NewzIntel.com

Category: Germany

  • MIL-OSI Europe: Written question – Drastic decline of the European hedgehog and the need for urgent measures for its protection – E-002233/2024

    Source: European Parliament

    23.10.2024

    Question for written answer  E-002233/2024
    to the Commission
    Rule 144
    Sebastian Everding (The Left), Tilly Metz (Verts/ALE), Krzysztof Śmiszek (S&D), Cristina Guarda (Verts/ALE), Jonas Sjöstedt (The Left), Lynn Boylan (The Left), Maria Noichl (S&D), Anja Hazekamp (The Left), Tomáš Kubín (PfE), Erik Marquardt (Verts/ALE)

    The hedgehog[1] plays a vital role in preserving the biodiversity and balance of green spaces. However, experts warn that its population is expected to decrease by up to 50 % in the span of a decade as a result of the destruction of its natural habitats by human activity.

    The hedgehog is under serious threat because of habitat loss and food scarcity. This has caused its reproduction rates to decline and has led to it being added to a range of endangered species lists. In Germany, for instance, the hedgehog, which is also the wild animal of the year 2024, is now on the early warning list of endangered species. Unfortunately, there is no precise estimate of the hedgehog population in Europe.

    • 1.What concrete measures does the Commission plan to take for the preservation and conservation of Erinaceus europaeus?
    • 2.Does the Commission plan to propose a scientific review of the conservation status of the hedgehog population across the EU, and if so, when exactly?
    • 3.The North African hedgehog is listed in Annex IV of the Habitats Directive, yet it remains a popular pet. Are there any measures the Commission believes should be taken regarding this protected species being kept as a pet?

    Submitted: 23.10.2024

    • [1] Erinaceus europaeus.
    Last updated: 31 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: VW emissions manipulations: the Office of the Attorney General abandons its criminal proceedings with an abandonment order

    Source: Switzerland – Department of Foreign Affairs in English

    The Office of the Attorney General of Switzerland (OAG) is abandoning the Swiss criminal proceedings in connection with VW’s emissions manipulations. A fine imposed on VOLKSWAGEN AG (VW AG) by the Braunschweig public prosecutor’s office (Germany) makes it impossible for the OAG to prosecute VW AG in Switzerland due to the transnational ban on double prosecution and double jeopardy. The OAG is therefore abandoning its criminal proceedings against VW AG. The suspicion against AMAG IMPORT AG (AMAG AG) and its responsible bodies and employees has not been substantiated. The OAG is therefore also abandoning its criminal proceedings against these suspects. The abandonment order is not yet final.

    MIL OSI Europe News –

  • MIL-OSI Security: Military Leaders from the US and Morocco Strengthen Partnerships at the Marrakech Airshow 2024

    Source: United States AFRICOM

    U.S. Air Force aircraft arrived at the Marrakech Airshow 2024 (MAS), Tuesday, Oct. 29.

    The trade show features static and aerial displays of military and civilian aircraft and is an opportunity for international aerospace industry representatives to showcase their capabilities at the Marrakech Royal Moroccan Air Force Base from Oct. 30 to Nov. 2, 2024. The air show is also an opportunity for high level military officials to meet with their Moroccan Royal Armed Forces counterparts and the Ministry of Industry and Trade.

    This year, the United States is participating with several aircraft platforms including a C-130J Super Hercules from Ramstein Air Base, Germany, and a Utah Air National Guard KC-135 Stratotanker. U.S. Air Force participation in this international exhibition is intended to strengthen U.S. and international security assistance efforts as well as U.S. strategic partnerships with African countries.

    We are glad to be back in Morocco,” said Brig. Gen. Ricky Mills, Assistant Deputy Under Secretary of the Air Force, International Affairs. “The interactions and exchanges we have with our partners at MAS 2024 allow us to learn from and leverage the strengths of other nations.”

    Also attending is U.S. Air Force Brig. Gen. Shawn Holtz, Deputy Director of Strategy, Engagement and Programs for U.S. Africa Command.

    “The United States and the Royal Armed Forces of Morocco share a longstanding partnership, with Morocco hosting AFRICOM’s largest exercise, African Lion, and partnering with the Utah National Guard for more than 20 years,” said Holtz. “The Marrakech Air Show is one more opportunity to strengthen our relationship, exchange ideas, promote trust, and bolster security cooperation in the region.”

    The two generals are taking part in bilateral discussions with senior leaders from the Royal Armed Forces and other African military leaders.

    U.S. Ambassador to Morocco Puneet Talwar is also attending the air show.

    “Congratulations to Morocco on the success of this world-class event!” said Ambassador Talwar. “The United States has been a part of each Marrakech Air Show since its first edition, and we welcome the opportunity for U.S. companies to showcase the breadth of cutting edge technology that exemplifies American innovation.  Morocco’s rapidly growing role as regional economic hub, and investments in aerospace infrastructure make this an exciting time to grow our partnership.

    The air show and discussions highlight the strategic partnership between the United States and Morocco which is rooted in hundreds of years of shared interests in regional peace, security, and prosperity, and a longstanding commitment to continued cooperation.

    The Utah National Guard has also held an active partnership with Morocco since 2003 through the State Partnership Program, fostering strong, trust-based relationship focused on security cooperation. Through joint training and humanitarian missions, both forces exchange knowledge, refine tactics, and enhance operational capabilities.

    The Marrakech Airshow is held every two years since 2008, but has been on hiatus since 2018 due to the COVID-19 pandemic.

    MIL Security OSI –

  • MIL-OSI Economics: Christine Lagarde: Interview with Le Monde

    Source: European Central Bank

    Interview with Christine Lagarde, President of the ECB, conducted by Eric Albert, Philippe Escande and Béatrice Madeline on 28 October 2024

    31 October 2024

    In September, former ECB President Mario Draghi published an alarming report on how the European economy is falling behind. Do you agree with this assessment?

    Europe is falling behind. It’s true. And so is France. Mario Draghi’s report highlights the productivity gap, which is largely due to the tech sector. Tech players in Europe and the United States believe that the gap first emerged during the digital revolution that began in the mid-1990s.

    The question now is whether the boost that the United States got from the mid-1990s will continue with artificial intelligence, the accumulation of data centres and the exploitation of these data. This is the key issue. In Europe we need to roll up our sleeves and make an effort to keep those companies that start out here and then develop themselves elsewhere. We need to try to make them stay.

    So what is the solution? Do you think the gap will remain?

    We need to look at why Europe is falling behind. The energy component is key, especially as regards data centres. Labour is also important, with mobility being much greater in the United States. And regulation is a crucial issue, too. In overly simple terms, the United States is developing AI very quickly, and already has a number of major players. In the meantime, not only is Europe lacking such big players, but it has also become a pioneer in AI regulation. This causes players in this sector to say “OK, let’s do this elsewhere. It’ll be easier and we’ll have fewer obstacles and fewer restrictions”.

    What about the public funding provided to businesses in the United States?

    The fourth factor that is contributing to Europe falling behind is the “light” industrial policy pursued by the United States. It’s not light in terms of money because the Inflation Reduction Act of August 2022 is very large, but there are relatively few criteria to qualify for funding to start a company on US soil. When I ask manufacturers, they pretty much all agree that in Europe, the process is complicated and unwieldy. And on top of the multi-layered European system, you then have those of the Member States.

    The final factor is private funding. In the United States there are pension fund plans and other financial instruments that make it possible to channel savings and get savers (employees or retirees) interested in the future of the economy or the evolution of the stock market. In many European countries, these plans are still a long way off of those mechanisms, especially share participation and company profit sharing. Hence the need to develop a capital markets union.

    But we have been talking about this project for the past 15 years. And when Mario Draghi’s report was published, Germany immediately opposed common borrowing. Is Europe really capable of reacting?

    You’re right. We have been talking about a capital markets union since the time of Jean-Claude Juncker (President of the European Commission from 2014 to 2019), and little progress has been made. The Letta and Draghi reports are a wake-up call for Europeans, a warning. The assessment is severe but fair and provides specific recommendations. It suggests that all Europeans should gear up and be ready to give up a bit of sovereignty to ‘combine the best,’ to paraphrase what Paul Valéry once said. But what gives me hope is the engagement of all European institutions on the capital markets union. The ECB’s Governing Council is firmly engaged as well. We must use this momentum.

    In 2020, the plan for a collective European loan of €750 billion was a major step forward. Four years later, less than half of the loan has been allocated. Should we see this as another example of European slowness?

    We had exactly the same problem during the Greek crisis. The administrations of the different countries are not always able to quickly manage the incoming funds. The finance ministers of countries receiving a lot of funds tell you that they have of course identified what bridge or railway line should be constructed, but that they need to obtain local authorisations as well as permissions to expropriate property, and that environmental organisations are taking court actions. All of this takes a lot of time.

    In this context, what consequences could the US elections on Tuesday 5 November have for Europe?

    I do not want to give an opinion on any particular candidate. But US international trade policy will of course have an impact on economic activity in the rest of the world, and primarily on China. Whoever wins, if trade fragmentation worsens, the effect on global GDP will be negative, with losses reaching 9% in a severe scenario of full decoupling according to ECB simulations. But remember: when Joe Biden was elected, everyone thought that he would remove the customs barriers erected by his predecessor (Donald Trump). Nothing came of that.

    Between China, which is withdrawing towards Asia, and the United States, which is closing up again, isn’t Europe, as a partner to both powers, the big loser?

    That’s why we need to act and roll up our sleeves. Will Europe need to undergo another crisis for it to bring about reforms? It’s always in times of crisis that we are able to make things happen. That may be why Mario Draghi speaks of “agony”, it’s a way of saying “the crisis is here, now, do something!”.

    There is talk of a European decoupling. But isn’t there a French decoupling within Europe?

    If you compare today’s GDP figures with those of 2019, the United States has grown by 10.7%, the European average by 4.8% and France by 3.7%. France is lagging behind the European average.

    What is your view of the surge in the French deficit?

    The prospect of returning in line with European standards by applying European fiscal rules should serve as a binding guideline.

    And are the French promises to restore public finances credible?

    As I said, applying European fiscal rules should serve as a binding guideline.

    Will we be heading towards a recession in Europe in 2025?

    Based on the information now available and our current assessment, we don’t see a recession in 2024, nor in 2025, nor in 2026.

    What will drive this growth, given the weakness in demand?

    The two levers are exports and domestic demand, which is set to pick up. Today, with wages rising and inflation falling, disposable income is increasing. For the moment, this benefits savings more than consumption. But we are convinced, and economic history shows us, that this additional disposable income will ultimately flow towards consumption.

    How do you explain the fact that it is proving so difficult for consumption to recover?

    We can indeed ask why households are choosing to save their money instead of spending it. It could be that people are reluctant to make major purchases owing to geopolitical uncertainty. A second explanation could be related to the return on their savings, which is still fairly high in the euro area. A third could be that people are deciding it’s better to save rather than spend when they expect their taxes or other contributions to go up.

    Euro area inflation was at 1.7% in September, below your 2% target. Is it now under control?

    The target is in sight but I’m not going to tell you that inflation is defeated yet. Inflation stood at 1.7% in September. Excluding energy and food, it was still at 2.7%. We are pleased about the 1.7% figure, but we also know that inflation is going to rise again in the coming months simply because of base effects. In September energy prices were 6.1% lower than a year earlier, bringing down the cost of the consumption basket. Besides, inflation in the services sector – which is highly dependent on wages – is still at 3.9%. So, prudence is warranted.

    How do you respond to those who say the ECB was too late in reacting to the rise in inflation?

    I tell them we should look at the facts. Don’t forget that inflation was at 10.6% two years ago. It has fallen back to 1.7%. Perhaps we could have started a few months earlier. But we raised rates at the fastest pace ever and we managed to bring down inflation considerably in a short period of time. I now want to see inflation reach the 2% target on a sustained and durable basis. Unless there is a major shock, this will happen during the course of 2025.

    And what do you say to those who now accuse you of cutting rates too late and not quickly enough?

    The pace at which interest rates are cut will be determined by the economic data we receive in the coming weeks and months – based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. And to revitalise growth, urgent action is needed in the area of structural reforms.

    The spread between France and Germany has increased from 0.5% to 0.8% since the French National Assembly was dissolved. The ECB has an instrument that it can use to intervene and calm the markets. Are you ready to use it?

    We have clearly outlined the conditions under which we will use this instrument. And that is not an issue today.

    A number of emerging countries brought together by the BRICS (Brazil, Russia, India, China and South Africa) are thinking about a payments system to circumvent the dollar. Is dedollarisation happening?

    That would require another country to be able to take on the role of reserve currency. China is preparing for that, but it isn’t ready yet. I won’t see the renminbi take the place of the dollar in my lifetime.

    MIL OSI Economics –

  • MIL-OSI Security: From Lone Stars to Allies – NATO fighter pilots train in Texas

    Source: NATO

    Wichita Falls, Texas is home to the Euro-NATO Joint Jet Pilot Training Program, where aspiring aviators from 14 NATO member countries see if they have what it takes to fly with the Alliance’s best.

    The home of a transatlantic training mission

    Wichita Falls doesn’t seem like a place that should mean anything to a European fighter pilot. But if you were to ask Jade, a lieutenant in the Belgian Air Force, if she’s ever heard of the place, she might give you a knowing smirk.

    It’s where she learned to fly.

    The sky over Sheppard Air Force Base thundered as sleek jets knifed through the air, breaking left over the runway in preparation for landing. Home of the US Air Force’s 80th Flying Training Wing, Sheppard owns the busiest airspace in the United States. Planes are constantly landing, taking off or queueing on the long taxiways. A bumper sticker on the back of one car reads: “I Heart Jet Noise.”

    The Euro-NATO Joint Jet Pilot Training Program (ENJJPT) has been turning out NATO fighter pilots since 1981, when seven Allies founded the school at Sheppard Air Force Base in Wichita Falls. Most joint NATO initiatives are based in Europe (where 30 of the 32 NATO member countries are located), but Sheppard was chosen as the ideal location for ENJJPT because of its existing training facilities, year-round good flying weather and the wide-open Texan skies. Today, more than 40 years later, 14 national flags fly outside the squat, brick building that houses ENJJPT’s headquarters, representing the 14 participating NATO Allies: Belgium, Canada, Denmark, Germany, Greece, Italy, the Netherlands, Norway, Portugal, Romania, Spain, Türkiye, the United Kingdom and the United States.

    Inside, Italian pilots saunter through the maze-like corridors, passing groups of Romanians, Norwegians, Spaniards and Danes. In the gear room, Greek instructors put on their flight vests and G-Suits (trousers lined with inflatable air pockets that keep pilots conscious during high-speed turns) and wait for their students. On their way out, they pass groups of Canadian and Turkish students coming back from training sorties, their hair matted with sweat, their faces flushed with victory: it’s another flight down, another step closer to their wings.

    Ask one of the European student aviators how they like living in the Lone Star State, and they’ll twist their mouth into a curious smile and say something like: “I like it.” Which might be a polite way of saying: I’m from a small village in Germany and I’ve never heard someone say “yeehaw” before.

    Fixin’ to fly – A rigorous training schedule

    Not that the students get many chances to sample the local culture. From the moment they arrive at Sheppard and drop their suitcases, their schedules are packed. First stop is “ground school”, where students learn the fundamental science of flight. Then students get fitted for helmets, harnesses and G-suits and climb into their first aircraft, the T-6 Texan II.

    With the instructors watching from the backseat, this is where the student aviators take the stick for the first time. They learn how to take off, fly in formation and land, keeping the aircraft on speed and on course. It’s a time of firsts, each with its own tradition: a student’s first flight is called a “Dollar Ride” because students are expected to give their instructors a Silver Dollar coin. After a student’s first solo flight, their classmates haul them off to a nearby pool of water for a well-deserved bath.

    From here, some students leave Wichita Falls to learn how to fly multi-engine transport aircraft like the C-130 Hercules. Those destined for fighter jets, however, must conquer the T-38 Talon.

    Save a horse, ride a jet plane – training with the Talon

    The Talon is skinny as a scalpel, with wings so thin they seem to disappear when viewed head-on. Its long snout slopes up to a bubble canopy, which encloses two ejection seats. It looks fast, and it is; with afterburners lit, it can punch through the sound barrier and send a sonic boom smashing across the north Texas Plains. One Dutch Major, callsign “Homer”, compares it to a ’66 Mustang sports car – fitting, he notes, because the Talon first entered service in the 1960s.

    The jet will be replaced in the coming years, but in the meantime it’s still a worthy teacher. Its hydraulic flight controls demand that students pay attention, feeling the jet through the stick and continuously “trimming out” to ensure balanced flight. Its stubby wings are built for maximum speed, not maximum stability, and if the inattentive student bleeds too much speed in a turn, it will fall out of the sky – or, as the instructors prosaically put it, “depart controlled flight.”

    When Lieutenant Jade first took off in a Talon, she was used to the T-6 Texan II, and she wasn’t ready for the raw power pumped out by the jet’s two turbojet engines. She had to stand on the brakes to keep the aircraft static as she pushed the throttle to “mil” – full military power. She felt the aircraft tremor as the afterburners lit. When she released the brakes, the jet leapt forward.

    “For me, that day was like… I knew I was on the right track,” she said.

    Getting back in the saddle

    The Talon curriculum is the hardest part of ENJJPT. When students aren’t flying, they’re studying. When they aren’t studying, they’re in the simulator, practising skills like flying in close formation, or the thrill of high-speed, low-level flight. And when they’re not in the simulator, they’re sleeping.

    “Sometimes it’s a bit too fast, and I have to catch up,” Jade said. “That’s the biggest struggle I’ve had so far. That gets me feeling down about it, sometimes. But then it’s even more rewarding when you’re able to step up and strive again.”

    The students know that success is not guaranteed. Plenty of their peers buckle under the stress and leave the Program to serve out their military commitments elsewhere in their country’s armed forces. But for most, failure is not an option. Washing out would mean turning their back on something that’s called to them all their life.

    “Everyone wishes to have an impact on the world,” Jade said. “That’s how I think I can make the biggest impact.”

    Earning their wings

    If a student proves that they can master the demands of high-speed flight in the Talon, they head towards “Drop Night” – the ceremony where they find out which jet they’re going to fly. For the US Air Force, which operates a variety of fighter, bomber and transport aircraft, the suspense is real. When a student is assigned to their first-pick aircraft, some literally leap with joy and relief.

    For Jade, there was little suspense – the Belgian Air Force primarily flies one tactical jet, the F-16 Fighting Falcon multirole fighter, although Belgium is now replacing its F-16 fleet with F-35 Lightning II fifth-generation stealth fighters – but the glee in having passed a demanding curriculum was undiluted. When she “dropped” the F-16, she leapt into the air, pumping her fists before being carried away by her cheering classmates.

    Jade has since left Sheppard to learn how to fly the F-16. Eventually, perhaps, she’ll be deployed to eastern Europe, where NATO Allies have significantly increased the number of fighters on standby to respond to airborne threats, part of the NATO Air Policing mission on the Alliance’s eastern flank. Until then, the next generation of aspiring military aviators has already begun training at Sheppard, joining a decades-long tradition of taking to the skies together.

    MIL Security OSI –

  • MIL-OSI Global: Why Europe should consider putting boots on the ground in Ukraine

    Source: The Conversation – UK – By Viktoriia Lapa, Lecturer, Institute for European Policymaking, Bocconi University

    The mantra “as long as it takes” has become the European Union’s rallying cry in support of Ukraine’s resistance against Russia. Initially, some experts predicted that Ukraine would fall within three days – yet nearly three years have passed, and Ukraine is still standing. This prolonged struggle has come at an immense human cost.

    It’s clear that the decision to resist was made by the Ukrainian population, and they are grateful to the EU for its support. However, hopes that Ukraine can repel the invaders are fading, and there is no clear end in sight. “As long as it takes” for the EU translates, for Ukrainian ears, to “as many of your lives as we can afford to sacrifice”. Ukrainians are weary, even as they hold the front line, but the west has not communicated a commitment to fully engage in stopping Russian aggression and deterring future threats. Instead, it seems focused on a policy of “de-escalation management”. This only emboldens Russia and its allies.

    What is even more concerning is the absence of a coherent strategy for managing Russia. What would the EU do in the event that the war were to magically end tomorrow? Is there a plan in place, or will EU leaders simply offer Russia a reset?

    The EU has excelled in rhetoric when it comes to Ukraine but has fallen short in delivering military support. It remains reluctant to draw firm red lines for Russia as a response to attacks on European soil or to adopt a more assertive stance.

    The supply of shells to Ukraine is a case in point. The EU pledged to supply 1 million rounds of ammunition by March 2024, but by January, Josep Borrell, the EU’s foreign affairs chief, admitted that the bloc would only deliver half of that on time while committing to send 1.1 million shells by the year’s end. To address this shortfall, Czech president Petr Pavel proposed an initiative at the Munich Security Conference in February, aiming to provide 800,000 shells to Ukraine by the year’s end, sourcing ammunition globally instead of solely from EU manufacturers. By August 2024, the EU had sent Ukraine only 650,000 shells out of the promised 1 million.

    Various news outlets have reported that the result is a grim picture on the front line, where for every shell fired by Ukraine, Russian forces are firing ten or more.

    Additionally, the EU has been reluctant to take decisive action, even in response to Russian attacks on its territory. Recent incidents, such as a narrowly avoided plane crash in Germany attributed to suspected sabotage, reflect a troubling increase in aggressive behaviour from Russian saboteurs. The only response so far has been a relatively weak sanctions framework to be used on those involved in such attacks.

    A strategy for the future

    The EU must adopt a proactive approach to securing peace in Ukraine, recognising that Russia is currently unwilling to negotiate – but would also never negotiate from a position of weakness.

    A clear strategy – including security guarantees for Ukraine, preferably through a pathway to Nato membership – could help put pressure on Russia and facilitate negotiations. It’s clear that bringing Ukraine into Nato might take years, but in the meantime, European countries should consider deploying troops to Ukraine as a security guarantee for this interim period.

    As the Lithuanian minister of foreign affairs, Gabrielius Landsbergis, rightly said: “At the beginning of the year, Emmanuel Macron hinted at putting boots on the ground. At the end of the year, North Korea had actually done so. We are still on the back foot, reacting to escalation instead of reversing it. Macron’s ideas should now be revisited – better late than never.”

    Security agreements do of course exist between Ukraine and its EU and G7 partners, but not a single country has hinted at a possibility of providing, as a guarantee for peace, such a security guarantee as “troops on the ground”. EU countries must consider this seriously.

    And with a view to what happens after the Russian aggression in Ukraine, the EU needs at least the beginnings of an idea about what its terms would be for re-engaging with Russia. Otherwise it risks enabling Russia to set its own terms.

    The situation on the ground is dire. While the west boasts economic strength, it lacks visionary leadership and political will. It should not allow Russia to take the lead and must adopt a clear strategy for Ukraine’s victory. Otherwise, we are heading toward the scenario described by Timothy Garton Ash in his Financial Times article advocating for Ukraine’s accession to Nato:

    Consider the alternative. A defeated, divided, demoralized, depopulated Ukraine, pulsating with anger against the West and – as Zelenskyy hinted last week – probably seeking to acquire nuclear weapons. Moscow triumphant. The rest of the world concluding that the West is a paper tiger. Xi Jinping encouraged to have a go at Taiwan. Biden and Harris going down in history as the leaders who ‘lost Ukraine’.

    One could add: the EU faces disintegration, regressing to its pre-union state. Ursula von der Leyen is remembered as the leader whose “as long as it takes” policy resulted in an epic failure to secure a safer future for Europe and Ukraine. Does the west want to see itself in this way?

    Viktoriia Lapa is an Affiliated Scholar at the Center for Constitutional Studies and Democratic Development, a research partnership between the School of Law of the University of Bologna and the Johns Hopkins University Paul H. Nitze School of Advanced International Studies in Bologna, Italy (SAIS Europe).

    – ref. Why Europe should consider putting boots on the ground in Ukraine – https://theconversation.com/why-europe-should-consider-putting-boots-on-the-ground-in-ukraine-242279

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Autumn Budget 2024 speech

    Source: United Kingdom – Executive Government & Departments

    Autumn Budget 2024 speech as delivered by Chancellor Rachel Reeves.

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

    Madam Deputy Speaker…

    [redacted political content]

    This government was given a mandate. 

    To restore stability to our economy… 

    … and to begin a decade of national renewal. 

    To fix the foundations… 

    … and deliver change. 

    Through responsible leadership in the national interest.  

    That is our task.  

    And I know that we can achieve it. 

    My belief in Britain burns brighter than ever.  

    And the prize on offer is immense.  

    As my Right Honourable Friend the Prime Minister said on Monday – change must be felt. 

    More pounds in people’s pockets.  

    An NHS that is there when you need it.  

    An economy that is growing, creating wealth and opportunity for all…  

    … because that is the only way to improve living standards.   

    And the only way to drive economic growth… 

    … is to invest, invest, invest.  

    There are no shortcuts. 

    And to deliver that investment… 

    … we must restore economic stability…

    [redacted political content]

    INHERITANCE

    [redacted political content]

    … it is the first Budget in our country’s history to be delivered by a woman.  

    I am deeply proud to be Britain’s first ever female Chancellor of the Exchequer.  

    To girls and young women everywhere, I say:  

    Let there be no ceiling on your ambition, your hopes and your dreams.  

    And along with the pride that I feel standing here today… 

    … there is also a responsibility… 

    … to pass on a fairer society and a stronger economy to the next  

    generation of women.

    [redacted political content]

    A black hole in the public finances… 

    Public services on their knees…. 

    A decade of low growth. 

    And the worst parliament on record for living standards. 

    Let me begin with the public finances. 

    In July, I exposed a £22bn black hole

    [redacted political content]

    The Treasury’s reserve, set aside for genuine emergencies… 

    … spent three times over… 

    … just three months into the financial year.  

    Today, on top of the detailed document that I have provided to the House in July… 

    … the government is publishing a line by line breakdown of the £22bn black hole that we inherited… 

    It shows hundreds of unfunded pressures on the public finances… 

    … this year, and into the future too.  

    The Office for Budget Responsibility have published their own review of the circumstances around the Spring Budget forecast.  

    They say that the previous government – and I quote – “did not provide the OBR with all the [available] information to them”… 

    … and – had they known about these “undisclosed spending pressures that have since come to light”… 

    … then their Spring Budget forecast for spending would have been, and I quote again: “materially different”.  

    Let me be clear: that means any comparison between today’s forecast and the OBR’s March forecast is false… 

    … because the party opposite hid the reality of their public spending plans. 

    Yet at the very same budget… 

    … they made another ten billion pounds worth of cuts to National Insurance.

    [redacted political content]

    That’s why today, I can confirm that we will implement in full… 

    … the 10 recommendations from the independent Office for Budget Responsibility’s review. 

    But, the country has inherited not just broken public finances… 

    … but broken public services too. 

    The British people can see and feel that in their everyday lives. 

    NHS waiting lists at record levels. 

    Children in portacabins as school roofs crumble. 

    Trains that do not arrive. 

    Rivers filled with polluted waste.  

    Prisons overflowing. 

    Crimes which are not investigated… 

    … and criminals who are not punished.  

    That is the country’s inheritance

    Since 2021, there had been no detailed plans for departmental spending set out beyond this year.  

