Source: United States of America – Federal Government Departments (video statements)
In this episode of The BLUF we dive into the Caregiver Support Program. Get the bottom-line up front on CSP, PGCSS, and PCAFC – as well as what those acronyms mean!
More on PGCSS:
https://www.caregiver.va.gov/Care_Caregivers.asp
More on PCAFC:
https://www.caregiver.va.gov/support/support_benefits.asp
Find your Caregiver Support Team:
https://www.caregiver.va.gov/support/New_CSC_Page.asp
Caregiver Support Line:
1-855-260-3274
https://www.caregiver.va.gov/help_landing.asp
The BLUF
A VA Rocky Mountain Network Production
This show is made by Veterans for Veterans
Executive Producer: Shawn Spitler
Producer, Director, Editor: Matt Murray
Host, Producer: Sarah Kallassy
Technical Director: Patrick Battle
Audiovisual Production Specialist: Adam Desaulniers
Stories by: Katie Beall, Jesus Flores, Sarah Kallassy, and Matt Murray
Chapters:
00:00 – 00:27 Intro to CSP
00:28 – 01:30 Who are caregivers?
01:31 – 01:46 Programs within a program
01:47 – 01:58 PGCSS
01:59 – 02:18 PCAFC
02:19 – 03:08 Some more resources
03:09 – 03:30 Thanks for watching!
Source: United Kingdom – Executive Government & Departments
Director disqualified for operating tax avoidance scheme without notifying authorities
Alastair Lunt was the director of Peak PAYE Ltd which operated a tax avoidance scheme which resulted in more than £2.5 million of unpaid tax
The scheme, which had around 250 users, promised to help its customers avoid paying income tax and National Insurance
Lunt has been disqualified as a company director until September 2034
A director who promoted a tax avoidance scheme which deprived HM Revenue and Customs (HMRC) of more than £2.5 million in unpaid tax has been disqualified.
Alastair Lunt was the director of Peak PAYE Ltd when it caused losses of at least £2.64 million to HMRC between October 2020 and February 2022.
Lunt had failed to notify HMRC of the scheme, which had around 250 users, as he was required to by law.
The 36-year-old, who now lives in southern California, was banned as a company director for 10 years.
Claire Entwistle, Assistant Director of Operations at the Insolvency Service, said:
Tax avoidance schemes are marketed as ways for people to pay less tax but do not always work as advertised, landing customers instead with a big tax bill.
Our public services also rely on everyone paying their taxes and schemes such as this deprive the UK of the revenue it needs to invest in our hospitals, schools and roads.
Peak PAYE’s director, Alastair Lunt, was required to notify HMRC of the scheme. He failed to do so, causing substantial losses to the public purse.
We will continue to work closely with our partners at HMRC to disrupt and clamp down on scheme promoters such as Peak PAYE.
Peak PAYE operated its tax avoidance scheme by paying contractors the National Minimum Wage, and then paying the remainder of their wages disguised as a financial option or as a salary advance.
The company, which had a registered office in Manchester, promised users they could avoid paying National Insurance and income tax as a result.
Promoters of tax avoidance schemes are required to inform HMRC. Peak PAYE did not do this between October 2020 and February 2022.
The company was ordered by HMRC to stop running the scheme in November 2022 and entered liquidation the following month.
Lunt moved to his current address of 16th Place, Costa Mesa, Orange County after his involvement with Peak PAYE.
The Secretary of State for Business and Trade accepted a disqualification undertaking from Lunt, and his ban started on Monday 30 September.
It prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.
Further information
Alastair Lunt is of 16th Place, Costa Mesa, Orange County, California. His date of birth is 23 March 1988
Information about HMRC’s ‘Don’t Get Caught Out’ campaign and the support available for customers who believe they are involved in a tax avoidance scheme
An awareness campaign is underway to ensure people know the best place to access healthcare this winter.
Right Care Right Place helps the public decide the most appropriate service for their healthcare needs – whether they should contact their GP or pharmacy, call NHS 24 on 111 or use self-help guides on the NHS Inform website. Hospital emergency departments should only be visited for critical emergencies.
The campaign features targeted advertising on television, radio and online and aims to help alleviate pressures on the NHS and social care ahead of an expected seasonal increase in demand.
Health Secretary Neil Gray visited East Lothian Community Hospital to hear about work being undertaken to address delayed discharges. The hospital supports patients leaving acute hospitals who require intermediate care before returning home.
Mr Gray said:
“We have been working closely with colleagues across the NHS and social care to make sure we are as prepared as possible ahead of winter.
“Public information and awareness of the treatment options and how to access them when needed is key to ensuring services are directed where they are most needed.
“This will help everyone to get the right care, in the right place as quickly as possible while helping alleviate pressures on the rest of the NHS. People can also help by making sure they receive their Respiratory Syncytial Virus (RSV), Covid-19 and flu vaccinations if eligible.”
Background
Self-help guides can be found on NHS inform and include advice on the most common winter illnesses.
More than 300 people attended a series of pop-up events in St Albans District to celebrate Older Persons’ Day.
St Albans City and District Council organised the drop-in events, called Flourishing Lives, along with partner organisations to highlight the contribution older people make to our community.
Council officers were on hand to explain a range of services including housing and the welfare benefits that older people may be entitled to.
Herfordshire Police, Citizens Advice, Communities 1st, Age UK and other groups which work with older people were present.
Information on issues such as crime prevention and the location of warm spaces during cold spells was given out.
There were also opportunities to socialise over a cup of tea, provided by St Albans Old People’s Trust, at the four events in St Albans, Wheathampstead, London Colney and Redbourn.
The International Day of Older Persons is celebrated around the world every year in early October and is followed by weeks of special events.
Councillor Sarwar Shamsher, Lead for Inclusion, said:
I am delighted to say that these pop-up events were well attended and a major success.
It was a great example of partnership working as we teamed up with other organisations to make our older people aware of the services and opportunities available to them.
As a Council, we are committed to ensuring older people can lead fulfilling lives and not become socially isolated.
These free events have brought hundreds of people together and have helped them discover how they can participate in a range of social and fun activities, including art and keep-fit clubs.
Photos: scenes from the Older Persons’ Day events including, 2nd from top, Deputy Mayor, Cllr Jenni Murray, far right, talking to Herts Police at the Redbourn event.
Media contact: John McJannet, Principal Communications Officer, St Albans City and District Council: 01727-919533; john.mcjannet@stalbans.gov.uk.
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
As part of his working visit to Uzbekistan, Deputy Prime Minister of Russia Dmitry Chernyshenko took part in the ceremonial opening of the new campus of the branch of the Russian State Pedagogical University named after A.I. Herzen in Tashkent.
The ceremony was also attended by the Chairperson of the Senate of the Oliy Majlis of the Republic of Uzbekistan Tanzila Narbaeva, First Deputy Director of the National Agency for Social Protection under the President of the Republic of Uzbekistan Shakhnoza Mirziyoyeva, Minister of Education of the Russian Federation Sergey Kravtsov, Minister of Preschool and School Education of the Republic of Uzbekistan Khilola Umarova, Rector of the Russian State Pedagogical University named after A.I. Herzen Sergey Tarasov.
“This new education center symbolizes another step in strengthening the close ties between our countries, Uzbekistan and the Russian Federation, which have been reliable partners and true friends for many, many decades,” said Tanzila Narbaeva.
Minister of Preschool and School Education of Uzbekistan Khilola Umarova noted that today the branch successfully implements its mission, training specialists in the fields of preschool education, child psychology and teaching Russian.
“There are already more than 1,100 students studying here. And in the near future, upon completion of construction work, we plan to increase their number to 3,000, creating modern conditions for their study,” the minister said.
The Deputy Prime Minister thanked everyone who made the opening of the new campus of the Herzen State Pedagogical University of Russia possible, especially the heads of state. In May, the leaders of the countries Vladimir Putin and Shavkat Mirziyoyev held a meeting at which they made a number of important decisions, including in the field of education.
“Education, upbringing and enlightenment are an investment in the future development of our countries. It is very important that it is at the site of the RSPU branch that advanced technologies are used, including those made and developed in Russia, which have proven experience and successful application. Teachers who will then teach our children study here – this is a very necessary investment. The opening of the campus is a celebration, first of all, for teachers and students. They have received unique conditions for work and study. Of course, we expect a responsible attitude from them so that these conditions are converted into an excellent result, which the leadership of the countries expects from us,” emphasized Dmitry Chernyshenko.
The Deputy Prime Minister noted that today 14 branches of leading Russian universities operate in Uzbekistan. The republic also occupies a leading position in the number of students in Russian universities among the countries of the near and far abroad – this is about 53 thousand people.
Additionally, Dmitry Chernyshenko emphasized the role of the Russian language in the development of relations between Russia and Uzbekistan.
“A new campus of the branch of the Russian State Pedagogical University has opened. This is a big event for our countries. The competition for training today is three people per place, all the popular areas are represented here. I am sure that the opening of the branch will become a new stage of our cooperation, will facilitate the exchange of teachers and students. For our part, we will provide all the necessary methodological assistance,” said Minister of Education Sergey Kravtsov.
