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  • MIL-OSI Canada: Minister of Justice and Attorney General of Canada announces judicial appointments in the province of Ontario

    Source: Government of Canada News (2)

    October 28, 2024 – Ottawa, Ontario – Department of Justice Canada  

    The Honourable Arif Virani, Minister of Justice and Attorney General of Canada, today announced the following appointments under the judicial application process established in 2016. This process emphasizes transparency, merit, and the diversity of the Canadian population, and will continue to ensure the appointment of jurists who meet the highest standards of excellence and integrity.

    Lisa A. Wannamaker, Assistant Crown Attorney at the Ministry of the Attorney General of Ontario in Peterborough, is appointed a Judge of the Superior Court of Justice of Ontario in Lindsay. Justice Wannamaker replaces Justice D.S. Gunsolus (Lindsay), who elected to become a supernumerary judge effective March 28, 2022.

    Robin A. Bellows, a sole practitioner in Huntsville, is appointed a Judge of the Superior Court of Justice of Ontario in Parry Sound. Justice Bellows replaces Justice J. Stothart (Parry Sound), who will be transferred to Sudbury upon the appointment of a new Judge. Due to internal court transfers by the Chief Justice, the vacancy is located in Parry Sound.   

    Quote

    “I wish Justices Wannamaker and Bellows every success as they take on their new roles. I am confident they will serve Ontarians well as members of the Superior Court of Justice of Ontario”.

    —The Hon. Arif Virani, Minister of Justice and Attorney General of Canada

    Biographies

    Justice Lisa A. Wannamaker was raised in Peterborough. She received an honours degree in political science and economics from the University of Waterloo after which, she travelled and lived abroad in Ireland.  She later attended law school at Queen’s University. She was called to the Ontario Bar in 2005.

    Justice Wannamaker worked for Osler Hoskin & Harcourt LLP and the Ontario Securities Commission. She joined the Etobicoke Crown Attorney’s Office in 2006 and joined the Peterborough office in 2012. She has handled complex prosecutions in both the Ontario Court of Justice and the Superior Court of Justice including homicides, sexual assaults, and dangerous offender proceedings.  She was frequently involved in education and training for other crowns and presented to police services across the province on search issues, expert issues and statements. She was an annual director for the crown attorney school on expert evidence. She also taught in the forensic science program at Trent University.

    Justice Wannamaker is highly committed to her community. She was on the board of Big Brothers and Big Sisters Peterborough and worked as a manager and game day announcer with the Peterborough Wolverines Football Organization and the Kinsmen Minor Football League. She was an articling principal and a mentor to junior lawyers. She has volunteered for student moots, and with the Ontario Justice Education Network.

    Justice Wannamaker enjoys travel with friends, and spending time between the lake and the football fields, with her two wonderful children and her dog.

    Justice Robin A. Bellows was born in Toronto and spent most of her formative years in Newfoundland. She began her undergraduate degree at Memorial University of Newfoundland. She graduated with an Honours Bachelor of Arts from Trinity College at the University of Toronto in 2003 before obtaining her Bachelor of Laws from Osgoode Hall Law School in 2006. She was called to the Ontario Bar in 2007.

    Justice Bellows started her criminal defence practice in Muskoka in 2007, where she worked as a sole practitioner and as duty counsel for 10 years. In 2017, she became the Agent for the Public Prosecution Service of Canada for Parry Sound. In 2023, she was appointed as a per diem Deputy Judge of the Small Claims Court.

    Justice Bellows served on the Board of the Muskoka Law Association since 2008 and became President in 2020. Additionally, she has been the President of the Parry Sound Law Association since 2021. For several years, she had the joy and privilege of coaching the Bracebridge and Muskoka Lakes Secondary School mock trial team. Outside of her legal pursuits, she shared her creative talents with the Muskoka theatre community, creating costumes and props for local productions.

    Justice Bellows is also a watercolor artist, a keen player of high-strategy board games, and a loving mother to two bright and caring children.

    MIL OSI Canada News –

  • MIL-OSI Canada: Minister of Justice and Attorney General of Canada announces a judicial appointment in the province of Nova Scotia

    Source: Government of Canada News (2)

    October 28, 2024 – Ottawa, Ontario – Department of Justice Canada 

    The Honourable Arif Virani, Minister of Justice and Attorney General of Canada, today announced the following appointment under the judicial application process established in 2016. This process emphasizes transparency, merit, and the diversity of the Canadian population, and will continue to ensure the appointment of jurists who meet the highest standards of excellence and integrity.