    And [redacted political content] plans relied on a baseline for spending this year which we now know was wrong… 

    … because it did not take into account the £22bn black hole.  

    The previous government also failed to budget for costs which they knew would materialise.  

    That includes funding for vital compensation schemes…  

    … for victims of two terrible injustices…

    [redacted political content]

    … the infected blood scandal… 

    … and the Post Office Horizon scandal.  

    The Leader of the Opposition rightly made an unequivocal apology for the injustice of the infected blood scandal on behalf of the British state… 

    … but he did not budget for the costs of compensation.  

    Today, for the very first time, we will provide specific funding to compensate those infected and those affected, in full… 

    … with £11.8bn in this budget. 

    And I am also today setting aside £1.8bn to compensate victims of the Post Office Horizon scandal… 

    … redress that is long overdue for the pain and injustice that they have suffered.

    [redacted political content]

    … and we will restore stability to our country again. 

    The scale and seriousness of the situation that we have inherited cannot be underestimated. 

    Together, the hole in our public finances this year, which recurs every year… 

    … the compensation schemes that they did not fund… 

    … and their failure to assess the scale of the challenges facing our public services… 

    … means this budget raises taxes by £40bn. 

    Any Chancellor standing here today would have to face this reality. 

    And any responsible Chancellor would take action. 

    That is why today, I am restoring stability to our public finances… 

    … and rebuilding our public services.  

    FISCAL RULES / OBR FORECASTS 

    Economy forecast/growth 

    As a former economist at the Bank of England, I know what it means to respect our economic institutions.  

    I want to put on record my thanks to the Governor of the Bank, Andrew Bailey…  

    … and to the independent Monetary Policy Committee. 

    Today, I can confirm that we will maintain the MPC’s target of two per cent inflation, as measured by the 12-month increase in the Consumer Prices Index. 

    I want to thank James Bowler, the Permanent Secretary to the Treasury, and my team of officials. 

    Madam Deputy Speaker, I would also like to thank my predecessors as Chancellor of the Exchequer… 

    … for their wise counsel as I have prepared for this Budget.

    [redacted political content]

    Finally, I want to thank Richard Hughes and his team at the Office for Budget Responsibility for their work in preparing today’s economic and fiscal outlook. 

    Let me now take the House through that forecast. 

    The cost of living crisis under the last government stretched household finances to their limit, with inflation hitting a peak of above 11%.  

    Today, the OBR say that CPI inflation will average 2.5% this year, 2.6% in 2025, then 2.3% in 2026, 2.1% in 2027, 2.1% in 2028 and 2.0% in 2029.  

    Next, I move on to economic growth.  

    Today’s budget marks an end to short-termism.  

    So I am pleased, that for the first time, the OBR have published not only five year growth forecasts… 

    … but a detailed assessment of the growth impacts of our policies over the next decade, too… 

    … and the new Charter for Budget Responsibility, which I am publishing today, confirms that this will become a permanent feature of our framework. 

    The OBR forecast that real GDP growth will be 1.1% in 2024, 2.0% in 2025, 1.8% in 2026, 1.5% in 2027, 1.5% in 2028 and 1.6% in 2029. 

    And the OBR are clear: this Budget will permanently increase the supply capacity of the economy…

    [redacted political content]

    … boosting long-term growth. 

    Every Budget I deliver will be focused on our mission to grow the economy. 

    And underpinning that mission are the seven key pillars of our growth strategy… 

    … developed and delivered alongside business…  

    … all driven forward by our Financial Secretary to the Treasury.   

    First, and most important, is to restore economic stability. That is my focus today. 

    Second, increasing investment and building new infrastructure is vital for productivity, so we are catalysing £70bn of investment through our National Wealth Fund… 

    … and we are transforming our planning rules to get Britain building again. 

    Third, to ensure that all parts of the UK can realise their potential… 

    … we are working with the devolved governments… 

    … and partnering with our Mayors to develop local growth plans.  

    Fourth, to improve employment prospects and skills we are creating Skills England, delivering our plans to Make Work Pay and tackling economic inactivity.  

    Fifth, we are launching our long-term modern industrial strategy and expanding opportunities for our small and medium sized businesses to grow. 

    Sixth, to drive innovation we are protecting record funding for research and development to harness the full potential of the UK’s science base.  

    And finally, to maximise the growth benefits of our clean energy mission, we have confirmed key investments such as Carbon Capture and Storage to create jobs in our industrial heartlands. 

    Our approach is already having an impact. 

    Just two weeks ago – we delivered an International Investment Summit which saw businesses commit £63.5bn of investment into this country… 

    … creating nearly 40,000 jobs across the United Kingdom.

    [redacted political content]

    Economic growth will be our mission for the duration of this parliament.  

    Stability rule 

    Madam Deputy Speaker, in our manifesto, we set out the fiscal rules that would guide this government. 

    I am confirming those today… 

    Our stability rule… 

    And our investment rule… 

    The “stability rule” means that we will bring the current budget into balance… 

    … so that we do not borrow to fund day to day spending. 

    We will meet this rule in 2029-30, until that becomes the third year of the forecast.  

    From then on, we will balance the current budget in the third year of every budget, held annually each autumn. 

    That will provide a tougher constraint on day to day spending… 

    … so difficult decisions cannot be constantly delayed or deferred.  

    The OBR say that the current budget will be in deficit by £26.2bn in 2025-26 and £5.2bn in 2026-27… 

    … before moving into surplus of £10.9bn in 2027-28, £9.3bn in 2028-29 and £9.9bn in 2029-30… 

    … meeting our stability rule… 

    … two years early.  

    Monthly public sector finances data shows that government borrowing in the first six months of this year… 

    … was already running significantly higher than the OBR’s March forecast. 

    And so the OBR confirmed today, that borrowing in this financial year is now £127bn…

    [redacted political content]

    The increase in the net cash requirement in 24-25 is lower than the increase in borrowing, at £22.3bn higher than the spring forecast.  

    Because of the action that we are taking… 

    … borrowing falls from 4.5% of GDP this year to 2.1% of GDP by the end of the forecast. 

    Public sector net borrowing will be £105.6bn in 2025-26, £88.5bn in 2026-27, £72.2bn in 2027-28, £71.9bn in 2028-29 and £70.6bn in 2029-2930. 

    FIXING THE FOUNDATIONS 

    Spending  

    Madam Deputy Speaker, before I come to tax… 

    … it is vital that we are driving efficiency and reducing wasteful spending. 

    In July, to begin delivering, and dealing with our inheritance… 

    … I made £5.5bn of savings this year.  

    Today we are setting a 2% productivity, efficiency and savings target for all departments to meet next year… 

    … by using technology more effectively and joining up services across government 

    As set out in our manifesto, I will shortly be appointing our Covid Corruption Commissioner, they will lead our work to uncover those companies that used a national emergency to line their own pockets. 

    Because that money belongs in our public services. And taxpayers want that money back.  

    And I can confirm today that David Goldstone has been appointed as the Chair of the new Office for Value for Money…  

    … to help us realise the benefits from every pound of public spending. 

    Welfare 

    Today, I am also taking three steps to ensure that welfare spending is more sustainable.  

    First, we inherited [redacted political content] plans to reform the Work Capability Assessment.  

    We will deliver those savings…  

    …as part of our fundamental reforms to the health and disability benefits system that my Right Honourable Friend the Work and Pensions Secretary will bring forward. 

    Second, I can today announce a crackdown on fraud in our welfare system… 

    … often the work of criminal gangs.  

    We will expand DWP’s counter-fraud teams.. 

    … using innovative new methods to prevent illegal activity…  

    … and provide new legal powers to crackdown on fraudsters… 

    … including direct access to bank accounts to recover debt. 

    This package saves £4.3bn a year by the end of the forecast. 

    Third, the government will shortly be publishing the “Get Britain Working” white paper…  

    … tackling the root causes of inactivity with an integrated approach across health, education and welfare.  

    … and we will provide £240m for 16 trailblazer projects… 

    … targeted at those who are economically inactive and most at risk of being out of education, employment or training… 

    … to get people into work and reduce the benefits bill.  

    Tax avoidance 

    Before a government could consider any change to a tax rate or threshold… 

    … it must ensure that people pay what they already owe. 

    So we will invest to modernise HMRC’s systems using the very best technology… 

    … and recruit additional HMRC compliance and debt staff. 

    We will clamp down on those umbrella companies who exploit workers… 

    … increase the interest rate on unpaid tax debt to ensure that people pay on time… 

    … and go after promoters of tax avoidance schemes. 

    These measures to reduce the tax gap raise £6.5bn by the end of the forecast… 

    … and I want to thank the Exchequer Secretary for his outstanding work on this agenda. 

    PROTECTING WORKING PEOPLE 

    Madam Deputy Speaker, I know that for working people up and down our country… 

    … family finances are stretched… 

    … and pay checks don’t go as far as they once did. 

    So today, I am taking steps to support people with the cost of living. 

    Cost of living

    [redacted political content]

    As promised in our manifesto, we asked the Low Pay Commission to take account of the cost of living for the first time.  

    I can confirm that we will accept the Low Pay Commission recommendation to increase the National Living Wage by 6.7% to £12.21 an hour… 

    … worth up to £1,400 a year for a full-time worker. 

    And for the first time, we will move towards a single adult rate…  

    … phased in over time…  

    … by initially increasing the National Minimum Wage for 18-20 year olds by 16.3% as recommended by the Low Pay Commission… 

    … taking it to £10 an hour.

    [redacted political content]

    Second, I have heard representations from colleagues across this house about the Carer’s Allowance… 

    … and the impact of the current policy on carers looking to increase the hours they work… 

    … including from the Honourable member for Shipley, the Honourable member for Scarborough and Whitby and the Rt Hon Member for Kingston and Surbiton, too. 

    Carer’s allowance currently provides up to £81.90 per week to help those with additional caring responsibilities.  

    Today, I can confirm that we are increasing the weekly earnings limit to the equivalent of 16 hours at the National Living Wage per week… 

    … the largest increase in Carer’s Allowance since it was introduced in 1976.  

    That means a carer can now earn over £10,000 a year while receiving Carer’s Allowance… 

    … allowing them to increase their hours where they want to… 

    … and keep more of their money. 

    I am also concerned about the cliff-edge in the current system and the issue of overpayments. 

    My Right Honourable Friend the Work and Pensions Secretary has announced an independent review to look at the issue of overpayments, and we will work across this house to develop the right solutions. 

    Third, we will provide £1bn from next year to extend the Household Support Fund and Discretionary Housing Payments, to help those facing financial hardship with the cost of essentials.  

    Fourth, having heard representations from the Joseph Rowntree Foundation, Trussell and others… 

    … to reduce the level of debt repayments that can be taken from a household’s Universal Credit payment each month… 

    … by reducing it from 25% to 15% of their standard allowance. 

    This means that 1.2 million of the poorest households will keep more of their award each month… 

    … lifting children out of poverty…  

    … and those who benefit will gain an average of £420 a year. 

    Madam Deputy Speaker, our Plan to Make Work Pay will also protect working people.

    [redacted political content]

    It is right that we protect those who have worked their whole lives.  

    In our manifesto, we promised to transfer the Investment Reserve Fund in the Mineworkers’ Pension Scheme to members… 

    … and I have listened closely to my Honourable Friends for Easington, Doncaster Central, Blaenau Gwent, and Ayr, Carrick and Cumnock on this issue. 

    Today we are keeping our promise…  

    … so that working people who powered our country receive the fair pension that they are owed. 

    Our manifesto committed to the Triple Lock… 

    … meaning spending on the State Pension is forecast to rise by over £31bn by 2029-30… 

    … to ensure that our pensioners are protected in their retirement.  

    This commitment means that while working age benefits will be uprated in line with CPI, at 1.7%… 

    … the basic and new State Pension… 

    … will be uprated by 4.1% in 2025-26. 

    This means that over 12 million pensioners will gain up to £470 next year… 

    … up to £275 more than if uprated by inflation.  

    The Pension Credit Standard Minimum Guarantee will also rise by 4.1%…  

    … from around £11,400 per year to around £11,850 for a single pensioner.  

    Fuel duty 

    While I have sought to protect working people with measures to reduce the cost of living… 

    … I have had to take some very difficult decisions on tax. 

    I want to set out my approach to fuel duty.  

    Baked into the numbers that I inherited from the previous government… 

    … is an assumption that fuel duty will rise by RPI next year… 

    … and that the temporary 5p cut will be reversed.  

    To retain the 5p cut… 

    … and to freeze fuel duty again… 

    … would cost over £3bn next year.  

    At a time when the fiscal position is so difficult…  

    … I have to be frank with the House that this is a substantial commitment to make. 

    I have concluded… 

    … that in these difficult circumstances… 

    … while the cost of living remains high… 

    … and with a backdrop of global uncertainty… 

    … increasing fuel duty next year… 

    … would be the wrong choice for working people. 

    It would mean fuel duty rising by 7p per litre. 

    So, I have today decided to freeze fuel duty next year… 

    … and I will maintain the existing 5p cut for another year, too. 

    There will be no higher taxes at the petrol pumps next year.

    Madam Deputy Speaker, the last government made cuts of £20bn to employees’ and self-employed national insurance in their final two budgets.

    [redacted political content]

    Because we now know they were based on a forecast which the OBR say would have been “materially different”… 

    … had they known the true extent of the last government’s cover-up.   

    Since July, I have been urged on multiple occasions to reconsider these cuts.  

    To increase the taxes that working people pay and see in their payslips. 

    But I have made an important choice today: 

    To keep every single commitment that we made on tax in our manifesto.  

    So I say to working people: 

    I will not increase your National Insurance… 

    …I will not increase your VAT… 

    …And I will not increase your income tax. 

    Working people will not see higher taxes in their payslips as a result of the choices I make today. 

    That is a promise made – and a promise fulfilled. 

    TAX 

    But any responsible Chancellor would need to take difficult decisions today. 

    To raise the revenues required to fund our public services. 

    And to restore economic stability.  

    So in today’s Budget, I am announcing an increase in Employers’ National Insurance Contributions.  

    We will increase the rate of Employers’ National Insurance by 1.2 percentage points, to 15%, from April 2025.  

    And we will reduce the Secondary Threshold – the level at which employers start paying national insurance on each employee’s salary – from £9,100 per year to £5,000.  

    This will raise £25bn per year by the end of the forecast period.  

    I know that this is a difficult choice. 

    I do not take this decision lightly.  

    We are asking business to contribute more… 

    … and I know that there will be impacts of this measure felt beyond businesses, too… 

    … as the OBR have set out today. 

    But in the circumstances that I have inherited, it is the right choice to make.  

    Successful businesses depend on successful schools. 

    Healthy businesses depend on a healthy NHS.  

    And a strong economy depends on strong public finances.

    [redacted political content]

    That is the choice our country faces too.  

    As I make this choice, I know it is particularly important to protect our smallest companies.  

    So having heard representations from the Federation of Small Businesses and others… 

    … I am today increasing the Employment Allowance from £5,000 to £10,500. 

    This means 865,000 employers won’t pay any National Insurance at all next year… 

    … and over 1 million will pay the same or less than they did previously. 

    This will allow a small business to employ the equivalent of 4 full time workers on the National Living Wage… 

    … without paying any National Insurance on their wages. 

    Madam Deputy Speaker, let me come now to capital gains tax. 

    We need to drive growth, promote entrepreneurship, and support wealth creation… 

    … while raising the revenue required to fund our public services… 

    … and restore our public finances.  

    Today, we will increase the lower rate of Capital Gains Tax from 10% to 18%, and the Higher Rate from 20% to 24%… 

    … while maintaining the rates of capital gains tax on residential property at 18% and 24%, too.  

    This means the UK will still have the lowest Capital Gains Tax rate of any European G7 economy. 

    Alongside these changes to the headline rates of Capital Gains Tax… 

    … we are maintaining the lifetime limit for Business Asset Disposal Relief at £1m… 

    … to encourage entrepreneurs to invest in their businesses.   

    Business Asset Disposal Relief will remain at 10% this year… 

    … before rising to 14% in April 2025… 

    … and 18% from 2026-27… 

    … maintaining a significant gap compared to the higher rate of Capital Gains Tax.  

    Together, the OBR say these measures will raise £2.5bn by the end of the forecast. 

    In a sign of this government’s commitment to supporting growth and entrepreneurship… 

    …we have already extended the Enterprise Investment Scheme and Venture Capital Trust schemes to 2035… 

    … and we will continue to work with leading entrepreneurs and venture capital firms… 

    … to ensure our policies support a positive environment for entrepreneurship in the UK. 

    Next, inheritance tax. 

    Only 6% of estates will pay inheritance tax this year. 

    I understand the strongly held desire to pass down savings to children and grandchildren. 

    So I am taking a balanced approach in my package today. 

    First, the previous government froze inheritance tax thresholds until 2028. I will extend that freeze for a further two years, until 2030. 

    That means the first £325,000 of any estate can be inherited tax-free… 

    … rising to £500,000 if the estate includes a residence passed to direct descendants…. 

    … and £1m when a tax free allowance is passed to a surviving spouse or civil partner. 

    Second, we will close the loophole created by the previous government… 

    … made even bigger when the Lifetime Allowance was abolished… 

    … by bringing inherited pensions into inheritance tax from April 2027. 

    Finally, we will reform Agricultural Property Relief and Business Property Relief.  

    From April 2026, the first £1m of combined business and agricultural assets will continue to attract no inheritance tax at all… 

    … but for assets over £1m, inheritance tax will apply with 50% relief, at an effective rate of 20%. 

    This will ensure we continue to protect small family farms… 

    … and three-quarters of claims will be unaffected by these changes. 

    I can also announce that we will apply a 50% relief, in all circumstances, on inheritance tax for shares on the Alternative Investment Market (AIM) and other similar markets… 

    … setting the effective rate of tax at 20%. 

    Taken together, these measures raise over £2bn in the final year of the forecast. 

    Next, I can confirm that the government will renew the Tobacco Duty escalator for the remainder of this Parliament at RPI+2%… 

    … increase duty by a further 10% on hand-rolling tobacco this year… 

    … introduce a flat rate duty on all vaping liquid from October 2026… 

    … alongside an additional one off- increase in tobacco duty to maintain the incentive to give up smoking. 

    And we will increase the Soft Drinks Industry Levy to account for inflation since it was introduced… 

    …  as well as increasing the duty in line with CPI each year going forward. 

    These measures will raise nearly £1bn per year by the end of the forecast period. 

    Madame Deputy Speaker, we want to support the take-up of electric vehicles. 

    So I will maintain incentives for electric vehicles in Company Car Tax from 2028… 

    … and increase the differential between fully electric and other vehicles in the first year rates of Vehicle Excise Duty from April 2025. 

    These measures will raise around £400m by the end of the forecast period. 

    Madam Deputy Speaker let me update the House on our plans for Air Passenger Duty…

    [redacted political content]

    Air Passenger Duty has not kept up with inflation in recent years… 

    … so we are introducing an adjustment… 

    … meaning an increase of no more than £2 for an economy class short-haul flight.  

    But I am taking a different approach when it comes to private jets…  

    … increasing the rate of Air Passenger Duty by a further 50%.

    [redacted political content]

    These measures will raise over £700m by the end of the forecast period. 

    Madam Deputy Speaker, let me turn now to our high street businesses.  

    I know that for them, a major source of concern is business rates.  

    From 2026-27, we intend to introduce two permanently lower tax rates for retail, hospitality and leisure properties which make up the backbone of high streets across the country… 

    … and it is our intention that is paid for by a higher multiplier for the most valuable properties.

    [redacted political content]

    So I will today provide 40% relief on business rates for the retail, hospitality and leisure industry in 2025-26… 

    … up to a cap of £110,000 per business. 

    Alongside this, the small business tax multiplier will be frozen next year.  

    Next, I can confirm that alcohol duty rates on non-draught products will increase in line with RPI from February next year… 

    … but nearly two-thirds of alcoholic drinks sold in pubs are served on draught. 

    So today, instead of uprating these products in line with inflation… 

    … I am cutting draught duty by 1.7%… 

    … which means a penny off a pint in the pub. 

    Alongside the changes I am making today, I am publishing a Corporate Tax Roadmap.. 

    … providing the business certainty called for by the CBI, British Chambers of Commerce and the Institute for Directors. 

    This confirms our commitment to cap the rate of Corporation Tax at 25% – the lowest in the G7 –  for the duration of this parliament…. 

    … while maintaining full expensing and the £1 million Annual Investment Allowance… 

    …and keeping the current rates of research and development reliefs, to drive innovation. 

    Manifesto 

    Madam Deputy Speaker, in our manifesto we made a number of commitments to raise funding for our public services.  

    First, I have always said that if you make Britain your home, you should pay your tax here. 

    So today, I can confirm… 

    … we will abolish the non-dom tax regime… 

    … and remove the outdated concept of domicile from the tax system from April 2025. 

    We will introduce a new, residence based scheme… 

    … with internationally competitive arrangements for those coming to the UK on a temporary basis… 

    … while closing the loopholes in the scheme designed by the party opposite. 

    To further encourage investment into the UK, we will also extend the Temporary Repatriation Relief to three years and expand its scope… 

    … bringing billions of pounds of new funds into Britain. 

    The independent Office for Budget Responsibility say that this package of measures will raise £12.7bn over the next five years.  

    Next, the fund management industry provides a vital contribution to our economy… 

    …  but as our manifesto set out, there needs to be a fairer approach to the way carried interest is taxed.  

    So we will increase the Capital Gains Tax rates on carried interest to 32% from April 2025… 

    … and – from April 2026 – we will deliver further reforms to ensure that the specific rules for carried interest are simpler, fairer and better targeted. 

    In our manifesto we committed to reforming stamp duty land tax to raise revenue while supporting those buying their first home.  

    We are increasing the stamp-duty land tax surcharge for second-homes… 

    …known as the “Higher Rate for Additional Dwellings”… 

    … by 2 percentage points, to 5%, which will come into effect from tomorrow.  

    This will support over 130,000 additional transactions from people buying their first home, or moving home over, the next five years. 

    Next, we committed to reform the Energy Profits Levy on oil and gas companies. 

    I can confirm today that we will increase the rate of the levy to 38%, which will now expire in March 2030… 

    … and we will remove the 29% investment allowance. 

    To ensure the oil and gas industry can protect jobs and support our energy security… 

    … we will maintain the 100% first year allowances and the decarbonisation allowances too.  

    Finally, 94% of children in the UK attend state schools. 

    To provide the highest quality of support and teaching that they deserve… 

    … we will introduce VAT on private school fees from January 2025… 

    … and we will shortly introduce legislation to remove their business rates relief from April 2025, too.  

    We said in our manifesto that these changes… 

    … alongside our measures to tackle tax avoidance… 

    … would bring in £8.5bn by the final year of the forecast. 

    I can confirm today that they will in fact raise over £9bn… 

    … to support our public services and restore our public finances. 

    That is a promise made – and a promise fulfilled. 

    Madam Deputy Speaker, I have one final decision to take on tax today. 

    The previous government froze income tax and National Insurance thresholds in 2021… 

    … and then they did so again after the mini-budget. 

    Extending their threshold freeze for a further two years raises billions of pounds.  

    Money to deal with the black hole in our public finances…  

    … and repair our public services.  

    Having considered this issue closely… 

    … I have come to the conclusion… 

    … that extending the threshold freeze… 

    … would hurt working people. 

    It would take more money out of their payslips.

    I am keeping every single promise on tax that I made in our manifesto. 

    So there will be no extension of the freeze in income tax and National Insurance thresholds beyond the decisions of the previous government.  

    From 2028-29, personal tax thresholds will be uprated in line with inflation once again.

    When it comes to choices on tax, this government chooses to protect working people every single time.  

    SPENDING 

    Madam Deputy Speaker, these are the choices I have made. 

    To restore economic stability. 

    And to protect working people.  

    The next choice I make is to begin to repair our public services.  

    In recent months, we have conducted the first phase of the Spending Review… 

    … to set departmental budgets for 2024-25 and 2025-26… 

    … and I want to thank my Right Honourable Friend the Chief Secretary to the Treasury for his tireless work with colleagues from across government.  

    Because I have taken difficult decisions on tax today… 

    … I am able to provide an injection of immediate funding over the next two years… 

    … to stabilise and to support our public services.  

    The next phase of the Spending Review will report in late Spring, and I have set the overall envelope today. 

    Day to day spending from 2024-25 onwards will grow by 1.5% in real terms… 

    … and total departmental spending, including capital spending, will grow by 1.7% in real terms. 

    At the election we promised there would be no return to austerity.  

    Today we deliver on that promise. 

    But given the scale of the challenges that are facing our public services… 

    … that means there will still be difficult choices in the next phase of the Spending Review. 

    Just as we cannot tax and spend our way to prosperity… 

    … nor can we simply spend our way to better public services.  

    So we will deliver a new approach to public service reform… 

    … using technology to improve public services… 

    … and taking a zero-based approach… 

    … so that taxpayers’ money is spent as effectively as possible…  

    … and so that we focus on delivering our key priorities.  

    Spending Review: Phase 1 

    In the first phase of the Spending Review… 

    … I have prioritised day-to-day funding to deliver on our manifesto commitments. 

    I want every child to have the best start in life… 

    … and the best possible start to the school day, too… 

    … and I know my Right Honourable Friend the Education Secretary shares my ambition.  

    So I am today tripling investment in breakfast clubs to fund them in thousands of schools.  

    I am increasing the core schools budget by £2.3bn next year… 

    … to support our pledge to hire thousands more teachers into key subjects.   

    So that our young people can develop the skills that they need for the future… 

    … I am providing an additional £300m for further education. 

    And finally, this government is committed to reforming special educational needs provision… 

    … to improve outcomes for our most vulnerable children and ensure the system is financially sustainable. 

    To support that work, I am today providing a £1bn uplift in funding, a 6% real terms increase from this year.  

    There is no more important job for government than to keep our country safe, and we are conducting a Strategic Defence Review to be published next year. 

    And as set out in our manifesto, we will set a path to spending 2.5% of GDP on defence at a future fiscal event. 

    Today, I am announcing a total increase to the Ministry of Defence’s Budget of £2.9bn next year… 

    … ensuring the UK comfortably exceeds our NATO commitments…  

    … and providing guaranteed military support to Ukraine of £3bn per year, for as long as it takes. 

    Last week, alongside my Right Honourable Friend the Defence Secretary, I announced, in addition to this, further support to Ukraine – on top of our NATO commitment…  

    … through our £2.26bn contribution to the G7’s Extraordinary Revenue Acceleration agreement… 

    … repaid using profits from immobilised Russian sovereign assets. 

    And as we approach Remembrance Sunday…  

    … it is vital that we take time to remember those who have served our country so bravely.  

    So I am today announcing funding to commemorate the 80th anniversary of VE and VJ day next year… 

    … to honour those who have served at home and abroad. 

    We must also remember those who experienced the atrocities of the Nazi regime first hand.  

    I would like to pay tribute to Lily Ebert, the Holocaust Survivor and educator who passed away aged 100 earlier this month.  

    I am today committing a further £2m to holocaust education next year… 

    … so that charities like the Holocaust Educational Trust, can continue their work to ensure these vital testimonies are not lost and are preserved for the future. 

    Madam Deputy Speaker, to repair our public services we also need to work alongside our mayors and our local leaders. 