He emphasized that the renovation work carried out made it possible to make the external appearance of the main building of the branch as similar as possible to the façade of Count Razumovsky’s palace in St. Petersburg, where the oldest pedagogical university in Russia has been located for more than 200 years.
The Russian delegation inspected the library, computer room, Center for Defectological Education and Rehabilitation, and laboratories in the campus building.
Together with the Minister of the Russian Federation for the Development of the Far East and the Arctic Alexey Chekunkov, the Deputy Prime Minister also visited the Victory Park memorial complex in Tashkent, where he laid flowers at the Ode to Fortitude monument and left a commemorative note in the book of honored guests.
“Thank you very much for your careful attitude to the memory of our common Victory in the Great Patriotic War. Thanks to your museum, the younger generation will learn more about the pages of military history and the feat accomplished by our huge country in the struggle for liberation from fascism. The contribution of the people of Uzbekistan to the Victory is difficult to overestimate – the republic became a reliable rear and did everything possible for the front. Many of its soldiers died on the battlefield – we sacredly honor their feat in the name of peace. Our countries have common spiritual and moral values, and this is the key to the prosperity and successful future of Uzbekistan and Russia,” the Deputy Prime Minister wrote.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Source: Hong Kong Government special administrative region
Hong Kong and Guangdong strengthen co-operation in cleaner production to improve regional environmental quality (with photos) Hong Kong and Guangdong strengthen co-operation in cleaner production to improve regional environmental quality (with photos) ******************************************************************************************
The Environment and Ecology Bureau (EEB) of the Government of the Hong Kong Special Administrative Region (HKSAR) and the Department of Industry and Information Technology of Guangdong Province (GDDIIT) today (October 31) convened the 11th meeting of the Hong Kong-Guangdong Joint Working Group on Cleaner Production (JWGCP) in Hong Kong. An award presentation ceremony for the Hong Kong-Guangdong Cleaner Production Partners Recognition Scheme was also held to commend the efforts of over 210 enterprises in pursuing cleaner production. The 11th meeting of the JWGCP was co-chaired by the Secretary for Environment and Ecology of the HKSAR Government, Mr Tse Chin-wan, and the Director-General of the GDDIIT, Mr Tu Gaokun. The meeting reviewed the work progress in 2024 and approved the 2025 work plan. Governments of both Hong Kong and Guangdong will continuously promote the adoption of cleaner production technologies in energy-intensive industries for saving energy and the development of energy-saving equipment; support water-intensive industries to apply water-saving technological upgrades to reduce and control wastewater discharge; promote enterprises to adopt relevant technologies to reduce solid waste and emissions, including controlling and reducing volatile organic compounds emissions at source; encourage polluting industries to undertake cleaner production audits; and support enterprises to pursue green transformation. Both sides will also continue to implement various publicity activities to promote the effectiveness of cleaner production to the industry. The meeting was attended by representatives of the EEB, the Environmental Protection Department (EPD), the Trade and Industry Department, the Innovation and Technology Commission and the Hong Kong Economic and Trade Office in Guangdong of the HKSAR Government. On the Guangdong side, representatives of the GDDIIT and the Department of Ecology and Environment of Guangdong Province attended the meeting. After the meeting, the 2024 award presentation ceremony for the Scheme was held to commend enterprises that have diligently pursued cleaner production. This year, a total of 215 enterprises were commended as Hong Kong-Guangdong Cleaner Production Partners. Of these, 42 Hong Kong-owned manufacturing enterprises were commended as “Excellent Partners” of the Scheme while 149 were commended as “Partners”. Other commended enterprises included three sourcing enterprises and 21 environmental technology service providers. The EPD of the HKSAR Government, in collaboration with the GDDIIT, launched the Cleaner Production Partnership Programme (the Programme) in 2008. To date, the Programme has provided funding support for more than 4 200 applications, aiming to promote the adoption of cleaner production technologies and practices by Hong Kong-owned factories in the region. To commend the dedicated efforts taken by the enterprises in pursing cleaner production, Guangdong and Hong Kong jointly launched the Scheme in 2009 to recognise enterprises adopting cleaner production as Hong Kong-Guangdong Cleaner Production Partners. Cleaner production has brought remarkable benefits in improving the environmental quality, and the Chief Executive announced in his 2024 Policy Address that $100 million would be injected to launch a new round of the Programme for the application period from April 2025 to June 2027. The new round of the Programme will strengthen support and encourage Hong Kong-owned factories in Hong Kong and Guangdong Province to adopt cleaner production technologies and practices, transform and upgrade traditional industries with the adoption of green technologies to achieve energy saving, emission reduction, consumption and carbon emission reduction, thereby improving the regional environment and helping achieve the carbon neutrality targets of the country and Hong Kong. Details of the Programme and the Scheme are available on the dedicated website of cleaner production: www.cleanerproduction.hk.
Ends/Thursday, October 31, 2024Issued at HKT 19:50
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, October 2024 (Table 10b), and Enverus DrillingInfo Note: 2024 represents year-to-date data through September. To calculate the barrel of oil equivalent, we use a conversion factor of 6,000 cubic feet of gross natural gas production per 1 barrel of oil.
Natural gas produced from the three largest tight oil-producing plays in the United States has increased in the last decade. Natural gas comprised 40% of total production from the Bakken, the Eagle Ford, and the Permian compared with 29% in 2014.
Combined crude oil and natural gas production from these plays more than doubled over this period as hydraulic fracturing—also known as fracking—and horizontal drilling have allowed producers to access and extract more crude oil and natural gas from tight formations. However, production of associated natural gas, which is natural gas produced from predominantly oil wells, has increased more rapidly from these tight oil plays. Natural gas production from these plays more than tripled—an increase of 22 billion cubic feet per day (Bcf/d)—over the period compared with crude oil output, which more than doubled—an increase of 4 million barrels per day (b/d).
We define oil wells as those with a gas-to-oil ratio (GOR) of less than or equal to 6.0 thousand cubic feet of natural gas per barrel of oil produced (Mcf/b). We classify wells with a GOR of more than 6.0 Mcf/b as natural gas wells. Any increase in the GOR in an oil well means more natural gas per barrel of oil is being produced. The GOR for a play represents the average share of natural gas production from its individual wells.
Historically, the Permian, Bakken, and Eagle Ford plays have predominantly consisted of oil wells, resulting in lower GORs for these plays.
As more oil and natural gas are released within a well, the GOR tends to progressively increase, increasing the volume of associated natural gas produced per every barrel of oil. Pressure within the reservoir declines as more oil is brought to the surface, which allows more natural gas to be released from the geologic formation. The pressure will also decrease as more wells are concentrated within an area.
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, October 2024 (Table 10b), and Enverus DrillingInfo Note: 2024 represents year-to-date data through September.
In the Permian play, located in West Texas and southeastern New Mexico, the share of natural gas produced relative to crude oil has remained relatively stable, although the GOR has steadily risen from 3.1 Mcf/b (34% of total production) in 2014 to 4.0 Mcf/b (40%) in 2024. Natural gas production in the Permian, the largest producing tight oil play in the United States, increased eight-fold in 2024 through September compared with 2014, and crude oil production increased six-fold.
In the Bakken play, located in North Dakota and Montana, the share of natural gas produced relative to crude oil has historically been relatively low, averaging only 1.2 Mcf/b (16% of total production) in 2014. However, the GOR increased to 2.9 Mcf/b (33%) in 2024, with average gross natural gas production increasing 186% compared with 2014 while crude oil production increased just 14%.
In the Eagle Ford play, located in southwest Texas, the share of natural gas produced relative to crude oil has remained the highest among these plays, increasing from 3.5 Mcf/b (37% of total production) to 5.6 Mcf/b (48%). This increased GOR reflects a 14% increase in average natural gas production and a 28% decrease in average crude oil production in 2024 through September compared with 2014.
Story courtesy of Ashley Craig, Navy Office of Community Outreach
MILLINGTON, Tenn. – Petty Officer 1st Class Breanna Funderburk, a native of Leesburg, Florida, was recently selected for the Medical Service Corps In-Service Procurement Program while serving in the U.S. Navy assigned to U.S. Navy Medicine Readiness and Training Command Guantanamo Bay, Cuba.
The Medical Service Corps In-Service Procurement Program is a pathway for career-driven active-duty sailors to become commissioned officers.
Funderburk graduated from Leesburg High School in 2016. Additionally, Funderburk earned an associate degree in health science from Incarnate Word University in 2020, a bachelor’s degree in healthcare administration from Purdue Global University in 2022 and a master’s degree in healthcare administration from Louisiana State University Shreveport in 2024.
The skills and values needed to succeed in the Navy are similar to those found in Leesburg.
“Growing up in my hometown, and because of poverty levels of the economy, I always sought to be successful,” said Funderburk. “With this goal in mind, I began working at the age of 15 and diligently studied in school to ensure that this was to be my outcome. I earned two scholarships when I graduated high school, yet I returned these and knew that there was something greater out there for me. I carried my desire for higher education and work ethic with me as I began my naval career just seven and a half years ago. Everything happens for a reason and I wouldn’t be who I am today without the hometown experiences that shaped me into who I am and who I continue be in my naval career.”