    The Honourable D. Shane Russell, Associate Chief Judge of the Provincial Court of Nova Scotia in Sydney, is appointed a Judge of the Supreme Court of Nova Scotia in Sydney. Justice Russel replaces Justice R. Gogan (Sydney), who was elevated to the Nova Scotia Court of Appeal effective February 19, 2024.

    Quote

    “I wish Justice Russell every success as he takes on his new role. I am confident he will serve the people of Nova Scotia well as a member of the Supreme Court of Nova Scotia.”

    —The Hon. Arif Virani, Minister of Justice and Attorney General of Canada

    Biography

    Justice D. Shane Russell was bom and raised in North Sydney. He graduated from the University of Manitoba Robson Hall Law School in 2003 and has a Bachelor of Science Advance Major Psychology from Dalhousie University. He was called to the Nova Scotia Bar in 2004

    Justice Russell was appointed Associate Chief Judge of the Nova Scotia Provincial Court in February 2024. Prior to his appointment as Judge of the Nova Scotia Provincial Court in 2021, he practiced law for 17 years, all of those as a Crown Attorney at the Nova Scotia Public Prosecution Service. He served as co-counse! with the Desmond Fatality Inquiry. While serving as Senior Crown Counsel, he routinely carried many complex and high-profile prosecutions involving, intimate partner violence, sexual violence, home invasion, and homicide.

    Justice Russell had served as a member of the Nova Scotia Barristers’ Society’s bar council, Gender equity committee, and Provincial Court Liaison Committee. He is also the past president of the Cape Breton Barristers’ Society and the Nova Scotia Crown Attomeys’ Association.

    Justice Russell is happily married to Nicole Russell, also from North Sydney. He is the proud older brother of two siblings, Trevor Russell and Nadine Russell-Wadden.

    MIL OSI Canada News –

  • MIL-OSI Canada: Minister of Justice and Attorney General of Canada announces judicial appointments in the province of British Columbia

    Source: Government of Canada News (2)

    October 28, 2024 – Ottawa, Ontario – Department of Justice Canada  

    The Honourable Arif Virani, Minister of Justice and Attorney General of Canada, today announced the following appointments under the judicial application process established in 2016. This process emphasizes transparency, merit, and the diversity of the Canadian population, and will continue to ensure the appointment of jurists who meet the highest standards of excellence and integrity.

    The Honourable Peter H. Edelmann, a Judge of the Supreme Court of British Columbia, is appointed a Justice of Appeal of the Court of Appeal for British Columbia in Vancouver. Justice Edelmann replaces Justice P. Willcock, who elected to become a supernumerary judge effective June 19, 2024.

    Scott Morishita, Associate Counsel at Rice Harbut Elliott LLP in Vancouver, is appointed a Judge of the Supreme Court of British Columbia in Vancouver. Justice Morishita replaces Justice P.H. Edelmann (Vancouver), who was elevated to the Court of Appeal for British Columbia effective October 25, 2024.

    Quote

    “I wish Justices Edelmann and Morishita every success as they take on their new roles. I am confident they will serve the people of British Columbia well as members of the Court of Appeal for British Columbia and the Supreme Court of British Columbia.

    —The Hon. Arif Virani, Minister of Justice and Attorney General of Canada

    Biographies

    Justice Peter H. Edelmann is fluently bilingual and was appointed to the Supreme Court of British Columbia in 2019. He received an undergraduate degree in French literature and philosophy from the University of Toronto and went on to pursue graduate studies at the University of British Columbia. In 2004, he received both LL.B. and Civil Law degrees from McGill University. He was called to the bar of British Columbia in 2005.

    Prior to his appointment to the Supreme Court of British Columbia in 2019, Justice Edelmann was a partner at Edelmann and Company, a recognized immigration and refugee law firm in Vancouver. He had begun his career as a sole practitioner primarily focused on criminal defence, in a practice that came to encompass national security, extradition, immigration and refugee law.

    Justice Edelmann appeared before all levels of the federal and provincial courts, as well as the various divisions of the Immigration and Refugee Board. He was an active member of the Immigration Section of the Canadian Bar Association and sat on the litigation committee for the Canadian Council for Refugees. He appeared regularly before Parliamentary committees and before the Supreme Court of Canada.