    We will deliver a significant real-terms funding increase for local government next year…  

    … including £1.3bn of additional grant funding to deliver essential services… 

    … with at least £600m in grant funding for social care…  

    … and £230m to tackle homelessness and rough sleeping 

    We are today confirming that Greater Manchester and the West Midlands will be the first mayoral authorities to receive integrated settlements from next year… 

    … giving Mayors meaningful control of the funding for their local areas. 

    * 

    And to support our local high streets… 

    … we are taking action to deal with the sharp rise in shoplifting we have seen in recent years. 

    We will scrap the effective immunity for low-value shoplifting introduced by the party opposite. 

    And having listened closely to organisations like the British Retail Consortium and USDAW… 

    … I am providing additional funding to crack down on the organised gangs which target retailers… 

     … and to provide more training to our police officers and retailers to help stop shoplifting in its tracks.  

    Finally, I am today providing funding to support public services and drive growth across Scotland, Wales and Northern Ireland.  

    Having discussed the matter with the First Minister of Wales, Eluned Morgan, and my HFs for Llanelli and Pontypridd… 

    … I am providing a £25m to the Welsh Government next year for the maintenance of coal tips to ensure we keep our communities safe.  

    And to support growth, including in our rural areas, we will proceed with City and Growth Deals in Northern Ireland… 

    … in Causeway Coast and Glens; and Mid-South West.

    And we will drive growth in Scotland [redacted political content] including a City and growth Deal in Argyll and Bute.

    This budget provides the devolved governments with the largest real-terms funding settlement since devolution… 

    … delivering an additional £3.4 billion for the Scottish Government through the Barnett formula… 

    … funding which must now be spent effectively to improve public services in Scotland.  

    This budget also provides £1.7 billion to the Welsh Government… 

    …  and £1.5 billion to the Northern Ireland Executive in 2025-26. 

    I said there would be no return to austerity, and that is the choice I have made today.  

    REBUILDING BRITAIN 

    Madam Deputy Speaker, to rebuild our country we need to increase investment. 

    The UK lags behind every other G7 country when it comes to business investment as a share of our economy. 

    That matters.  

    It means the UK has fallen behind in the race for new jobs… 

    … new industries… 

    … and new technology.  

    By restoring economic stability… 

    … and by establishing the National Wealth Fund to catalyse private funding… 

    … we have begun to create the conditions that businesses need to invest.  

    But there is also a significant role for public investment.

    Hospitals without the equipment they need.  

    School buildings not fit for our children.  

    A desperate lack of affordable housing. 

    Economic growth held back at every turn.  

    Under the plans I inherited… 

    … public investment was set to fall from 2.5% to 1.7% of GDP.  

    But in Washington last week, the International Monetary Fund were clear:  

    More public investment is badly needed in the UK.  

    So today, having listened to the case made by the former Governor of the Bank of England, Mark Carney… 

    … former Treasury Minister, Jim O’Neill… 

    … and the former Cabinet Secretary, Gus O’Donnell… 

    … among others…  

    … I am confirming our investment rule.  

    As set out in our manifesto, we will target debt falling as a share of the economy. 

    Debt will be defined as Public Sector net Financial Liabilities, or “net financial debt”, for short… 

    … a metric that has been measured by the Office for National Statistics since 2016… 

    … and forecast by the Office for Budget Responsibility since that date too. 

    “Net financial debt” recognises that government investment delivers returns for taxpayers…  

    … by counting not just the liabilities on a government’s balance sheet, but the financial assets too. 

    This means that we count the benefits of investment, not just the costs… 

    And we free up our institutions to invest… 

    … just as they do in Germany, France and Japan.  

    Like our stability rule, our investment rule will apply in 2029-2030… 

    … until that becomes the third year of the forecast. 

    From that point onwards, net financial debt will fall in the third year of every forecast. 

    Today, the OBR say that we are already meeting our target two years early… 

    … with “net financial debt” falling by 2027-28…  

    … with £15.7bn of headroom in the final year. 

    So that we drive the right incentives in government investments… 

    … we will introduce four key guardrails to ensure capital spending is good value for money and drives growth in our economy.  

    First, our portfolio of new financial investments will be delivered by expert bodies like the National Wealth Fund which must, by default, earn a rate of return at least as large as that on gilts.  

    Second, we will strengthen the role of institutions to improve infrastructure delivery.  

    Third, we will improve certainty, setting capital budgets for five years and extending them at every spending review every two years. 

    Finally, we will ensure there is greater transparency for capital spending, with robust annual reporting of financial investments… 

    … based on accounts audited by the National Audit Office… 

    … and made available to the Office for Budget Responsibility at every forecast. 

    Taken together with our stability rule… 

    …these fiscal rules will ensure that our public finances are on a firm footing… 

    … while enabling us to invest prudently alongside business. 

    Growth projects  

    The capital plans I now set out… 

    … to drive growth across our country… 

    … and repair the fabric of our nation… 

    … are only possible because of our investment rule.  

    Let me set out those investment plans. 

    Industrial strategy 

    Today we are confirming our plans to capitalise the National Wealth Fund… 

    … to invest in the industries of the future… 

    … from gigafactories, to ports to green hydrogen. 

    Building on these investments, my Right Honourable Friend the Business Secretary is driving forward our modern industrial strategy… 

    … working with businesses and organisations like Make UK… 

    … to set out the sectors with the biggest growth potential. 

    Today, we are confirming multi-year funding commitments for these areas of our economy, including… 

    … nearly £1bn for the aerospace sector to fund vital research and development, building on our industry in the East Midlands, the South-West and Scotland… 

    … over £2 billion for the automotive sector… 

    …  to support our electric vehicle industry and develop our manufacturing base… 

    … building on our strengths in the North East and the West Midlands… 

    And up to £520m for a new Life Sciences Innovative Manufacturing Fund. 

    For our world-leading creative industries…  

    … we will legislate to provide additional tax relief for visual effect costs in TV and film… 

    .. and we are providing £25m for the North East Combined Authority… 

    … which they plan to use to remediate the Crown Works Studio site in Sunderland… 

    … creating 8,000 new jobs.  

    Research & Development 

    To unlock these growth industries of the future, we will protect government investment in research and development with more than £20bn worth of funding. 

    This includes at least £6.1bn to protect core research funding for areas like engineering, biotechnology and medical science… 

    …through Research England, other research councils, and the National Academies. 

    We will extend the Innovation Accelerators programme in Glasgow, in Manchester and in the West Midlands.  

    And with over £500m of funding next year, my Right Honourable Friend the Science, Technology and Innovation Secretary, will continue to drive progress in improving reliable, fast broadband and mobile coverage across our country, including in rural areas. 

    Housing 

    We committed in our manifesto to build 1.5 million homes over the course of this parliament… 

    … and my Right Honourable Friend the Deputy Prime Minister is driving that work forward across government. 

    Today, I am providing over £5bn of government investment to deliver our plans on housing next year. 

    We will increase the Affordable Homes Programme to £3.1bn…  

    … delivering thousands of new homes.  

    We will provide £3bn of support in guarantees… 

    … to boost the supply of homes and support our small housebuilders. 

    And we will provide investment to renovate sites across our country… 

    … including at Liverpool Central Docks… 

    … where we will deliver 2,000 new homes… 

    … and funding to help Cambridge realise its full growth potential.  

    Alongside this investment, we will put the right policies in place to increase the supply of affordable housing.  

    Having heard representations from local authorities, social housing providers and from Shelter…  

    … I can today confirm that the government will reduce Right to Buy Discounts… 

    … and local authorities will be able to retain the full receipts from any sales of social housing… 

    … to reinvest back into the housing stock, and into new supply.. 

    … so that we give more people a safe, secure and affordable place to live.  

    We will provide stability to social housing providers, with a social housing rent settlement of CPI+1 percent for the next five years.  

    And we will deliver on our manifesto commitment to hire hundreds of new planning officers, to get Britain building again.  

    We will also make progress on our commitment to accelerate the remediation of homes following the findings of the Grenfell Inquiry… 

    … with £1bn of investment to remove dangerous cladding next year.  

    Transport

    Working with my Right Honourable Friend the Transport Secretary, I am changing that.  

    We are today securing the delivery of the Trans-Pennine upgrade to connect York, Leeds, Huddersfield and Manchester…  

    … delivering fully electric local and regional services between Manchester and Stalybridge by the end of this year… 

    … with a further electrification of services between Church Fenton and York by 2026.… 

    … to help grow our economy across the North of England… 

    … with faster and more reliable services.  

    We will deliver East-West Rail to drive growth between Oxford, Milton Keynes and Cambridge…  

    … with the first services running between Oxford, Bletchley and Milton Keynes next year… 

    … and trains between Oxford and Bedford running from 2030.  

    We are delivering railway schemes which improve journeys for people across our country… 

    … including upgrades at Bradford Forster Square…  

    … improving capacity at Manchester Victoria… 

    … and electrifying the Wigan-Bolton line. 

    My Right Honourable Friend the Transport Secretary has also set out a plan for how to get a grip of HS2. 

    Today, we are securing delivery of the project between Old Oak Common and Birmingham… 

    … and we are committing the funding required to begin tunnelling work to London Euston station… 

    … This will catalyse private investment into the local area. 

    I am also funding significant improvements to our roads network.  

    For too long, potholes have been an all too visible reminder of our failure to invest as a nation. 

    Today, that changes… 

    … with a £500m increase in road maintenance budgets next year… 

    … more than delivering on our manifesto commitment to fix an additional one million potholes each year. 

    We will provide over £650m of local transport funding to improve connections across our country… 

    … in our towns like Crewe and Grimsby… 

    … and in our villages and rural areas, from Cornwall to Cumbria.

    … we understand how important bus services are for our communities… 

    …so we will extend the cap for a further year, setting it at £3 until December 2025. 

    Finally we will deliver £1.3bn of funding to improve connectivity in our city regions, funding projects like…  

    … the Brierley Hill Metro extension in the West Midlands… 

    … the renewal of the Sheffield Supertram… 

    … and West Yorkshire Mass Transit, including in Bradford and Leeds.  

    Energy 

    Madam Deputy Speaker, to bring new jobs to Britain and drive growth across our country… 

    … we are delivering our mission to make Britain a clean energy superpower, led by my Right Honourable Friend the Energy Secretary. 

    Earlier this month, we announced a significant multi-year investment between government and business into Carbon Capture and Storage… 

    … creating 4,000 jobs across Merseyside and Teesside. 

    Today, I am providing funding for 11 new green hydrogen projects across England, Scotland and Wales – they will be among the first commercial scale projects anywhere in the world… 

    … including in Bridgend, East Renfrewshire and in Barrow-in-Furness 

    We are kickstarting the Warm Homes Plan by confirming an initial £3.4bn over the next three years… 

    … to transform 350,000 homes… 

    … including a quarter of a million low-income and social homes. 

    And we will establish GB Energy… 

    … providing funding next year to set up GB Energy at its new home in Aberdeen. 

    Overall, we will invest an additional £100bn over the next five years in capital spending… 

    … only possible because of our investment rule.  

    The OBR say today that this will drive growth across our country in the next five years… 

    … and in the longer term increase GDP by up to 1.4%. 

    It will crowd in private investment… 

    … meaning more jobs, and more opportunities… 

    … in every corner of the UK.  

    That is the choice that I have made.  

    To invest in our country… 

    … and to grow our economy. 

    Today, I am setting out two final areas in which investment is so badly needed… 

    … to repair the fabric of our nation. 

    Schools

    [redacted political content]

    … schools roofs are crumbling….  

    … and millions of children are facing the very same backdrop as I did. 

    I will be the Chancellor that changes that.  

    So today, I am providing £6.7bn of capital investment to the Department for Education next year… 

    … a 19% real-terms increase on this year. 

    That includes £1.4bn to rebuild over 500 schools in the greatest need… 

    … including St Helen’s Primary School in Hartlepool, and Mercia Academy in Derby… 

    … and so many more across our country. 

    And we will provide a further £2.1bn to improve school maintenance, £300m more than this year… 

    … ensuring that all our children can learn somewhere safe… 

    … including dealing with RAAC affected schools in the constituencies of my HFs the members for Watford, Stourbridge, Hyndburn, and beyond.   

    Alongside investment in new teachers… 

    … and funding for thousands of new breakfast clubs… 

    … this government is giving our children and young people the opportunities that they deserve.   

    NHS 

    Madam Deputy Speaker, I come to our most cherished public service of all: our NHS.

    [redacted political content]

    In our first week in office, he commissioned an independent report into the state of our health service by Lord Darzi.  

    Its conclusions were damning.  

    While our NHS staff do a remarkable job, and we thank them for it… 

    … it is clear that, that in so many areas… 

    … we are moving in the wrong direction.  

    100,000 infants waited over 6 hours in A&E last year.  

    350,000 people are waiting a year for mental health support. 

    Cancer deaths here are higher than in other countries.  

    It is simply unforgiveable. 

    In the Spring, we will publish a 10 year plan for the NHS… 

    … to deliver a shift from hospital to community… 

    … from analogue to digital… 

    … and from sickness to prevention. 

    Today, we are announcing a downpayment on that plan…  

    …  to enable the NHS to deliver 2% productivity growth next year. 

    These reforms are vital.  

    But we should be honest.  

    The state of the NHS we inherited… 

    … after – and I quote Lord Darzi – “the most austere decade since the NHS was founded” –  

    … means reform must come alongside investment. 

    So today… 

    … because of the difficult decision that I have taken on tax, welfare and spending… 

    … I can announce… 

    … that I am providing a £22.6bn increase in the day to-day health budget… 

    … and a £3.1bn increase in the capital budget… 

    … over this year and next year. 

    This is the largest real-terms growth in day to day NHS spending outside of Covid since 2010.  

    Let me set out what this funding is delivering.  

    Many NHS buildings have been left in a state of disrepair. 

    So we will provide £1 billion of health capital investment next year to address the backlog of repairs and upgrades across the NHS.  

    To increase capacity for tens of thousands more procedures next year… 

    … we will provide a further £1.5bn… 

    … for new beds in hospitals across the country…  

    … new capacity for over a million additional diagnostic tests… 

    … and new surgical hubs and diagnostic centres … 

    … so that those people waiting for their treatment can get it as quickly as possible. 

    My Right Honourable Friend the Health Secretary will be announcing the details of his review into the New Hospital Programme in the coming weeks… 

    … and publishing in the new year… 

    … but I can tell the House today… 

    … that work will continue at pace to deliver those seven hospitals affected including… 

    … West Suffolk Hospital in Bury St Edmunds… 

    … and Leighton Hospital in Crewe.  

    And finally… 

    … because of this record injection of funding… 

    … because of the thousands of additional beds that we have secured… 

    … and because of the reforms that we are delivering in our NHS…  

    … we can now begin to bring waiting lists down more quickly… 

    … and move towards our target for waiting times no longer than 18 weeks… 

    … by delivering our manifesto commitment for 40,000 extra hospital appointments a week.

    [redacted political content]

    CLOSING 

    Madam Deputy Speaker, the choices that I have made today are the right choices for our country.  

    To restore stability to our public finances. 

    To protect working people. 

    To fix our NHS. 

    And to rebuild Britain.  

    That doesn’t mean these choices are easy. 

    But they are responsible.

    [redacted political content]

    This is a moment of fundamental choice for Britain.  

    I have made my choices.  

    The responsible choices. 

    To restore stability to our country. 

    To protect working people.  

    More teachers in our schools.  

    More appointments in our NHS.  

    More homes being built.  

    Fixing the foundations of our economy. 

    Investing in our future.  

    Delivering change.  

    Rebuilding Britain.

    We on these benches commend those choices… 

    … and I commend this Statement to the House.

    Updates to this page

    Published 30 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Identity theft: BaFin warns consumers against offers on website friheden.de

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority BaFin warns consumers against offers on website friheden.de. According to information available to BaFin, financial and investment services are being provided on this website without the required authorisation. According to the current state of knowledge, the services are not actually offered by Friheden Invest Holding ApS. It is suspected that this is a case of identity theft by unknown perpetrators.

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

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

    Please be aware:

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

    MIL OSI Economics –

  • MIL-OSI: CEO Emre Gürsoy leaves Agillic and Christian Samsø is appointed new CEO

    Source: GlobeNewswire (MIL-OSI)

    Announcement no. 08 2024
    Inside information

    Copenhagen – 30 October 2024 – Agillic A/S

    The Board of Directors of Agillic A/S (“Agillic”) informs that CEO Emre Gürsoy leaves the company, and that
    Christian Samsø is appointed new CEO of Agillic.

    Mr. Samsø has served as Chief Sales Officer and in the Management Team of Agillic since late September 2024. His previous experience includes positions as CEO of Goodiebox, CEO of CBIT and he holds a board position in MapsPeople.

    Christian Samsø will take up the position as CEO, and Emre Gürsoy will leave the company with immediate effect.

    For further information, please contact:
    Joar Welde, Chair of the Board of Directors
    Joar.Welde@vikingventure.com

    Certified Adviser
    John Norden, Norden CEF A/S

    About Agillic A/S
    Agillic is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create. automate and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark, with teams in Germany, Norway, and Romania.
    For further information, please visit www.agillic.com  

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: expert reaction to the news that UKHSA has detected the first case of Clade Ib mpox in the UK, in an individual who’d been on holiday in Africa

    Source: United Kingdom – Executive Government & Departments

    Scientists comment on news that the first case of Clade Ib Mpox has been detected in the UK. 

    Dr Brian Ferguson, Associate Professor of Immunology, University of Cambridge, said:

    “The UK Health Security Agency (UKHSA) announced today that it has detected a single confirmed human case of Clade Ib mpox in the UK.  This case is from an individual who has recently returned from travelling in countries in Africa where there are currently cases of Clade 1b mpox being found in the community.  This is an unsurprising event and likely will not be the only time this happens in the UK.  It follows discovery of similar imported cases in Germany and Sweden and other countries globally.  The close contacts of this individual are being sought and should be offered testing and vaccines in line with current policy to help reduce the chances of onward transmission.  The UK government recently purchased 150,000 doses of mpox vaccine from Bavarian Nordic to help with such efforts, although the longevity of the protection afforded by this vaccine has recently been called into question.  The clade 1b mpox is more virulent than clade 2 virus that caused the outbreak in 2022 and is causing more cases of disease in younger people than the clade 2 virus in Africa.  As such continued surveillance and early diagnosis and treatment is very important to minimise the chances of onward transmission of imported cases.”

    Prof Jonathan Ball, Deputy Vice-Chancellor, and Professor of Molecular Virology, Liverpool School of Tropical Medicine, said:

    “This is not unexpected.  There are active human to human transmission chains of Clade 1b monkeypox infections in several countries in sub-Saharan Africa, and therefore people coming into close contact with anyone infected is at risk.

    “WHO previously announced the Mpox outbreak a public health emergency of international concern in recognition of its potential for continued and potentially accelerated spread if the global community did not come together in a concerted effort to stamp out the current outbreak.  This was more recently backed up by the announcement yesterday of activation of the Global Health Emergency Corps to strengthen the response.

    “The number of cases reported outside of Africa remains low, but the ability of Clade 1b virus to spread by human to human transmission means that this issue can not be ignored.  It is unlikely that we will see extensive outbreaks in countries with well developed public health and surveillance systems, but it is a reminder that we need to do more to remove health inequalities around the world.”

    https://www.gov.uk/government/news/ukhsa-detects-first-case-of-clade-ib-mpox

    Declared interests

    Dr Brian Ferguson: “I don’t have any conflicts of interest.”

    For all other experts, no reply to our request for DOIs was received.

    MIL OSI United Kingdom –

  • MIL-OSI USA: Buckle Up: NASA-Funded Study Explores Turbulence in Molecular Clouds

    Source: NASA

    3 min read

    On an airplane, motions of the air on both small and large scales contribute to turbulence, which may result in a bumpy flight. Turbulence on a much larger scale is important to how stars form in giant molecular clouds that permeate the Milky Way.

    In a new NASA-funded study in the journal Science Advances, scientists created simulations to explore how turbulence interacts with the density of the cloud. Lumps, or pockets of density, are the places where new stars will be born. Our Sun, for example, formed 4.6 billion years ago in a lumpy portion of a cloud that collapsed.

    “We know that the main process that determines when and how quickly stars are made is turbulence, because it gives rise to the structures that create stars,” said Evan Scannapieco, professor of astrophysics at Arizona State University and lead author of the study. “Our study uncovers how those structures are formed.”

    Giant molecular clouds are full of random, turbulent motions, which are caused by gravity, stirring by the galactic arms and winds, jets, and explosions from young stars. This turbulence is so strong that it creates shocks that drive the density changes in the cloud.

    The simulations used dots called tracer particles to traverse a molecular cloud and travel along with the material. As the particles travel, they record the density of the part of the cloud they encounter, building up a history of how pockets of density change over time. The researchers, who also included Liubin Pan from Sun Yat Sen University in China, Marcus Brüggen from the University of Hamburg in Germany, and Ed Buie II from Vassar College in Poughkeepsie, New York, simulated eight scenarios, each with a different set of realistic cloud properties.  

    [embedded content]

    This animation shows the distribution of density in a simulation of a turbulent molecular cloud. The colors represent density, with dark blue indicating the least dense regions and red indicating the densest regions. Credit: NASA/E. Scannapieco et al (2024)

    The team found that the speeding up and slowing down of shocks plays an essential role in the path of the particles.  Shocks slow down as they go into high-density gas and speed up as they go into low-density gas. This is akin to how an ocean wave strengthens when it hits shallow water by the shore.   

    When a particle hits a shock, the area around it becomes more dense. But because shocks slow down in dense regions, once lumps become dense enough, the turbulent motions can’t make them any denser.  These lumpiest high-density regions are where stars are most likely to form.

    While other studies have explored molecular cloud density structures, this simulation allows scientists to see how those structures form over time. This informs scientists’ understanding of how and where stars are likely to be born.

    “Now we can understand better why those structures look the way they do because we’re able to track their histories,” said Scannapieco.

    This image shows part of a simulation of a molecular cloud. The colors represent density, with dark blue indicating the least dense regions and red indicating the densest regions. Tracer particles, represented by black dots, traverse the simulated cloud. By examining how they interact with shocks and pockets of density, scientists can better understand the structures in molecular clouds that lead to star formation.
    NASA/E. Scannapieco et al (2024)

    NASA’s James Webb Space Telescope is exploring the structure of molecular clouds. It is also exploring the chemistry of molecular clouds, which depends on the history of the gas modeled in the simulations. New measurements like these will inform our understanding of star formation.

    MIL OSI USA News –

  • MIL-OSI Europe: Written question – Investment decisions by pharmaceutical companies and their influence on health policies in the Member States – E-002237/2024

    Source: European Parliament

    23.10.2024

    Question for written answer  E-002237/2024
    to the Commission
    Rule 144
    Christine Anderson (ESN)

    According to recent media reports[1], the US pharmaceutical company Eli Lilly & Co. has allegedly made its investment of EUR 2.3 billion in Germany contingent upon a change in national legislation on the confidentiality of medicinal product prices. This practice could hamper competition in the internal market and lead to unequal market access conditions for pharmaceutical product manufacturers.

    • 1.To what extent is the Commission aware of similar cases in which pharmaceutical companies have linked their investment decisions to regulatory concessions in individual Member States, and what is its assessment of this in terms of a level playing field in the internal market?
    • 2.To what extent does the Commission see a risk of market distortion to the detriment of smaller pharmaceutical companies and certain Member States in the event that national rules on the confidentiality of pharmaceutical prices were to be introduced?
    • 3.Does the Commission intend, within the limits of its existing competences, to take measures to safeguard transparency of pharmaceutical prices in the internal market and to ensure a level playing field?

    Submitted: 23.10.2024

    • [1] https://www.tagesschau.de/investigativ/ndr-wdr/gesundheitssystem-medikamente-pharmaunternehmen-104.html
    Last updated: 30 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – The response to German border controls and potential violations of the Schengen Borders Code – E-001678/2024(ASW)

    Source: European Parliament

    30.10.2024

    The Schengen Borders Code[1], which has been thoroughly revised[2] with effect from 10 July 2024, provides in its Title III that internal borders may be crossed without border checks.

    However, Member States may reintroduce internal border controls, exceptionally and temporarily, in case of threats to public policy or national security.

    The revised framework provides for clearer deadlines and strict monitoring and reporting obligations. The Commission has stressed the importance of alternative measures to the reintroduction of internal border controls, such as joint police controls[3].

    Border checks at the internal border do not call into question the right of EU citizens to move and reside freely within the EU, under the conditions set out in Directive 2004/38/EC[4].

    EU citizens can still enter the territory upon simple presentation of a passport or of an identity card, unless there are reasons to restrict the right on grounds of public order, public security or public health.

    The Commission is currently assessing the impacts of the recently notified reintroduction of border controls by Germany. In the notification of 9 September 2024, the German authorities indicated that they would attempt to minimise the impact of controls on free movement of persons within the Schengen area without internal border controls and cross-border regions.

    The time-limits for a reintroduction of internal border controls are laid down in Article 25a of the revised Schengen Borders Code.

    For foreseeable threats, a reintroduction may be extended to a maximum of two years for the same threat, with a possible renewal of twice six months in case of a major exceptional situation with regard to a persisting serious threat.

    • [1]  OJ L 77, 23.3.2016.
    • [2]  OJ L, 2024/1717, 20.6.2024.
    • [3]  OJ L, 2024/268, 17.1.2024.
    • [4]  OJ L 158, 30.04. 2004.

    MIL OSI Europe News –

  • MIL-OSI NGOs: Hurricane Unpreparedness in the Caribbean, Disaster by Imperial Design

    Source: Council on Hemispheric Affairs –

    St. Lucia during and post Hurricane Beryl

    by Tamanisha J. John

    Toronto, Ontario

    Whenever a hurricane hits in the Caribbean, people rush to point out that it is an indicator of “disaster capitalism” and/or that “disaster capitalism” will surely come. While I agree that non-governmental organizations (NGO) and other organizations profit from disasters in the Caribbean region, and have a long history of doing so, I am less inclined to believe that “disaster capitalism” exists there unless one takes an ahistorical view. Disaster capitalism in the Caribbean can only exist in those states whose revolutions have been defeated and/or undermined, but overall, there has been no massive structural changes in these states. The region is already, and historically has been, ultra-accommodating to capitalism. Disaster capitalism refers to “the use of the shock of disastrous situations to dismantle state participation in the economy and to implant structural changes in the form of laissez-faire capitalism” (Schwartz, 2015, p. 311). To claim that disaster capitalism will come to the Caribbean region would thus indicate a marked period of state participation in the Caribbean that provided for the peoples living there.

    Instead, all states’ independence was marked by US interventions given the ideological and economic struggle of the Cold War and the neoliberal turn, which attacked state input and intervention in the market. Caribbean states’ independence was marked by debt and lack of access to capital. It occurred alongside financial institutions’ proliferation of structural adjustment policies whose implementation was necessitated for states in the region to acquire access to loaned capital (John, 2023). Though struggles for nationalizations did occur – in industries like mining, banking, insurance, and others – harsh retaliations from the US and Canada made them unsustainable (John, 2023, p. 134) – with no real reductions in foreign ownership “despite the changes in legal forms of ownership” (Thomas, 1984, p. 168-9). Thus, large foreign ownership of resource extractive industries and financial institutions remained a feature of Caribbean societies when they became independent – just as it also marked the colonial landscape in these spaces. The foreign players that controlled corporations, land, and industries in these countries did change somewhat, but this was also typical with imperial rivalries (Caribbean states themselves having been subject to multiple phases of European colonization throughout their histories).