Funderburk joined the Navy seven and a half years ago. Today, Funderburk serves as a hospital corpsman.
“I joined the Navy to find a solid foundation while pursuing higher education and to challenge myself in ways I couldn’t have imagined if I stayed in my comfort zone,” said Funderburk. “I wanted to serve a greater purpose, gain new skills and grow as a person by exploring opportunities beyond my hometown. The Navy offered me not only stability but also the chance to be a part of something bigger, experience new cultures and contribute to something meaningful. It’s been a decision that has expanded my horizons in ways I never thought possible.”
Naval Hospital Guantanamo Bay provides health care to the U.S. Naval Station Guantanamo Bay community, which consists of approximately 4,500 military members, federal employees, U.S. and foreign national contractors and their families. The hospital also operates the only overseas military home health care facility providing care to elderly special category residents who sought asylum on the installation during the Cuban Revolution.
“What I love most about my role in the Navy is the opportunity to mentor and guide junior sailors and my peers,” said Funderburk. “The ‘sailorization’ process – helping others grow, develop their skills, and reach their potential – is deeply rewarding for me. As a leader, I strive to embody a servant leadership style, where my focus is on supporting others and empowering them to succeed. There’s nothing more fulfilling than watching someone I’ve mentored overcome challenges and achieve their goals. Knowing that I played a part in their growth is a reminder of the true purpose of leadership; serving others and uplifting those around you.”
With 90% of global commerce traveling by sea and access to the internet relying on the security of undersea fiber optic cables, Navy officials continue to emphasize that the prosperity of the United States is directly linked to recruiting and retaining talented people from across the rich fabric of America.
Funderburk serves a Navy that operates far forward, around the world and around the clock, promoting the nation’s prosperity and security.
“We will earn and reinforce the trust and confidence of the American people every day,” said Adm. Lisa Franchetti, chief of naval operations. “Together we will deliver the Navy the nation needs.”
Funderburk has many opportunities to achieve accomplishments during military service.
“My proudest achievement in the Navy is being selected through the Medical Service Corps In-Service Procurement Program to commission as a United States Navy officer with my master’s degree in healthcare administration,” said Funderburk.
Funderburk can take pride in serving America through military service.
“Serving in the Navy means being part of something greater than myself,” said Funderburk. “It’s about commitment, sacrifice and dedication to protecting our nation and supporting those in need. It’s given me the opportunity to grow both personally and professionally, to learn from diverse experiences and to develop a strong sense of discipline and teamwork. Serving in the Navy has instilled a deep pride in knowing that my contributions make a tangible impact, and it’s allowed me to build a lifelong bond with others who share the same mission of service and excellence.”
Funderburk is grateful for the opportunities the Navy has provided to help them reach their goals.
“A main goal of mine when I joined was to have stability and a strong foundation while attending college and I sought to be very academically successful,” said Funderburk. “With that, the Navy has provided me with great opportunities and I was able to go to corpsman-specialized schooling, which awarded me with my associate in health sciences and a license as a Certified Respiratory Therapist, which is transferable to the civilian sector. Later, at my second command at Navy Medicine and Training Command Fort Belvoir, I was able to complete both my bachelor’s and master’s degrees in healthcare administration through online colleges within four years of being stationed there.
“It can be very challenging balancing the active duty lifestyle and excelling in your education, but it is not impossible.”
October 31, 2024, Central Bedeque – The nightof October 29, JFO officers executed a search warrant in Central Bedeque that resulted in the seizure of drugs and arrest of a local man and woman.
On the overnight hours of October 29-30, 2024, Prince District JFO and East Prince RCMP executed a search warrant in Central Bedeque PE. Police arrested a 29-year-old woman and 35-year-old man for possession for the purpose of trafficking a substance. A search was conducted and police located and seized crystal methamphetamine and a white powder consistent to cocaine. Police also seized other paraphernalia consistent with trafficking.
The investigation is ongoing and the two accused will appear later in court at a later date.
The Prince District JFO Drug Unit is a stand-alone unit comprised of members of the Prince District RCMP, Summerside Police Services, and Kensington Police Services. If you have information about drugs in your community please contact your local police detachment. In Prince County JFO can be reached at 902-436-9300.
“Prince District JFO regularly make arrests and seizures of drugs with the goal of disrupting the drug trade in our communities. Even small to mid level busts like this one are important in helping to reduce drug activities in our communities,” said Cpl. Gavin Moore, Media Relations Officer with the Prince Edward Island RCMP.
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.
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.
Bank interest rates on new loans to, and deposits from, euro area corporations
(percentages per annum)
Data for cost of borrowing and deposit interest rates for corporations (Chart 1)
The composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased in September 2024. The interest rate on new loans of over €1 million with a floating rate and an initial rate fixation period of up to three months decreased by 31 basis points to 4.72%, driven by the interest rate effect. The rate on new loans of the same size with an initial rate fixation period of over three months and up to one year fell by 31 basis points to 4.47%, driven by the interest rate effect. The interest rate on new loans of over €1 million with an initial rate fixation period of over ten years decreased by 22 basis points to 3.58%. In the case of new loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged fell by 12 basis points to 5.02%. As regards new deposit agreements, the interest rate on deposits from corporations with an agreed maturity of up to one year fell by 14 basis points to 3.28% in September 2024. The interest rate on overnight deposits from corporations stayed almost constant at 0.88%. The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and an initial rate fixation period of up to one year decreased by 22 basis points to 5.19%, driven by the interest rate effect.
Table 1
Bank interest rates for corporations
i.r.f. = initial rate fixation * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
Data for bank interest rates for corporations (Table 1)
Bank interest rates for households
Chart 2
Bank interest rates on new loans to, and deposits from, euro area households
Data for cost of borrowing and deposit interest rate for households (Chart 2)
The composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, decreased in September 2024. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year decreased by 11 basis points to 4.59%. The rate on housing loans with an initial rate fixation period of over one and up to five years fell by 6 basis points to 3.82%. The interest rate on loans for house purchase with an initial rate fixation period of over five and up to ten years decreased by 10 basis points to 3.52%. The rate on housing loans with an initial rate fixation period of over ten years fell by 10 basis points to 3.27%, mainly driven by the interest rate effect. In the same period the interest rate on new loans to households for consumption decreased by 7 basis points to 7.75%. As regards new deposits from households, the interest rate on deposits with an agreed maturity of up to one year remained broadly unchanged at 2.97%. The rate on deposits redeemable at three months’ notice stayed constant at 1.75%. The interest rate on overnight deposits from households remained broadly unchanged at 0.37%.
Table 2
Bank interest rates for households
i.r.f. = initial rate fixation * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories; deposits placed by households and corporations are allocated to the household sector. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics. ** For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
Data for bank interest rates for households (Table 2)
Further information
The data in Tables 1 and 2 can be visualised for individual euro area countries on the bank interest rate statistics dashboard. Additionally, tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB Data Portal. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from ECB Data Portal. More information, including the release calendar, is available under “Bank interest rates” in the statistics section of the ECB’s website.
For media queries, please contactNicos Keranis, tel.: +49 69 1344 7806
Notes:
In this press release “corporations” refers to non-financial corporations (sector S.11 in the European System of Accounts 2010, or ESA 2010), “households” refers to households and non-profit institutions serving households (ESA 2010 sectors S.14 and S.15) and “banks” refers to monetary financial institutions except central banks and money market funds (ESA 2010 sector S.122).
The composite cost-of-borrowing indicators are described in the article entitled “Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation” in the August 2013 issue of the ECB’s Monthly Bulletin (see Box 1). For these indicators, a weighting scheme based on the 24-month moving averages of new business volumes has been applied, in order to filter out excessive monthly volatility. For this reason the developments in the composite cost of borrowing indicators in both tables cannot be explained by the month-on-month changes in the displayed subcomponents. Furthermore, the table on bank interest rates for corporations presents a subset of the series used in the calculation of the cost of borrowing indicator.
Interest rates on new business are weighted by the size of the individual agreements. This is done both by the reporting agents and when the national and euro area averages are computed. Thus changes in average euro area interest rates for new business reflect, in addition to changes in interest rates, changes in the weights of individual countries’ new business for the instrument categories concerned. The “interest rate effect” and the “weight effect” presented in this press release are derived from the Bennet index, which allows month-on-month developments in euro area aggregate rates resulting from changes in individual country rates (the “interest rate effect”) to be disentangled from those caused by changes in the weights of individual countries’ contributions (the “weight effect”). Owing to rounding, the combined “interest rate effect” and the “weight effect” may not add up to the month-on-month developments in euro area aggregate rates.
In addition to monthly euro area bank interest rate statistics for September 2024, this press release incorporates revisions to data for previous periods. Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions. Unless otherwise indicated, these euro area statistics cover the EU Member States that had adopted the euro at the time to which the data relate.
As of reference period December 2014, the sector classification applied to bank interest rates statistics is based on the European System of Accounts 2010 (ESA 2010). In accordance with the ESA 2010 classification and as opposed to ESA 95, the non-financial corporations sector (S.11) now excludes holding companies not engaged in management and similar captive financial institutions.
