaking style made him a popular drawcard.

    His love of red wine and engaging conversation made him a popular visitor at the university. In 2010, he spent time at the Stellenbosch Institute for Advanced Studies as part of a research group working on the global financial crisis and its consequences for democracy.

    This is an edited version of a tribute published by the Bureau for Economic Research, Stellenbosch University.

    – Tito Mboweni: South African Minister and Reserve Bank governor who drove significant economic
    reforms
    – https://theconversation.com/tito-mboweni-south-african-minister-and-reserve-bank-governor-who-drove-significant-economic-reforms-241236

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: Hong Kong Customs combats traders supplying shortweight Chung Yeung Festival products

    Source: Hong Kong Government special administrative region

         From September 30 to October 10, Hong Kong Customs conducted a territory-wide inspection to combat traders supplying shortweight products before the Chung Yeung Festival. After test buys and spot checks, three traders suspected of violating the regulations were found, in contravention of the Weights and Measures Ordinance (WMO).  

         During the operation, Customs officers inspected a total of 130 roasted meat stalls and fruit shops, three of which were found to be supplying siu mei products and fruits that were shortweighted, with discrepancies ranging from 10.59 per cent to 11.31 per cent.

         Investigations are ongoing.

         Customs reminds consumers to purchase products from reputable shops and pay attention to the weighing process and the actual weight when the products are supplied by weight.

         Customs also reminds traders to comply with the requirements of the WMO. Under the WMO, any person who in the course of trade supplies goods to another person by weight or measure should supply the goods in net weight or net measure. Any shortage of the quantity purporting to be supplied is an offence. The maximum penalty upon conviction is a fine of $10,000. In addition, any person who uses for trade, or has in his possession for use for trade, any weighing or measuring equipment which is false or defective commits an offence. The maximum penalty upon conviction is a fine of $25,000. Also, any person who fails to let customers have a clear view of readings of the weighing or measuring equipment is liable to a maximum penalty of a fine of $5,000.

         Customs will continue to take stringent enforcement action against shortweight activities to protect consumers’ interests and uphold a fair trading environment.
         â€‹
         Members of the public may report any suspected violations of the WMO to the Customs 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Alexander Novak held a meeting on the current economic situation

    MILES AXLE Translation. Region: Russian Federation –

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

    Alexander Novak held a meeting on the current economic situation

    October 14, 2024

    Alexander Novak held a meeting on the current economic situation

    October 14, 2024

    Previous news Next news

    Alexander Novak held a meeting on the current economic situation

    Deputy Prime Minister Alexander Novak held a meeting within the framework of the incident on the current situation in the economy. The event was attended by representatives of the Ministry of Economic Development, the Ministry of Finance, the Ministry of Industry and Trade, the Ministry of Energy, the Ministry of Construction, the Ministry of Agriculture, the Ministry of Transport, the Ministry of Labor, the Bank of Russia, as well as the scientific and expert community.

    “Overall, our economy is developing better than expected: GDP growth for the first eight months of this year was 4.2%, industrial production – 4.5%, including manufacturing – 8.1%. The unemployment rate remains at historical lows and was 2.4% in January – August,” noted Alexander Novak.

    The meeting examined the main development trends and possible risks for the Russian economy, taking into account the task of forming a supply-side economy and the need to achieve national goals.

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

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

    http://government.ru/nevs/52989/

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Mayor announces record-breaking £100m investment deals for Londoners

    Source: Mayor of London

    • Mayor announces record investment deals in London so far in 2024 despite global economic downturn and uncertainty
    • In 10 months, London has already seen nearly £10m more invested than in previous years
    • Three tech businesses that Sadiq met in New York announce further investment plans in the capital
    • International investment across the capital has created nearly 10,000 jobs for Londoners in industries of the future such as technology, life sciences, and the green sector in the last five years
    • The Mayor is attending the International Investment Summit bringing together policymakers and business leaders, as the Government drives forward its national mission for growth

    Today, the Mayor of London, Sadiq Khan, has announced record-breaking investment deals worth more than £100million for Londoners so far in 2024 – bucking the global trend – as he attends the Government’s first International Investment Summit to drive forward the national mission for economic growth.

    The Mayor has confirmed that three tech businesses whom he met on his recent trip to New York to bang the drum for London have further plans to invest in the capital. Indian IT giant Mphasis, which opened a new London office in September – has expanded its UK presence over the past year and will look to double its business over the next three years. Constant Contact, a digital marketing and automation platform that has helped millions of small businesses and nonprofits globally, will announce its official launch into the UK in the coming weeks. Financial technology company MoonPay, which builds payment infrastructure for crypto, is working with London & Partners as they look to invest and expand further in the capital.

    The deals done in partnership with London & Partners, the growth agency funded by the Mayor of London, have seen companies from China, Europe, India, and the US invest in the capital in the last five years, with 543 companies creating nearly 10,000 jobs for Londoners in industries of the future such as technology, life sciences, and the green sector.

    This year has so far seen more than £100m in investment deals for Londoners at a time of global economic downturn and uncertainty. In 10 months, London has already seen nearly £10m more invested than in previous years. This includes companies such as Recursion – a US biotech company that uses advanced technology like machine learning and robotics to speed up the discovery of new treatments for complex diseases – opening a new office in the ‘Knowledge Quarter’ in King’s Cross, joining Microsoft and Google DeepMind in rapidly expanding the fast-growing life sciences sector.