    It was Walter Rodney, who in his 1972 text How Europe Underdeveloped Africa, put forward a critique of the thesis that capitalism had to develop prior to ushering in socialism – which was Marx’s estimation – given that this thesis went against the trajectory of capitalist development in both the Caribbean and in Africa, where the capitalist logics of extraction with disregard for these societies left them in almost permanent states of underdevelopment, that only physical and ideological anti-imperialism could rectify. One of the consequences of this underdevelopment, I argue, is the lack of hurricane preparedness. The logic of “getting people back to work” and “security” in these colonized spaces have always trumped wellbeing for the people and environment – precisely because the people in them have always been categorized as disposable, while the natural resources have been reduced to instruments for the generation of profit. This ideology was true under European empires, and now true under US hegemony in the region – where foreign imposing actors continue to have more say on preparedness, wealth distribution, land ownership, security, economic development, and entrepreneurship (innovation).

    In a Region Prone to Hurricanes, Unpreparedness is an Ideological Policy Choice

    “Hurricanes are not random phenomena. Atmospheric conditions and physics limit their movement” (Schwartz, 2015, p. xvi). In the Caribbean, the Yucatán Peninsula, the Gulf of Mexico, and the South-Eastern United States, we have come to expect a lack of preparedness whenever hurricanes strike. Though Hurricane Beryl’s strength and early formation in June was unprecedented for the Caribbean’s hurricane season, what is precedent is the lack of regional preparedness for hurricanes in a region prone to have them – no matter when these hurricanes form. Forming around June 25th it was clear that Beryl would break the record for earliest formed Category 5 hurricane by the time that it made way into the Caribbean. This was due to the unusually warm temperatures registered in both the Atlantic Ocean and the Caribbean Sea as early as March, various heatwave advisories and warnings were placed on the region acknowledging that the summer 2024 would be “hotter than usual” (Loop News 2024). When news of Beryl’s formation first spread, people expected the worst given unusually hot increases in temperatures (+4°c) for the region so early in the year.

    Making landfall as a Category 4 hurricane in one of the smaller islands of Grenada, Carriacou, on July 1st Beryl would destroy 95% of the infrastructure there before strengthening to a Category 5 hurricane. It would bring even worse devastation to a smaller island of St. Vincent and the Grenadines, Mayreu, where reports proclaim that island to have nearly been “erased from the map” (AP News 2024). In its Caribbean path, Beryl brought devastation as a Category 5 and 4 storm to Grenada, St. Vincent and the Grenadines, Dominica, Tobago and northern Venezuela, Barbados, and the southern portion of Jamaica. In its North American path, Beryl brought devastation as a Category 2 and 1 storm to Mexico’s Yucatan Peninsula, before making landfall in Texas and Louisiana. Thereafter the storm was experienced elsewhere in the form of a tropical cyclone and massive downpours of rain. Beryl eventually tapered off in Canada on July 11th where it left heavy rain that caused massive flooding (due to Canada’s neglected flood systems). Beryl’s death toll currently stands at 33, with the storm causing 6 deaths “in Venezuela, 1 in Grenada, 2 in Carriacou, 6 in St. Vincent and the Grenadines, 4 in Jamaica […] at least 11 in the Greater Houston area, 1 in Louisiana, and 2 in Vermont.” (TT Weather Center 2024)”

    Now that the storm has passed, people in impacted areas must contend with the loss of life, destruction of physical infrastructure – including homes and businesses, the lack of food and other basic products, as well as the lack of power and electricity. While contending with loss, victims of this severe weather will start to question the inability of their governments – rich or poor – to adequately address the post hurricane scenarios that they find themselves in repeatedly. This discontent with unpreparedness is now prevalent even before the hurricane season itself has ended.

    A Note on Cuba’s Hurricane Preparedness, The Importance of Ideology

    One of the most infuriating elements of hurricanes in this region is the “disaster” narratives that come after them, which falsely assert the “naturalness” of unpreparedness given the chaos of the disaster itself – when unpreparedness is, in fact, an ideological policy choice. Poorer states in this region are shackled by an unwillingness of the state to drastically deviate from “larger institutional constraints from which the logic of colonial administration derived its central purpose” and are inherited (Pérez Jr., 2001, p. 133-4).  On the other hand, richer states are shackled by their individualist ideologies which offer “vigorous critiques of government expenditure” which leave preparedness up to “market-driven, neoliberal economic policies,” that turn state and local responsibilities over “to charitable institutions, to churches, or to the victims themselves and their communities” (Schwartz, 2015, p. 300).

    When looking at states in the Western Hemisphere which frequently experience hurricanes, Cuba stands out as a state which tends to fare better in the post hurricane environment given that state’s policies of shared responsibility towards its people. This even as Cuba has been subjected to a draining embargo and sanctions which places a burden on economic growth there. Yet still, Washington maintains that Cuba’s successful hurricane response and disaster mitigation strategies amount to “the exchange of liberty for effectiveness” (Schwartz, 2015, p. 293-4). Though couched in this language of ‘liberty,’ mitigating the loss of life ensures one’s longtime enjoyment of liberty – as opposed to dying for ‘liberty’s’ sake during a hurricane (or other disasters like the COVID-19 pandemic). For example, Cuba’s hurricane preparedness in relation to the US stands out. Cuba’s disaster response compares a bit more favorably to the Federal Emergency Management Agency (FEMA). FEMA “oversaw 15 times more deaths from hurricanes than Cuba from 2005 — the year that Katrina struck New Orleans — to 2015” (Wolfe, 2021).

    This is because Cuba’s disaster preparedness is proactive, prioritizing human life and well-being given the ideological foundations of its revolution that transformed political, social, economic, and environmental relations in the country. US disaster preparedness on the other hand prioritizes profit at the expense of people – it is reactionary and reactive, often blaming victims of hurricane disasters for the lack of state preparedness.

    The Caribbean Hurricane as Natural Phenomena, the Disaster as Colonial Inheritance

    Hurricanes are not experienced equally amongst states in the Western Hemisphere. People living on Caribbean islands tend to experience the worst effects of hurricanes when they do strike, and it is also people on these same islands which tend to have less resources to recover from the impacts of a hurricane. Though Cuba’s hurricane preparedness is commendable, infrastructure and livelihoods there are still devastated by hurricanes. Many of the Caribbean islands are geographically located “in the Atlantic Hurricane Alley, [and] the region is sensitive to large-scale fluctuation of ocean patterns that are disrupted by warming seas” (Zodgekar, et. al 2023, p. 321). Additionally, populations and infrastructure on these islands tend to be concentrated on the coast – a colonial holdover – given that European “settlements were established directly in the path of oncoming hurricanes (Pérez Jr., 2001, p. 8). Initially due to lack of knowledge, this trend remained unchanged amongst Europeans given the need to export what was being extracted from these islands using the ports developed on the coasts.

    Historically, environmental disasters (hurricanes, earthquakes, and droughts) throughout the 1600s-1900s would consolidate land amongst the wealthiest European settlers on different islands and would foil settler attempts to diversify agriculture on islands. This was because wealthy settlers could more easily recover and rebuild what was lost in the aftermath of a hurricane, due to their ability to access credit from Europe and resort to using their own fortunes (wealth and networks). On the other hand, smaller settlers unable to rebuild and recover from hurricane losses had a harder time accessing credit – and creditors within Europe viewed loaning to smaller settlers as a financial burden. If these smaller settlers were already in debt, the passing of a hurricane meant that they would either have to work off debt by giving all that they had to a creditor in Europe, or one on the island, by entering into a credit arrangement with a wealthier plantation owner (Mulcahy, 2006, p. 86-8). These losses were quite frequent, as it is known that these phenomena made it so that some European creditors in Europe would amass plantation wealth, even if they themselves had never visited a Caribbean island or formally engaged in plantation life (Mulcahy, 2006, p. 87-8).

    These dynamics, in part, explain the predominance of the cultivation of sugar (and rice in what would become the South-Eastern United States) within the region, and even then, “plantership […] necessitated deep pockets (or strong credit) to survive its constant and rapid fluctuations” (Mulcahy, 2006, p. 66). “Without access to credit, smaller farmers were forced to sell their lands to wealthier and more secure planters, who thereby expanded their landholdings and production capabilities” (Mulcahy, 2006, p. 86). This consolidation of larger and wealthier plantations also made other concerns arise, namely the depopulation of settlers from the islands, as debtors opted to leave in the aftermath of storms, and later the transfers of estates to owners outside of the colonies (Mulcahy, 2006, p. 86-7). In essence, settlers’ decision to flee in the wake of, or after, a hurricane shaped population dynamics and demographics in colonies. They also shaped the lack of hurricane preparedness in colonies. Wealthier planters on the islands, and Europeans in Europe, who could suffer from hurricane losses (hurricanes themselves not being guaranteed every season), rebuild afterwards, and recover previous losses given the profit from plantation trade goods – had less incentives to plan ahead if they were not as risk of losing everything they had amassed in their life after a hurricane.

    In smaller island states’, where plantation systems were heavily disrupted or stunted in growth due to geography of the land (especially in the Lesser Antilles), even fewer attempts were made to develop any infrastructure which could protect against storms (Mulcahy, 2006). To be clear, this does not mean that these landscapes were spared from destruction which made the impacts of hurricanes worse: deforestation, overgrazing, and over-cultivation of Caribbean islands during centuries of European colonialism that included dispossession of indigenous groups and the enslavement of Africans, also impacted how hurricanes came to be experienced. While planter consolidation, rebuilding, and profits have so far been underscored here – the elephant in the room is that all of this occurred alongside the massive death toll of enslaved Africans who suffered the most both during and after the passage of a hurricane. Outside of the high death tolls for enslaved Africans on the islands, once a hurricane passed, the ultimate goal in the colonies became the reestablishment of ‘law-and-order’ given fears of slave revolt in the wake of destruction (Mulcahy, 2006; Schwartz, 2015). Although slave-revolts post hurricane remained a consistent fear of settlers, slave revolts did not occur after a hurricane due to its disproportionate toll on enslaved populations who were “often the most debilitated by the shortage of food and the diseases that followed the hurricane” (Schwartz, 2015, p. 49).

    Caribbean Indigenous Peoples Blamed European Imperial Settlement for Increased Hurricane Devastation

    From historical accounts, we know that the Spaniards were the first Europeans to experience a hurricane within the Western Hemisphere during Columbus’s second voyage in 1494/5 (Pérez Jr., 2001; Mulcahy, 2006; Schwartz, 2015). The hurricane experience was unlike anything that Europeans had observed in Europe, and it was from this experience that they sought out intel from the indigenous peoples in the Caribbean. For Caribbean indigenous peoples, “the great storms were part of the annual cycle of life. They respected their power and often deified it, but they also sought practical ways to adjust their lives to the storms. Examples were many: The Calusas of southwest Florida planted rows of trees to serve as windbreaks to protect their villages from hurricanes. On the islands of the Greater Antilles—Cuba, Jamaica, Hispaniola, and Puerto Rico—the Taino people preferred root crops like yucca, malanga, and yautia because of their resistance to windstorm damage. The Maya of Yucatan generally avoided building their cities on the coast because they understood that such locations were vulnerable to the winds and to ocean surges that accompanied the storms” (Schwartz, 2015, p. 5). Further, Indigenous representations of hurricanes were overall accurate and are similar to modern meteorological mapping of these storms. Europeans also learned from Caribbean Indigenous groups that you could “track” when a hurricane would strike. These developments meant that Indigenous Caribbean knowledge of the hurricane was not only limited to the occurrence of storm, but also meant that Indigenous Caribbean societies factored in preparedness for hurricanes within their worldviews.

    Given Caribbean Indigenous knowledge of hurricanes, it is these same people who also recognized that the changes to the landscape by European colonialism contributed to the increased devastation caused by hurricanes between the 1600s-1900s. As such, English colonists who would also come to experience the hurricanes report that “several elderly Caribs stated that hurricanes had become more frequent in recent years, which they viewed as a punishment for their interactions with Europeans” and the main “alteration that our people attribute the more frequent happenings of Hurricanes” (Mulcahy, 2006, p. 35). What these settler accounts reveal about Indigenous Caribbean peoples is what Schwartz notes in his 2015 book, Sea of Storms: A History of Hurricanes in the Greater Caribbean from Columbus to Katrina, that although “hurricanes were a natural phenomenon; what made them disasters was the patterns of settlement, economic activity, and other human action” (p. 74). Nonetheless, colonial ecological and environmental destruction in the Caribbean – which increased the felt impact of hurricanes – remained worthwhile for Europeans given the high profits to be made from export crops, which kept people there to rebuild after hurricanes. Mulcahy in his 2006 book, Hurricanes and Society in the British Greater Caribbean, 1624 – 1783, writes “European settlers and colonists were engaged in a never-ending struggle against nature in their quest for wealth” (p. 93)

    Additionally, the European empire’s responses to hurricanes also influenced decisions to stay. Because colonial societies in the Caribbean were stratified along racial and other social hierarchies – hurricanes presented opportunities for large scale consolidation of plantation property on islands which privileged wealthy plantation owners. Additionally, smaller merchants and plantations which could not recover post hurricane were sometimes forced to transfer ownership to merchants in Europe – who never had to visit these properties while amassing wealth from them thereafter (Mulcahy 2006, p. 88). Disaster relief to the colonies thus came to be historically designed as a way for further economic integration, and “assistance to the colonies in times of disaster would bring wealth and affluence to the empire” (Mulcahy 2006, p. 162). Disaster assistance – while increasing inequalities between all peoples in the colonies – did overall benefit imperial capitalism and patriotism within the empire, amongst loyal subjects, especially amongst elite classes, who received the majority of aid based on their losses.

    Banking on Hurricanes and Absolving Empire of Responsibility: Debates in Europe

    While debates in Europe raged regarding enriching the already wealthy within the colonies with disaster relief – these debates did not change the post-hurricane reality of which those most needing of aid (Indigenous groups, enslaved Africans, indentured workers, small merchants, and small planters) were the least likely to receive it, which was true across all of the different European colonies (Pérez Jr., 2001; Mulcahy, 2006; Schwartz, 2015). “Vulnerability to the hurricane itself was a function of the material determinants” around which colonial social hierarchies were arranged (Pérez Jr., 2001, p. 111). In Europe, debates focused primarily on creditors, so it was argued that the wealthy were more primed to repay creditors when/if they received disaster relief after a hurricane. On the other hand, the proliferation of print news meant that individuals and organizations (e.g., the Church) could send aid to the colonies after disaster struck. Previously, when disaster struck it would take months for news to reach those in Europe, even as the disruptions in trade were more readily felt. Moreover, it was hard for the public in Europe to understand the scale of destruction caused by hurricanes in the Americas, given that this kind of natural disaster did not occur in Europe.

    With the establishment of print media, the destruction caused by hurricanes and the damages that they did to plantation systems – which would require a lot of assistance to recover – was made much more readily available to people who could empathize and assist in recovery efforts. Within the British empire, some newspapers even published who would send what amount and type of post disaster relief to the colonies, which undoubtedly contributed to the charitable giving of some wealthy individuals (Mulcahy 2006; Schwartz 2015). Given that the voyage from Europe to the various colonies was long, there was illegal trading between different colonies to provide relief to one another faster – including with the United States, even after the American Revolution.

    It is this colonial history which still shapes the lack of hurricane preparedness in a region prone to have them. Thus, most scholars on hurricanes in the region continue to highlight the colonial and slave legacies which have shaped regional unpreparedness to hurricanes. Though the United States is a wealthier country today with the capabilities to develop hurricane preparedness – even if only within its own borders – it is elite US security interests and ideological leanings which have prevented it from doing so. Additionally, historians like Schwartz (2015) make a compelling argument that “the United States, by its military and political expansion into the Caribbean after 1898, its foreign policy objectives in the Cold War, and through its advocacy of certain forms of capitalism joined with its ability to impose its preferences on international institutions, has also influenced the way in which the whole region has faced hurricanes and other disasters” (Schwartz, 2015, p. xviii-xix). This implies that the United States – like the European empire’s past – also has a stake, or interest, in regional hurricane unpreparedness for both political, economic, and security objectives.

    US Imperial Extensions in the Caribbean, Impact on Hurricane Preparedness

    From this overview of the history of hurricanes in the Caribbean, the Yucatán Peninsula, the Gulf of Mexico, and the South-Eastern United States a few things become clear: hurricane preparedness has never been a concern for colonial capitalist development. Hurricane disasters came to be recognized as extremely ruinous to those occupying the lowest rungs of colonial societies, aid was given to the wealthy people who were understood as being able to put aid to better usage, and disaster situations consolidated preferred modes of accumulation in otherwise “chaotic” and uncivilized landscapes. Thus, outside of patriotic tales and misremembering of the storm events, historically “hopes of communal solidarity” in the wake and aftermath of hurricanes “were either naïve or disingenuous [… with] social divisions ha[ving] always shaped the responses to hurricanes (Schwartz, 2015, p. 68-9). Given strict colonial hierarchies, the maintenance of order – to dissuade slave revolts and looting – were always preeminent concerns of empires and those with wealth and power. This is important to plainly state, given that little has changed in today’s experience with hurricanes in the region.

    Today’s granting of conditioned relief and temporary debt removals still serve to subordinate Caribbean states to the Western capitalist system and the US security apparatus. Those areas hardest hit by storms and less likely to receive aid, continue to be occupied by the poor populations that are largely non-white/Euro peoples. Settlements on islands continue to be concentrated on coasts, where the tourist industry quickly rebuilds its infrastructure post-hurricane and are the first to receive aid. This at once dispels the myths that recovery is impossible, as it happens in the large coastal areas owned and controlled by foreign hotel chains and entities which quickly beckon tourists back to their “lovely beaches” less than a day after a hurricane. Preparedness for hurricanes in the Caribbean islands are “subordinated to political, military, or what today would be called ‘security’ concerns” (Schwartz, 2015, p. 276). I would include economic and ideological concerns as well. These latter concerns are maintained by the wealthiest states in the hemisphere – the United States and Canada.

    Hurricane Flora in the 1960s claimed the lives of over 5,000 Haitians under the Duvalier dictatorship – which failed to even warn Haitians about the arrival of the hurricane so that disorder against Duvalier would not take over the country. The lack of preparedness was accepted by both the United States and Canadian governments given their fear of communism in the Caribbean region. Thus “unlike Haiti’s U.S.-backed right-wing president, François Duvalier, Castro’s Communist government ordered residents living in the hurricane’s projected path to evacuate their homes, and if they were unable, to stay and prepare appropriately for the storm.” This preparation and the establishment of Cuba’s defense system in 1966 accounted for significantly less deaths (1,157) in Cuba (Wolfe, 2021). Today, unpreparedness remains a feature in most Caribbean countries that put corporate interests and the interests of the US (and its allies) security objectives above the prioritization of human life and livelihoods in the Caribbean.

    As further illustration of this point, even though the 2004 Hurricane Jeanne hit Cuba a lot harder than Haiti – killing 3,000 Haitians – no Cuban lives were lost due to the hurricane (Wolfe, 2021). The historical and present-day case of Haiti is both informative and a cause for worry as we expect future hurricane seasons to be quite bad. Not only is Haiti a fully privatized economy (Wilentz, 2008); but it is also one that has been under the tutelage of the CORE group – a group composed primarily of foreign ambassadors from the US, France, Canada, Spain, Brazil, Germany, and a few representatives from the European Union (EU), the United Nations (UN), and the Organization of American States (OAS) – for over two decades. The CORE group’s tutelage of Haiti has been exceptionally negative, as these states and their ambassadors secure their own corporate and labor interests in the country at the expense of that state’s democracy and national sovereignty (Edmonds, 2024). Thus, disaster preparedness in Haiti has never been an agenda item – and has only gotten worse as those governing the country continue to benefit from political, economic, and environmental disasters there. Present day armed intervention and occupation in Haiti, further makes it unlikely that Haiti will be able to weather the next hurricane season.

    Hurricane Unpreparedness, A Note on Canada

    It is important to remind here that although much is said about US imperialism and security concerns trumping human rights and pro-people development in the region – Canada is not exempt from this critique. For instance, although Canada touts that its military base (OSH-LAC) in the Caribbean is a “support hub” – that also seeks to assist states experiencing disasters, of which hurricanes are included – in 2017 when Category 5 Hurricane’s Irma and Maria wreaked havoc on Dominica, OSH-LAC warships monitored the situation but provided no on the ground help to Caribbean peoples there (John, 2024, p. 12-3). The Canadian government also enacted restrictive migration policies towards those fleeing from the hurricane and its damages. This practice would be repeated by Canada again in 2019 during the aftermath of Hurricane Dorian in The Bahamas (John, 2024, p. 12-3). Given that I am currently living in Canada, it is important to point out that Canada is a state that frequently touts progressive rhetoric on climate change, resiliency, and disaster preparedness in the Caribbean region. However, Canada’s actions continue to render the Caribbean region unprepared alongside the actions of the US.

    In the 2023 Canada-CARICOM summit hosted by Canada, Caribbean prime ministers sought to place climate issues and climate infrastructure at the top of the agenda – however, Canada was mainly concerned with getting support for an armed intervention in Haiti (Thurton, 2023). Haiti remains the most unprepared country in the Caribbean when disasters hit, which made Canada’s insistence on armed intervention and occupation even more tone deaf. Haiti’s unpreparedness is directly tied to US, Canada, France, and CORE group members tutelage and rejection of Haitian democracy ever since that country’s integration into the Western capitalist system via US occupation. These examples illuminate the fact that the wealthier states in the Western Hemisphere, namely the US and Canada, actively disregard the lives of those impacted by hurricanes and other natural disasters to their south – while first and foremost safeguarding their own economic, ideological, and security priorities. In my analysis of ‘south,’ the Caribbean, the Yucatán Peninsula, the Gulf of Mexico, and the South-Eastern United States are included.

    Conclusion

    Ideologically, the promotion of capitalism, colonialism, and imperialism in the Caribbean (of which the South-Eastern United States, the Gulf of Mexico and Yucatán Peninsula is included) continues to pose an obstacle to disaster preparedness in a region prone to hurricanes.  More importantly, the promotion of these harmful ideologies often comes at the expense of human life. Nothing makes this clearer than the fact that it is the revolutionary state – which is also the most heavily economically sanctioned state in the region – Cuba, that continues to be the most prepared state in times of disaster. This stands in stark contrast to other Caribbean states and to wealthier states, like the US, which mandate regional unpreparedness. Today, while we await (but hope that it is not so) a bad hurricane season, the Caribbean region is more militarized than it has been since the end of the 20th century and beginning of the 21st century. Militarization is directly due to US security objectives that aim to keep China’s investments (thus competition) out of the region. This policy is backed by Canada, which seeks to advance its own corporate interests in the region.

    The US and Canada continue to militarize the Caribbean region, exacerbating climate change and neglecting the urgency of developing resiliency infrastructure. In fact, militarization in the Caribbean region today (and in Africa and Asia) occurs alongside the tightening of both the US and Canadian borders given hostile narratives towards immigrants and immigration within them. This even with the region’s long history (as has been pointed out) of people fleeing the region both during and after a hurricane. All of which indicates that while these states are undoubtedly deepening the climate crisis with their global “security” endeavors, they view the people harmed and negatively impacted by their actions as disposable.

    Postscript

    Three months after the writing of this document, 5 hurricanes – Debby, Ernesto, Francine, Helene, and Milton – have impacted peoples and infrastructure in the south. The 2024 Atlantic Hurricane season thus far (October 11th, 2024) has taken almost 400 lives – with the actual figure being uncertain, given that the damage from Milton is still being assessed. Each storm is estimated to have cost between $80 – $250 billion (USD) in damages across the region. While governments talk about costs and recovery efforts to get economies “back on track” and provide people with temporary and conditional aid – which is the post disaster norm – we are presented with an uncomfortable, yet undeniable fact: states in the region, whether by colonial inheritance or commitment to capitalism, are banking on unpreparedness continuing well into the future. We must be proactive in defeating this dangerous ideology that places people’s lives, livelihoods and the physical environment at stake; while perpetuating, in its aftermath, conditions that make it so.

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    Wolfe, Mikael. 2021. “When It Comes to Hurricanes, the U.S. Can Learn a Lot from Cuba: Cuba Devised a System That Minimizes Death and Destruction from Hurricanes.” The Washington Post. https://www.washingtonpost.com/outlook/2021/09/01/when-it-comes-hurricanes-us-can-learn-lot-cuba/.

    Zodgekar, Ketaki, Avery Raines, Fayola Jacobs, and Patrick Bigger. 2023. A Dangerous Debt-Climate Nexus. NACLA Report on the Americas. https://doi.org/10.1080/10714839.2023.2247773.

    Photo Credit: InOldNews, by Delia Louis
    Description: Depicts St. Lucia during and post Hurricane Beryl
    License info: Creative Commons taken from Flickr.

    About the author: Tamanisha J. John is an Assistant Professor at York University in the Department of Politics

    MIL OSI NGO –

  • MIL-OSI USA: 56th Security Consultative Meeting Joint Communique

    Source: United States Department of Defense

    1. The 56th United States (U.S.)-Republic of Korea (ROK) Security Consultative Meeting (SCM) was held in Washington, D.C., on October 30, 2024. U.S. Secretary of Defense Lloyd J. Austin III and ROK Minister of National Defense Kim Yong Hyun led their respective delegations, which included senior defense and foreign affairs officials. On October 17, 2024, the U.S. Chairman of the Joint Chiefs of Staff, General Charles Q. Brown Jr., and ROK Chairman of the Joint Chiefs of Staff, Admiral Kim Myung-soo, presided over the 49th ROK-U.S. Military Committee Meeting (MCM).

    2. The Secretary and the Minister reaffirmed that the U.S.-ROK Alliance is the linchpin of peace, stability, and prosperity on the Korean Peninsula and beyond based on our shared values, including freedom, human rights, and the rule of law. The two leaders reviewed progress taken during 2024 to implement the “Defense Vision of the U.S.-ROK Alliance,” including enhancing extended deterrence against the Democratic People’s Republic of Korea (DPRK), modernizing Alliance capabilities based on science and technology cooperation, and strengthening solidarity and regional security cooperation with like-minded partners. They noted that the SCM has played a pivotal role in developing the ROK-U.S. Alliance into a Global Comprehensive Strategic Alliance and would continue maintaining its role as a core consultative mechanism to discuss the future development of the Alliance and provide strategic direction.  The two leaders also provided direction and guidance for continued progress in 2025 through a newly endorsed framework of U.S.-ROK bilateral defense consultative mechanisms that effectively and efficiently support Alliance objectives.  Both concurred that the current U.S.-ROK Alliance is stronger than ever and reaffirmed the two nations’ unwavering mutual commitment to a combined defense posture to defend the ROK as stated in the U.S-ROK Mutual Defense Treaty, and as reflected in the Washington Declaration. The two leaders also resolved to continue to strengthen the Alliances’ deterrence and defense posture against DPRK aggression and promote stability on the Korean Peninsula and throughout the region.