Headline: Thales’ Suite of IFE Accessibility SolutionsWins Prestigious Crystal Cabin Award
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The Crystal Cabin Award Association recognized Thales’ suite of IFE accessibility solutions during the Awards Ceremony in Long Beach, California on October 30, 2024 in the Best Customer Journey Experience category
Thales’ accessibility user interface (UI) for low vision or blindness is the most progressive in the industry featuring a familiar structure & flow with 13 intuitive gesture controls mirroring how users control their own devices
Thales is introducing the 1st in industry Signing Avatar that will sign in multiple languages and is fully customizable
The Crystal Cabin Award is the world’s leading prize in the field of cabin innovations and on-board products. Winning ideas shape the future of travel. During the APEX/IFSA Awards Ceremony held on October 30, 2024 in Long Beach, California, Thales was recognized by the Crystal Cabin Award Association for its suite of IFE accessibility solutions. Featuring the most progressive User Interface for low vision or blind passengers and the industry’s 1st Signing Avatar for passengers who are hard of hearing or deaf.
Thales’ accessibility User Interface (UI) is the most progressive in the industry featuring a familiar structure & flow, with 1st in the industry intuitive gesture controls mirroring how the vision impaired control their own devices. With this advancement flying soon on two leading global Airlines, low vision or blind passengers will now have equitable access to the same amenities and services.
For hard of hearing or deaf passengers, Thales is introducing the 1st in industry Signing Avatar that can sign in multiple languages and is fully customizable. The avatar signs in complement to Closed Captions (CC) and provides assistance for cabin notifications and video on demand translations.
“We’re thrilled to receive our fourth Crystal Cabin Award in a row. All of us at Thales are extremely proud of this milestone. It is a recognition of our commitment to innovation and our ambition to create a more inclusive and enjoyable inflight entertainment experience for all,”said Tudy Bedou, chief technology officer of Thales Inflyt Experience. “We welcome everybody to the future of inclusive flying.”
Announcement on Open Market Operations No.215 [2024]
(Open Market Operations Office, October 31, 2024)
In order to keep liquidity adequate at a reasonable level in the banking system at month-end, the People’s Bank of China conducted reverse repo operations in the amount of RMB327.6 billion through quantity bidding at a fixed interest rate on October 31, 2024.
Throughout accounts of 17th-century witch trials in Europe and North America, physical features alone were considered undeniable proof of witchcraft. The belief was that the devil branded witches’ bodies with symbolic, material marks – such as unusual growths or blemishes. This led to routine bodily inspections in witch trials. The discovery of such marks was thought to be strong medical and scientific evidence of witchcraft and frequently sealed the victim’s fate.
Here are just some of the anatomical features that historically would have been used to label someone a witch:
Are you a woman?
While men were occasionally accused of witchcraft, historical witch hunts overwhelmingly targeted women – particularly women who led an independent lifestyle (such as widows and spinsters) or who were outspoken and didn’t conform to societal norms. Historians estimate that more than 75% of those accused of witchcraft in the 16th and 17th centuries were female.
By this standard, if you identify as female today, you are one of approximately 3.95 billion potential “witches”.
How old are you?
Age was another factor in witch trials. Older women, especially those past childbearing age, were frequently suspected of witchcraft – particularly if they were a widow, owned property or lived alone.
Records suggest that more than half of those accused of witchcraft in Scotland between 1563-1736 were over 40 years old. At this time, the average life expectancy was around 32 years of age.
Today, with around 1.4 billion women globally over 40, many more might have found themselves under similar suspicion by historical standards.
Do you have an extra nipple?
The “witch’s teat” was a common trait witch-hunters used to identify someone as being a witch. This extra nipple was thought to be used by witches to nurse so-called demonic familiars – often imagined to be small animals or imps. Witch-hunters would examine the chest or torso for any irregularity and classify it as a witch’s teat.
In reality, supernumerary nipples (or polythelia) are benign. These form during early embryonic development and in some people do not fully disappear.
Another feature sometimes mistaken for a supernumerary teat was the clitoris. Historical accounts suggest that women were sometimes convicted based on the size of this body part. Pamphlets from the time, which describe the process of identifying a “witches’ teat,” often mention a small protrusion located near a woman’s “fundament” or “privy place” – euphemisms for a woman’s genitals.
It’s estimated that around 5% of the world’s population have at least one extra nipple. They appear more often on the left-hand side of the chest and are more common in men. Harry Styles, who has openly discussed having four nipples, would perhaps have been far less inclined to
Source: United Kingdom – Executive Government & Departments
Details of courts and tribunals opening times over the Christmas and New Year bank holidays.
Our courts and tribunals will temporarily close on various dates over the Christmas period.
The closure dates for this year are:
Wednesday 25 December 2024
Thursday 26 December 2024
Friday 27 December 2024
Wednesday 1 January 2025
Some magistrates’ courts will be open on 26 December 2024 and 1 January 2025, but for remand hearings only.
On Friday 27 December 2024, only County and Family Courts, Crown Courts, the High Court, Court of Appeal (Royal Courts of Justice and Rolls Building) and some tribunals will be closed. Magistrates’ courts and our Scotland tribunal offices will open on this day. In Scotland, our tribunal offices will also be closed on Thursday 2 January 2025.
Hearings that take place over the Christmas period may take place in person, or via video or telephone. Your hearing notice will confirm this.
Part of the Castlegate is to have a temporary surface installed in the next few weeks which will ensure the area will be safer.
The current flagstones would have a significant cost to fully repair– more than £1.5milion – which would then likely need changed anyway due to the major improvement works to link Union Street to the beach area.
The area is due to have the improvements as part of the City Centre and Beach Masterplan, which will reinstate the central role of Union Street while establishing stronger linkages north to the beach area via the Castlegate.
Bearing in mind the forthcoming major improvements and so as to not spend money on a full repair which would then need ripped out, a temporary cost-effective solution is to be installed in the area.
The temporary cost-effective solution is in the form of compacted road planings which is a waste material generated from the Council’s capital roads resurfacing programme.
The use of waste planings, delivered directly from other roadworks sites around Aberdeen, will also minimise the carbon cost in line with ACC’s commitment with Net Zero.
The road planings will be used to create a road surface for vehicular traffic, whilst pedestrian pavements of cassies will be repaired.
It is acknowledged that while the compacted road planings will not be the most aesthetically-pleasing of surfaces, the works will allow the area to be kept safe whilst minimising expenditure on an area which will soon be redeveloped as part of the CCMP.
The flagstones, which were laid in the early 1990s, will be retained for potential future use.
Sunderland’s countdown to Christmas is about to get underway.
Preparations for the festive season kick off with the city’s Christmas Switch On in Keel Square on Thursday 21 November.
A firm favourite in Sunderland’s events calendar, the switch on promises to be a wonderful family event as the city comes together to start the celebrations and officially kick off the festive season.
The entertainment gets underway from 5.30pm onwards with music to get everyone in the Christmas spirit and cartoon characters doing walkabouts, before Hits Radio’s breakfast show hosts Steve and Karen take to the stage to get the party started from 6pm onwards with a host of festive hits and sparkling entertainment.
There’ll be competitions aplenty, including the chance to win tickets for this year’s Jack and the Beanstalk panto at the Sunderland Empire and Disney on Ice at the Utilita Arena in Newcastle.
Everyone’s favourite ogre, Shrek will also be putting in a special appearance, followed by panto stars from Jack and the Beanstalk before Santa, the main man himself, takes to the stage to join in the fun and games.
The Mayor of Sunderland Councillor Allison Chisnall will then be joined by Steve and Karen, SAFC players and panto stars for the grand switch on at 7pm.
Councillor Chisnall, said: “Christmas is always such a special time of year. The annual Christmas Switch On marks start of the city’s countdown to the big day and it’s something that families from across Sunderland and beyond really look forward to each year.
“We’ve got a fantastic programme of entertainment lined up for this year’s event and what better way to start the festive season.”
To coincide with the Sunderland Christmas Light Switch On, The Fire Station is also launching FireSide, its new, free-to-enter festive marquee experience in front of The Fire Station building. Offering a bar, food and cosy seating areas, this opens at 4pm on Thursday 21 November and runs through December. Visitors coming along to the switch on might also want to take advantage of some of the other fantastic restaurants and bars around Keel Square.
The launch of Christmas has been organised by Sunderland City Council and supported by Sunderland BID and Hits Radio (formerly Metro Radio)
Sharon Appleby, Chief Executive of Sunderland Business Improvement District (BID), said: “The Christmas light switch on signals the start of a really important period for businesses in the city centre.
“There are so many great venues, wonderful retailers and fabulous events in the city centre that can be visited and enjoyed. We hope to see lots of people join us at the light switch on and then to come back and do their shopping and enjoy the season in the city.”
Millions of people, including families, pensioners, carers and those struggling to find work are set to benefit from Autumn Budget reforms to boost work and tackle poverty.