    Justice Scott Morishita was born and raised in Richmond. He is Japanese Canadian and a proud member of the 2SLGBTQIA+ community. He earned a Bachelor of Arts in Political Science from the University of British Columbia and an LL.B. from the University of Victoria. He was called to the British Columbia bar in 2007.

    Justice Morishita was Associate Counsel at Rice Harbut Elliott LLP, where he acted for plaintiffs in personal injury claims. Prior to that, he was Legal Counsel at the Municipal Insurance Association of British Columbia, where he defended local governments in various types of liability claims. He spent his career as a civil litigator, representing a diverse range of clients, including individuals, insurance companies, and local governments.

    Justice Morishita is a passionate volunteer and a strong advocate for lawyers’ mental health. He dedicated his time to numerous legal organizations, serving as President of the Canadian Bar Association, British Columbia (B.C.) Branch for the 2023-24 term, and as a Law Society of B.C. appointee to the Transitional Board of Legal Professions B.C. He was also a past board member of the Continuing Legal Education Society of B.C. and an active member of the Federation of Asian Canadian Lawyers (B.C.).

    MIL OSI Canada News –

  • MIL-OSI Canada: Minister of Justice and Attorney General of Canada announces a judicial appointment to the Tax Court of Canada

    Source: Government of Canada News (2)

    October 28, 2024 – Ottawa, Ontario – Department of Justice Canada  

    The Honourable Arif Virani, Minister of Justice and Attorney General of Canada, today announced the following appointment under the judicial application process established in 2016. This process emphasizes transparency, merit, and the diversity of the Canadian population, and will continue to ensure the appointment of jurists who meet the highest standards of excellence and integrity.

    Laurie A. Goldbach, Partner at Borden Ladner Gervais LLP in Calgary, is appointed a Judge of the Tax Court of Canada. Justice Goldbach replaces Justice A. Pelletier, who was appointed Associate Chief Justice of the Tax Court of Canada on December 14, 2023.

    Quote

    “I wish Justice Goldbach every success as she takes on her new role. I am confident she will serve Canadians well as a member of the Tax Court of Canada.”

    —The Hon. Arif Virani, Minister of Justice and Attorney General of Canada

    Biography

    Justice Laurie A. Goldbach was raised in Arva, a hamlet near London, Ontario. She received a B.A. Hons (1995) from Huron College at the University of Western Ontario and a LL.B. from University of Victoria (1998). She clerked with the Court of Appeal for Ontario before being called to the Ontario Bar in 1999, and the Alberta Bar in 2000.

    Justice Goldbach has lived and worked in Calgary for the past 25 years. She began her litigation career with Bennett Jones LLP before moving to a tax litigation boutique within Deloitte LLP in 2014. She joined Borden Ladner Gervais LLP in 2017 where she led the national tax disputes practice and served as regional group manager of the specialized business group. She has appeared before courts from coast to coast: the Supreme Court of Canada, all levels of courts in Alberta and Quebec, the Federal Courts, the Tax Court of Canada, and courts in British Columbia, Saskatchewan, and Nova Scotia.

    Justice Goldbach chaired the Tax Court Bench and Bar Committee of the Canadian Bar Association, was a Governor of the Canadian Tax Foundation, and a regular speaker at professional development programs and conferences. She has been invested in mentoring students and lawyers and supporting mental health and wellness in the legal community. She is a long-time supporter of ASSIST and co-chaired a task force on mental wellness amongst dispute lawyers.

    Justice Goldbach and her spouse, Brett, are proud parents of one remarkable teenage daughter.

    MIL OSI Canada News –

  • MIL-OSI USA: Bovine H5N1 influenza from infected worker transmissible and lethal in animal models

    Source: US Department of Health and Human Services – 2

    Media Advisory

    Monday, October 28, 2024

    Some antiviral drugs highly effective against bovine H5N1

    What

    A highly pathogenic avian influenza (HPAI) H5N1 virus, isolated from the eye of a farm worker who became infected through contact with dairy cows, was lethal in mice and ferrets infected in a high-containment laboratory environment, according to a new study in Nature. The study investigators also found that the virus isolated from the worker, who experienced mild inflammation of the cornea (conjunctivitis), could be transmitted through the air between separated ferrets and might be capable of binding to and replicating in human respiratory tract cells.