    One of the Mayor’s 10 key priorities is the new London Growth Plan, with a target of helping to create more than 150,000 good jobs by 2028 and increasing living standards for Londoners. The new growth plan aims to grow London’s economy, so we can improve the lives of all Londoners, drive London’s green transition and support prosperity in London and across the country. Sadiq is also investing £380m a year into skills, careers, and employment activity to ensure that Londoners get the skills and support that they need to progress into good quality jobs. Grow London Local is a free service supported by the Mayor of London giving small businesses access to in-person and digital support to help grow.  

    Today’s International Investment Summit marks a key moment for Mayors and other leaders who were held back by the previous government to work hand-in-hand with the new Government. Sadiq will work in partnership with the new Government to drive forward investment in the capital, promoting London as one of the world’s best cities in which to invest and do business, and to deliver the change London deserves, helping to create more well-paid jobs and opportunities for Londoners.

    Sadiq Khan, Mayor of London, said: “I’m proud that in 10 months London has already had a record-breaking year for investments – proving that our city is one of the best in the world to start and scale a business. My message is that London is open: open to business, open to investment, and open to new and fruitful partnerships.

    “London is home to fast-growing sectors at the innovation frontier like life sciences, AI, deep tech and climate tech, as well as a world leader in financial and professional services, digital technology and creative industries like film, TV and gaming, and the experience economy.

    “I am delighted to be attending the International Investment Summit, as we work with the new government to forge new partnerships, reset relationships and seize the opportunity to secure the long-term investment for London and continue building a better and more prosperous city for everyone.”

    Laura Citron OBE, CEO of London & Partners, the growth agency funded by the Mayor of London, said: “We all know that London is a brilliant place to grow a business. But with competition from other cities hotting up, we can’t just expect investors to come here.

    “That’s why we’re out fighting for every win. We target the most exciting, innovative companies and give them a world-class concierge service to invest in London.

    “We hold their hands every step of the way. That’s why London is bucking the global trend with record levels of investment despite a tough market.” 

    Business Secretary Jonathan Reynolds said: “Mayors up and down the country are working with us on our pro-growth, pro-business, pro-worker economy and these investment deals in London are the jewel in the crown.

    “This is just the beginning. We’re showing what can be achieved when we work together to give global businesses the certainty they need.”

    Nitin Rakesh, CEO and Managing Director, Mphasis, said: “We are thrilled to expand our operations in London, a city that aligns with our vision of innovation and growth. We extend our sincere thanks to Mayor Sadiq Khan and the supportive London ecosystem for their constant support.

    “London, a global hotbed for technology development is an ideal location for Mphasis’ latest innovation centre. Our centre highlights Mphasis’ commitment to delivering cutting-edge, AI-powered threat detection and response services for our clients. We look forward to strengthening partnerships and driving impactful innovation from this hub.”

    Keith A. Grossman, President of Enterprise at MoonPay, said: “The UK is well-positioned to drive innovation in Web3 and fintech. Since opening our flagship office in London this July, we’ve been impressed by the city’s exceptional talent pool and the support from partners like London & Partners and Mayor Sadiq Khan. We’re eager to expand our team in the area and expect to have over 100 employees by next year.”

    Frank Vella, CEO of Constant Contact said, “Small business has long been the engine that drives the economy, and London has long been a hub for small business innovation. We are proud to support this entrepreneurial spirit. By investing in London and the UK, we aim to empower small businesses with the tools and resources they need to market their businesses online, helping them reach new heights and contribute to the growth of local communities. Our commitment is to fuel their potential and foster a robust ecosystem where small businesses can succeed.” 

    MIL OSI United Kingdom –

  • MIL-OSI: Enlight Announces the Full Commencement of Commercial Operation of the Solar & Storage Cluster in Israel

    Source: GlobeNewswire (MIL-OSI)

    The Cluster includes 12 facilities, with a combined solar generation capacity of 254 MW and energy storage capacity of 594 MWh, and produces over 50% of the clean electricity in Israel’s newly deregulated power market

    Distributed generation facilities located in northern and southern Israel strengthen the energy and economic security of the agricultural communities involved in the Cluster

    TEL AVIV, Israel, Oct. 14, 2024 (GLOBE NEWSWIRE) — Enlight Renewable Energy (“Enlight”, “the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announces that it has completed the COD of its Solar and Storage Cluster (“the Cluster”) in Israel. The Cluster is comprised of 12 installations located in the northern and southern regions of the country, with a combined solar generation capacity of 254 MW and energy storage capacity of 594 MWh. Portions of the Cluster began commercial operation in 2023 and grid connections continued throughout 2024; this gradual COD process has been completed today.

    The entire output of the Cluster will be sold to Enlight’s supplier division, which markets the electricity direct to customers in Israel’s newly deregulated power market. This includes signing corporate PPAs with large industrial clients such as Soda Stream and Applied Materials, as well as sales to households and small businesses through a joint venture with Electra Power, in which Enlight owns a 35% stake. The Cluster’s generation volumes currently account for 50% of all clean power produced under the new regulatory framework.1

    The Cluster is expected to generate revenue of $34-36 million and EBITDA of $24-26 million in the first full operating year, before taking into account the additional margin generated by Enlight’s supplier division. The transition to a deregulated electricity market combined with the low production costs of renewable energy enables the Company to provide its customers with clean power at competitive prices, while at the same time yielding attractive returns for Enlight and its partners. Cluster installations have been built in cooperation with numerous agricultural communities in Israel, and partnership in the projects increases these regions’ energy and economic security.