Welfare safety net will be strengthened with a new Fair Repayment Rate, an increase to benefits and an extension of vital crisis support.
Carers will also see a boost to the amount they can earn whilst retaining their entitlement to Carer’s Allowance.
A £240 million package for the Get Britain Working White Paper will shift department’s focus from welfare to work.
The first steps in the Work and Pensions Secretary’s plan to drive up opportunity and drive down poverty across the UK were unveiled in the Government Budget yesterday (Wednesday 30 October).
As the department shifts its focus from welfare to work, a £240 million package will open up opportunities to millions of people left behind and denied the opportunity to get into work and get on at work.
These major changes will address spiralling economic inactivity and a record 2.8 million people locked out of work due to long term sickness and are part of the Government’s ambition to reach an 80% employment rate.
The Get Britain Working White Paper will develop:
A new jobs and careers service to help get more people into work, and get on in their work, by linking jobseekers with employers, with an increased focus on skills and careers;
Joined-up work, health and skills plans to tackle economic inactivity and boost employment, led by Mayors and local areas;
A new Youth Guarantee so that every young person is given the opportunity to earn or learn.
Those with caring responsibilities will able to earn more without losing government support, with the Carer’s Allowance earnings threshold boosted by £45 a week to £196, benefitting more than 60,000 carers by 2029/30. This is the biggest ever cash increase in the earnings threshold for Carer’s Allowance. This is alongside an independent review into Carer’s Allowance Overpayments led by Liz Sayce OBE.
As well as boosting pensions and benefits through annual uprating, a new Fair Repayment Rate will be introduced, reducing Universal Credit deductions. This will mean 1.2 million of the poorest households will benefit by an average of £420 a year.
£1 billion, including Barnett impact, will be invested to extend the Household Support Fund in England by a full year, on top of the six months already announced, and to maintain Discretionary Housing Payments in England and Wales. This will help struggling families and pensioners facing the greatest financial hardship.
Work and Pensions Secretary, Liz Kendall said:
We promised change, and that is what we will deliver.
For too long, millions of people have been denied opportunities to work and build a better life, and too many children are growing up in poverty, harming their life chances and our country’s future.
This Budget shows the first steps in our plan to drive up opportunity and drive down poverty in every corner of the country.
There is still much more to do, but this Budget has shown change has begun.
Measures announced today will also improve how the department detects and prevents fraud and error, so support is targeted where it is needed most and taxpayers know every pound is spent wisely. These changes are expected to save £7.6 billion by 2029/30.
The Secretary of State has also concluded her annual review of the State Pension and benefit rates, which will see:
A 4.1 percent increase to the basic and new State Pensions due to the Triple Lock commitment – meaning those on the full rate of the new State Pension will now see an increase of over £470 per year.
A 1.7 percent increase to Universal Credit and other working-age benefits – worth an average £12.50 per month for a family on Universal Credit.
Further Information
The Get Britain Working White Paper will be published in Autumn and will set out the government’s plans to reform employment support and tackle the root causes of record-high inactivity.
Welfare reforms announced at Autumn Budget include:
A new Fair Repayment Rate to reduce Universal Credit deductions from 25% to 15%.
Raising the Carer’s Allowance earnings threshold by £45 a week
Uprating disability benefits and working age benefits including Universal Credit by 1.7% in line with the year to September 2024 Consumer Prices Index figure.
Uprating basic and new State Pensions and the standard minimum guarantee in Pension Credit by 4.1% in line with the average weekly earnings figure for the year to May to July 2024.
Improving fraud, error and debt detection and prevention.
Property values in New Zealand fell -0.5% in October according to CoreLogic’s hedonic Home Value Index (HVI) – the eighth drop in a row – taking the total decline in values since February to -5.1%.
Values across Aotearoa New Zealand now stand at $805,984, which is around 18% below the post-COVID cyclical peak but still about 16% higher than the pre-COVID level from March 2020.
Around the main centres, Te Whanganui-a-Tara Wellington dropped by -1.2% in October, with both Kirikiriroa Hamilton and Tāmaki Makaurau Auckland down by -0.7%. Ōtepoti Dunedin’s fall was slightly smaller (-0.4%), while Tauranga was flat in October, and Ōtautahi Christchurch edged up by 0.2%.
Although the property market remained relatively sluggish in October, the pace of decline has roughly halved in the past couple of months after an average fall of around -0.9% from May to August.
CoreLogic NZ Chief Property Economist, Kelvin Davidson said that could be a sign of an approaching floor for property values.
““The latest fall in national home values suggests that even though mortgage rates have already dropped quite sharply, the influence of job losses and the wider feelings of reduced job security are playing the more important role at present. This was echoed in the latest ANZ consumer confidence survey. That said, it’s not all one-way traffic for property values, with Ōtautahi Christchurch continuing to show relative resilience amongst the main centres, alongside Tauranga in October.”
“It’s hard to prove categorically, but there’s certainly a ‘vibe’ out there that The Garden City is still considered an attractive place for people outside the area to relocate to, driven by both lifestyle and affordability.”
“There has also been a change in the on-the-ground mood around Aotearoa NZ’s wider property market in the past few weeks. That shift has been seen across a range of segments, from property valuers to individual investors, to developers and construction industry consultants.”
“Rising sentiment may take some time to hit the ‘hard data’, but there’s a sense that the end could be in sight for the recent downturn.”
“For property investors in particular the falls in mortgage rates are key, flowing directly through to better cashflow on a typical rental purchase – or in other words reduced losses – and smaller top-ups from other income. Increased interest deductibility supports that effect too.”
Tāmaki Makaurau Auckland
Each of Tamaki Makaurau Auckland’s sub-markets saw property values decline in October, although the falls in Papakura and Franklin were marginal (-0.1%). Elsewhere, the falls ranged from -0.4% in Rodney, up to -0.8% in Auckland City and -0.9% in Manukau.
Generally speaking, values across Tamaki Makaurau Auckland are still around 21-24% lower than the post-COVID peak (apart from a drop of closer to 26% in Waitakere), while the falls since the more recent ‘mini peak’ at the start of this year have typically been between -7% and -9%.
Mr Davidson added: “Auckland’s property market continues to be weighed down by abundant supply, both in terms of existing properties listed for sale as well as the continued pipeline of new-builds being completed. However, there are signs in a market such as Papakura that values have started to flatten out to some degree, so it’ll be interesting to see if the falls also lessen or stop altogether in other parts of the super-city in the next few months too.”
Te Whanganui-a-Tara Wellington
The wider Te Whanganui-a-Tara Wellington area underperformed in October, with Porirua down by -0.5%, and then the falls increasing to -0.7% to -0.8% in the Hutt Valley, and to more than 1% in both Kapiti Coast and Wellington City itself. Porirua has been slightly more resilient than elsewhere over a wider three-month horizon – while across the rest of Wellington, values are down by close to 3% or more since July.
“Wellington looks to be a good example of where job insecurity is outweighing the benefits to sentiment and households’ finances of lower mortgage rates. This could also make it an interesting test case for property values, in terms of the strength of any recovery in 2025 amidst the backdrop of labour market weakness.”
Regional results
Reflecting the counteracting influences of lower mortgage rates and job losses, property value trends across many of the provincial markets remained patchy in October. Nelson, Whanganui, Rotorua, and Gisborne all edged higher, while Queenstown was stable. But value falls of -0.7% or more were seen in Invercargill, Whangarei, and Napier.
“Putting aside the normal monthly variability that you see in any part of the cycle, it’s interesting to note the recent divergences over the year as a whole,” Mr Davidson noted, pointing to areas such as Napier and Whangarei which were down by -7% to -9% since the latest mini-peak, compared to Whanganui and Invercargill, which were down by -1 to -2%.
“Lower house prices in the latter two areas may have given their markets some insulation. Of course, the affordability argument certainly doesn’t apply in somewhere like Queenstown, where the market has only fallen slightly in 2024 despite a median value of $1.5m.”
Source: Hong Kong Government special administrative region
The Immigration Department (ImmD) mounted a cross-boundary joint operation with Guangxi Public Security Department, Guangdong Provincial Public Security Department and Shenzhen Frontier Inspection Station in July and August under the co-ordination of the Exit and Entry Administration of the People’s Republic of China. The operation successfully neutralised a cross-boundary forgery syndicate, resulting in the arrest of a total of 201 persons and the seizure of a large amount of forgery equipment and forged documents.
In May this year, Mainland authorities unearthed crucial intelligence related to a syndicate arranging Mainlanders to take up illegal employment in Hong Kong. The ImmD immediately collaborated with the Mainland authorities to conduct in-depth investigations and successfully identified a cross-boundary forgery syndicate specialised in recruiting Mainlanders to take up illegal employment in Hong Kong and providing them with accommodation and forged Hong Kong identity cards to seek illegal employments. The forgery syndicate had set up workshops on the Mainland for producing forged documents, and they would dispatch the forged Hong Kong identity cards by express delivery to Hong Kong syndicate members, who would then distribute the forged Hong Kong identity cards to the illegal workers.