    3. The Secretary and the Minister reviewed the current security environment in and around the Korean Peninsula and discussed cooperative measures between the two nations. The Secretary and Minister expressed grave concern that the DPRK continues to modernize and diversify its nuclear and ballistic missile capabilities.  The two sides condemned the DPRK’s multiple missile launches, including ballistic missiles, its attempted launches of a space launch vehicle, and Russian-DPRK arms trade as clear violations of existing UN Security Council resolutions (UNSCRs).  They noted that these actions present profound security challenges to the international community and pose an increasingly serious threat to peace and stability on the Korean Peninsula and throughout the Indo-Pacific region, as well as in the Euro-Atlantic region.

    4. Secretary Austin reiterated the firm U.S. commitment to provide extended deterrence to the ROK, utilizing the full range of U.S. defense capabilities, including nuclear, conventional, missile defense, and advanced non-nuclear capabilities.  He noted that any nuclear attack by the DPRK against the United States or its Allies and partners is unacceptable and would result in the end of the Kim regime in line with the 2022 U.S. Nuclear Posture Review.  He highlighted the increased frequency and routinization of U.S. strategic asset deployments as committed to by President Biden in the Washington Declaration, and noted that these were tangible evidence of the U.S. commitment to defend the ROK.

    5. The two leaders highly appreciated the work of the Nuclear Consultative Group (NCG) inaugurated following the Washington Declaration.  Both applauded the completion on July 11, 2024, of “United States and Republic of Korea Guidelines for Nuclear Deterrence and Nuclear Operations on the Korean Peninsula,” which represents tremendous progress of the NCG commended and endorsed by President Biden and President Yoon. The two leaders affirmed that the completion of the Guidelines established the foundation for enhancing ROK-U.S. extended deterrence in an integrated manner.  Minister Kim noted that, through such progress, the ROK-U.S. Alliance was elevated to a nuclear-based alliance. The two leaders stressed that the principles and procedures contained in the Guidelines enable Alliance policy and military authorities to maintain an effective nuclear deterrence policy and posture.  The Secretary and Minister also welcomed the successful execution of the ROK-U.S. NCG table-top simulations and table-top exercises to enhance decision-making about nuclear deterrence and operations, and planning for potential nuclear contingencies on the Korean Peninsula.  Both sides affirmed that the full capabilities of the two countries would contribute to the Alliance’s combined deterrence and defense posture, and in this regard the Secretary welcomed the recent establishment of the ROK Strategic Command.  The Secretary and Minister directed the NCG to continue swift progress on NCG workstreams, including security protocols and expansion of information sharing; nuclear consultation processes in crises and contingencies; nuclear and strategic planning; ROK conventional support to U.S. nuclear operations in a contingency through conventional-nuclear integration (CNI); strategic communications; exercises, simulations, training, and investment activities; and risk reduction practices.  They noted that such efforts would be coordinated to strengthen capabilities of the ROK and United States to enhance U.S.-ROK extended deterrence cooperation in an integrated manner, and looked forward to receiving regular updates on NCG progress activities at future SCMs.

    6. The two sides pledged to continue coordinating efforts to deter DPRK’s nuclear threat with the Alliance’s overwhelming strength, while continuing to pursue efforts through sanctions and pressure to dissuade and delay DPRK’s nuclear development.  Both leaders stressed the importance of full implementation of UNSCRs by the entire international community, including the People’s Republic of China (PRC) and Russia, both permanent members of the UN Security Council.  The two leaders urged the international community to prevent and respond to DPRK’s sanctions evasion so that it abandons its illegal nuclear and ballistic missile development.  To this end, they decided to work closely with each other and the international community to combat the DPRK’s illegal and malicious cyber activities, cryptocurrency theft, overseas laborer dispatches, and ship-to-ship transfers.  The Secretary and Minister expressed concern that Russia-DPRK military cooperation, which has been intensified since the signing of a Comprehensive Strategic Partnership Treaty between the two, is deepening regional instability.  The two leaders made clear that military cooperation, including illegal arms trade and high-technology transfers between Russia and the DPRK, constitute a clear violation of UNSCRs, and called on Russia to uphold its commitments.  The two leaders also strongly condemned in the strongest terms with one voice that the military cooperation between Russia and the DPRK has expanded beyond transfers of military supplies to actual deployment of forces, and pledged to closely coordinate with the international community regarding this issue. 

    7. Both leaders reiterated the willingness of their Presidents to pursue dialogue and diplomacy, backed by a robust and credible deterrence and defense posture.  In this regard, Secretary Austin expressed support for the goals of the ROK’s Audacious Initiative and President Yoon’s vision of a free, peaceful, and prosperous unified Korean Peninsula, and welcomed President Yoon’s desire to open a path for serious and sustained diplomacy with the DPRK.  Both sides reaffirmed that they remain open to dialogue with the DPRK without preconditions and pledged to continue close coordination.

    8. The Minister and the Secretary noted concerns that the DPRK’s claims of “two hostile countries,” and activities near the Military Demarcation Line (MDL) could threaten peace and the Armistice on the Korean Peninsula.  The two leaders strongly condemned DPRK’s activities that raise tension on the Korean Peninsula, such as multiple unmanned aerial vehicle (UAV) infiltrations in the past, as well as the recent unilateral detonation of sections of inter-Korean roads and ongoing launches of “filth and trash balloons,” and urged the DPRK to immediately cease such activities.  The Secretary and the Minister concurred that the Armistice Agreement remains in effect as an international norm guaranteeing the stable security order on the Korean Peninsula, and that all parties of the Korean War should abide by it while it remains in force.  Both sides noted that the Northern Limit Line (NLL) has been an effective means of separating military forces and preventing military tension over the past 70 years, and urged the DPRK to respect the NLL.

    9. Secretary Austin and Minister Kim reaffirmed the role of the United Nations Command (UNC) in implementing, managing, and enforcing the Korean Armistice Agreement, deterring DPRK aggression, and coordinating a multinational, united response in case of contingencies on the Korean Peninsula.  They reaffirmed that UNC has successfully contributed to those aims for more than 70 years and continues to carry out its mission with the utmost respect for the sovereignty of ROK, the primary host nation.  Both sides welcomed the successful organization of the second ROK-UNC Member States Defense Ministerial Meeting and expressed their appreciation for UNC Member State contributions.  They welcomed the addition of Germany to UNC, and noted that peace and prosperity in the Indo-Pacific, including the Korean Peninsula, and Euro-Atlantic regions are increasingly connected.  The two leaders are determined to continue seeking the expanded participation in UNC by like-minded countries that share the values of the 1953 Washington Declaration, anchored in the principles of the UN Charter and mandates of relevant UNSCRs. Secretary Austin thanked Minister Kim for the ROK’s efforts to support the UNC’s role to maintain and enforce the Armistice Agreement, and to support the defense of the ROK against DPRK aggression.  In this regard, the Secretary and Minister both highlighted their desire to expand combined exercises, information sharing, and interoperability between the ROK, the Combined Forces Command, and UNC Member States.

    10. The Secretary and the Minister also noted the critical role that U.S. forces in the ROK have played for more than 70 years and reaffirmed that U.S. Forces Korea (USFK) continues to play a decisive role in preventing armed conflict on the Korean Peninsula, and in promoting peace and stability in Northeast Asia.  Secretary Austin reiterated the U.S. commitment to maintain current USFK force levels to defend the ROK. 

    11. The Secretary and Minister also reviewed the work of the various bilateral mechanisms such as the U.S.-Korea Integrated Defense Dialogue (KIDD).  They welcomed efforts to enhance information sharing through the U.S. Shared Early Warning System (SEWS) for strengthening the Alliance’s detection capabilities in response to advancing DPRK missile threats.  They also commended the work of the Counter-Missile Working Group (CMWG) and reviewed “the Joint Study on Alliance Comprehensive Counter-Missile Strategy” aimed at informing recommendations for counter-missile capabilities and posture of ROK and United States.  The Secretary and Minister also discussed concrete efforts to strengthen cooperation in space and cyber to robustly deter and defend against growing threats.  They endorsed efforts by the Space Cooperation Working Group (SCWG) to improve space situational awareness information sharing and interoperability, and acknowledged the need to expand ROK participation in exercises and training that can strengthen Alliance space capability and improve resilience against growing space threats.  In particular, the Secretary also welcomed ROK participation in the Joint Commercial Operations (JCO) cell to leverage space industry and strengthen allied space capabilities.  The Secretary and Minister also pledged to deepen cyber cooperation through the Cyber Cooperation Working Group and improve coordination through cyber defense exercises, such as Cyber Alliance and Cyber Flag.  Overall, both leaders expressed appreciation for the continuing cooperation to ensure the Alliance’s space, cyber, and counter-missile efforts to keep pace with the evolving threats posed by the DPRK.

    12. Noting the importance of science and technology (S&T) cooperation, the Secretary and Minister decided to establish the Defense Science and Technology Executive Committee (DSTEC) at the Vice-Minister-Under Secretary level within this year, to guide and prioritize Alliance defense S&T cooperation.  They noted priority areas for cooperation including autonomy, artificial intelligence, and crewed-uncrewed teaming are particularly vital to ensure the ROK is able to achieve the goals of Defense Innovation 4.0 and modernize Alliance capabilities.  Both leaders also welcomed future S&T cooperation related to quantum technologies, future-generation wireless communication technologies, and directed energy to ensure that S&T advancements enhance the combined capabilities of the Alliance.  This included efforts to identify potential areas of collaboration on AUKUS Pillar II.  The Secretary welcomed the Minister’s proposal to host a Defense Science and Technology conference in 2025, and concurred that the DSTEC should leverage this conference to baseline and prioritize Alliance defense S&T collaboration.

    13. The Secretary and Minister also reviewed efforts to improve the interoperability, interchangeability, and resilience of the U.S. and ROK defense industrial base.  They underscored the need to improve efficient and effective collaboration in the development, acquisition, fielding, logistics, sustainment, and maintenance of defense capabilities, and to ensure that S&T advancements are swiftly and seamlessly transitioned into acquisition and sustainment efforts.  Both leaders welcomed progress under the U.S. Regional Sustainment Framework (RSF) and welcomed ROK participation in a Maintenance, Repair, and Overhaul (MRO) pilot project on Air Force aviation maintenance.  The two leaders noted that this pilot project could lead to more bilateral co-sustainment opportunities, and also expand defense industrial collaboration with like-minded partners in the region in light of the ROK’s key role in the Partnership for Indo-Pacific Industrial Resilience (PIPIR) contact group.  The Secretary and Minister also noted with satisfaction the recent U.S. Navy contract with ROK shipyards to conduct MRO services for U.S. vessels, and underscored the potential to expand such work to improve the resilience of the Alliance’s posture in the Indo-Pacific Region.  The Secretary and Minister also recognized the need to improve reciprocal market access to deepen defense industrial cooperation and enhance supply chain resiliency, and are committed to accelerate cooperation with the goal of signing the Reciprocal Defense Procurement Agreement next year based on guidance from both Presidents.

    14. The Secretary and the Minister received and endorsed the MCM Report to the SCM presented by the U.S. Chairman of the Joint Chiefs of Staff, General Charles Q. Brown.  They welcomed the efforts of General Brown, Admiral Kim, and the MCM to enhance military plans, posture, training, exercises, and efforts to coordinate U.S.-ROK Combined Forces Command (CFC) activities and enhance military strength of the Alliance.  The Secretary and Minister concurred that the Freedom Shield 24 (FS 24) and Ulchi Freedom Shield 24 (UFS 24) exercises, which included realistic threats from the DPRK advancing nuclear, missile, space, and cyber threats, enhanced the Alliance’s crisis management and strengthened deterrence and defense capabilities.  In addition, they assessed that combined field training exercises (FTX), which were more extensive than the past year and conducted in land, maritime and air domains, enhanced interoperability and combined operations execution capabilities.  Based on such outcomes, both leaders decided to continue strengthening combined exercises and training in line with the rapidly changing security environment of the Korean Peninsula, and further decided that future combined exercises should include appropriate and realistic scenarios including responses to DPRK nuclear use.  The Secretary and the Minister also emphasized that ensuring consistent training opportunities for USFK is critical to maintaining a strong combined defense posture.  Secretary Austin noted the efforts of ROK Ministry of National Defense (MND) to improve the training conditions for U.S. and ROK forces and stressed the importance of maintaining close cooperation between USFK and MND for the joint use of ROK facilities and airspace for training. 

    15. Given the growth and diversification of the DPRK’s chemical, biological, radiological, and nuclear (CBRN) weapons and delivery systems, both leaders assessed efforts and works to ensure execution of Alliance missions under a CBRN-challenged environment.  In particular, they welcomed progress by the Countering Weapons of Mass Destruction Committee (CWMDC), including the expansion of information sharing required for nuclear elimination operations consistent with the Nuclear Weapons Non-proliferation Treaty (NPT), and the strengthening of cooperation to prevent proliferation of WMD in the Indo-Pacific region. Both leaders welcomed continued multinational counter-proliferation activities in the region amidst advancements of DPRK nuclear and missile program and intensification of arms trade between Russia and the DPRK following the Comprehensive Strategic Partnership Treaty.  Secretary Austin expressed appreciation for ROK contributions to various global security efforts such as Proliferation Security Initiative (PSI), and the Minister and the Secretary concurred on the importance of maintaining cooperative efforts to enforce relevant counter-proliferation UNSCRs.

    16. The Secretary and Minister also reviewed the progress and works to fulfill the Conditions-based Wartime Operational Control (OPCON) Transition Plan (COTP).  Both leaders reaffirmed that the conditions stated in the bilaterally approved COTP must be met before wartime OPCON is transitioned in a stable and systematic manner.  They received the results of the annual U.S.-ROK bilateral evaluation on the capabilities and systems for conditions #1 and #2 based on the bilaterally-approved assessment criteria and standards.  Both leaders affirmed that there was a significant progress of this year’s bilateral evaluation on readiness posture and capabilities, and pledged to continue close consultations between the ROK and the United States. for the establishment of the Future-CFC.  The Secretary and the Minister also reaffirmed that Future-CFC Full Operational Capability (FOC) Certification would be pursued when the results of the bilateral evaluation on the capabilities and systems of conditions #1 and #2 meet the mutually approved levels.  Regarding condition #3, the Secretary and the Minister decided to remain in close consultation for the assessment of the security environment.  Both sides pledged to support continued evaluation and progress in wartime OPCON transition implementation through annual MCMs and SCMs, and affirmed that the wartime OPCON transition would strengthen ROK and Alliance capabilities and the combined defense posture. 

    17. The Secretary and the Minister reviewed the regional security environment, and plans to expand U.S.-ROK security cooperation throughout the Indo-Pacific region to support maintaining a free and open Indo-Pacific that is connected, prosperous, secure, and resilient.  They also reaffirmed support for Association of Southeast Asian Nation (ASEAN) centrality and the ASEAN-led regional architecture as well as regional efforts of the Pacific Islands Forum.  In particular, the two leaders noted the importance of enhancing cooperation during the implementation of both the ROK and U.S. respective strategies for the Indo-Pacific region.  To this end, the Secretary and the Minister endorsed the “Regional Cooperation Framework for U.S.-ROK Alliance Contributions to Security in the Indo-Pacific,” and discussed priorities areas and partners to better respond to the complex regional and global security situation.  After reviewing the work of the ROK-U.S. Regional Cooperation Working Group (RCWG), both leaders reaffirmed their commitment to strengthen defense cooperation with ASEAN members and work together with the Pacific Island Countries to contribute to regional security.  The Secretary and the Minister also acknowledged the importance of preserving peace and stability in the Taiwan Strait as reflected in the April 2023 “Joint Statement in Commemoration of the 70th Anniversary of the Alliance between the United States of America and the Republic of Korea.”  

    18. The Secretary and the Minister reflected on the remarkable progress made during 2024 to fulfill the historic understandings at the Camp David Summit.  They welcomed the Memorandum of Cooperation on the Trilateral Security Cooperation Framework (TSCF), signed by the Ministers and the Secretary of the United States, ROK, and Japan in July, along with enhanced sharing of missile warning information and efforts to systematically conduct trilateral exercises, including the first execution of the multi-domain trilateral exercise FREEDOM EDGE.  The Secretary and the Minister reaffirmed their commitment to continuing to promote and expand trilateral security cooperation including senior-level policy consultations, trilateral exercises, information sharing, and defense exchange cooperation.

    19. The two sides also took the opportunity to reaffirm that expediting the relocation and return of U.S. military bases in the ROK is in the interests of both countries, and decided to work closely to ensure the timely return of the bases in accordance with the Status of Forces Agreement (SOFA) and related agreements.  The two leaders noted the significance of the complete construction of Yongsan Park, and pledged to expedite the remaining return of Yongsan Garrison.  The Minister and the Secretary also reaffirmed their mutual commitment to discuss the return of other U.S. military bases through regular consultations through SOFA channels to reach mutually acceptable outcomes in the future.

    20. Secretary Austin expressed his gratitude that the ROK is contributing toward ensuring a stable environment for U.S. Forces Korea.  The Secretary and Minister also welcomed the recent conclusion of consultations related to a 12th Special Measures Agreement (SMA), and concurred that it would greatly contribute to the strengthening of the U.S.-ROK combined defense posture.

    21. Secretary Austin and Minister Kim affirmed that the discussions during the 56th SCM and the 49th MCM contributed to strengthening the U.S.-ROK Alliance with a vision toward the further development of a truly global alliance.  The two leaders commended the U.S. and ROK military and civilian personnel that worked to strengthen the bond of the Alliance, and expressed appreciation for their shared commitment and sacrifice.  Both sides expect to hold the 57th SCM and 50th MCM in Seoul at a mutually convenient time in 2025.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: E3 foreign ministries call for the urgent renewal of Israeli-Palestinian correspondent banking services

    Source: United Kingdom – Executive Government & Departments 3

    Statement calling on Israel to urgently renew reciprocal banking arrangements to prevent economic collapse in the Occupied Palestinian Territories.

    The foreign ministries of France, Germany and the United Kingdom call for the urgent renewal of Israeli-Palestinian correspondent banking services for a period of at least one year. Failure to renew would completely suspend cross-border trade, which would be catastrophic for the Palestinian economy. This will endanger regional security and harm Palestinian and Israeli businesses alike.

    We note the significant steps completed in recent months to mitigate risks related to illicit financing, including the completion of a National Risk Assessment by the Palestinian Monetary Authority and agreement for a MENAFATF on-site evaluation to take place next year.  

    We urge the Government of Israel to renew the indemnifications without delay for a period of least one year, in line with their obligations under the Paris Protocol. We are committed to working with Israel and the Palestinian Authorities to continue countering the financing of terrorism while reiterating that a failure to renew indemnifications, or another temporary renewal, would be unacceptable and cause serious economic damage to both Israel and the West Bank.

    Updates to this page

    Published 30 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: Defense Secretary Lloyd J. Austin III and South Korean Defense Minister Kim Yong Hyun Hold Joint Media Availability

    Source: United States Department of Defense

    PENTAGON PRESS SECRETARY MAJOR GENERAL PAT RYDER: Well, good afternoon and thank you for being here today. Ladies and gentlemen, it is my pleasure to introduce Secretary of Defense Lloyd J. Austin and Republic of Korea Minister of National Defense Kim Yong Hyun. The secretary and the minister will deliver opening remarks and then we’ll have time to take a few questions.

    Please note that I will moderate and call on journalists. And with that, Secretary Austin, over to you sir. SECRETARY OF DEFENSE LLOYD AUSTIN: Thanks, Pat. Good afternoon, everybody and thanks for being here. Minister Kim, let me again welcome you and your team to the Pentagon. It’s our honor to host our allies in the Republic of Korea for our 56th Security Consultative Meeting. The SCM is the annual capstone event for the US-ROK Alliance. It brings our defense leaders together to tackle shared challenges and to deepen our friendship.

    For more than 70 years, our alliance has been the foundation of peace and stability on the Korean Peninsula. Our two proud democracies share a vision of a free and open Indo-Pacific and we stand shoulder to shoulder against those who would upend the status quo. Now we’re closely tracking the unprecedented level of direct military cooperation between Russia and the DPRK. In our meetings today, we shared our deep concerns about the deployment of DPRK troops to Russia.

    We also discussed how we’re going to work together with our allies and partners to respond to this dangerous and destabilizing escalation. The evidence now suggests that North Korea has sent around 10,000 soldiers to train in eastern Russia and some of these DPRK troops have already moved closer to Ukraine.

    And we’re seeing them outfitted with Russian uniforms and provided with Russian equipment. And I am increasingly concerned that the Kremlin plans to use these North Korean soldiers to support Russia’s combat operations in Russia’s Kursk region near the border with Ukraine. And let me remind you that Russia signed on to the UN Security Council resolutions agreeing not to provide military assistance to North Korea.

    Of course, we know that Putin has gone tin cupping to get weapons from the DPRK and Iran. Turning to a pariah state like North Korea for troops just underscores how much trouble he is in. And we take this very seriously. We urge the Kremlin to change course and we fully understand the security implications for both Europe and the Indo-Pacific.

    Putin will not prevail in Ukraine even with more help from North Korea, but these deeply concerning developments only underscore the importance of our alliance with the ROK and other allies and partners committed to shared security and prosperity. Now, Minister Kim and I had an outstanding meeting today.

    Our discussions move the ball forward to modernize and deepen our alliance that will help protect the security of the Korean Peninsula and shape the future of the Indo-Pacific. It was with a sense of urgency we’ve delivered on a shared security objectives that we set forth just a year ago in a defense vision of the US-ROK Alliance.

    The US Department of Defense and the ROK Ministry of National Defense signed the Nuclear Consultative Group guidelines in July and later that month I traveled to Japan to join an historic trilateral ministerial meeting with the ROK and Japan. It was held in Tokyo for the first time as envisioned by the 2023 Camp David Summit.

    Now I assured Minister Kim today that the United States remains fully committed to the defense of the ROK and our extended deterrence commitment remains ironclad. That commitment is backed by the full range of America’s conventional missile defense, nuclear and advanced non-nuclear capabilities. We’ve also returned to large scale exercises with our ROK allies and that strengthening our combined readiness and our interoperability.

    We’re also working together to tackle shared security challenges across the Indo-Pacific. So today Minister Kim and I endorsed a framework to expand our cooperation throughout the region based on our shared values and common interests. We also discussed the important role of the United Nations Command, which reflects the international community’s long-standing commitment to peace on the peninsula.

    And earlier this year with support from the ROK, we accepted Germany as the 18th member state of the UNC. Moving forward, we’ll build on our momentum and will expand the scope and scale of our cooperation. We’ll use our strategic advantages and innovation in our defense industrial bases to bring cutting edge tech to our warfighters.

    Now our alliance has always been rooted in our shared commitment to act together in the interests that brought us together seven decades ago have continued to grow stronger. Today’s discussion again underscored our shared vision for this alliance’s future. So, Minister Kim, thanks for your leadership and your commitment to this proud alliance.

    We got a lot done today and I look forward to doing even more tomorrow in the US-ROK 2+2 with Secretary Blinken and Minister Cho and thanks very much and now let me turn it over to Minister Kim. SOUTH KOREAN DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) Good afternoon. This is the Minister of National Defense of the Republic of Korea, Kim Yong-hyun. I find it highly meaningful to conduct my first overseas defense diplomatic engagements after my inauguration here at the Pentagon, the heart of safeguarding liberal democracy. Today at the SCM, Secretary Austin and I reviewed the work of implementing the defense vision of the ROK-US alliance over the last year.

    In addition, we reaffirmed that the ROK-US alliance remains more robust than ever, even amid complex international security crisis. While asserting its theory of hostile two nations. North Korea continues to escalate tensions on the Korean Peninsula through detonation of sections of inter-Korean roads. In order to deter and respond to DPRK, provocations and

    threats, Secretary Austin and I agreed to maintain an overwhelming combined defense posture and engage in close coordination and responses.

    In particular, we made it clear that DPRK’s ongoing practice of sending filth and trash balloons constitutes a violation of the armistice agreement and called for an immediate cessation of this activity with one voice. Furthermore, we condemned in the strongest terms with a unified voice, the unlawful military cooperation between North Korea and Russia, which directly violates the rules-based order through the deployment of North Korean forces to Russia and arms trade and pledged to closely work with the international community.

    This July, the defense authorities of Korea and the United States completed the NCG Joint Guidelines through the Nuclear Consultative Group, thereby elevating the ROK-US alliance to an unequivocal nuclear based alliance. Building on these guidelines, Secretary Austin and I will diligently pursue the NCG tasks in a substantive manner to enhance the execution capabilities of extended deterrence of ROK and US equal partners.

    Throughout this process, the ROK Strategic Command will be a key unit in the execution of the ROK-US conventional nuclear integration, CNI, operations. Secretary Austin reaffirmed the United States’ unwavering commitment to providing extended deterrence to the Republic of Korea by utilizing the full range of its military capabilities.

    In addition, as tangible evidence of the US commitment to the defense of the ROK, Secretary Austin reiterated that the frequency and intensity of US strategic asset deployment would be increased and made regularized in accordance with President Biden’s commitment in the Washington Declaration. The ROK and the United States will further enhance their — continue to further enhance the Alliance’s capabilities and posture in response to nuclear and missile threats through implementing combined exercises that reflect the North Korean nuclear threats.

    Secretary Austin and I agreed to strengthen security cooperation in the region based on the respective Indo-Pacific strategies of our two countries. The nuclear and missile threat from North Korea is now an existential threat, not only to the ROK, but also to the Indo-Pacific region. We had a shared understanding that the ROK-US-Japan Trilateral Security Cooperation Framework signed this July represents a historic milestone in trilateral security cooperation.

    We will continue to further enhance it. In particular, we highly appreciated the achievements of freedom to exercise the first multi-domain training and have decided to conduct a second training in the near future. In today’s meeting, Secretary Austin and I approved the regional cooperation framework for ROK-US Alliance contributions to security in the Indo-Pacific, demonstrating our commitment to cooperation both domestically and internationally.

    Based on the framework, we will expand substantive cooperation with ASEAN and Pacific Island nations, enhancing the level and broadening the scope of the ROK-US Alliance.

    Secretary Austin and I pledge to strengthen cooperation in science and technology and defense industry based on the defense vision of the alliance.

    We plan to establish a vice minister level defense Science and Technology executive committee within this year to explore the application of cutting-edge science and technology in the defense sector as well as cooperation on all cause Pillar 2. Furthermore, we acknowledge the significance of securing supply chain resilience and modernizing alliance capabilities and pledge to engage in active cooperation in the defense industry sector.

    In this regard, Secretary Austin welcomed ROK’s participation in the US MRO pilot project and underscored the efforts to expand cooperation between our two countries. For more than 70 years, the ROK-US Alliance has overcome countless challenges establishing itself as one of the world’s most premier and exemplary alliances.

    Through the 56th Security Consultative Meeting, Secretary Austin and I reaffirmed our resolve to leap forward as a stronger alliance in response to uncertain future challenges. As the minister of National Defense, I will work closely with Secretary Austin so that the ROK-US Alliance serves as a linchpin of peace and stability in the world extending beyond the Korean Peninsula.