    Gilad Peled, General Manager of Enlight MENA, commented, “Today we completed the commencement of full commercial operations at the largest group of renewable energy facilities operating in Israel’s deregulated power market. The Cluster will generate attractive returns for Enlight, while creating a stable and vital source of income for our partners in the agricultural communities of Israel.”

    1 Based on Company estimates and publicly available information.

    About Enlight Renewable Energy

    Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at http://www.enlightenergy.co.il.

    Contacts:

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; the potential impact of the current conflicts in Israel on our operations and financial condition and Company actions designed to mitigate such impact; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    The MIL Network –

  • MIL-OSI: Radware Reports Results of 2024 Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    TEL AVIV, Israel, Oct. 14, 2024 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced the results of its Annual General Meeting of Shareholders held October 10, 2024. The Company presented three proposals for the shareholders to vote on at the meeting, of which one proposal (to approve grants of equity-based awards to the President and Chief Executive Officer of the Company) was not adopted by the requisite shareholder vote. The two other proposals voted on at the Annual General Meeting were adopted by the requisite shareholder vote.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

    ©2024 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    Contacts
    Investor Relations:
    Yisca Erez, +972-72-3917211, ir@radware.com

    Media Contacts:
    Gerri Dyrek, gerri.dyrek@radware.com

    Safe Harbor Statement

    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at http://www.sec.gov or may be obtained on Radware’s website at http://www.radware.com.

    The MIL Network –

  • MIL-OSI Africa: African Development Bank, Agence Française de Développement cement partnership to support youth entrepreneurship in Africa

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

    ABIDJAN, Ivory Coast, October 14, 2024/APO Group/ —

    The African Development Bank Group (www.AfDB.org) and Agence Française de Développement (AFD) on Friday announced they would renew their joint efforts to catalyse resources to boost entrepreneurship in Africa as a crucial driver of economic development, tackling unemployment and reducing inequality.

    African Development Bank President Dr Akinwumi A. Adesina and Agence Française de Développement Chief Executive Officer Rémy Rioux signed a letter of intent on behalf of their institutions following a meeting in Abidjan, home to the Bank’s headquarters.

    Through its Youth Entrepreneurship Investment Bank (YEB) initiative, the African Development Bank is providing an ecosystem and entrepreneurial services, promoting inclusive, private sector-led economic growth, and creating opportunities for young entrepreneurs. The Agence Française de Développement’s Choose Africa 2 program (http://apo-opa.co/3NqMq7a), seeks to deepen its impact by fostering public policy dialogue, supporting governments in creating a conducive ecosystem for entrepreneurship development, and addressing the technical and financial support needs of entrepreneurs.

    Together, the organisations through these initiatives and others, will collaborate closely to support and advocate for entrepreneurship in Africa and strengthen entrepreneurial ecosystems.

    Noting the challenge of transforming the demographic dividend of Africa’s over 400 million youth into economic dividends, Adesina said he was fully satisfied with the cooperation with AFD “which testifies to our commitment to job creation for the continent of Africa.”

    “We will be putting our risk capital to the benefit of youth. The greatest risk is not investing in youth. The future of Africa is in on the continent,” Adesina said.

    Remy Rioux said it was imperative to emphasise the economic welfare of African youth to avoid the pitfalls of economic migration. “Every year 20 million youth – the population of Senegal – join the workforce in Africa,” he noted. He commended the work of the African Development Bank, especially the Affirmative Finance Action for Women in Africa (AFAWA) initiative which has made “spectacular achievements by financing women,” he said. Under partnership between Choose Africa 2 and the African Development Bank’s youth investment banks AFD is developing instruments that will benefit and create opportunities for youth in Cote d’Ivoire, Benin and Togo, Rioux said.

    Rioux was accompanied by AFD’s Director of Cabinet Tristan Mouline, Lionel Yondo, Regional Director for the Gulf of Guinea, Adrien Haye, director of the Cote d’Ivoire office and Noor Mountassir, Côte d’Ivoire country office head. From the African Development Bank, Dr Adesina was accompanied by members of the senior management team. Jerome Bertrand-Hardy, who has been seconded to the Bank from AFD, also attended.                                                                             

    Africa is home to the youngest population in the world with over 60% of people on the continent below 25 years. The youth population dynamic is fueling the rise of youth-led businesses but, significant hurdles remain. Africa’s finance gap for Small and Medium Enterprises stands at $ 331billion, with over half of the MSMEs unable to access the credit they need for growth and sustainability.

    MIL OSI Africa –

  • MIL-OSI Europe: Publication of 2020 official development assistance figures by the OECD Development Assistance Committee (13 Apr. 2021)e publique au développement 2020 par le Comité d’aide au développement de l’OCDE (13.04.21)

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

    The Development Assistance Committee of the Organization for Economic Cooperation and Development (OECD) today published preliminary data on global official development assistance (ODA) for 2020. With ODA at €12.4 billion, i.e. 0.53% of gross national income (GNI) – up by 10.9% in real terms compared to the previous year –, France remains in fifth place among international aid donors.

    In line with the French President’s commitment to increase France’s resources for protecting global public goods, French ODA rose for the sixth consecutive year (up €2.3 billion since the beginning of the five-year term).