The ImmD swiftly launched an operation codenamed “Vanguard” to eradicate the syndicate in Hong Kong. During the operation, ImmD investigators retrieved a batch of suspicious parcels sent out from Mainland forgery workshops and disguised as couriers to deliver the suspicious parcels. As a result, several Hong Kong syndicate members were apprehended, and a number of forged Hong Kong identity cards were seized. Moreover, the ImmD raided a total of 69 premises, including 37 residential premises and 32 working places, and arrested a total of 97 persons, including a syndicate mastermind, nine syndicate members, 67 suspected illegal workers and 20 suspected employers, aged 18 to 64. Ten syndicate members, including the mastermind, comprise five men and five women, consisting of three Hong Kong residents and seven Mainlanders, aged 18 to 61. The 67 arrested suspected illegal workers comprise 34 men and 33 women, including 65 Mainlanders, one Indonesian and one Vietnamese Recognizance Form holder issued by the ImmD, aged 22 to 64. ImmD investigators also seized 21 forged Hong Kong identity cards, 18 copies of forged Hong Kong identity cards and two forged documents related to construction workers. Through this large-scale cross-boundary joint operation, the cross-boundary forgery syndicate has been neutralised. The investigation is still ongoing, and more persons involved in the case may be arrested.
On the Mainland side, three forgery workshops were smashed and a total of 104 offenders were arrested, including 18 syndicate masterminds and ring members, and 12 pieces of forgery equipment were seized.
An ImmD spokesman said, “Under the laws of Hong Kong, anyone who uses or possesses a forged identity card commits an offence. Offenders are liable to prosecution and, upon conviction, a maximum penalty of a fine of $100,000 and 10 years’ imprisonment. Any person who without lawful authority or reasonable excuse transfers to another person a Hong Kong identity card commits an offence. Offenders are liable to prosecution and, upon conviction, a maximum penalty of a fine of $100,000 and 10 years’ imprisonment.”
The spokesman warned, “Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years’ imprisonment. Aiders and abettors are also liable to prosecution and penalties. As stipulated in section 38AA of the Immigration Ordinance, an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land is prohibited from taking any employment, whether paid or unpaid, or establishing or joining in any business. Offenders are liable upon conviction to a maximum fine of $50,000 and up to three years’ imprisonment.”
The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years’ imprisonment to a fine of $500,000 and 10 years’ imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.
According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee’s identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker’s valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.
Under the existing mechanism, the ImmD will, as a standard procedure, conduct an initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) victims. When any TIP indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP elements, such as threats and coercion in the recruitment phase and the nature of exploitation. Identified TIP victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP victims to report crimes to the relevant departments immediately.
Headline: Five Western N.C. State Parks to Reopen Nov. 1, Eight Parks to Remain Closed
Five Western N.C. State Parks to Reopen Nov. 1, Eight Parks to Remain Closed jejohnson6
Crowders Mountain, Gorges, Grandfather Mountain and Lake Norman state parks, as well as Rendezvous Mountain, will reopen at least partially on Nov. 1, the Division of Parks and Recreation announced. These parks were temporarily closed through October after impacts from Hurricane Helene.
The following areas are open at each park:
• Crowders Mountain — trails and day-use will reopen, all camping will remain closed through November
• Gorges — Grassy Ridge Access (visitor center, trails to Rainbow and Upper Bearwallow Falls, RV/trailer/tent camping and cabins) will reopen; the backcountry area (Frozen Creek Access, including Auger Hole and Canebrake trails and backcountry campsites) will remain closed
• Grandfather Mountain — most trails and campsites will reopen; Profile Trail, Profile Connector Trail, and Profile Campsite will remain closed
• Lake Norman — day-use and tent/trailer/RV and group campsites will reopen; some sections of mountain bike trail may be closed; cabins remain closed to new reservations; existing reservations are being honored
• Rendezvous Mountain — all areas
The following parks remain closed entirely: Chimney Rock, Elk Knob, Lake James, Mount Mitchell, New River, South Mountains, and Stone Mountain state parks, as well as Mount Jefferson State Natural Area.
“We are very excited to be able to reopen these parks, and we hope to open additional facilities in November,” said State Parks Director Brian Strong. “We know our visitors have been missing our closed parks, and we hope these reopenings will help our neighbors, local towns, and communities.”
The division continues to assist with emergency and rescue efforts in western North Carolina. To date, over 150 division staff have been deployed with the North Carolina Emergency Operations Center as well as to assist with Incident Management Teams and with cleanup projects at western state parks.
“Our priority first and foremost is visitor and staff safety,” Strong said. “There are areas that will be marked closed due to hazardous trees and branches with a high likelihood of falling as well as unsteady bridges and washed-out trails. We ask that visitors follow signage and do not attempt to access areas that have been closed off.”
Some of the remaining closed parks may reopen partially in November, depending on progress with cleanup and hazard mitigation. Chimney Rock, Mount Mitchell, and South Mountains will be undergoing extended closure. Reservations for campsites anticipated to be closed have been refunded in full.
About North Carolina State Parks North Carolina State Parks manages more than 262,000 acres of iconic landscape within North Carolina’s state parks, state recreation areas and state natural areas. It administers the N.C. Parks and Recreation Trust Fund, including its local grants program, as well as a state trails program, North Carolina Natural and Scenic Rivers and more, all with a mission dedicated to conservation, recreation and education. The state parks system welcomes more than 19 million visitors annually.
About the North Carolina Department of Natural and Cultural Resources The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.
The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
The UConn Foundation today announced that it will receive $500,000 from Travelers spread over the next five years to help cover the cost of room and board for qualified UConn students at the new, 200-bed residence hall on Pratt Street in Hartford.
This marks a pivotal moment for the UConn Hartford campus, which will offer student housing for the first time when the apartment-style units open in fall 2026. The project involves transforming a former law office into a vibrant, residential community, part of the university’s broader strategy to elevate student education and experiences.
“Thanks to this generous gift from Travelers, more students will have access to our new residence hall, which will have a transformative impact on their education and lives,” says Mark Overmyer-Velázquez, campus dean and chief administrative officer at UConn Hartford. “The residence hall will serve as a catalyst for learning as well as connecting students to the rich historical, cultural, political, and business resources of our capital city.”
In a 2023 survey, about 70% of UConn Hartford undergraduates expressed interest in nearby student housing. Many students noted that affordability is crucial, given that most currently reside with parents.
The new housing initiative aligns with UConn’s vision, alongside state and local leaders, to establish Hartford as a “college town” where students play an integral role in the city’s cultural landscape.
“Our relationship with UConn spans decades, and we are proud to be a part of the university’s efforts in expanding its presence in downtown Hartford,” says Andy Bessette, executive vice president and chief administrative officer for Travelers. “UConn’s dedication to excellence in education is why it was one of our inaugural partners when we started our school-to-career pipeline program, Travelers EDGE, 17 years ago. Together, we are helping to build a brighter future for our city and state.”
Travelers EDGE, a program that aims to give students increased access to higher education and career preparation, has supported 133 UConn scholars since its inception, with 93 interning at Travelers and 35 graduates accepting full-time jobs at the company.
“We are thrilled that Travelers is making this transformational investment in UConn, our students, and the city of Hartford through this $500,000 donation,” says Nathan Fuerst, UConn’s vice president for student life and enrollment.
“This visionary gift ensures the success of UConn’s expanded footprint in Hartford and helps alleviate the financial barriers facing many students who choose to live downtown. It also brings more scholars to downtown, where many will stay and establish deep roots,” Fuerst says.
The new residence hall is one of many initiatives UConn has underway to deepen its ties with the capital city. The University recently opened its new Community Intersections & Innovation Space for research and academic use near the XL Center and is opening a café for students next fall in the Hartford Times main campus building.
The UConn Foundation also recently launched the Hartford Residential Scholars Enhancement Fund to raise additional funds to support qualifying UConn Hartford students. Find more information about supporting the Hartford Residential Scholars Enhancement Fund [here].
For 10 weeks this summer, Gianna Socci worked hard for a sole purpose.
As if her gift was the plunder of information from the stacks of libraries in southwestern Connecticut, piece by piece she stitched together thoughts, contentions, and beliefs, her own cheeks pale with study, as she infused life into the inanimate body that’s become her very own creation.
“I’d never taken on a beast this size before,” Socci ’25 (CLAS) says. “I would get very stressed out that I wasn’t going to be able to finish this. I wasn’t going to be able to write something that made sense. I wasn’t going to be able to bring this all together and I feared I bit off more than I could chew.”
Clinging to the hope the next day or the next would bring success, Socci labored to coax to life the 62 pages that have become her greatest academic triumph to date: “Monstrosity on Trial: Claiming Legal Personhood for Frankenstein’s Monster.”
This is a project Socci conceived nearly two years ago, when as a sophomore she sought to convert her Introduction to Literary Studies course into an honors credit, which requires a larger research project, namely a more in-depth look at one of the books read that semester.
“I had worked hard for nearly two years, for the sole purpose of infusing life into an inanimate body. For this I had deprived myself of rest and health.” – Victor Frankenstein in describing his work in Mary Shelley’s novel “Frankenstein”
As an English and political science double major who expects one day to take up the study of law, Socci heeded the advice of associate professor Dwight Codr and looked at Mary Shelley’s 1818 novel “Frankenstein” through a legal lens.