    I deeply appreciate Secretary Austin’s active support for the successful meeting we had today. We go together, [untranslated]. Thank you. MAJ. GEN. RYDER: Thank you very much, gentlemen. Our first question will go to Phil Stewart, Reuters. Q: To Secretary Austin, how soon do you believe that North Korean soldiers may enter the fight against Ukrainian forces in Kursk? Are we talking days or weeks? And do you believe there’s anything the international community can still do to stop that deployment? And to Mr. Kim, does this deployment increase the risk of war on the Korean Peninsula?

    And does this change South Korea’s willingness to provide lethal direct aid to Ukraine? If not, why not? SEC. AUSTIN: Well, Phil, as you heard me say in my opener (pause for translation)— Phil, as you heard me say in my opener, we believe that the DPRK has sent some 10,000 troops into eastern Ukraine and there they’ve been drawing equipment and conducting some training. And some of those troops have begun to make their way towards the border of Ukraine in the Kursk region.

    Whether or not they’ll be employed in the fight, is left to be seen yet. But certainly, if they are employed, then that’s very disturbing. And so, we remain concerned that they’re going to use these troops in combat. I won’t speculate on the timing of employment. Again, this is something we’re going to continue to watch and we’re going to continue to work with allies and partners to discourage Russia from employing these troops in combat.

    Again, this is a violation of the UN security agreement. So, this is pretty serious. Again, we’re going to continue to watch it and continue to work with our allies and partners to discourage it, so (pause for translation) Phil, to be clear, violation of UN sanctions. Q: Do you mean eastern Ukraine? SEC. AUSTIN: I’m sorry? Q: I thought you said deployed to eastern Ukraine. Yeah? Q: Did you mean eastern Ukraine or Eastern Russia that they had deployed to? SEC. AUSTIN: They had deployed to Eastern Russia and then they’re making their way west towards the Ukrainian border, sorry about that. DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) I’d like to answer the question regarding the increase in the possibility of war breaking out on the Korean Peninsula following the North Korean’s troops deployment to Russia. I do not necessarily believe that the North Korean troops deployment to Russia results in the changes in the possibility of war breaking out on the Korean Peninsula.

    However, I believe this can result in the escalation of the security threats on the Korean Peninsula. This is because there is a high possibility that North Korea, in exchange for their troops deployment, would ask for cutting edge technology transfer. There is a high chance that they would, in exchange for their deployment, North Korea is very likely to ask for technology transfers in diverse areas, including the technologies relating to tactical nuclear weapons technologies related to their advancement of ICBM, also those regarding reconnaissance satellite and those regarding SSBNs as well.

    There is also a high chance that they will try to replace their equipment that have been taken a lot of time, so therefore old technologies or equipment. I believe such changes in the technological situation of North Korea can pose an increase in the escalation of security threats on the Korean Peninsula.

    However, one thing to consider is that as we have witnessed in the Russia-Ukraine war, the conventional weapon capabilities of Russia is not as formidable as we expected it to be. Therefore, even with the possibility of Russia’s cutting-edge technology flowing into North Korea and thereby resulting in the advancement of North Korea’s military technology, I believe it is possible for us to overcome such challenges based on our robust ROK-US alliance and ROK-US-Japan trilateral security cooperation.

    And through these cooperation, I believe we can secure enough and sufficient capability in order to overcome such security challenges. In short, I would rather see the results or impacts of the deployment as an increase that can result. I believe the deployment can result in the security threats on the Korean Peninsula and it could also have a destabilizing impact on the security of the Korean Peninsula, but I don’t believe it is going to be any changes in the possibility of war breaking out on the Korean Peninsula.

    MR. RYDER: Thank you both. Our next question will go to Ji Hun Kim, Yonhap News Agency. Q: (Via interpreter) This is Reporter Kim from Yonhap Agency, and first I have a question to direct it to Minister Kim. Last year’s munition deal between Korea’s corporation and the United States is an exemplary case where Korea was able to provide support toward United States in accordance with the mutual defense treaty. And do you have any additional plans to give indirect support to Ukraine by supplying munitions to the United States in an indirect way?

    And also, there’s another question about the trash and filth balloons. Korea has been showing consistently the kind of response — Korea has been showing response such as collecting the trash balloons after they were dropped on the territory of Korean Peninsula, or they have consistently asked North Korea to cease the release of trash balloons.

    Do you have any additional measures in order to respond to such release of trash or filth balloons from North Korea? And this question, the last question is directed to both Minister Kim and Secretary Austin. North Korea has consistently shown their anti-humanitarian provocations. Do you have any messages in mind that you can deliver to Kim Jong Un and North Korea? DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) So the first question about munitions supply to United States, I have to give you an answer that at the current moment, nothing is determined. And for your second question about Korea’s response to North Korea’s release of trash and filth balloons, in today’s meeting, Secretary Austin and I have confirmed that the deployment of trash and filth balloons are a violation of armistice agreement. And as the release of trash and filth balloons is a provocation that poses a safety threat to our people, we have been using the response of first identifying and then tracking and then after we found out the location of the dropping. And then we checked if there is any biological or chemical weapons in it after we have gone through all the tests, then we collected those balloons.

    These measures were taken under our assessment that this is the best and most optimal way of guaranteeing and confirming the safety of our people and that this is the way to protect our people in our best way. However, North Korea is crossing the line with various methods of provocations and we are open to all alternatives when it comes to the risk — when it comes to our response to North Korea’s provocation.

    On your third question, I recall it was if I have any message toward — that I have to Kim Jong Un. I believe the essence of North Korean troop deployment is the possibility of expansion of the war. And this results from the intervention of the third party, which is North Korea. And such possibility is resulting in grave concerns of European countries, including Ukraine.

    And the deployment is — North Korea is joining the collusion of Russia’s illegal aggression and invasion, and therefore I see that the deployment is Kim Jong Un’s attempt to maintain

    its dictatorship and Kim Jong Un didn’t hesitate to sell out its young people and troops as cannon fodder mercenaries. I believe such activities is a war crime that is not only anti-humanitarian but also anti-peaceful.

    Therefore, I would like to strongly condemn the activity of Kim Jong Un and I believe all responsibility from the results of the deployment belong to Kim Jong Un. We call for Kim Jong Un’s immediate withdrawal of his troops in our strongest terms. Thank you.

    SEC. AUSTIN: Thank you for the question. I don’t have any messages for the leadership of DPRK. I call upon them to cease their potentially destabilizing behavior in both the Indo-Pacific region and now in the European theater as well. And like my colleague here, Minister Kim, I call upon them to withdraw their troops out of Russia.

    It does have the potential of lengthening the conflict or broadening the conflict if that continues. MR. RYDER: Our next question will go to Courtney Kube, NBC. Q: Thank you. Mr. Secretary, you told Phil that you — the US will continue to watch this deployment and work with allies to discourage it. But how specifically can the US or the international community actually stop? Is there anything the US can do? And you just said that that this does have the potential for broadening the conflict.

    Does that mean that you see the possibility that if in fact Russian troops are fighting alongside North Korean troops that that means other countries could send troops perhaps even to fight alongside the Ukrainians in an advisory level or fighting or anything? And then just one more, this is my real question. Those were follow ups.

    My real question is just what happens when North Korean troops are killed by US provided weapons? And then Minister Kim, do you see any signs that North Korea plans to interfere in the US elections? We — your DIA said today that DPRK may be ready to launch an ICBM, perhaps a nuclear weapon.

    Is there any indication that that could be or other actions that they may be taking could be specifically to interfere with the US election? Thank you. You only get one. SEC. AUSTIN: So Courtney, the first of your 20 questions here was whether or not we can stop the DPRK from sending troops. We certainly can work with others to discourage this — this kind of behavior. But I didn’t mean to imply that we can stop that. But certainly, their actions have consequences as all actions have consequences.

    And we need to be mindful of that. In terms of what could happen, you mentioned my reference to potentially broadening this conflict. Yes, it could encourage others to take action, different kinds of action, but I won’t speculate on what could exactly happen. But we — there are a number of things that could happen.

    And what happens when DPRK soldiers are killed with US provided weapons? Well, if the DPRK soldiers are fighting alongside Russian soldiers in this conflict and attacking Ukrainian soldiers, Ukrainian soldiers have the right to defend themselves and they will do that with the weapons that we provided and others have provided.

    That’s to be expected. But if they are fighting alongside of — of Russian soldiers, they are co-belligerents and you have every reason to believe that those kinds of things will happen, that they will be killed and wounded as a result of battle. DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) Thank you for giving 20 questions to Secretary Austin, but only one for me. I’m so happy. So on your question about the possibility that North Korea attempts to interfere with US presidential election, my short answer is that the possibility is not high. I believe there isn’t a high chance of them attempting to interfere with the election.

    However, I believe there is a high chance that they would want to exaggerate their existence around the season of US presidential election before and after the election. The expected courses of action that North Korea could take in their attempt to provoke could be either their launch of ICBM or their seventh nuclear tests. MR. RYDER: Thank you. Our final question will go to Ji-ho Yang, Chosun. Q: (Via interpreter) This is Reporter Yang from Chosun Daily. First, I have a question to Minister Kim. The main opposition party of Republic of Korea has expressed their opposition to North Korea’s dispatch of analysis team and Korean delegation to Ukraine. So from your perspective, Minister Kim, what do you think is the role that Korean military can play in Ukraine?

    And I have another — I have a question to Secretary Austin. So it is my understanding that the current assessment of the United States DOD is that North Korea did deploy troops to Ukraine — to Russia, however, they were not involved in any combats at the moment. So however, some are claiming that North Korean troops that are — are already being deployed are being — are already being in engagement.

    So like, what would be your standard to determine whether the participation of these North Korean troops will be deployment or actual participation in combat operations? And also you have — US DOD has also made a statement that the North Korean troops who are in Russia will also be classified as enemies that can be attacked by — by US weapons that are supplied to Ukraine.

    So could you give a little more elaboration on this statement? This concludes my question. DEFENSE MINISTER KIM YONG-HYUN: So I recall the question was about our observers and monitoring teams of Korea that are — that are and could be sent to Ukraine. So throughout the history in many different wars, including the Iraq war, there have been many

    cases where we have sent monitoring teams or lesson learned analysis team to the countries that are currently — that were in war.

    The role of such observers or analysis team play in the war is mainly analysis of the trends of the modern warfare or different aspects of modern welfare. And especially as we have confirmed North Korean troops were deployed to Russia, I believe it could serve as a great opportunity for our analysis team or observer to learn the movements or trends of the North Korean troops.

    In many wars there — we have witnessed many new and diverse weapon systems continuously popping up and also we were able to witness many different modern tactics in the war. I believe if we can collect such information diligently and then utilize it for our future safety of — and stability of our country, I believe it can serve as an opportunity for us to provide better protection to our — the people of Republic of Korea.

    I believe it is an obvious task that our military should play to send observers and analysis team to the Russia-Ukraine war. And I — I would even say that if we don’t send our observers or analysis team, it would mean that we are not faithfully doing our jobs. SEC. AUSTIN: So thank you for your question. As I understand it, the first question was what was our — what is our standard for determining whether or not the DPRK troops are actually fighting or in the fight. And the second question was whether or not they can be engaged with US weapons. So I think standards are pretty easy.

    If they’re fighting, if they’re attacking Ukrainian soldiers and they are co-belligerents, they’re a part of this fight, that’s fairly easy to determine. And it’s not certain that they will be introduced into this fight. But clearly 10,000 soldiers, and some of them are moving west towards the Ukrainian border, then there’s a good likelihood that they will be employed, but we’ll see.

    We won’t speculate. We’ll collect evidence. They’re doing this because Putin has lost a lot of troops, a lot of troops. And you know, he has a choice of either getting other people to help him or he can mobilize. And he doesn’t want to mobilize because then the people in Russia will begin to understand the extent of his losses of their losses.

    So there’s a good likelihood that these troops will be introduced into combat, not certain, but I think the likelihood is pretty high. But this is not a sign of strength. It’s a sign of weakness. Putin has not achieved one strategic objective in two and a half years against a force that was far inferior to his force. That’s a sign of weakness. Again, he’s gone to other countries for weapons and munitions and now he’s going to other countries for people. And as I said earlier, if they are fighting and they’re co-belligerents, they’re attacking Ukrainian troops and the Ukrainian troops have the right to defend themselves, and we have every expectation that they will.

    They’ll use their own weapons. They’ll use the weapons that they’ve been provided, and that won’t be a surprise to anyone. But this doesn’t have to happen. Putin can end this war

    today. It was his choice to launch this war. He’s not achieved his objectives. He can end this war and he should end this war.

    Otherwise, we’ll see a lot more losses on both sides and that’s really highly unnecessary. But I think in terms of our standards for determining whether or not they’re fighting, they’re in the fight, I think it’ll be pretty easy to determine that. OK. MAJ. GEN. RYDER: Secretary Austin, Minister Kim, thank you both, gentlemen. Ladies and gentlemen, that’s all the time we have available today. This concludes our press briefing. Thank you.

    MIL OSI USA News –

  • MIL-OSI China: China publishes world’s first international standard for stem cell data

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 30 — The world’s first international standard for stem cell data, ISO8472-1, has been officially released, the Institute of Zoology of the Chinese Academy of Sciences said Wednesday.

    This standard is expected to enhance global stem cell data management and make contributions to the advancement of stem cell research and applications, according to the institute.

    As biotechnology advances rapidly worldwide, stem cell data is proliferating. However, the lack of international standards for stem cell data has resulted in issues such as unregulated data management and low efficiency in data sharing and application.

    ISO8472-1, co-formulated by experts from China, Japan, the Republic of Korea, Germany, the United Kingdom, the United States, France, and other countries, stipulates a framework for the interoperability of stem cell data. It is applicable to related databases, data management systems, web interfaces, and more in the field of stem cell research.

    The release of ISO8472-1 will provide standard and guidance for data management in the field of stem cells and offer a systematic framework for the development of subsequent international standards for stem cell data, said Qiao Gexia, director of the Institute of Zoology.

    MIL OSI China News –

  • MIL-OSI: Amundi: Third quarter and nine-month 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Amundi: Third quarter and nine-month 2024 results

    Net income1,2up +16% Q3/Q3 and record assets under management at €2.2 trillion

    Strong growth in earnings and revenues   Q3 – adjusted net income1,2 at €337m, fast-growing: +16.1% Q3/Q3

    • Thanks to revenue growth (+10.5%) and positive jaws effect
    • Q3/Q3 cost/income ratio improvement at 52.9%3

    9 months – adjusted net income1,2 at €1,005m, up +10.4% 9M/9M

    Earnings per share2: €1.65 for Q3, €4.91 for 9M
         
    Record AuM
    & dynamic MLT inflows5    		   Record assets under management3: €2,192bn at 30 September 2024, up +11% year-on-year

    Q3 net inflows3 of +€2.9bn, or +€14.5bn excluding the exit from a large, low-income institutional mandate4

    • +€9.1bn in MLT assets4,5,6
    • Solid commercial momentum of Asian JVs: +€5.3bn
         
    Continued strategic progress   ETFs6: +€8bn in Q3 net inflows, now more than €250bn in assets under management
    Third-party distribution: +€7bn Q3 net inflows, with contribution from all regions and asset classes

    Asia: +€7bn in Q3 net inflows, from JVs and direct distribution in Japan, Singapore, Hong Kong, Taiwan and China

    Technology: revenues +42% Q3/Q3

    Victory Capital: approval7 of the partnership with Amundi secured at EGM, transaction expected to close in Q1 2025

    Paris, 30 October 2024

    Amundi’s Board of Directors met on 29 October 2024 under the chairmanship of Philippe Brassac, and reviewed the financial statements for the third quarter and the first 9 months of 2024.

    Valérie Baudson, Chief Executive Officer, said:
    « Amundi’s results in the third quarter of 2024 demonstrate our ongoing strategic progress and continued growth potential. Our Q3 net profit1,2of €337m, increased by +16% compared to the same period in 2023 and exceeded one billion euros over 9 months. Assets under management reached a record level of €2.2 trillion.

    We have been able to support our clients whatever their profile and needs, which has resulted in a high level of net inflows in our strategic development areas, namely Asia, Third-Party Distributors, and ETFs.

    By putting clients at the heart of our strategy and by continuing to develop the areas of expertise that primarily seek to meet their needs, we are ideally positioned to seize growth opportunities in the savings industry. »

    * * * * *

    Further progress in achieving our 2025 Ambitions plan

    Q3 2024 saw key areas of focus under the “2025 Strategic Ambitions” plan contribute to activity and earnings growth.

    • ETFs exceeded €250bn in assets under management at the end of September, up +31% year-on-year, thanks in particular to very dynamic net inflows reaching +€17bn over 9 months, including +€8bn in Q3. This places Amundi in second place in the European market in terms of net inflows this quarter8. these inflows are well diversified across equity and fixed income products, with a high share of products classified as responsible investment9 in net inflows (+€3bn, or 34% market share in flows in this market segment). Amundi has had many commercial successes this quarter: for example, the Amundi ETF Stoxx Europe 600 is the best-selling (+€0.85bn) European equity ETFs in Q3, the Amundi ETF Euro Government Tilted Green Bond, launched last year, saw its assets under management exceed €3bn after gathering +€1.1bn since the beginning of the year, and the Amundi ETF Prime ACWI exceeded €1bn in assets under management 8 months after its launch.
    • Third-Party Distribution reached €377bn in assets under management at the end of September, up +24% year-on-year, with net inflows +€19bn for 9 months 2024, and +€7bn in Q3, thanks to contributions from all regions and asset classes, from ETFs, treasury products and active management;
    • Asia assets under management increased by +17% year-on-year to €458bn; net inflows for 9 months 2024 stood at +€30bn with a significant contribution from Amundi’s Indian JV SBI MF, which now has €278bn in assets, up +19% year-on-year (+€18bn in net inflows); €103bn of total Asian assets under management come from direct distribution excluding JVs (+20% year-on-year), with net inflows for 9 months 2024 standing at +€3bn in Japan, +€2.4bn Singapore, +€1.4bn Hong Kong and also +€1.7bn in China outside the two JVs, mainly with institutional clients;
    • The Technology & Services offering is also experiencing strong growth, with technology revenues of €54m over 9 months, up +28% compared to the same period in 2023, and even +42% Q3/Q3; the Fund Channel fund distribution platform exceeded €490bn in assets at the end of September 2024; during the quarter it signed a distribution agreement with ING Germany and integrated the fintech AirFund into its ecosystem to digitise access to private markets; Fund Channel was also ranked “Best Distribution Platform” for the third consecutive year by the consulting and research firm Platforum;
    • In fixed income expertise, Amundi now manages €1,160bn in assets10 across a wide range of solutions, from treasury products to target maturity funds, offering attractive returns and capital protection; fixed income net inflows stood at +€46bn10 over 9 months and +€14bn10 in Q3 thanks to sustained activity in active bond strategies (+€11bn excluding JV) and ETFs (+€2.5bn);
    • The partnership project with Victory Capital reached an important milestone with shareholder approval of resolutions7 necessary to finalise the transactions, expected in Q1 2025. As a reminder, this partnership aims at creating a larger US investment platform, via the contribution of Amundi US to Victory Capital in return for Amundi taking a 26%-stake of the combined entity as well as 15-year distribution agreements, to serve the clients of both companies; Amundi would thus have a greater number of US and global management expertise to offer its clients. The transaction, which involves no disbursement of cash, is expected to bring a low single-digit accretion for Amundi shareholders, with an increase in the contribution of our US operations to the adjusted net income and EPS.

    Activity

    Market environment

    In the third quarter of 2024, equity markets11 increased by +1.1% in average compared to the previous quarter and by +15.6% compared to Q3 2023. The European bond markets12 also rose, reflecting the shift in monetary policy and the ECB’s decision to cut rates. Year-on-year, our benchmark index12 increased by +6.3% in Q3 2024 compared to Q3 2023 and by +2.1% compared to Q2 2024. The market effect is therefore positive on the evolution of Amundi’s revenues and net income.

    When compared to the 2021 averages used as a reference for the 2025 Ambitions plan, the market effect is only slightly positive.

    The European asset management market continues its gradual recovery. Open-ended fund volumes13, at +€213bn in the third quarter, continued to be driven by treasury products (+€93bn) and passive management (+€75bn). Nevertheless, the third quarter recorded positive flows in medium- to long-term active management for the second quarter in a row (+€45bn), driven by fixed income strategies (+€69bn).

    High level of activity over the quarter in MLT assets5, assets under management at a record level of €2.2tn

    Activity this quarter continues to be marked, like the rest of the European market, by risk aversion among retail clients. However, Amundi performed well, driven in particular by ETFs, bond solutions, third-party distributors and Asia. Excluding the exceptional exit from a low-income insurance mandate4, net inflows were positive in all major medium- to long-term areas of expertise (passive, active, structured products and real assets), in all client segments (Retail, Institutional and JV), and in all major markets (France, Italy, Germany, Asia and the United States).

    Amundi’s assets under management at 30 September 2024 increased by +11.1% year-on-year (compared to the end of September 2023) and by +1.6% quarter-on-quarter (compared to the end of June 2024), to €2,192bn, an all-time high.

    In the third quarter of 2024, the market and currency effect amounted to +€32.5bn (+€175.9bn over a year) and Amundi generated positive net inflows of +€2.9bn. As announced at the time of the second quarter results publication, this amount includes the exit of a low-income multi-asset mandate4 with a European insurer, of €11.6bn.

    Adjusted for this exit4, net inflows for the quarter were +€14.4bn of which +€9.1bn in MLT Assets5. It was positive in active management (+€4.3bn) and ETFs (+€7.8bn), partially offset by outflows from index strategies. Structured products and real and alternative assets also recorded positive net inflows (+€0.8bn), while treasury products were flat (+€0.1bn).

    Finally, the JVs14continued their solid commercial momentum, with net inflows of +€5.3bn, reflecting a positive contribution from India (SBI MF, +€6.0bn) and South Korea (NH-Amundi, +€0.4bn), partially offset this quarter by slight net outflows in China (ABC-CA) despite continued open-ended net inflows.

    By Client Segment, Retail recorded net inflows of +€6.3bn, of which +€1.3bn in MLT assets5, with contrasting developments according to the sub-segments:

    • Third-Party Distributors had another very good quarter in terms of total net inflows (+€6.8bn); all regions contributed to these inflows, which were highly diversified across asset classes, with positive contributions from ETFs, treasury products but also active management (+€1.5bn);
    • Risk aversion has a larger impact on the activity of partner network clients in France (+€1.1bn) and outside France excluding Amundi BOC WM (-€0.9bn), despite the good performance of structured and treasury products as well as bond strategies; Sabadell’s network in Spain continues its sales momentum (+€0.4bn);
    • In China, Amundi BOC WM posted net outflows this quarter (-€0.7bn), as the maturities of fixed-term funds were not offset by open-ended fund subscriptions.

    Excluding the loss of the low-income insurance mandate already mentioned4, the Institutional segment recorded very positive inflows in MLT Assets5(+€7.8bn), in all sub-segments: Institutional & Sovereigns with +€4.4bn, CA & SG insurance mandates with +€2.4bn thanks to the continued recovery of the traditional life insurance Euro contracts this quarter, Corporates and Employee Savings (+€1.0bn) thanks to net inflows in short-term bond products from corporates. Net outflows in Treasury Products (-€4.9bn) are to a large extent seasonal.

    Results

    Sustained growth in net income, +16% Q3/Q3 to €337m, and more than €1bn in the 9 months of 2024

    Adjusted data2

    In the third quarter of 2024, adjusted net income2reached €337m, up +16.1% compared to the third quarter of 2023. Since the second quarter, it includes Alpha Associates, whose acquisition was finalised in early April.

    The growth in net income was mainly due to organic revenue growth, amplified by operating efficiency, which led to a positive jaws effect, and by the very strong momentum of Asian JVs. These results were achieved against the backdrop of continued client risk aversion, and inflation.

    Adjusted net revenues2 reached €862m, up +10.5% compared to the third quarter of 2023.

    • The sustained growth in net management fees, up +9.2% compared to the third quarter of 2023, to €805m, reflects the good level of activity and the increase in average assets under management excluding JVs (+8.6% over the same period);
    • Performance fees (€20m) doubled compared to the third quarter of 2023 (€10m), a low basis of comparison; however, they were down compared to the second quarter of 2024 (€50m) due to the lower level of crystallisation15 in the third quarter than in the second and fourth quarters, as it does every year; however, the performance of Amundi’s management is at a good level, with more than 71% of assets under management ranked in the first or second quartiles according to Morningstar16 over 1, 3 or 5 years and 257 Amundi funds rated 4 or 5 stars by Morningstar as of 30 September;
    • Amundi Technology’s revenues, at €20m, continued to grow steadily (+41.8% compared to the third quarter of 2023; +13.0% compared to the second quarter of 2024), confirming the development of this business;
    • Finally, the Financial and other income2 amounted to €17m, down slightly compared to the third quarter of 2023 and previous quarters.

    The increase in operating expenses2, by +7.4% compared to the third quarter of 2023, to €456m, remains lower than the increase in revenues (+10.5%) over the same period, thus generating a positive jaws effect which reflects the Group’s operational efficiency.

    The increase is mainly due to:

    • the first consolidation of Alpha Associates;
    • the provision for individual variable remuneration in line with the increase in results;
    • and finally the acceleration of investments in development initiatives according to the axes of the 2025 Ambitions Plan, particularly in technology.

    The Cost income ratio improved to 52.9% in adjusted data2 compared to the same quarter last year, and remains in line with the 2025 target and at the best level in the industry.

    The Adjusted gross operating income2(EBIT) amounted to €406m, up +14.2% compared to the third quarter of 2023, reflecting double-digit revenue growth amplified by operational efficiency.

    Income from equity-accounted companies, which reflects Amundi’s share of the net income of minority JVs in India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), was up +36.5% compared to the third quarter of 2023, to €33m, representing 10% of adjusted net income, reflecting the good level of activity in India and Korea.

    Adjusted earnings per share2in the third quarter of 2024 reached €1.65, up +16.0%.

    Accounting data in the third quarter of 2024

    Accounting Net income Group share amounted to €320m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€24m before tax in the quarter including the corresponding new charges related to Alpha Associates, see details in p. 11), representing a total of -€17m after tax.

    Accounting earnings per share in the third quarter of 2024 reached €1.56.

    In the first 9 months of 2024, adjusted net income2amounted to €1,005m, up +10.4%, reflecting the same trends as in the third quarter:

    • Adjusted net revenues2 grew by +7.3% compared to the first 9 months of 2023, to €2,573m, reflecting as in the quarter the sustained growth in management fees (+6.6%) and the strong increase in Amundi Technology’s revenues (€54m, +28.2%) and financial and other income2 (€67m, +38.2%); performance fees, on the other hand, were down by -2.0% to €88m;
    • Adjusted operating expenses2 are well controlled with an increase of +5.9% compared to the first 9 months of 2023, at €1,356m, resulting in a positive jaws effect;
    • Adjusted cost income ratio2 stands at 52.7%.

    Adjusted gross operating income2 was €1,217m, up +8,9% compared to the first 9 months of 2023, showing a higher growth rate than revenue growth thanks to operating efficiency.

    Income from equity-accounted companies increased by +28.6% compared to the first 9 months of 2023, to €94m.