    The increase in French ODA is mainly driven by bilateral assistance (up 20.8% in current euros compared to 2019). Bilateral funding in donations increased by 2%, in accordance with the targets set by the Interministerial Committee for International Cooperation and Development (CICID) in February 2018. Assistance for projects, enabling practical projects to be funded on the ground, tripled by comparison with 2019, particularly thanks to increased activity in non-C2D donations directly implemented by the Ministry for Europe and Foreign Affairs and activity entrusted to the French Development Agency (AFD). Sub-Saharan Africa, which is central to France’s development policy, received a third of our bilateral ODA (€2.9 billion), up 40% compared to 2019. The bilateral ODA allocated by France to Least Developed Countries (LDCs) stands at €1.7 billion.

    France allocated €1.9 billion to the fight against the COVID-19 pandemic in developing countries in 2020 – more than the other European donors. In particular, through the AFD, it established a Health in Common Initiative worth €1.2 billion – €150 million of it in donations – which, among other things, improved care for patients and strengthened the capabilities of the Pasteur Institute’s reference laboratories in several sub-Saharan African countries.

    French ODA to international organizations and multilateral funds amounted to €4.4 billion (up 2.8%). Over half corresponded to France’s contribution to the ODA implemented by the European Union. This money also financed the Global Fund to Fight AIDS, Tuberculosis and Malaria (GFATM), Unitaid, Gavi The Vaccine Alliance’s Finance Facility and the Green Climate Fund. France stepped up its support to the least developed countries through its contribution to the Poverty Reduction and Growth Facility of the International Monetary Fund (IMF), the World Bank’s International Development Association (IDA) and the African Development Fund (ADF).

    The programming bill on inclusive development and combating global inequalities, presented by the Minister for Europe and Foreign Affairs and adopted by the National Assembly on 2 March 2021, realizes France’s new ambition for development policy. Through increased resources and overhauled methods, it reflects the desire to ensure our action is effective on the ground, helping the most vulnerable people, and to mobilize our partners to take more robust action to protect global public goods (climate, health, education). The Senate is currently discussing the bill.

    MIL OSI Europe News –

  • MIL-OSI Australia: ARENA funds Australia’s first community-led electrification trial

    Source: Australian Renewable Energy Agency

    Overview

    • Category

      News

    • Date

      15 October 2024

    • Classification

    500 households in the 2515 postcode in New South Wales are set to be electrified, in a new project announced today by the Australian Renewable Energy Agency (ARENA), and partners Brighte, Rewiring Australia and Endeavour Energy.

    ARENA is providing $5.4 million in funding for the “Electrify 2515 Community Pilot” to support the electrification of 500 homes in the north Illawarra 2515 area, providing insights on how Australia could benefit from an electrified future.

    ARENA CEO Darren Miller said this project would also provide significant insight into the contribution of home electrification to grid stability while also reducing energy costs for consumers.

    “Flexible demand at a residential level is expected to be critical as homes electrify. By undertaking electrification in a managed way, we can reduce the need to upgrade our electricity network and reduce costs for all electricity consumers.”

    The main objective of the pilot is to accelerate the energy transition in homes to understand the impact on consumers and the network. This will be done by installing efficient electric appliances and other consumer energy resources (CER) including heat pump space and water heaters, home batteries, and rooftop solar that will be optimised by a home energy management system (HEMS).

    By studying the installation journey closely, the pilot will generate insights into consumer behaviour and decision-making when purchasing and using CER to better understand how to scale and commercialise home electrification.

    Brighte Founder and CEO Katherine McConnell said the pilot aimed to create the electric future in a real community today. “This project will allow us to learn locally so we can scale nationally, generating critical insights for consumers, tradespeople, industry and policymakers on how to rapidly and effectively scale electrification across Australia.

    “We’re excited about the role we can play to demonstrate the power of homes brought to their full potential, lighting a pathway for every Australian community to electrify more easily and fast-forward to a smart, electric future.”

    One of the bigger barriers to the commercialisation and widespread adoption CER is upfront cost. The funding provided by ARENA will help to support the purchase of CER for pilot participants taking part in the research program led by Rewiring Australia.

    The Electrify 2515 Community Pilot will test the impacts of electrification within a community and within the constraints of Endeavour Energy’s local electricity network. This is expected to allow the sharing of valuable insights on the impacts of residential electrification.

    Full list of project partners:

    • Project Lead, Delivery Partner & Finance Provider: Brighte
    • Research Partner: Rewiring Australia
    • Network Partner: Endeavour Energy

    ARENA Strategic Priority: Optimise the Transition to Renewable Electricity

    Australia’s electricity system is rapidly evolving. Solar and wind are now the cheapest sources of new bulk electricity supply, and significant numbers of Australian households and businesses continue to install rooftop solar and other distributed energy technologies. Grid-scale innovations are also driving the transition, including increased use of grid-scale batteries.

    New demand loads for green metals, manufacturing and fuel production, coupled with the electrification of transport and broader industry. Will create unprecedented demand for renewable energy over the next decade. We need to ensure the grid is equipped to support this additional demand and high penetration of renewables.

    Further technical and commercial innovation, as well as market reforms, will be critical to ensure the electricity system can transition efficiently, reliably and cost-effectively.