What started as an honors conversion paper became a much larger Summer Undergraduate Research Fund (SURF) grant proposal, replete with a reading plan of an admittedly ambitious 37 works, including dense legal case studies, she says. The funding allowed her the space in June, July, and August to focus on her work, without worrying about money.
“Research in the humanities is very rare to begin with,” she says, “and I don’t think a lot of people understand what it entails. When you’re a STEM major, you can lay out lab steps, you can show people graphs, diagrams, and lab methods. It’s very quantitative, whereas humanities research is reading, taking notes, thinking, and writing.”
It’s nonetheless important, she argues.
Not the Frankenstein you might imagine
One of the first things Socci says she was shocked to learn when reading “Frankenstein” the first time two years ago was that the character of Frankenstein, contrary to popular belief, is not the monster depicted in the story.
Gianna Socci ’25 (CLAS) (Contributed photo)
Victor Frankenstein is the young doctor who brings to life an 8-foot-tall monster – born of inanimate body parts he stole from graves and mortuaries. Most contemporary depictions of Frankenstein wrongly show him as the flat-headed, green, almost zombie-like monster with bolts in his neck.
That is, in fact, Frankenstein’s “creature,” who in Shelley’s book is never given a name, referred to only by such descriptors as “devil,” “thing,” and “ogre.”
“The other thing that struck me – and this might just be my poli-sci brain at work – was that she included three legal proceedings in the novel, three specific examples of courtroom trials, and that’s not something that’s talked about. You typically think of ‘Frankenstein’ as a very science-fiction text,” Socci says.
Those trials, in which the defendants aren’t in fact guilty of the crimes they’re accused, got Socci thinking about how the law weaves itself through the novel and found herself wondering: What if Frankenstein’s monster was granted legal personhood and able to stand trial for his wrongdoings?
Before she could answer, she needed to tackle the idea of what it means to be a legal person and how that idea has been used over time. She turned to legal theory, philosophy, history, and Shelley’s text for answers.
“Legal personhood is a status, which means someone has rights and privileges but can also be held responsible for their actions,” she explains. “It’s twofold and it’s been expanded and contracted over time to include and exclude so many different things and people.
“Slaves had a very limited form of personhood. Women had a very limited form of personhood. Animals at one time were granted legal personhood and could be put on trial, which is completely absurd,” she continues. “The law is flexible and almost subject to the politics of the time. That reminded me, as a citizen, as a woman in contemporary times, the importance of paying attention to that.”
“My cheek had grown pale with study, and my person had become emaciated with confinement. Sometimes, on the very brink of certainty, I failed; yet still I clung to the hope which the next day or the next hour might realise.” – Victor Frankenstein in describing his work in Mary Shelley’s novel “Frankenstein”
Things like cognition and competency are used in helping distinguish personhood, even intent and mental capacity. And when Socci looked to the novel for these characteristics as they relate to the monster, her conclusion was clear.
“He is a completely cognizant being who acted with intent,” she says. “He was very aware of what he was doing. He could express himself. He was extremely human in every way but his physical appearance. Violence is never the answer, and his reasoning for violence is flawed, but it’s reasoning, nonetheless. He’s angry, and he’s acting in a very methodical way. He is totally eligible to stand trial.”
‘Abstractions rule our lives’
Socci says that at the outset of her research, when telling people how she was spending her summer, she started to wonder why she was even bothering. Arguing about whether Frankenstein’s monster could be held criminally liable for his actions is an exercise in the abstract.
Except it is relevant, she was reminded.
In an interview with an Australian professor who’d written about personhood, she asked why any of this mattered.
“He said abstractions rule our lives. These legal definitions, these philosophical foundations are what govern our whole being,” she says. “We don’t really think of ourselves in legal terms that often, so it can seem unimportant. But it’s how we have the right to vote. It’s how we have the right to express ourselves. It’s how we’re seen by the government.”
Suddenly, what once was hypothetical was much more concrete.
The European Union this year adopted the AI Act, Socci notes, which, in part, rates various artificial intelligence technologies on their risk level – high-risk AI is more autonomous and can operate with minimal human intervention, for example. The AI Act seeks to regulate high-risk artificial intelligence.
Consider Hollywood movies like “Avengers: Age of Ultron,” in which the artificial life form, Ultron, seeks to destroy. Technology advances rapidly and might not be that far off from the movies.
“If an AI is a sentient being and it decides to act out on its own will and is harming someone, we’re going to have to start thinking about liability,” Socci says. “My theory holds the monster accountable and therefore would hold the AI accountable. Then, if you can hold the AI accountable, shouldn’t they also have rights and be able to vote if we’re talking about the dual edge of legal personhood.”
Illustration from Frankenstein (Adobe stock)
Socci surmises that humans will be unlikely to put robots and technology on the same level as themselves, but that conversation may very well need to be had, which means the hypothetical turns real.
In the U.S. Supreme Court’s 2010 Citizens United decision that gave corporations the right to make political donations, the reasoning, Socci says, is that businesses have a right to free speech, in this case through their dollar, and that can’t be infringed upon.
“Legal personhood is not the reason for that decision, but if you go through the legal text, the chief justice uses very personifying language when talking about corporations, saying they can bring a good perspective into the democratic dialogue. And suddenly, corporations can talk like people. This tendency to personify the inanimate is where we see legal personhood bleeding into our contemporary scheme,” she says.
A story about injustice
In a planned career as a lawyer, Socci says she’ll take many of the things she’s learned from this project and apply them to work with abused and neglected children, who oftentimes need an advocate to protect their rights.
And in a way, children are a little like the monster – seeking to belong, looking to be molded, hungry for learning. Victor Frankenstein’s rejection of the monster, in the same way a parent might reject a child, results in lifelong ramifications.
“You might feel sad for the monster because all he really wants is to be part of the human community,” Socci says. “There’s a whole segment of the book in which he is watching the DeLacey family from far away in his hovel. He realizes they’re poor, so he starts leaving food on their steps. He shovels their driveway. He helps them out despite the fact he’s been rejected by his creator.”
Socci says that while there are dozens of ways one could analyze the story, for her, “Frankenstein” boils down to a tale of injustice.
“We hear the word ‘monster,’ and we think ‘beast.’ We’re scared. Something’s uncivilized. Something is rowdy. Something is dangerous. But the monster, in the beginning, is anything but that,” she says. “He’s a very rational individual who just wants to be close to someone. I think Shelley is asking us to think about the definitions we’ve applied to others.”
And that interpretation may become part three of “Monstrosity on Trial” – the honors conversion project turned SURF grant award, yet-to-become English honors thesis.
“I don’t think there’s going to be another time in my life, unless I become an author, when I’ll have dedicated hours for researching and writing, not worrying about the income I’m missing out on,” Socci says of the SURF grant. “It was honestly a privilege to have this experience.”
The value of exports and imports of services during September 2024 is given in the following table.
International Trade in Services
(US$ million)
Month
Receipts (Exports)
Payments (Imports)
July – 2024
30,580 (16.6)
15,903 (15.7)
August – 2024
30,340 (5.7)
16,423 (8.8)
September – 2024
32,579 (14.6)
16,507 (13.2)
Notes: (i) Data are provisional; and (ii) Figures in parentheses are growth rates over the corresponding month of the previous year which have been revised on the basis of balance of payments statistics.
Ajit Prasad Deputy General Manager (Communications)
The Reserve Bank today released data on India’s invisibles as per the IMF’s Balance of Payments and International Investment Position Manual (BPM6) format for April – June of 2024-25.
Ajit Prasad Deputy General Manager (Communications)
Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) received during the month of October 2024 are set out in Tables 1 to 7.
Highlights:
Lending Rates:
The weighted average lending rate (WALR) on fresh rupee loans of SCBs stood at 9.37 per cent in September 2024 (9.41 per cent in August 2024).
The WALR on outstanding rupee loans of SCBs was placed at 9.90 per cent in September 2024 (9.91 per cent in August 2024).1
1-Year median Marginal Cost of fund-based Lending Rate (MCLR) of SCBs remained unchanged at 8.95 per cent in October 2024 from that of September 2024.
Deposit Rates:
The weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of SCBs stood at 6.54 per cent in September 2024 as compared to 6.46 per cent in August 2024.
The weighted average domestic term deposit rate (WADTDR) on outstanding rupee term deposits of SCBs was placed at 6.95 per cent in September 2024 (6.93 per cent in August 2024).1
Ajit Prasad Deputy General Manager (Communications)
The title of this panel is “The Future of Finance”. I know this is an issue you have thought a lot about and one that has been a key focus area for the BIS throughout your tenure as General Manager. Why is the topic so important? How should the financial system change?
Financial innovation is important because finance is important – it is the bloodstream of the real economy.
Today’s financial system falls short in many dimensions: many financial transactions are too slow; many are too costly; for these reasons, useful transactions don’t take place. And in too many countries, too few people are able to access financial services. Improving the functioning of the financial system could make everyone better off.