    Adjusted earnings per share2for the first 9 months of 2024 reached €4.91, up +10.1% compared to the first 9 months of 2023.

    Accounting data for the first 9 months of 2024

    Accounting Net income Group share amounted to €956m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€68m before tax in the 9 months including the corresponding new charges related to Alpha Associates, see details on p. 11), representing a total of -€49m after tax in the first 9 months of 2024.

    Accounting earnings per share for the first 9 months of 2024 reached €4.67.

    To be noted for the fourth quarter and full-year 2024

    Success of the capital increase reserved for employees – The capital increase reserved for employees “We Share Amundi”, announced on 23 September 2024, is expected to be completed tomorrow, 31 October 2024. This operation offered for the seventh consecutive year a subscription of shares at a discount.

    It was once again a great success this year: more than 2,000 employees in 15 countries subscribed to this capital increase, for a total amount of €36.3m. This represents nearly two out of three employees in France and more than two out of five worldwide.        
    This transaction, which is in line with the existing legal authorisations voted by the Shareholders’ Meeting on 12 May 2023, reflects Amundi’s desire to involve its employees not only in the development of the Company but also in the creation of economic value.

    The impact of this transaction on earnings per share will be very limited: the number of shares to be created will be 771,628 (i.e. ~0.4% of the share capital before the transaction).        
    This issue will bring the number of shares making up Amundi’s share capital to 205,419,262 as of 31 October 2024, i.e. a share capital increased to €513,548,155.        
    Employees will now hold around 1.7% of Amundi’s capital, compared to 1.3% before the transaction. In the fourth quarter of 2024, the Amundi Group will record in its consolidated financial statements a charge relating to the subscription discount of €12.3m before tax.

    On the basis of the Finance Bill presented by the French government, an exceptional tax contribution on the profits of large companies would apply to Amundi, whose turnover in France for tax purposes is more than €3bn.

    * * * * *

    APPENDICES

    Adjusted income statement2of the first 9 months of 2024 and 2023

    (€m)   9M 2024 9M 2023 % chg.
    9M/9M
             
    Net revenue – Adjusted   2,573 2,397 +7.3%
    Management fees   2,364 2,217 +6.6%
    Performance fees   88 89 -2.0%
    Technology   54 42 +28.2%
    Net financial & other net income   67 49 +38.2%
    Operating expenses – Adjusted   (1,356) (1,280) +5.9%
    Cost income ratio – Adjusted (%)   52.7% 53.4% -0.7pp
    Gross operating income – Adjusted   1,217, 1,117, +8.9%
    Cost of risk & other   (7) (5) +24.5%
    Equity-accounted companies   94 73 +28.6%
    Income before tax – Adjusted   1,305 1,185 +10.1%
    Corporate tax   (302) (277) +8.8%
    Non-controlling interests   2 3 -25.2%
    Net income, Group share – Adjusted   1,005 910 +10.4%
    Depreciation of intangible assets after tax   (49) (44) +11.6%
    Integration costs net of tax   0 0 NS
    Net income, Group share   956 866 +10.3%
    Earnings per share (€)   4.67 4.25 +10.0%
    Earnings per share – Adjusted (€)   4.91 4.46 +10.1%

    Adjusted income statement2of the third quarter of 2024

    (€m)   Q3 2024 Q3 2023 % chg.
    Q3/Q3    		   Q2 2024 % chg.
    Q3/Q2
                   
    Net revenue – Adjusted   862 780 +10.5%   887 -2.9%
    Management fees   805 737 +9.2%   794 +1.3%
    Performance fees   20 10 +97.3%   50 -58.9%
    Technology   20 14 +41.8%   17 +13.0%
    Net financial & other net income   17 19 -10.6%   26 -34.0%
    Operating expenses – Adjusted   (456) (424) +7.4%   (461) -1.1%
    Cost income ratio – Adjusted (%)   52.9% 54.4% -1.5pp   51.9% +1.0pp
    Gross operating income – Adjusted   406 356 +14.2%   426 -4.8%
    Cost of risk & other   (2) (3) -36.0%   (5) -63.4%
    Equity-accounted companies   33 24 +36.5%   33 -0.1%
    Income before tax – Adjusted   437 377 +15.9%   454 -3.9%
    Corporate tax   (101) (88) +14.9%   (105) -3.8%
    Non-controlling interests   1 1 -23.5%   0 NS
    Net income, Group share – Adjusted   337 290 +16.1%   350 -3.7%
    Depreciation of intangible assets after tax   (17) (15) +17.9%   (17) +1.2%
    Integration costs net of tax   0 0 NS   0 NS
    Net income, Group share   320 276 +16.0%   333 -4.0%
    Earnings per share (€)   1.56 1.35 +15.9%   1.63 -4.0%
    Earnings per share – Adjusted (€)   1.65 1.42 +16.0%   1.71 -3.7%

    Evolution of assets under management from the end of 2020 to the end of September 202417

    (€bn) Assets under management Net

    inflows

    		 Market &

    Forex Effect

    		 Scope effect   Change in AuM
    vs. previous quarter
    As of 31/12/2020 1,729       / +4.0%
    Q1 2021   -12.7 +39.3   /  
    As of 31/03/2021 1,755       / +1.5%
    Q2 2021   +7.2 +31.4   /  
    As of 30/06/2021 1,794       / +2.2%
    Q3 2021   +0.2 +17.0   /  
    As of 30/09/2021 1,811       / +1.0%
    Q4 2021   +65.6 +39.1   +14818  
    As of 31/12/2021 2,064       / +14%
    Q1 2022   +3.2 -46.4   /  
    As of 31/03/2022 2,021       / -2.1%
    Q2 2022   +1.8 -97.75   /  
    As of 30/06/2022 1,925       / -4.8%
    Q3 2022   -12.9 -16.3   /  
    As of 30/09/2022 1,895       / -1.6%
    Q4 2022   +15.0 -6.2   /  
    As of 31/12/2022 1,904       / +0.5%
    Q1 2023   -11.1 +40.9   /  
    As of 31/03/2023 1,934       / +1.6%
    Q2 2023   +3.7 +23.8   /  
    As of 31/06/2023 1,961       / +1.4%
    Q3 2023   +13.7 -1.7   /  
    As of 30/09/2023 1,973       / +0.6%
    Q4 2023   +19.5 +63.8   -20  
    As of 31/12/2023 2,037       / +3.2%
    Q1 2024   +16.6 +63.0   /  
    As of 31/03/2024 2,116       / +3.9%
    Q2 2024   +15.5 +16.6   +8  
    30/06/2024 2,156         +1.9%
    Q3 2024   +2.9 +32.5   /  
    30/09/2024 2,192         +1.6%

    Total over one year between September 30, 2023 and September 30, 2024: +11.1%

    • Net inflows          +€54.5bn
    • Market & exchange rate effects        +€175.9bn
    • Scope effects        -€12.2bn
      (disposal of Lyxor Inc. in Q4 2023, first consolidation of Alpha Associates in Q2 2024)

    Details of assets under management and net inflows by client segments19

    (€bn) AuM

    30.09.2024

    		 AuM

    30.09.2023

    		 % change /30.09.2023 Net flows

    Q3 2024

    		 Net flows

    Q3 2023

    		 Net flows

    9M 2024

    		 Net flows

    9M 2023
    French networks 138 126 +9.1% +1.1 +0.9 +0.3 +4.6
    International networks 167 156 +7.1% -1.6 -1.0 -4.4 -3.2
    o/w Amundi BOC WM 3 4 -26.9% -0.7 -0.5 -0.5 -3.3
    Third-party distributors 377 305 +23.5% +6.8 +2.1 +19.2 +4.1
    Retail 681 587 +16.1% +6.3 +2.0 +15.1 +5.6
    Institutional & Sovereigns (*) 518 489 +6.0% -9.3 +17.9 +1.4 +14.4
    Corporates 113 97 +16.0% +2.3 -3.8 -5.8 -7.4
    Employee savings plans 92 84 +9.8% -0.5 -0.9 +2.5 +2.6
    CA & SG insurers 428 406 +5.3% -1.2 -3.9 +0.5 -9.6
    Institutional 1,151 1,076 +6.9% -8.7 +9.3 -1.4 +0.0
    JVs 360 310 +16.0% +5.3 +2.4 +21.3 +0.7
    Total 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3

    Details of assets under management and net inflows by asset classes19

    (€bn) AuM

    30.09.2024

    		 AuM

    30.09.2023

    		 % change /30.09.2023 Net flows

    Q3 2024

    		 Net flows

    Q3 2023

    		 Net flows

    9M 2024

    		 Net flows

    9M 2023
    Equity 527 443 +18.9% -0.7 +7.0 +0.0 +2.0
    Multi-assets 274 274 -0.0% -15.4 -5.9 -22.3 -17.0
    Bonds 732 624 +17.3% +12.8 +7.7 +36.8 +10.1
    Real, alternative & structured assets 114 124 -8.3% +0.8 -1.1 +1.5 +2.4
    MLT ASSETS excl. JVs 1,647 1,465 +12.4% -2.5 +7.8 +16.1 -2.4
    Treasury products excl. JVs 185 198 -6.5% +0.1 +3.5 -2.4 +8.0
    Assets excl. JVs 1,832 1,663 +10.1% -2.4 +11.3 +13.6 +5.6
    JVs 360 310 +16.0% +5.3 +2.4 +21.3 +0.7
    TOTAL 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3
    o/w MLT assets 1,973 1,745 +13.1% +3.4 +11.3 +34.9 -0.7
    o/w Treasury products 219 229 -4.2% -0.5 +2.5 +0.1 +7.1

    Details of assets under management and net inflows by management type and asset classes19

    (€bn) AuM

    30.09.2024

    		 AuM

    30.09.2023

    		 % change /30.09.2023 Net flows

    Q3 2024

    		 Net flows

    Q3 2023

    		 Net flows

    9M 2024

    		 Net flows

    9M 2023
    Active management 1,136 1,022 +11.1% -7.1 -1.9 +2.2 -15.6
    Equity 208 187 +11.4% -2.3 -1.6 -5.4 -2.5
    Multi-assets 263 265 -0.9% -15.7 -6.3 -23.4 -18.2
    Bonds 665 570 +16.6% +10.8 +6.1 +31.0 +5.1
    Structured products 43 35 +22.3% +0.8 -0.2 +2.7 +2.9
    Passive management 397 319 +24.5% +3.8 +10.8 +12.4 +10.8
    ETFs & ETC 251 192 +31.1% +7.8 +3.6 +17.3 +8.0
    Index & Smart Beta 146 127 +14.5% -4.0 +7.2 -5.0 +2.8
    Real & alternative assets 71 89 -20.5% +0.0 -0.9 -1.2 -0.5
    Real assets 67 63 +4.8% +0.2 -0.3 -0.1 +0.2
    Alternative assets 4 25 -83.8% -0.2 -0.6 -1.1 -0.7
    MLT ASSETS excl. JVs 1,647 1,465 +12.4% -2.5 +7.8 +16.1 -2.4
    Treasury products excl. JVs 185 198 -6.5% +0.1 +3.5 -2.4 +8.0
    TOTAL ASSETS excl. JVs 1,832 1,663 +10.1% -2.4 +11.3 +13.6 +5.6
    JVs 360 310 +16.0% +5.3 +2.4 +21.3 +0.7
    TOTAL 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3

    Details of assets under management and net inflows by geographical areas19

    (€bn) AuM

    30.09.2024

    		 AuM

    30.09.2023

    		 % change /30.09.2023 Net flows

    Q3 2024

    		 Net flows

    Q3 2023

    		 Net flows

    9M 2024

    		 Net flows

    9M 2023
    France 987 903 +9.3% +2.8 +4.1 +12.8 -1.2
    Italy 202 197 +2.7% -10.8 -1.5 -13.8 -2.2
    Europe excl. France & Italy 421 353 +19.2% +1.9 -0.8 +6.0 +6.0
    Asia 458 392 +17.0% +7.4 +3.4 +29.6 -0.3
    Rest of the world 124 129 -4.3% +1.7 +8.4 +0.4 +4.0
    TOTAL 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3
    TOTAL outside France 1,204 1,070 +12.5% +0.1 +9.6 +22.2 +7.5

    Methodology Appendix

    Accounting & adjusted data

    Accounting data – These include the amortization of intangible assets, recorded as other income, and since Q2 2024, other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are recognized as deductions from net income, in finance costs.

    The aggregate amounts of these items are as follows for the different periods under review:

    • Q1 2023: -€20m before tax and -€15m after tax
    • Q2 2023: -€20m before tax and -€15m after tax
    • Q3 2023: -€20m before tax and -€15m after tax
    • 9M 2023: -€61m before tax and -€44m after tax
    • 2023: -€82m before tax and -€59m after tax
    • Q1 2024: -€20m before tax and -€15m after tax
    • Q2 2024: -€24m before tax and -€17m after tax
    • Q3 2024: -€24m pre-tax and -€17m after tax
    • 9M 2024: -€68m before tax and -€49m after tax

    There were no significant integration costs recorded in the third quarter as a result of the acquisition of Alpha Associates

    Adjusted data – in order to present an income statement closer to economic reality, the following adjustments are made: restatement of the amortization of distribution contracts with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; such depreciation and amortization and non-cash expenses are recorded as a deduction from net revenues.

    Acquisition of Alpha Associates

    In accordance with IFRS 3, recognition of Amundi’s balance sheet as at 01/04/2024:

    • goodwill of €290m;
    • an intangible asset of €50m representing client contracts, depreciable on a straight-line basis until the end of 2030;
    • a liability representing the conditional earn-out not yet paid, for €160m, including an actuarial discount of -€30m, which will be amortized over 6 years.

    In the Group’s income statement, the following is recorded:

    • amortization of intangible assets for a full-year expense of -€7.6m (-€6.1m after tax)
    • other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; These expenses are recorded as deductions from net income, as finance costs.

    In Q3 2024, the amortization of intangible assets was -€1.9m before tax (-€1.5m after tax) and non-cash expenses were -€1.4m before tax (i.e. -€1.1m after tax). Over the first 9 months of 2024, these expenses are respectively -€3.8m and -€2.9m (-€6.6m in total), since they only started in Q2.

    Alternative Performance Measures20

    In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that excludes the depreciation of intangible assets and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates.
    Adjusted, normalized data are reconciled with accounting data as follows:

    = accounting data
    = adjusted data
    (m€)   9M 2024 9M 2023   Q3 2024 Q3 2023   Q2 2024
                     
    Net operating income   2,452 2,307   825 747   844
    Technology   54 42   20 14   17
    Net financial income and other income   (1) (13)   (6) (1)   3
    Adjusted net financial income and other income   67 49   17 19   26
                     
    Net revenues (a)   2,505 2,336   838 760,   864,
    – Depreciation of intangible assets before tax   (65) (61)   (22) (20)   (22)
    – other non-cash charges relating to Alpha Associates   (3) 0   (1) 0   (1)
    Net revenues – Adjusted (b)   2,573 2,397   862, 780,   887
                     
    Operating expenses (c)   (1,356) (1,280)   (456) (424)   (461)
    – Integration costs before tax   0 0   0 0   0
    Operating expenses – Adjusted (d)   (1,356) (1,280)   (456) (424)   (461)
                     
    Gross operating income (e) = (a) + (c)   1,149 1,056   382 335   403
    Gross operating income – Adjusted (f) = (b) + (d)   1,217 1,117   406 356   426
    Cost-income ratio (%) -(c)/(a)   54.1% 54.8%   54.4% 55.9%   53.4%
    Cost-income ratio – Adjusted (%) -(d)/(b)   52.7% 53.4%   52.9% 54.4%   51.9%
    Cost of risk & other (g)   (7) (5)   (2) (3)   (5)
    Equity-accounted companies (h)   94 73   33 24   33
    Income before tax (i) = (e) + (g) + (h)   1,237 1,124   413 356   431
    Income before tax – Adjusted (j) = (f) + (g) + (h)   1,305 1,185   437 377   454
    Income tax (k)   (283) (260)   (94) (82)   (98)
    Income tax – Adjusted (l)   (302) (277)   (101) (88)   (105)
    Non-controlling interests (m)   2 3   1 1   0
    Net income, Group share (o) = (i)+(k)+(m)   956 866   320 276   333
    Net income, Group share – Adjusted (p) = (j)+(l)+(m)   1,005 910   337 290   350
                     
    Earnings per share (€)   4.67 4.25   1.56 1.35   1.63
    Adjusted earnings per share (€)   4.91 4.46   1.65 1.42   1.71

    Shareholding

        30 September 2023   31 December 2023   30 September 2024
    (units)   Number

    of shares

    		 % of share capital   Number

    of shares

    		 % of share capital   Number

    of shares

    		 % of share capital
    Crédit Agricole Group   141,057,399 68.93%   141,057,399 68.93%   141,057,399 68.93%
    Employees   3,042,292 1.49%   2,918,391 1.43%   2,751,891 1.34%
    Treasury shares   1,297,231 0.63%   1,247,998 0.61%   958,031 0.47%
    Free float   59,250,712 28.95%   59,423,846 29.04%   59,880,313 29.26%
                       
    Number of shares at end of period   204,647,634 100.0%   204,647,634 100.0%   204,647,634 100.0%
    Average number of shares year-to-date   204,050,516 –   204,201,023 –   204,647,634 –
    Average number of shares quarter-to-date   204,425,079 –   204,647,634 –   204,647,634 –

    Average number of shares on a pro rata basis.

    • The average number of shares is unchanged between Q2 and Q3 2024, it increased by +0.1% between Q3 2023 and Q3 2024 and by +0.3% between the first 9 months of 2023 and the same period of 2024;
    • A capital increase reserved for employees will be carried out on October 31, 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction), bringing the share of employees to about 1.7% of the capital, compared to 1.34% at September 30, 2024, before the transaction.                                        

    Financial communication calendar

    • Q4 and Full Year 2024 Results: February 4, 2025
    • Q1 2025 earnings release: April 29, 2025
    • Annual General Meeting: May 27, 2025
    • Q2 and H1 2025 earnings release: July 29, 2025
    • Q3 and 9-month 2025 results: October 28, 2025

    About Amundi

    Amundi, the leading European asset manager, ranking among the top 10 global players21, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.2 trillion of assets22.

    With its six international investment hubs23, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

    Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.

    Amundi, a trusted partner, working every day in the interest of its clients and society.

    www.amundi.com  

    Press contacts:        
    Natacha Andermahr 
    Tel. +33 1 76 37 86 05
    natacha.andermahr@amundi.com 

    Corentin Henry
    Tel. +33 1 76 36 26 96
    corentin.henry@amundi.com

    Investor contacts:
    Cyril Meilland, CFA
    Tel. +33 1 76 32 62 67
    cyril.meilland@amundi.com 

    Thomas Lapeyre
    Tel. +33 1 76 33 70 54
    thomas.lapeyre@amundi.com 

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    WARNING

    This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

    This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

    These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements. [In particular, conditions to completion of the announced transaction between Amundi and Victory Capital, may not be satisfied and such transaction may not be completed on schedule, or at all; risks relating to the expected benefits or impact of the transaction on Victory Capital’s and Amundi’s respective businesses are contained in their respective public filings.]

    Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

    The figures presented were prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. The financial information set out herein do not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

    Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

    The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.

    1        Net income Group share
    2        Adjusted data: excluding amortisation of intangible assets relating to distribution and client contracts as well as other non-cash charges relating to the acquisition of Alpha Associates recorded in net financial income (see note p. 11)
    3        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    4        As announced at the time of the publication of the Q2 results, exit in Q3 from a large low-income mandate (€11.6 billion) with a European insurer, in multi-asset; including this exit, net inflows were positive by +€2.9bn in Q3 and +€35bn over 9 months
    5        Medium-Long Term Assets
    6        Excluding JVs
    7        Extraordinary General Meeting of Shareholders of Victory Capital, held on 11 October 2024
    8        Source: TrackInsight Q3 2024
    9        Classified as article 8 or 9 of the SFDR regulation of the European Union
    10        Including JV: €234bn in assets, +€12bn net inflows over 9 months and +€1bn in Q3
    11        50% MSCI World + 50% Eurostoxx 600 composite index for equity markets, average values over each period considered
    12        Bloomberg Euro Aggregate for bond markets, average values over each reporting period
    13        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data as of the end of June 2024.
    14        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    15        Anniversary dates of the funds triggering the recognition of these fees
    16        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, September 2024; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1063 at the end of September 2024. © 2024 Morningstar, all rights reserved
    17        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    18        Lyxor, integrated as of 31/12/2021
    19        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV; as of 01/01/2024, reclassification of short-term bond strategies (€30 billion in outstandings) as Bonds previously classified as Treasury until that date; Outstanding amounts up to that date have not been reclassified in these tables
    20        See also the section 4.3 of the 2023 Universal Registration Document filed with the AMF on April 18, 2024
    21Source: IPE “Top 500 Asset Managers” published in June 2024, based on assets under management as at 31/12/2023
    22Amundi data at 30/09/2024
    23Boston, Dublin, London, Milan, Paris and Tokyo

    Attachment

    The MIL Network –

  • MIL-OSI Europe: Czech trains to be upgraded with €300 million EIB loan to national railway operator

    Source: European Investment Bank

    The European Investment Bank (EIB) is lending CZK 7.61 billion Czech korunas (€300 million) to the Czech Republic’s national railway operator, České dráhy, to buy new train carriages and locomotives as well as upgrade existing ones. České dráhy will use the loan to purchase 180 passenger coaches and 20 electric locomotives. The company will also retrofit 219 existing coaches and locomotives with modern technology known as the European Rail Traffic Management System (ERTMS). The improvements, due to be completed by the end of 2028, will benefit Czech cohesion regions and cross-border connections.

    “This financing exemplifies our unwavering commitment to sustainable transport,” said EIB Vice-President Kyriacos Kakouris. “By modernising the rolling stock of České dráhy, we are not only enhancing the safety and efficiency of rail services but also advancing the EU’s climate-action goals.”

    The loan builds on years of EIB- České dráhy cooperation to upgrade infrastructure and rolling stock. Last year alone, the EIB committed €880 million to Czech rail projects.

    “The funds from the European Investment Bank help us to invest into the modernisation of our rolling stock. We are using the funds obtained in this way primarily for improvement of the quality of long-distance trains, including the acquisition of the most modern ComfortJet trainsets, which will run on the lines interconnecting Prague with Germany, Austria, Slovakia or Hungary, as well as for equipment of other vehicles with the on-board part of the European Train Control System (ETCS). Thanks to these investments, we will offer our passengers more comfortable, more convenient, and safer trains and we will further strengthen the competitive edge of the modern and environment-friendly railway transport,” said Lukáš Svoboda, Member of the Board of Directors and Deputy Director General of ČD for Economics and Purchasing.  

    The new and retrofitted rolling stock will improve service reliability, shorten journey times, and lower maintenance costs.

    The use of ERTMS will enhance safety and interoperability across the European rail network. The fleet to be retrofitted with ERTMS is expected to be operated for regional and long-distance connections under public-service contracts mainly in the Czech Republic and to a limited extent in neighbouring countries.

    The environmental benefits include reductions in emissions and energy consumption, contributing to the EU’s climate action goals. The project will also support economic and social cohesion by improving mobility for people primarily in the country’s less-developed regions and by strengthening connections to other EU countries.

    Furthermore, the initiative is projected to create around 160 permanent jobs, primarily for train drivers, accompanying staff and maintenance personnel.

    The EIB loan complements grants under the Connecting Europe Facility (CEF). The CEF is a key EU funding instrument designed to promote growth, jobs, and competitiveness through targeted infrastructure investments.

    Background information

    About the EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union. It finances sound investments that contribute to EU policy goals and works closely with other EU institutions to advance shared policy priorities, such as equitable growth and a just transition to climate neutrality. In 2023 alone, the EIB Group provided €1.88 billion for Czech projects. We are significantly investing in the rail sector, with close to €1 billion dedicated to rail projects last year. Since its inception, the EIB has provided substantial financing to the Czech Republic, contributing to the development of its infrastructure and economy.

    About České dráhy, a.s

    The joint stock company “České dráhy” plays the role of the national carrier in the Czech Republic and on the basis of orders from the state and regions it ensures basic transport services for the state. During recent years it was possible to register a significant rejuvenation of the rolling stock, in both regional and long-distance transport sectors. In its effort of making railway transport more attractive and increasing its competitiveness on the open market the firm has invested dozens of billions of Czech crowns in purchases and modernisation of vehicles.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Continental cuisine and culture returning to Hanley

    Source: City of Stoke-on-Trent

    Published: Wednesday, 30th October 2024

    Noodles, burritos, chimney cakes and souvlaki are just a few of the foods making their way back to Hanley as the Continental Market returns.

    Stoke-on-Trent City Council has announced that the market will return this November, treating shoppers to a wide array of continental cuisine.

    There will also be a fantastic range of gifts and products, brought to you by traders from all over the world across several continents, including Europe, Asia and South America.

    The stalls will be located on Parliament Row and Upper Market Square and will join the regular outdoor traders’ who operate in the city centre, from Thursday 7th November to Sunday 10th November between 10am – 6pm (closing at 4pm on Sunday).

    Councillor Finlay Gordon-McCusker, cabinet member for transport, infrastructure and regeneration said: “We are delighted that the Continental Market is making a return in November.

    “Each year, the delicious food and amazing crafts that traders bring highlight so many amazing cultures and this is a great thing for a city like Stoke-on-Trent. We have wonderful local businesses and traders and events like the market attract more people to the area and increase footfall in these businesses.

    “We would strongly encourage people to go and check out the market, because there are some amazing food and products on show in what promises to be a great event for the city.”

    Businesses on the stalls will include Taste of Germany, Little China Noodles Bar and Aunty Sally Fudge.

    MIL OSI United Kingdom –

  • MIL-OSI: LaunchDarkly Launches Dedicated EU Region to Support EU Data Residency and Compliance Needs

    Source: GlobeNewswire (MIL-OSI)

    OAKLAND, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — LaunchDarkly, the platform for high-velocity engineering teams to release, monitor, and optimize great software, today announced the launch of its dedicated EU region. This strategic expansion of the LaunchDarkly platform addresses the critical data residency needs of European organizations by securely storing critical data within the European Union.

    The launch of the EU region follows LaunchDarkly’s recent participation in the EU-US Data Privacy Framework, reinforcing the company’s commitment to upholding the highest standards of data privacy and security. As organizations across Europe grapple with increasing regulatory pressures, the dedicated EU region provides a vital solution, allowing businesses to focus on innovation while managing residency and compliance needs.

    “Europe is home to some of the most exciting software innovation, so it’s no surprise that we are seeing a surge in demand for feature management, AI application oversight, and experimentation,” said Dan Rogers, CEO of LaunchDarkly. “Our new EU region responds directly to these needs, addressing crucial data residency concerns while empowering engineering teams to push boundaries with confidence.”

    Key Features of the LaunchDarkly EU Region:

    • EU Data Residency: All end-user data will be stored within the EU, giving organizations greater control and security over their sensitive information.
    • Regulatory Compliance: Keeping data in the EU can address specific regulatory challenges that certain EU industries face.
    • Security and Privacy Assurance: The LaunchDarkly EU region is backed by rigorous security protocols, including certifications like SOC 2 Type II and ISO 27001, ensuring the highest levels of data protection.