    ARENA is currently focused on supporting projects in this priority area that help deliver the following objectives:

    • Unlock new flexible demand
    • Improve the economics of energy storage
    • Optimise large-scale integration of renewable electricity

    Learn more at ARENA’s website.

    ARENA media contact:

    media@arena.gov.au

    Download this media release (PDF 128KB)

    MIL OSI News –

  • MIL-OSI Security: Annual Awards Ceremony Recognizes Outstanding Contributions From Western Pennsylvania Law Enforcement Officers and Prosecutors

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    PITTSBURGH, Pa. – The Law Enforcement Agency Directors (LEAD) of Western Pennsylvania recognized more than three dozen area law enforcement officers and prosecutors during its 26th Annual LEAD Awards Ceremony, announced United States Attorney Eric G. Olshan. Comprising the Western Pennsylvania heads of federal, state, and local law enforcement agencies, LEAD bestows awards annually as a way of recognizing outstanding performance from law enforcement agents and officers, as well as prosecutors.

    Notable among the LEAD Awards presented were:

    • The Lifetime Service Award was presented to (Retired) Supervisory Special Agent Louis “Lou” Weiers for his outstanding service with the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). Weiers began his career with the ATF in January 1991 as a Special Agent with the Pittsburgh field office’s Arson/Explosives group, also serving as a member of the National Response Team from 1998 until 2005. Weiers was promoted to Resident Agent in Charge of the Pittsburgh Firearms Trafficking and Violent Crime group in March 2005, and was among the longest tenured supervisory investigators within the ATF upon his September 2024 retirement. Among the many investigations on which he worked during his career, Weiers served as the first-line supervisor at the 2018 Tree of Life shooting in Pittsburgh, where his group led the ATF response and firearms investigation with the Federal Bureau of Investigation (FBI); represented ATF at the September 11, 2001, Flight 93 crash site in Shanksville, Pennsylvania; and was involved in the 2014 48-day manhunt for Eric Frein, who killed a Pennsylvania State Trooper and critically injured another during an attack at a State Police barracks. Weiers also served in several acting Assistant Special Agent in Charge details within the Philadelphia Field Division throughout the decades.

    • The Courage Under Hostile Fire Award was presented to Pittsburgh Bureau of Police Officer Craig Claflin, who, as the first officer on the scene of a domestic dispute call at a Kincaid Street residence in Pittsburgh’s Garfield neighborhood in July 2024, was immediately fired upon by the assailant. Officer Claflin quickly neutralized, disarmed, and detained the assailant, saving lives and preventing injuries to neighboring civilians and fellow law enforcement officers.

    • An individual LEAD award was presented to Assistant U.S. Attorney Katherine Jordan of the U.S. Attorney’s Office. AUSA Jordan’s work has consistently involved the handling of both complex, long-term investigations and prosecutions of violent individuals and drug traffickers. During the past year, her cases included multiple long-term drug trafficking investigations conducted by FBI’s Greater Pittsburgh Safe Streets Task Force—one of which was a Title-III wiretap investigation—as well as a long-term Drug Enforcement Administration investigation into a large-scale drug trafficking organization, the latter of which included the execution of multiple search warrants in late-June 2024 that ultimately resulted in the seizure of nearly 120 kilograms of cocaine, over $1.2 million in cash, and eight firearms, in addition to the charging of numerous individuals. In September 2024, shortly after the takedown of her FBI Title-III investigation, AUSA Jordan secured a guilty verdict in the jury trial of local large-scale drug trafficker Leon Ford Sr., whom Jordan and her team of investigators had indicted and successfully convicted of conspiracy to distribute five kilograms or more of cocaine and 400 grams or more of fentanyl, as well as possession with intent to distribute 400 grams or more of fentanyl.

    • Several individuals from the ATF, along with Assistant U.S. Attorney Maureen Sheehan-Balchon of the U.S. Attorney’s Office, received a team award for outstanding performance for their seven-month investigation and prosecution of a complex illegal firearms manufacturing and distribution network out of Altoona, Pennsylvania. The criminal conspiracy involved the manufacture and sale of untraceable ghost guns, AR-15 style rifles, and “hit kits” containing a Polymer 80 privately made firearm with no serial number, a threaded barrel to attach an included silencer, subsonic ammunition, and latex gloves.

    • Members of the Mt. Lebanon Police Department, Allegheny County Police Department, Allegheny County Sheriff’s Office, and FBI received a team award for their investigation of a series of crimes involving the sexual exploitation of children.

    • Corporals and troopers from Pennsylvania State Police Troops B and D Forensic Services Units were honored with a team award for their processing of a particularly complex Pittsburgh crime scene.

    • Two U.S. Postal Inspection Service officials received individual LEAD awards for their roles in helping to uncover and disrupt criminal operations in separate investigations involving, in one case, a California-to-Western Pennsylvania drug trafficking network, and, in the other, a games of chance theft ring. Officers and agents from organizations including the Allegheny County Sheriff’s Office, ATF, FBI, Homeland Security Investigations, Internal Revenue Service – Criminal Investigation, and Pennsylvania State Police also received individual awards for their performance in a variety of incidents and investigations involving firearms, narcotics, sexual exploitation of minors, tax evasion, and public safety.