    The virus isolated from the worker is called huTX37-H5N1 and has a mutation (PB2-E627K) frequently seen in avian influenza viruses that replicate in mammals, typically making virus replication more efficient. These mutations underscore the need for continued monitoring and evaluation of viruses from the current H5N1 outbreak.

    The study also showed that a bovine H5N1 virus is susceptible to the antiviral drugs favipiravir and baloxavir marboxil (brand name Xofluza) of the polymerase inhibitor class, as well as the neuraminidase inhibitor zanamivir. The virus is less sensitive to oseltamivir (Tamiflu), another neuraminidase inhibitor.

    In laboratory experiments, huTX37-H5N1 replicated in human cornea and lung cells. The scientists determined the lethal dose of huTX37-H5N1 as less than 1 plaque-forming unit (PFU) in mice, compared to 31.6 PFU as the lethal dose of a bovine H5N1 virus isolated from the milk of a lactating cow. The huTX37-H5N1 virus also infected each of 15 different mouse tissues tested, with the highest virus levels found in respiratory tissues.

    Researchers also infected ferrets with a high dose of huTX37-H5N1. Flu infections in ferrets more closely resemble human flu infections than those in mice. All infected ferrets died within 5 days and scientists found huTX37-H5N1 virus in all the tissues sampled, with high levels in the respiratory system. In a prior study, the researchers had infected ferrets with a bovine H5N1 virus and, although it caused severe disease, lethality was limited.

    To evaluate respiratory transmission, the scientists placed healthy ferrets in cages about 5 centimeters away from ferrets infected one day earlier with one of four decreasing doses of huTX37-H5N1. All directly infected ferrets died within 6 days and, depending on the exposure dose, between 17% and 33% of the nearby animals became infected via respiratory droplet transmission. These results indicate that a bovine HPAI H5 virus isolated from an infected person can transmit among mammals via respiratory droplets, though with limited efficiency.

    The authors note that the person infected with the huTX37-H5N1 virus did not develop severe illness. In fact, human cases reported from the current outbreak have mostly experienced conjunctivitis and/or mild respiratory symptoms. The researchers speculate that eye infection with a low dose of bovine H5N1 virus might result in localized conjunctivitis without severe disease in humans. Multiple exposures to seasonal human influenza viruses, they say, might provide people with low levels of protection against currently circulating HPAI H5N1 viruses—though additional study is needed.

    In summary, this study characterizes the huTX37-H5N1 isolate, finding that it may be capable of replicating in cells of the respiratory tract in humans, that it is pathogenic in mice and ferrets, and that it is capable of being transmitted by the respiratory route in ferrets. The authors note that “based in these observations, every effort should be made to contain HPAI H5N1 outbreaks in dairy cattle to limit the possibility of further human infections.”

    Scientists from the University of Wisconsin at Madison led the research with collaborators from Shizuoka and Tokyo Universities and the Research Center for Global Viral Diseases in Japan. The National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health, funded much of the work through its Centers of Excellence for Influenza Research and Response program.

    Articles

    C Gu et al. A human isolate of bovine H5N1 is transmissible and lethal in animal models. Nature DOI: 10.1038/s41586-024-08254-7 (2024).

    A Eisfeld et al. Pathogenicity and transmissibility of bovine H5N1 influenza virus in mice and ferrets. Nature DOI: 10.1038/s41586-024-07766-6 (2024).

    Who

    Lauren Byrd-Leotis, Ph.D., with the Viral Respiratory Diseases Section of NIAID’s Division of Microbiology and Infectious Diseases, is available to discuss the findings. 

    NIAID conducts and supports research—at NIH, throughout the United States, and worldwide—to study the causes of infectious and immune-mediated diseases, and to develop better means of preventing, diagnosing and treating these illnesses. News releases, fact sheets and other NIAID-related materials are available on the NIAID website.  

    About the National Institutes of Health (NIH): NIH, the nation’s medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.