It is appropriate for the private sector to take the lead in financial innovation. But the public sector has a role as a catalyst for innovation, for instance, by providing the pipes and rails on which finance runs.
Many public institutions – including central banks – are not natural innovators. They may lack experience, expertise and budgets.
Moreover, many countries face similar challenges.
For this reason, there can be great value in working together.
That is why we at the Bank for International Settlements (BIS) established the BIS Innovation Hub as a mechanism for collaboration among central banks to develop technological public goods.
When we first came up with this concept, the idea was to have a small unit of four staff members, based in Basel. It quickly became apparent that the appetite among our member central banks to work together and innovate went far beyond that.
Today we have more than 100 staff working in our seven Innovation Hub centres in eight locations throughout North America, Europe and Asia, as well as a strategic partnership with the Innovation Centre of the New York Federal Reserve.
The Innovation Hub undertakes projects across six broad themes: (i) suptech and regtech, (ii) next generation financial market infrastructures, (iii) open finance, (iv) cyber security, (v) green finance and (vi) central bank digital currency, or CBDC. Our CBDC work accounts for a large part of the Innovation Hub’s project portfolio and certainly accounts for much of the public attention. But we have made important contributions in each theme.
Since establishing the Innovation Hub, we have completed 28 projects, with another 27 currently under way. Central banks, of course, are doing their own innovations, and there are many other initiatives under way by both the public sector and the private sector.
While all of the technological innovation has been important, it would be fair to say that it has had modest real-world impact to date. If you compare the degree of progress in the application of digital technologies in, say, the communications industry to that in the financial industry, I am sure you will agree.
The issue is not the technology itself. As I mentioned, there have been great advances there.
What has been lacking is a vision of how the various initiatives should fit together, and of what the financial system of the future should look like and how it should function.
Together with Nandan Nilekani – Chairman of Infosys and the driving force behind India’s digital public infrastructure initiatives – I wrote a paper earlier this year that laid out such a vision. We call it the “Finternet”. The aim of the Finternet is to use technology to make the financial system much more user-centric and to eliminate many of the frictions that add cost and complexity to today’s financial system. It does not advocate for a specific technology, but instead aims to add some guidance about what we want to achieve.
Let me delve more deeply into the Finternet. What does it involve, concretely?
The Finternet rests on three broad pillars. The first is a robust economic and financial architecture. The second is the application of advanced technology. The third is a sound legal and regulatory basis. Let me address each in turn.
The basic economic and financial architecture would resemble that of today’s financial system. As is the case today, there would be a two-tier banking system. Central bank money would be at the core, with commercial bank money accounting for the bulk of the money used day to day. This money, however, would have a more advanced digital representation. We would have tokenised central bank money, which could exist in wholesale form – the digital equivalent of central bank reserves – or retail form – the equivalent of digital banknotes. And we would have tokenised commercial bank deposits.
But tokenising money is just the first step. To get the real benefits of tokenisation you need to combine money with other financial assets, ideally residing on the same ledger.
Government bonds strike me as a natural starting point. These are incredibly important assets in today’s financial system. They serve as the basis for pricing all other financial assets.
Once you have money and government bonds residing on the same platform, you essentially have the basis of the current financial system. Adding other assets to the platform would naturally follow.
Tokenising financial assets would bring many benefits. In particular, if the assets were on a common ledger, there would be much less need for complex messaging and clearing, which are the source of so much cost and delays in today’s financial system. Tokenised assets can settle atomically, helping to further reduce the time needed for financial transactions. And tokenised assets can be programmed. This could open up a huge array of financial transactions that are not possible today.
Of course, not all assets will be tokenised and not all tokenised assets will reside on the same ledger. So we need some way of moving assets across ledgers and from the tokenised to the non-tokenised world. Technology can also help achieve this.
Other technologies can also help to turn the Finternet into reality. For example, compliance with anti-money laundering and countering the financing of terrorism regulations – which I would emphasise is hugely important – can also be extremely costly. Technology should allow us to automate such checks, allowing for greater reliability, lower costs and faster processing speeds. Data governance and privacy would draw on the latest privacy-preserving technology. There are many related topics we explore through our projects. One good example is Project Mandala, which has shown how to embed regulatory compliance in cross-border transaction protocols. Beyond economics and technology, the Finternet will also rest on a sound legal and regulatory basis. At a minimum, this should respect all existing laws and governance measures. Privacy, cyber security and related concerns will also need to be addressed. However, technology should also allow us to achieve greater security in the financial system.
This all sounds very promising in principle. But can it be delivered? How could one turn the Finternet vision into a reality?
Absolutely. Indeed, we are already taking active steps to turn it into reality, including through our Innovation Hub projects.
Let me give you a concrete example of one such project, called Project Agorá.
This is probably our largest Innovation Hub Project to date. We have teamed up with six central banks and more than 40 private sector institutions, coordinated by the Institute for International Finance. I should mention that Santander is one of the participants.
The specific aim of Project Agorá is to look at whether, using tokenised deposits integrated with tokenised wholesale central bank money, we can streamline cross-border payments.
This is an area ripe with inefficiencies, and where services in some jurisdictions have actually worsened in recent years due to the shrinkage of the correspondent banking system. One important reason is that the system, by and large, rests on legacy systems. This implies long sequences of messages being sent back and forth, across national borders, using systems that do not necessary communicate with each other very well. The various regulatory compliance measures – which are particularly important in cross-border transactions – often require manual processes, which add delays and lead to errors.
In principle, using tokenised assets residing on unified ledgers could ease many of these burdens. Transactions using tokenised assets can settle atomically – that is immediately – with all parts of the transaction settling at once. Compliance with regulatory norms can be embedded programmatically inside the tokens. So they will be adhered to with certainty and without the need for manual intervention.
So this is a big project, with big potential gains.
But even more than the specific application, what really excites me about Project Agorá is that it has central banks and commercial banks working together to craft a structure that could form the basis for a future financial system.
I mentioned before the useful catalytic role for central banks in initiating technological innovation. But central banks cannot do it alone. The two-tier banking system lies at the heart of today’s financial system. The system needs money. But very little money comes from the central bank. Commercial bank money provides the bulk of it.
The two-tier banking system helps deliver two foundational principles. The first is the singleness of money. This ensures that a euro is a euro, whether it is the banknote in my pocket or in my deposit at Santander or any other bank. The second is settlement finality, which comes about through the final settlement of all transactions on the balance sheet of the central bank.
We do not know what the financial system of the future will look like. But it is hard for me to imagine that it will not require a two-tier banking system. This means that as well as tokenised central bank money – particularly in wholesale form – it will require banks to provide their customers with tokenised deposits. Project Agorá provides a powerful use case, and I hope that it will spur further innovation.
At the same time, cross-border payments can be a controversial topic. For example, I have noted media speculation recently that one of your projects – Project mBridge – could provide the basis for a BRICS initiative to circumvent sanctions. Is that plausible? Can you comment on this?
In the Innovation Hub we try to be a catalyst for innovation. The way it works is that we talk with the community of central banks, identify their needs and then develop projects. And we do them in partnership with central banks.
MBridge has been a project we have been involved with for four years. We have several central bank partners and many, many observers. I think the project has been a big success. It’s a payment system where through wholesale CBDCs you could facilitate tremendously cross-border transactions.
I would say that the project has been so successful that we can declare that we have graduated out. The BIS is leaving that project, not because it was a failure and not because of political considerations but instead because we have been involved for four years and it is at a level where the partners can carry it on by themselves. That has happened already with other projects.
At the same time, I have to say that mBridge is not mature enough to start operating; it is many years away from that.
With respect to political aspects, the noise out there, mBridge is not the “BRICs bridge” – I have to say that categorically. mBridge was not created to cater to the needs of the BRICs. It was put together to satisfy broad central bank necessities.
We at the BIS – I think this is an opportunity to set record straight – we always try to be good global citizen. And the BIS does not operate with any countries, nor can its products be used by any countries that are subject to sanctions. This will continue to be the case. And all central bank members are in this mindset that we need to be observant of sanctions and whatever products we put together should not be a conduit to violate sanctions.
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today reported its third quarter 2024 financial results and filed its Third Quarter 2024 Form 10-Q with the Securities and Exchange Commission. The filing provides condensed consolidated financial statements for the quarter ended September 30, 2024. The following documents are now available on Fannie Mae’s website at www.fanniemae.com.
Fannie Mae has scheduled a conference call to discuss the company’s results today at 8:00 a.m., ET. Participants may join the conference call in listen-only mode via the webcast link below.
Listen-only webcast: https://event.webcasts.com/starthere.jsp?ei=1691512&tp_key=ce5c202816 Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Audio will stream through your selected device. If you have difficulty accessing the webcast, please click the “Listen by Phone” button on the webcast player and dial the number provided.
Source: United States of America – Department of State (video statements)
Secretary of State Antony J. Blinken holds a joint press availability with Secretary of Defense Lloyd J. Austin III, Republic of Korea Minister of Foreign Affairs Cho Tae-yul, and Republic of Korea Minister of Defense Kim Yong-hyun at the Department of State, on October 31, 2024.
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Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.
The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.
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