    LEAD is composed of the following law enforcement agencies: Bureau of Alcohol, Tobacco, Firearms and Explosives; Drug Enforcement Administration; Federal Bureau of Investigation; U.S. Attorney’s Office, Western District of Pennsylvania; Homeland Security Investigations; Internal Revenue Service – Criminal Investigation; U.S. Department of Homeland Security, Transportation Security Administration; U.S. Department of Defense – Defense Criminal Investigative Service; U.S. Department of Housing and Urban Development; U.S. Marshals Service; U.S. Postal Service Office of Inspector General; U.S. Postal Inspection Service; U.S. Probation & Pretrial Services; United States Secret Service; U.S. Social Security Administration – Office of Inspector General; U.S. Department of State – Diplomatic Security Service; U.S. Department of Transportation, Federal Air Marshal Service; U.S. Department of Transportation – Office of Inspector General; U.S. Department of Veterans Administration – Office of Inspector General; U.S. Department of Labor – Office of Inspector General; U.S. Department of Agriculture – Office of Inspector General; U.S. Department of Homeland Security – Federal Protective Service; U.S. Food and Drug Administration – Office of Criminal Investigations; Pennsylvania Office of Attorney General; Pennsylvania State Police; Pennsylvania Board of Probation and Parole; Western Pennsylvania Chiefs of Police Association; Allegheny County Police Department; Allegheny County Sheriff’s Office; Allegheny County District Attorney’s Office; Allegheny County Chiefs of Police Association; Allegheny County Housing Authority Police Department; Port Authority of Allegheny County Police Department; Washington County District Attorney’s Office; Westmoreland County District Attorney’s Office; Pittsburgh Bureau of Police; Mt. Lebanon Police Department; Carnegie Mellon University Police Department, and University of Pittsburgh Department of Public Safety.

    MIL Security OSI –

  • MIL-OSI Security: ATF Assembles Federal Law Enforcement Teams; Provides Emergency Support for Hurricanes Helene, Milton

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    WASHINGTON – The federal government’s Emergency Support Function #13 (ESF #13) was activated to provide federal public safety and security assistance in the aftermath of Hurricanes Helene and Milton. ESF #13 is managed by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) on behalf of the Department of Justice.

    On Oct. 5, ESF #13 was activated to provide force protection for ESF #9 Federal Urban Search and Rescue (US&R) teams and ESF #8 Public Health and Medical Services missions following Hurricane Milton. ESF #13 is also positioned to provide direct federal assistance to Florida if needed. Since arriving in Florida, ESF #13 has:

    • Pre-staged 34 Law Enforcement Strike Teams (LEST) comprised of more than 440 federal law enforcement officers (FLEO) from 12 separate federal agencies, including ATF, Bureau of Land Management (BLM), Bureau of Indian Affairs (BIA), Bureau of Prisons (BOP), Customs and Border Patrol (CBP), Coast Guard Investigative Service (CGIS), Drug Enforcement Agency (DEA), Federal Air Marshals (FAMS), Internal Revenue Service (IRS), Small Business Administration Office of Inspector General (SBA-OIG), U.S. Fish and Wildlife Service (USFWS), and U.S. Marshals Service (USMS). It is anticipated that more FLEOs will be requested to assist with response efforts.
    • Staged resources to provide law enforcement and security support for 22 US&R teams and two Disaster Medical Assistance Teams (DMAT).

    On Sept. 24, ESF #13 was activated for Hurricane Helene to the southeastern part of the United States.

    At its peak, ESF #13:

    • Deployed more than 30 federal LESTs consisting of 400+ FLEOs from 15 federal law enforcement agencies, included ATF, DEA, FBI, USMS, BOP, CBP, BLM, USFWS, CGIS, Environmental Protection Agency Criminal Investigation Division (EPA-CID), Department of Transportation OIG (DOT-OIG), U.S. Treasury Inspector General (TIGTA), Health and Human Services OIG (HHS-OIG), FAMS, and IRS.
    • Deployed to Florida, Georgia, Tennessee, and North Carolina for Helene recovery support.
    • Supported approximately 30 federal US&R teams from Virginia, Tennessee, Ohio, California, Texas, Indiana, Missouri, Maryland, New Jersey, New York, Pennsylvania, Nebraska, Colorado, Utah, Arizona, and Nevada.
    • Deployed more than 40 K-9s to assist in searches.
    • Supported four Health and Medical Task Forces (HMTF) and DMATs in the Western North Carolina area.
    • Deployed approximately 10 peer support personnel from ATF and USMS.

    The federal government’s disaster response includes 15 Emergency Support Functions. ESF #13 coordinates the federal law enforcement response to any disaster requiring the federal whole-of-government response. In Feb. 2006, the Department of Justice was designated the ESF #13 coordinating department. In October 2008, ATF was assigned as the lead coordinating agency for ESF #13 on behalf of DOJ.

    [1:01 PM] Herman, Cara A. (ATF) ATF teams up with multiple agencies to stage resources to provide law enforcement and security support to FEMA’s ESF #9 Urban Search and Rescue teams.

    ATF teams up with multiple agencies to stage resources to provide law enforcement
    and security support to ESF #9 Federal Urban Search and Rescue teams.

    ESF #13 provides force protection for FEMA’s Urban Search and Rescue teams following Hurricane Milton.

    ESF #13 provides force protection for Federal Urban Search
    and Rescue teams following Hurricane Milton.

    ESF #13 provides force protection for a FEMA Urban Search and Rescue team in the southeastern part of the U.S. following Hurricane Helene.