    NIH…Turning Discovery Into Health®

    ###

    MIL OSI USA News –

  • MIL-OSI Europe: National Forum explores future of multilingual education in Kyrgyzstan

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: National Forum explores future of multilingual education in Kyrgyzstan

    Participants of the National Forum on Multilingual Education held on 25 October in the National Library of the Kyrgyz Republic. (OSCE) Photo details

    Policymakers, educators and international experts discussed the future of multilingual education in Kyrgyzstan at the National Forum on Multilingual Education in Bishkek on 25 October 2024. The event was organized by Kyrgyzstan’s Education Ministry of Education with support from the office of the OSCE High Commissioner on National Minorities.
    Participants explored potential policy avenues to improve and expand multilingual education in Kyrgyzstan. Multilingual education is an excellent tool that can help promote integration in diverse societies while supporting educational excellence. When education is based first in a child’s mother tongue, and additional languages are gradually introduced, children from different linguistic backgrounds have the opportunity to develop academic proficiency in their mother tongue, which is a prerequisite for their overall educational success.
    “Multilingual education is one of the most effective ways to foster integration in our diverse societies. It is not just an educational approach that generates excellent results in the classroom; it is also a powerful tool to increase social cohesion, cultural understanding and economic opportunity.” said Ambassador Marek Szczygiel, Director and Officer-in-Charge of the OSCE High Commissioner on National Minorities during his online address.
    Participants also had the opportunity to discuss how international best practices employed in other countries of Asia, particularly in Singapore and Mongolia, could be adapted for use in Kyrgyzstan. The day included the presentation of a draft roadmap for multilingual education from 2025 to 2030, aimed at ensuring quality and inclusive education across the country.
    The National Forum was the final segment in a series of activities in October, dubbed the “Month of Multilingual Education”. This included an event on learning the Kyrgyz language through multilingual education and a study tour for members of parliament and government officials, supported by the office of the High Commissioner on National Minorities. During the study tour, participants visited schools and kindergartens providing multilingual education in the Osh and Chuy regions of Kyrgyzstan. Participants were then able to share their first-hand experiences at the Forum, demonstrating how multilingual education supports social cohesion by providing children from different linguistic backgrounds the opportunity to learn in an inclusive environment.
    “Seeing children interact and learn in multiple languages is truly inspiring. It shows us that multilingual education is not just an abstract policy but a real opportunity to empower the next generation to embrace diversity and thrive together.” said Aigul Omorova, Lecturer at the Republican Institute for Advanced Training and Retraining of Teaching Staff
    As part of its engagement on multilingual education across the OSCE area, and in Central Asia in particular, the office of the High Commissioner on National Minorities is committed to supporting Kyrgyzstan in developing an education system that provides academic excellence and strengthens social cohesion by embracing the country’s linguistic diversity.

    MIL OSI Europe News –

  • MIL-OSI Security: New Orleans Man Sentenced for Heroin Trafficking

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

    NEW ORLEANS, LOUISIANA – KEVIN JOHNSON (“JOHNSON”), age 34, a New Orleans resident, was sentenced on October 23, 2024, by U.S. District Judge Mary Ann Vial Lemmon, after previously pleading guilty to conspiracy to distribute, and possess with intent to distribute, heroin, in violation of Title 21, United States Code, Sections 841(a)(1), 841(b)(1)(C), and 846.  JOHNSON was sentenced to 30 months imprisonment, 3 years of supervised release, and a $100 mandatory special assessment fee.

    According to court documents, the Federal Bureau Investigation New Orleans Gang Task Force and the New Orleans Police Department investigated JOHNSON for his involvement in a drug distribution operation in April 2021.  The investigation revealed that JOHNSON conspired with AL VERNON BROWN, CHRISTOPHER JOHNSON, DONALD MYLES, and others to distribute heroin.  On June 22, 2021, agents seized a package containing 485 grams of heroin that was mailed by AL VERNON BROWN from California to New Orleans and intended for JOHNSON.

    The U.S. Federal Bureau of Investigation – New Orleans Gang Task Force, with the assistance of the New Orleans Police Department, the Jefferson Parish Sheriff’s Office, and the Gretna Major Crimes Task Force, led the investigation. The prosecution is being handled by Assistant United States Attorney Rachal Cassagne of the Narcotics Unit.

    MIL Security OSI –

  • MIL-OSI Security: Violet, Louisiana, Man Sentenced for Possessing Firearm to Further Drug Trafficking

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

    NEW ORLEANS, LA – United States Attorney Duane A. Evans announced that MALI WILLIAMS (“WILLIAMS”), age 26, of Violet, Louisiana, was sentenced on October 15, 2024 by United States District Judge Jay C. Zainey to 60 months of imprisonment, three (3) years of supervised release, and a $100 mandatory special assessment fee after previously pleading guilty to possessing a firearm in furtherance of a drug trafficking crime, in violation of Title 18, United States Code, Section 924(c)(1)(A)(i).