    The LaunchDarkly EU region, based in Frankfurt, Germany, is designed for optimal performance, reducing latency for EU-based traffic while ensuring robust disaster recovery processes, and will include a secondary AWS EU region in Paris for backups. This infrastructure not only supports compliance but also empowers organizations to innovate, without some of the burdens of regulatory or compliance uncertainty. This is particularly important for highly-regulated industries like financial services, energy, and healthcare.

    “Data residency has long been a significant hurdle for us when it comes to scaling beyond our homegrown solutions,” said Julien Femia, Director of Engineering at Alan. “We’re excited to partner with LaunchDarkly, as their new EU region allows us to confidently embrace feature management while adhering to our data compliance needs. This marks a key step forward in accelerating our product development and delivering even more innovative healthcare solutions to our users.”

    As data residency becomes an increasingly pressing concern for European organizations, the LaunchDarkly EU region represents a pivotal step in simplifying compliance and fostering trust in cloud operations. LaunchDarkly encourages EMEA sales representatives to proactively engage with prospects and existing clients to share this crucial development and its implications for their data residency and compliance strategies.

    For more information about the LaunchDarkly EU region, visit here.

    About LaunchDarkly

    LaunchDarkly is the leading release management platform that empowers engineering teams to deliver better software, faster and with less risk. With a comprehensive suite of capabilities, the LaunchDarkly platform facilitates real-time experimentation, AI-driven solutions, and progressive delivery, ensuring new features are rolled out smoothly and efficiently. Serving over 5,500 of the world’s most innovative enterprises, including a quarter of the Fortune 500, LaunchDarkly is trusted around the globe to deliver software with speed and safety, enhancing customer experiences across industry verticals. For more information, visit www.launchdarkly.com.

    The MIL Network –

  • MIL-OSI Global: How does REACH, the EU regulation governing chemical substances, work?

    Source: The Conversation – France – By Johanna Berneron, Toxicologue reglementaire, Agence nationale de sécurité sanitaire de l’alimentation, de l’environnement et du travail (Anses)

    Adopted by the European Union in 2006, the REACH regulation (Registration, Evaluation, Authorisation and Restriction of Chemicals) governs the manufacture and use of chemical substances in Europe. Despite its importance, REACH has often been criticised for being slow and complex. These concerns prompted calls for reform as part of the European Green Deal, though the European Commission ultimately postponed the revision. Various NGOs have called for this reform, and in early 2024, the French National Assembly’s European Affairs Committee reignited the conversation, with a resolution currently under review.

    Nevertheless, REACH remains an ambitious and indispensable regulation that protects human health and the environment from the hazards posed by chemical substances. While it’s not perfect, it represents progress in comparison with previous regulatory frameworks. One notable success is the ban on bisphenol A (BPA), a controversial chemical previously used in baby bottles.

    Understanding the REACH process

    REACH is straightforward if you break down its steps:

    • Substance registration: Manufacturers must submit detailed information on the chemical, toxicological and environmental properties of substances they produce or import. If no data exists, they are required to generate it. Unlike previous regulations and directives, REACH places the burden of proof on companies. To comply with the regulation, companies must identify and adequately manage the risks associated with the substances they manufacture and market in the EU. In particular, they must demonstrate how the substances can be used safely and communicate risk management measures to users.

    • Compliance checks: The European Chemicals Agency (ECHA) ensures that the registration dossiers are complete and meet regulatory requirements. This is known as compliance analysis.

    • Substance evaluation: If concerns arise, a substance undergoes further evaluation to assess risks to human health and the environment. This procedure is conducted by the member states (with ANSES representing France) and enables the authorities to request additional information from industries.

    Member states, including ANSES, carry out these evaluations, focusing on national health priorities. Substances flagged for further assessment are added to the Community Rolling Action Plan (CoRAP), a three-year plan outlining substances to be evaluated by member states.

    If additional safety measures are needed, several outcomes are possible:

    • SVHC identification: Substances of Very High Concern (SVHC) may require authorisation for continued use.

    • Restrictions: Can limit or ban certain uses of a substance.

    • Classification: Hazardous substances may be classified as carcinogenic, toxic to reproduction or in other such categories and must be labelled for these hazardous properties.

    Bisphenol A: a case study

    Bisphenol A (BPA) exemplifies REACH’s impact. In 2017, Germany initiated an evaluation of BPA, resulting in its classification as a reprotoxic substance under the EU’s Classification, Labelling and Packaging (CLP) regulation. BPA was also identified as an SVHC due to its endocrine-disrupting properties, which pose risks to human health and the environment.

    Although these various management measures have faced legal challenges from industry, including through appeals, all have been upheld. They have proven effective, as highlighted by a European Environment Agency (EEA) report showing that BPA concentrations in Europeans’ urine are decreasing, in contrast to other bisphenols.

    The role of ANSES

    ANSES plays a key role in implementing the EU’s REACH regulation, supporting French authorities in managing chemical risks. Among its responsibilities, ANSES can identify a substance as an SVHC, preparing dossiers that can lead to these substances being added to Annex XIV of REACH. Once listed, the substances are restricted, and their use is only allowed if the European Commission specifically authorises it. Such authorisations are granted when it’s proven that the risks are controlled or the socioeconomic benefits outweigh them.

    Before a substance is included in Annex XIV, it must first be identified as an SVHC. This step is aimed at encouraging the gradual replacement of these hazardous chemicals with safer alternatives, protecting both human health and the environment.

    ANSES also prepares restriction dossiers, evaluating the socioeconomic impact of limiting or banning substances that pose unacceptable risks. These restrictions can apply to chemicals in their pure form, in mixtures, or within products.

    Additionally, ANSES produces harmonised classification dossiers for chemicals like carcinogens, mutagens, and reproductive and respiratory sensitizers, for instance. Once included in Annex VI of the CLP regulation, industries must label their products accordingly, alerting users – especially workers – about potential hazards and ensuring proper precautions are taken.

    Room for improvement

    Despite improvements, the REACH regulation still faces significant challenges. Many industries, and particularly smaller companies, struggle to comply due to the high cost of registration. In 2018, the German Federal Institute for Risk Assessment (BfR) reported that 31% of chemical substances produced in or imported into the EU in quantities over 1,000 tonnes per year failed to meet REACH requirements.

    In response, ECHA has enhanced its chemical data management, but industries remain unsatisfied, accusing ECHA of pushing for classifications or requesting new tests without robust toxicological justifications. These requests often aim to address data gaps in industry-provided dossiers while minimising animal testing.

    REACH’s main limitation is its dependence on industry-submitted data to evaluate chemical risks. These data can be incomplete, outdated or missing, forcing regulators to request additional information, which delays risk assessments and decision-making.

    Consequently, the evaluation of substances and review of authorisation requests are often slow, delaying the entry of safer, innovative chemicals. Many potentially hazardous substances remain on the market without adequate regulation, a persistent concern from a public health standpoint.

    A revision of REACH is expected to streamline processes, improve efficiency and impose stricter penalties on non-compliant industries, potentially revoking their REACH registration numbers. This would prevent the sale of substances without the necessary data.

    These changes align with the European Commission’s strategy for a toxic-free environment under the European Green Deal. However, there is concern that lobbying could undermine this vital regulation, a global standard in chemical safety.

    Despite its complexities, REACH remains a critical safeguard for European public health and environmental protection.

    Johanna Berneron ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    – ref. How does REACH, the EU regulation governing chemical substances, work? – https://theconversation.com/how-does-reach-the-eu-regulation-governing-chemical-substances-work-241931

    MIL OSI – Global Reports –

  • MIL-OSI Economics: grmcapitalspro.com: BaFin investigates the company GRMcapitalsPRO

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the company GRMcapitalsPRO and the services it is offering. BaFin has information that the company is offering banking business and/or financial services in Germany on its website grmcapitalspro.com without the required authorisation. The company is not supervised by BaFin.

    Financial services may only be offered in Germany if the company providing these services has the necessary authorisation from BaFin to do this. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.

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

    Please be aware:

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

    MIL OSI Economics –

  • MIL-OSI Security: Defense News: Strengthening Alliances Through Learning, NPS Hosts European International Alumni Symposium

    Source: United States Navy

    The symposium, sponsored in part by the Department of State as part of the U.S. International Military Education Training (IMET) program, is in direct support of the Secretary of the Navy Carlos Del Toro’s strategic priorities to strengthen international alliances for collective defense. It also supports the “Enhance Partnerships” objective in the Naval Education Strategy by offering opportunities to learn alongside our allies and partners, which is a key component to succeeding in deterring conflict and the strategic power competition.

    “In so many ways, [educational institutions] are the engines of what happens in the future,” said Adm. Stuart Munsch, commander of U.S. Naval Forces Europe-Africa and commander of Allied Joint Force Command Naples, during his welcoming remarks. “They not only equip individuals with the skill sets to think about particular knowledge areas but, more broadly, to think critically and strategically. These institutions are what provide this foundation for our future, and the Naval Postgraduate School is among them.”

    Building on the Indo-Pacific NPS Alumni Symposium held last year, the European symposium agenda spanned a full three days, packed with plenary sessions, panels, and keynote addresses, which included discussions ranging from energy security and space systems to contested logistics and climate change. NPS faculty presented and discussed cutting-edge research in emerging defense technologies, furthering academic collaboration, shared learning, and strategic engagement with international partners.

    Beyond the formal sessions and professional exchange, the symposium also provided an opportunity to advance important relationships, maritime statecraft, and reconnect NPS with its global community of alumni.

    “These relationships matter and continuing to cultivate them matters because our alumni network is a vital resource,” said U.S. Army Gen. Christopher Cavoli, Supreme Allied Commander and Commander, U.S. European Command. “It provides us with an unparalleled opportunity to share knowledge, exchange ideas, and foster innovation all around the globe.”

    In addition to robust discussions on security and defense, participants valued the chance to reconnect with former classmates, professors, and new colleagues from across Europe.

    “NPS helped us reach a deeper understanding of where we’re going together. In terms of cooperative security and collective defense right now, NPS is very well represented in key positions in NATO, not only in the operational side of the house but also in the future planning,” said Maj. Gen. Claudiu Dobocan, commander, Romanian Special Operations Command and a 2004 NPS Defense Analysis graduate. “NPS is on the forefront for relation building but also on the front of conceptual theories which will push forward NATO and U.S. instruments.”

    Among the many discussions held during the event, one key session focused on climate and energy security in Europe, featuring panelist Kristen Fletcher of NPS’ Energy Academic Group who highlighted important ongoing research in the field. Symposium attendees and NPS faculty visited the Schneefernerhaus Environmental Research Station, Germany’s highest environmental research facility, where they learned about the facility’s history and ongoing climate research, which furthered the discussion.

    “This symposium has given us the chance to share global perspectives on climate security,” Fletcher said. “The research shared with us today on increasing greenhouse gas emissions, along with physical observations of a nearly depleted glacier, highlights the need for awareness and partnerships to understand the impacts of climate change on military missions.”

    As the symposium concluded, participants expressed gratitude for the opportunity to reunite with old colleagues, meet new ones, and discuss shared challenges and opportunities for collaboration.

    NPS attracts students from around the globe, advancing their skills while also supporting the development of enduring personal connections. International alumni symposiums focus on strengthening those relationships while addressing present-day challenges, reaffirming the collective dedication to global security.

    “NPS gives us the opportunity to connect people from different countries, different cultures, building trust and the feeling that we are stronger together,” said 2024 Security Studies graduate Tea Nikolashvili, director, Defense Institution Building School, Ministry of Defense, Georgia. “Symposiums like this are an additional opportunity for us to communicate with our peers and widen our perspectives as well as build professional networks, supporting both national and international security objectives and implementation processes.”

    The event was organized by NPS’ International Graduate Programs Office (IGPO) with additional support from the NPS Foundation and Alumni Association. More than 7,000 students from nearly 130 countries have graduated from NPS since 1954. 

    “None of us are as strong as all of us,” said Danial Pick, director of IGPO. “Allied countries send their best to NPS, and they contribute so much to our learning beyond their coursework and research to enhance our culture and strengthen future alliances, which are so important today.” 

    Through the institution’s unique, defense-focused graduate education and research programs and a student body reaching all corners of the globe, NPS continues to drive knowledge and relevant innovation to enhance the strategic capabilities of the United States as well as its international partners. 

    “It was a privilege to collaborate with senior military representatives and NPS alumni from around the globe to discuss and execute the importance of strategic engagement among international partners,” said NPS President retired Vice. Adm. Ann Rondeau. “I want to express my sincere thanks to everyone who worked diligently to ensure the symposium was a success, especially to the George C. Marshall European Center for Security Studies and Director retired U.S. Air Force Maj. Gen. Barre R. Seguin for graciously co-hosting our first NPS European International Alumni Symposium – it was a great team effort!” 

    NPS, located in Monterey, California, provides defense-focused graduate education, including classified studies and interdisciplinary research, to advance the operational effectiveness, technological leadership, and warfighting advantage of the Naval service. Established in 1909, NPS offers master’s and doctorate programs to Department of Defense military and civilians, along with international partners, to deliver transformative solutions and innovative leaders through advanced education and research. For more information, visit NPS at https://nps.edu.

    Check out highlights and hear from symposium attendees in this recap of NPS’ first-ever European International Alumni Symposium, https://youtu.be/KSJq5QHAoC8. 

    MIL Security OSI –

  • MIL-OSI: AI Company Brand Engagement Network Announces Agreement to Acquire German Media Technology Leader Cataneo Gmbh

    Source: GlobeNewswire (MIL-OSI)

    JACKSON, Wyo., Oct. 30, 2024 (GLOBE NEWSWIRE) — Brand Engagement Network, Inc.(BEN) (NASDAQ: BNAI), a global leader in secure and reliable conversational AI solutions for businesses and consumers, today announced it has agreed to acquire 100% of Cataneo Gmbh (Cataneo), a privately-owned media technology company based in Munich, Germany, in a cash and stock transaction.

    Cataneo, a leader in media technology, offers an all-in-one solution for ad sales, inventory management, and campaign optimization. The company has been profitable throughout the years, with its platform helping broadcast and entertainment companies streamline operations, increase revenue, and enhance audience engagement. By integrating BEN’s advanced Generative AI, Cataneo is poised to strengthen its offerings and deliver even greater value to its brands and customers.

    Cataneo’s Mydas platform is a rapidly growing, highly sophisticated air-time sales management and ad traffic system managing over 5 billion euros in annual media spending. Supporting over 5,000 users and more than 1,000 media brands across four continents, the Mydas platform operates on a robust recurring revenue model. It offers a fully integrated, 100% SaaS cloud solution consolidating all advertising inventories into a common currency on a single platform.

    Combined Synergies Enhance Conversational Gen-AI for Global Media Brands

    “We believe the combination of BEN’s safe, intelligent, and scalable Generative AI platform, with Cataneo’s Mydas tools, can transformhow brands engage with their customers,” said Paul Chang, Chief Executive Officer of BEN. “This acquisition marks a significant step towards the future of interactive advertising, where consumers are not just marketed to, but actively engaged with, leading to more meaningful and enhanced online experiences.”

    Cataneo’s Chief Executive Officer, Renato Rocha Pinto, expressed his excitement about the partnership. He stated, “We believe combining our technologies will significantly enhance consumer engagement and substantially benefit our global clients. BEN’s AI has the capability to generate deep insights and explore innovative consumer engagement opportunities across various media outlets, extending beyond traditional platforms.”

    The acquisition underscores BEN’s commitment to strategic growth through mergers and acquisitions, enabling BEN to expand the reach of its core AI platform to over 1,000 media brands. This positions BEN to lead the next generation of conversational Gen-AI engagement, providing consumers with real-time, accurate, and helpful information across various channels, including while on the move and driving.

    While Cataneo will continue to serve its existing clients independently, the company plans to collaborate closely with BEN to integrate AI into its internal processes and provide enhanced customer tools. The combined strength of BEN’s Generative AI and Cataneo’s platform is expected to expand Cataneo’s global presence significantly.

    Transaction Details
    The total purchase price for the acquisition is $19.5 million, comprised of $9.0 million in cash and 4.2 million shares of BEN common stock at an agreed-upon value of $2.50 per share. Depending on certain conditions before closing, a portion of the shares may be converted into the right to receive up to $3.0 million in cash.   Upon closing, Cataneo will become a wholly owned subsidiary of BEN, with plans to expand operations in the U.S. and Latin America. This acquisition positions both companies for significant growth in the broadcast and agency premium advertising workflow management solutions market, a $2.0 billion segment within the broader $45 billion global media technology market. Renato Rocha Pinto will continue as Cataneo’s Chief Executive Officer after the acquisition.

    The transaction is subject to securing financing on mutually agreeable terms and obtaining customary regulatory approvals and guarantees by certain BEN shareholders. It is expected to close in the fourth quarter of 2024.

    For more information about BEN’s safe, intelligent, scalable AI, please visit  www.beninc.ai. For details about Cataneo, please visit www.cataneo.tv.

    About BEN
    Brand Engagement Network is a global leader providing secure and reliable conversational AI solutions for businesses and consumers. With offices in Jackson, Wyoming, and Seoul, South Korea, BEN offers a powerful and flexible platform that enhances customer experiences, boosts productivity, and delivers business value. At the heart of BEN’s offerings are AI-powered digital assistants and lifelike avatars, providing more personal and engaging experiences through browsers, mobile applications, and even life-size kiosks. These safe, intelligent, and inherently scalable AI solutions empower businesses to efficiently serve customers using validated data delivered through SaaS, Private Cloud, and On-Premises technology. BEN’s commitment to data sovereignty ensures that consumer and business data remain private, protected, and wholly owned by the respective parties. BEN’s mission is to make AI friendly and helpful for all, ensuring more people benefit from the AI-enhanced world.

    About Cataneo
    Cataneo is a global provider of comprehensive media management solutions for linear, non-linear, and digital media, headquartered in Munich, Germany. Cataneo’s platform is highly customizable and scalable and offers end-to-end solutions for advertising sales, traffic management, and campaign optimization across multiple media channels. With over two decades of experience, Cataneo supports over 1,000 media brands across 200+ channels in 4 continents, providing cutting-edge tools for inventory management, yield optimization, and programmatic ad sales. The company’s flagship platform, MYDAS, empowers media businesses to optimize revenues and streamline operations with advanced data analytics, CRM integration, and real-time reporting. Cataneo’s mission is to bridge the gap between media buyers, sellers, and platforms, offering a unified ecosystem for seamless media transactions and enhanced audience engagement.

    Forward-Looking Statements
    Certain statements in this communication are “forward-looking statements” within the meaning of federal securities laws. They are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect, among other things, BEN’s current expectations, assumptions, plans, strategies, and anticipated results, including the closing and anticipated benefits of the acquisition of Cataneo (the “Cataneo Acquisition”). Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.

    There are a number of risks, uncertainties and conditions that may cause BEN’s actual results to differ materially from those expressed or implied by these forward-looking statements, including but not limited to: (i) uncertainties as to the timing of the Cataneo Acquisition; (ii) the risk that the Cataneo Acquisition may not be completed on the anticipated terms in a timely manner or at all; (iii) the failure to satisfy any of the conditions to the consummation of the Cataneo Acquisition, including the ability to obtain financing to fund the Cataneo Acquisition on terms that are agreeable to the parties or at all; (iv) the possibility that any or all of the various conditions to the consummation of the Cataneo Acquisition may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals) or required major shareholder guarantees; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the purchase agreement; (vi) the effect of the announcement or pendency of the transactions contemplated by the purchase agreement on BEN’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its operating results and business generally; (vii) risks related to diverting management’s attention from BEN’s ongoing business operations; (viii) uncertainty as to the timing of completion of the Cataneo Acquisition; (ix) risks that the benefits of the Cataneo Acquisition are not realized when and as expected; and (x) (A) the risk factors described in Part I, Item 1A of Risk Factors in BEN’s Annual Report on Form 10-K for the year ended December 31, 2023 and (B) the other risk factors identified from time to time in the BEN’s other filings with the Securities and Exchange Commission (the “SEC”). Filings with the SEC are available on the SEC’s website at http://www.sec.gov.

    Many of these circumstances are beyond BEN’s ability to control or predict. These forward-looking statements necessarily involve assumptions on BEN’s part. These forward-looking statements may include words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “project,” “should,” “may,” “will,” “might,” “could,” “would,” or similar expressions. All forward-looking statements attributable to the Company or persons acting on BEN’s behalf are expressly qualified in their entirety by the cautionary statements that appear throughout this communication. Furthermore, undue reliance should not be placed on forward-looking statements, which are based on the information currently available to the Company and speak only as of the date they are made. BEN disclaims any intention or obligation to update or revise publicly any forward-looking statements.

    Media Contact 
    Amy Rouyer
    BEN – Safe, Intelligent, Scalable AI
    E: amy@beninc.ai
    P: 503-367-7596

    Investor Relations
    Christine Marchuska
    E: ir@beninc.ai
    P: 917-232-0852

    Source: Brand Engagement Network, Inc. (BEN)

    The MIL Network –

  • MIL-OSI United Kingdom: UKHSA detects first case of Clade Ib mpox

    Source: United Kingdom – Government Statements

    The UK Health Security Agency (UKHSA) has detected a single confirmed human case of Clade Ib mpox.

    The UK Health Security Agency (UKHSA) has detected a single confirmed human case of Clade Ib mpox. The risk to the UK population remains low.

    This is the first detection of this Clade of mpox in the UK. It is different from mpox Clade II that has been circulating at low levels in the UK since 2022, primarily among gay, bisexual and other men-who-have-sex-with-men (GBMSM).

    UKHSA, the NHS and partner organisations have well tested capabilities to detect, contain and treat novel infectious diseases, and while this is the first confirmed case of mpox Clade Ib in the UK, there has been extensive planning underway to ensure healthcare professionals are equipped and prepared to respond to any confirmed cases.

    The case was detected in London and the individual has been transferred to the Royal Free Hospital High Consequence Infectious Diseases unit. They had recently travelled to countries in Africa that are seeing community cases of Clade Ib mpox. The UKHSA and NHS will not be disclosing any further details about the individual.

    Close contacts of the case are being followed up by UKHSA and partner organisations. Any contacts will be offered testing and vaccination as needed and advised on any necessary further care if they have symptoms or test positive.

    UKHSA is working closely with the NHS and academic partners to determine the characteristics of the pathogen and further assess the risk to human health. While the existing evidence suggests mpox Clade Ib causes more severe disease than Clade II, we will continue to monitor and learn more about the severity, transmission and control measures. We will initially manage Clade Ib as a high consequence infectious disease (HCID) whilst we are learning more about the virus.

    Professor Susan Hopkins, Chief Medical Adviser at UKHSA, said:

    It is thanks to our surveillance that we have been able to detect this virus. This is the first time we have detected this Clade of mpox in the UK, though other cases have been confirmed abroad.

    The risk to the UK population remains low, and we are working rapidly to trace close contacts and reduce the risk of any potential spread. In accordance with established protocols, investigations are underway to learn how the individual acquired the infection and to assess whether there are any further associated cases.

    Health and Social Care Secretary Wes Streeting, said:

    I am extremely grateful to the healthcare professionals who are carrying out incredible work to support and care for the patient affected.

    The overall risk to the UK population currently remains low and the government is working alongside UKHSA and the NHS to protect the public and prevent transmission.

    This includes securing vaccines and equipping healthcare professionals with the guidance and tools they need to respond to cases safely.

    We are also working with our international partners to support affected countries to prevent further outbreaks.

    Steve Russell, NHS national director for vaccination and screening, said:

    The NHS is fully prepared to respond to the first confirmed case of this clade of mpox.

    Since mpox first became present in England, local services have pulled out all the stops to vaccinate those eligible, with tens of thousands in priority groups having already come forward to get protected, and while the risk of catching mpox in the UK remains low, if required the NHS has plans in place to expand the roll out of vaccines quickly in line with supply.

    Clade Ib mpox has been widely circulating in the Democratic Republic of Congo (DRC) in recent months and there have been cases reported in Burundi, Rwanda, Uganda, Kenya, Sweden, India and Germany.

    Clade Ib mpox was detected by UKHSA using polymerase chain reaction (PCR) testing.

    Common symptoms of mpox include a skin rash or pus-filled lesions which can last 2 to 4 weeks. It can also cause fever, headaches, muscle aches, back pain, low energy and swollen lymph nodes.

    The infection can be passed on through close person-to-person contact with someone who has the infection or with infected animals and through contact with contaminated materials. Anyone with symptoms should continue to avoid contact with other people while symptoms persist.

    The UK has an existing stock of mpox vaccines and last month announced further vaccines are being procured to support a routine immunisation programme to provide additional resilience in the UK. This is in line with more recent independent JCVI advice.

    Working alongside international partners, UKHSA has been monitoring Clade Ib mpox closely since the outbreak in DRC first emerged, publishing regular risk assessment updates.

    The wider risk to the UK population remains low.

    UKHSA has published its first technical briefing on clade I mpox which provides further information on the current situation and UK preparedness and response.

    Updates to this page

    Published 30 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Economics: OTC Europa: BaFin warns about websites otceuropa.com, otceuropa.info und otc-500.support

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about services offered by OTC Europa on the websites otceuropa.com, otceuropa.info und otc-500.support. BaFin has information that the company is offering financial services without the required authorisation. There is also a connection to the “OTC-500” platform, which BaFin has already warned about.

    Financial services may only be offered in Germany if the company provid-ing these services has the necessary authorisation from BaFin to do this. However, some companies offer these services without the required au-thorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.

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

    Please be aware:

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

    MIL OSI Economics –

  • MIL-OSI Economics: Identity fraud: BaFin warns consumers against offers on websites waystone-im.de and wim-finanzberatung.de

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    Federal Financial Supervisory Authority BaFin warns against alleged fixed-term deposit offers on the websites waystone-im.de (previously: waystone-im.com) and wim-finanzberatung.de. The services are not actually being offered by Waystone Investment Management (IE) Limited, German Branch. This is a case of identity fraud by unknown perpetrators. Contrary to the information on the website, BaFin does not supervise alleged Waystone Investments.

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

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

    Please be aware:

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

    MIL OSI Economics –

  • MIL-OSI Europe: Answer to a written question – Compliance of the German Government’s decision to reintroduce border controls with EU law – P-001801/2024(ASW)

    Source: European Parliament

    1. In the notification of 9 September 2024, the German authorities indicated as public policy and internal security grounds: the security risks connected to irregular migration, including migrant smuggling, resulting in high levels of illegal entries; the excessive burden on the asylum reception system and solidarity in society and resulting threats to public order and internal security; security risks flowing from the Russian invasion in Ukraine and the situation in the Middle East, including terrorist Islamist violence; the effects of crimes carried out by refugees on the overall sense of security among the German public.

    2. In the notification, Germany explained that it considers the reintroduction of internal border control to be a necessary and proportionate means of last resort. It does not believe the threats can be sufficiently addressed with alternative measures. It has indicated that the controls will be flexible and risk-based and that the federal police strive to limit the impact on free movement of persons within the area without internal border control and cross-border regions. The Commission will remain in close contact with the German authorities in order to evaluate the situation.

    3. No Member State has brought the matter before the Commission in accordance with the procedure laid down in Article 259 of the Treaty on the Functioning of the EU.

    Last updated: 29 October 2024

    MIL OSI Europe News –