    ESF #13 provides force protection for aUrban Search and Rescue
    team in the southeastern part of the U.S. following Hurricane Helene.

    ESF #13 continues to provide force protection for Urban Search and Rescue teams as they use drones to look for victims across the southeastern part of the U.S. following Hurricane Helene.

    ESF #13 continues to provide force protection for Urban Search
    and Rescue teams as they use drones to look for victims across
    the southeastern part of the U.S. following Hurricane Helene.

    MIL Security OSI –

  • MIL-OSI Security: Doing It Until We Got It Right: A Short History of the Pearl Harbor Investigations

    Source: National Security Agency NSA

    On December 7, 1941, Japanese naval aircraft swept in on an unsuspecting US Pacific Fleet and Army in the Hawaiian Islands and destroyed many American ships and aircraft. In a little over two hours, 18 warships—including eight battleships—and over 160 aircraft were knocked out of action. With Japan’s eastern flank secured, its forces would rampage through the rest of the Pacific virtually unopposed.
     
    Within days of the disaster, calls resounded from the public, press, and the government itself for an investigation into how and why such an event could occur. To many, it was not just the magnitude of the defeat, but the extraordinary unpreparedness of U.S. forces in Hawaii: Someone had to pay.
     
    However, fixing responsibility for the debacle at Pearl Harbor was complicated by the revelations about the MAGIC decrypts. MAGIC was the cover name assigned to the intelligence garnered from the decryptions and translations of Japanese diplomatic messages.
     
    From September 1940 until the attack on Pearl Harbor, American cryptologists had read the most sensitive Japanese diplomatic messages and had kept President Franklin Roosevelt informed of every Japanese diplomatic and political policy turn. But MAGIC didn’t tell Roosevelt and other government leaders what the Japanese military was planning — that information was in Japanese Navy communications, and those ciphers and codes had largely resisted the efforts of American cryptologists to break them. Any investigation of the Pearl Harbor disaster would be as much a revelation of what we didn’t know as of what we did know.
     
    The issue of culpability would not be settled in one investigation, and for many people it was never really settled at all. Ultimately, eight hearings would be held during World War II and after, culminating in a joint congressional investigation beginning on November 15, 1945. What follows is a brief summary of each.
     
    The Roberts Commission, December 18, 1941-December 23, 1942: This commission, set by presidential executive order, was charged to determine the facts of the Japanese attack and establish if any dereliction of duty had occurred. MAGIC was discussed, but who received it and the details of the reports were not covered. Not surprisingly, the hearings were hostile to the area commanders, General Walter Short, USA, and Admiral Husband Kimmel, USN. The major political and military figures in Washington were exonerated.
     
    The Hart Inquiry, February 15, 1944-June 15, 1944: The Navy Department ordered Admiral Thomas Hart, former commander of the Asiatic Fleet, to conduct a one-man inquiry on Pearl Harbor so that important testimony would not be lost by hazard of war.
     
    The Army Pearl Harbor Board, July 20, 1944-October 20, 1944: In response to an act of Congress on July 13, 1944, the Army’s adjutant general convened hearings which took testimony from 151 witnesses. MAGIC evidence was taken only during the last week of the hearings. Surprisingly, and perhaps because radio intercept information was downplayed, the board censured Generals George Marshall and Leonard Gerow (War Plans Division) for not fully advising General Short of the situation vis-a-vis Japan.
     
    The Naval Court of Inquiry, July 24, 1944-October 19, 1944: A court of inquiry was convened in response to the same congressional act of July 13, 1944. The hearings made full use of MAGIC, though the testimony on it was classified and kept from the public. The findings of the inquiry completely exonerated Admiral Kimmel. Instead, Admiral Harold Stark, chief of naval operations at the time of Pearl Harbor, was blamed for failing to adequately advise Kimmel of the critical situation prior to the attack.
     
    The Clausen Investigation, November 23, 1944-September 12, 1945: By personal direction of the secretary of war, a one-man inquiry conducted by Major Henry Clausen was detailed to obtain testimony to supplement the Army Board’s completed investigation.
     
    The Hewitt Inquiry, May 14, 1945-July 11, 1945: Similar to the Clausen investigation, the Navy secretary ordered Admiral Kent Hewitt to continue the naval inquiry.
     
    The Clarke Investigation, September 14-16, 1944 and July 13, 1945-August 4, 1945: The secretary of war ordered Colonel Carter Clarke, head of the Military Intelligence Division, which, in turn, oversaw the army’s COMINT efforts, to investigate the handling of communications by the military intelligence division prior to Pearl Harbor.
     
    On November 15, 1945, the Joint Congressional Committee Investigation into the Pearl Harbor disaster held its first session. Established by a Joint Congressional Resolution, this investigation promised to be the most thorough possible. The Truman administration released all of the relevant classified documents, including the MAGIC translations. All of the participants that were still alive, with the exception of the seriously ill Secretary of War Stimson, were examined.
     
    In 1946, the committee’s findings were released in 40 volumes. A single volume report contained 12 findings that apportioned the blame among all the principals: Hawaiian area commanders as well as the War and Navy Departments. A minority report also censured President Roosevelt but concluded, like the majority findings, that Secretary Stimson, Secretary Knox, Generals Marshall and Gerow, and Admiral Stark, as well as General Short and Admiral Kimmel, were culpable for the disaster.
     