    According to court documents, on October 12, 2023, New Orleans Police Officers saw WILLIAMS selling marijuana in the Central Business District of New Orleans.  While attempting to flee from police, WILLIAMS dropped his backpack that contained marijuana and tapentadol tablets.  When apprehended, WILLIAMS possessed a Taurus Model G3C, nine-millimeter semi-automatic pistol.   

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

    U.S. Attorney Evans praised the work of the Federal Bureau of Investigation and the New Orleans Police Department in investigating this matter.  The case is being prosecuted by Special Assistant U.S. Attorney James Ollinger of the Violent Crime Unit.

    MIL Security OSI –

  • MIL-OSI Security: New Orleans Man Sentenced for Firearm and Drug Offense

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

    NEW ORLEANS, LOUISIANA – JEREL CLAVO (“CLAVO”), age 36, of New Orleans, was sentenced on October 15, 2024 by U.S. District Judge Brandon S. Long to 62 months incarceration, five (5) years of supervised release, and a $200 mandatory special assessment fee, after previously pleading guilty to possession with the intent to distribute marijuana, in violation of Title 21, United States Code, 841(a)(1) and 841(b)(1)(D) (Count 1); and possession of a firearm in furtherance of a drug trafficking crime, in violation of Title 18, United States Code, Sections 924(c)(1)(A)(i) (Count 2).

    According to court documents, on November 27, 2021, the New Orleans Police Department (NOPD) received a call regarding shots being fired near North Claiborne Avenue and Columbus Street.  NOPD Officers arrived at the scene and discovered a deceased black female.  Officers learned that the victim had been riding in a gray Dodge Charger driven by CLAVO when she was shot.  An NOPD officer present at University Medical Center (UMC) saw CLAVO pull up outside the emergency room driving a gray Dodge Charger with several bullet holes in the front windshield.  CLAVO sustained multiple gunshot wounds, including to his neck and right arm.  NOPD Detectives executed a state search warrant for the Dodge Charger and located two firearms and marijuana inside the vehicle.  CLAVO admitted possessing the marijuana for later sale.  Additionally, CLAVO possessed the firearms to further his marijuana sales activities.

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

    The case was investigated by the Federal Bureau of Investigation and the New Orleans Police Department and prosecuted by Assistant U.S. Attorney Mike Trummel of the Violent Crime Unit.

    MIL Security OSI –

  • MIL-OSI Security: Lewiston Man Arrested, Charged with Possessing Cocaine with Intent to Distribute and Illegally Possessing Firearm

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

    PORTLAND, Maine:  A Lewiston man was arrested on Wednesday and charged by criminal complaint today with possessing controlled substances with the intent to distribute and unlawfully possessing a firearm.

    According to the criminal complaint filed in the case and other court documents, Nasir Kenya-Malik White (aka Biggie), 24, was arrested at his residence in Lewiston on Wednesday evening on probable cause following a search of his apartment. Investigators recovered more than 300 grams of suspected cocaine during the search. Ten firearms, including several assault-style rifles, were also recovered. The complaint alleges that White is precluded from possessing firearms as a result of a 2023 conviction in Androscoggin County Superior Court for reckless conduct with a firearm or dangerous weapon. White was scheduled to make his first appearance in U.S. District Court in Portland today.

    The FBI’s Safe Streets Task Force is investigating the case with assistance from the Lewiston Police Department and the Maine Drug Enforcement Agency.

    A criminal complaint is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Team Minot remains ready during Global Thunder 25

    Source: United States Strategic Command

    MINOT AIR FORCE BASE, N.D.  –  

     Global Thunder 25, the most recent iteration of U.S.
    Strategic Command’s annual field training and command and control exercise, commenced here
    Oct. 15.

    Global Thunder exercises are annual Department of Defense training opportunities designed to
    train forces and assess joint operational readiness and are not held in response to current real-
    world events.