    The hope that the investigations would finally determine who was responsible was never fulfilled.
     
    Although many figures in Washington were blamed, Kimmel and Short would bear the onus for the disaster. But the fifty years following the investigations would see a stream of “revisionist” histories and rationalizations for the major figures, such as Admiral Kimmel. Conspiracies to suppress intelligence by Churchill, Roosevelt, and others would be “exposed,” and historians would “discover” new intelligence that existed which would have saved Pearl Harbor.
     
    However, the phoenix-like nature of the Pearl Harbor controversy proved only what one of Admiral Kimmel’s lawyers wrote to him in 1953: “Pearl Harbor never dies, and no living person has seen the end of it.”

    MIL Security OSI –

  • MIL-Evening Report: Winston Peters’ $100 billion infrastructure fund is the right idea. Politics-as-usual is the problem

    Source: The Conversation (Au and NZ) – By Timothy Welch, Senior Lecturer in Urban Planning, University of Auckland, Waipapa Taumata Rau

    New Zealand’s infrastructure woes are a constant political pain point. From ageing water systems to congested roads and assets increasingly threatened by climate change, the country faces mammoth upgrading and future-proofing challenges.

    Enter Winston Peters and NZ First with a surprise proposal for a NZ$100 billion “Future Fund” dedicated to infrastructure investment. Sounds promising – but the proposal’s success will hinge on getting the details right and, more importantly, getting the politics out of infrastructure planning.

    Unveiled at NZ First’s annual convention last weekend, the idea bears striking similarities to challenges previously highlighted by urban planning and infrastructure experts.

    The country currently has an estimated infrastructure deficit of over $100 billion, which aligns eerily with the scale of Peters’ proposed fund.

    The Future Fund proposal sounds impressive on paper. Ring-fenced from political meddling and focused on national interests, it’s billed as a silver bullet for infrastructure funding problems.

    Peters claims he’s taken a page from the Singapore and Ireland playbooks – potentially breaking New Zealand’s habit of treating big infrastructure projects like they’re part of a three-year plan.

    Long-term savings

    As always, the devil is in the details – and the Future Fund is light on them. How exactly would this fund be financed? How would projects be selected and prioritised? And, crucially, how would it be insulated from the political interference it claims to avoid?

    The potential benefits are significant. Research suggests that a stable, long-term approach to infrastructure investment and better utilisation of existing assets could unlock substantial savings – potentially up to 40% of total project costs.

    A well-managed $100 billion fund could provide the certainty and consistency needed to achieve these efficiencies.

    The scale of the fund also aligns with the urgent need for a comprehensive infrastructure overhaul. From modernising water systems to expanding road and rail networks, and ensuring resilience against climate change, the required investment is indeed massive.

    Politics is the problem

    Yet the proposal faces significant hurdles, not the least of which is from NZ First’s own coalition partners.

    The National Party’s previous commitments to curb borrowing seem at odds with a fund of this magnitude. Peters argues that debt for wealth creation and infrastructure differs from debt for consumption.

    That’s a valid point, but one that may struggle to gain traction in a political environment focused on reducing overall government debt.

    The proposal also raises questions about how it would interact with existing initiatives, such as the National Investment Agency set up by Infrastructure Minister Chris Bishop. It’s unclear whether these entities would complement each other or create redundancies and inefficiencies.

    Perhaps the most critical question is whether this fund, despite its claimed independence, can rise above the political cycle. We have a long and exhausting history of proposing infrastructure for political gain, where one government’s “vital infrastructure” becomes the next’s “wasteful spending”.

    Time for a 30-year plan

    While the Future Fund could be a big move in the right direction, we must also rethink how we plan (and pay) for infrastructure completely.

    A good start would be a 30-year plan that all political parties can get behind, like the United Kingdom’s National Infrastructure Assessment. This would give us a real long-term vision rather than promises that change with each election cycle.

    We should also look at more innovative ways to fund projects. Value capture, which leverages rising property values near new infrastructure to help finance its development, helped build London’s Crossrail. And Australia is “asset recycling” from old infrastructure into new projects.

    These aren’t just theoretical ideas. They could change how we build what New Zealand needs without the risks of entirely relying on taxpayers.

    Ending the boom-bust cycle

    Efficiency must also be a priority. Time-of-use charges for roads, already implemented in cities such as Stockholm and Singapore and proposed for Auckland, could reduce congestion and wasteful spending on unnecessary road expansions.

    Volumetric charging for water, as seen in the Kāpiti Coast, can significantly reduce water waste without massive new investments.

    New Zealand could also break free from its boom-bust infrastructure cycle by establishing an agency outside the political realm to manage the cash Winston Peters is proposing.

    A truly independent infrastructure body, similar to Infrastructure Australia, could provide the continuity and expertise needed to see projects through political cycles.

    Money isn’t the only issue here. Politics is the real roadblock. Right now, every election cycle, priorities change, projects fly out the window, and the bill for desperately needed infrastructure only gets bigger.

    The Future Fund seems like a step in the right direction. But without also overhauling how we make decisions about infrastructure, it could end up being just another political football.

    Timothy Welch 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. Winston Peters’ $100 billion infrastructure fund is the right idea. Politics-as-usual is the problem – https://theconversation.com/winston-peters-100-billion-infrastructure-fund-is-the-right-idea-politics-as-usual-is-the-problem-241346

    MIL OSI Analysis – EveningReport.nz –