    GT25 provided training opportunities and exercise scenarios for all USSTRATCOM mission
    areas, with a specific focus on nuclear readiness. Airmen and B-52H Stratofortresses assigned to
    the 2nd Bomb Wing at Barksdale AFB, Louisiana, integrated with 5th Bomb Wing Airmen to
    assess their readiness on the installation while 91st Missile Wing personnel ran exercise
    scenarios at nearby missile alert facilities.

    “Team Minot is composed of exceptional, mission-focused Airmen,” said Col. Jesse Lamarand,
    5th BW commander. “The 5th BW Warbirds in concert with the 2nd BW Strikers were incredible
    to watch during this exercise. The ability to credibly convey readiness and lethality is a key
    component to strategic deterrence, and GT25 allowed us to do so.”

    During the exercise, personnel assigned to the 5th BW and 91st MW tested their ability to
    maintain a safe, secure, effective and ready strategic deterrent force by sustaining simulated alert
    operations for more than a week. Defenders, aircraft maintainers, aircrew, missileers, munitions
    specialists, airfield management personnel, food service specialists, and other mission essential
    personnel worked around the clock amid heightened security conditions to accomplish exercise
    objectives.

    “I couldn’t be prouder of the effort the Roughrider Airmen put in during Global Thunder. They
    are on watch 24/7/365 ensuring we’re available to provide combat capability and lethality that
    national leaders use to deter potential adversaries from considering an attack against the U.S. and
    our allies,” said Col. Jimmy Schlabach, 91st MW commander. “Flexing our full readiness
    capabilities to confront uncertainty during exercises like this ensures we maintain the effective
    and ready force necessary to safeguard global security and stability by identifying strengths in
    our force and ways for us to improve.”

    The training opportunities presented by GT25 enable 5th BW and 91st MW personnel to
    maintain a high state of readiness and proficiency, validating Team Minot’s always-ready global
    strike capability.

    MIL Security OSI –

  • MIL-OSI: NVIDIA Ethernet Networking Accelerates World’s Largest AI Supercomputer, Built by xAI

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Oct. 28, 2024 (GLOBE NEWSWIRE) — NVIDIA today announced that xAI’s Colossus supercomputer cluster comprising 100,000 NVIDIA Hopper Tensor Core GPUs in Memphis, Tennessee, achieved this massive scale by using the NVIDIA Spectrum-X™ Ethernet networking platform, which is designed to deliver superior performance to multi-tenant, hyperscale AI factories using standards-based Ethernet, for its Remote Direct Memory Access (RDMA) network.

    Colossus, the world’s largest AI supercomputer, is being used to train xAI’s Grok family of large language models, with chatbots offered as a feature for X Premium subscribers. xAI is in the process of doubling the size of Colossus to a combined total of 200,000 NVIDIA Hopper GPUs.

    The supporting facility and state-of-the-art supercomputer was built by xAI and NVIDIA in just 122 days, instead of the typical timeframe for systems of this size that can take many months to years. It took 19 days from the time the first rack rolled onto the floor until training began.

    While training the extremely large Grok model, Colossus achieves unprecedented network performance. Across all three tiers of the network fabric, the system has experienced zero application latency degradation or packet loss due to flow collisions. It has maintained 95% data throughput enabled by Spectrum-X congestion control.

    This level of performance cannot be achieved at scale with standard Ethernet, which creates thousands of flow collisions while delivering only 60% data throughput.

    “AI is becoming mission-critical and requires increased performance, security, scalability and cost-efficiency,” said Gilad Shainer, senior vice president of networking at NVIDIA. “The NVIDIA Spectrum-X Ethernet networking platform is designed to provide innovators such as xAI with faster processing, analysis and execution of AI workloads, and in turn accelerates the development, deployment and time to market of AI solutions.”

    “Colossus is the most powerful training system in the world,” said Elon Musk on X. “Nice work by xAI team, NVIDIA and our many partners/suppliers.”

    “xAI has built the world’s largest, most-powerful supercomputer,” said a spokesperson for xAI. “NVIDIA’s Hopper GPUs and Spectrum-X allow us to push the boundaries of training AI models at a massive-scale, creating a super-accelerated and optimized AI factory based on the Ethernet standard.”

    At the heart of the Spectrum-X platform is the Spectrum SN5600 Ethernet switch, which supports port speeds of up to 800Gb/s and is based on the Spectrum-4 switch ASIC. xAI chose to pair the Spectrum-X SN5600 switch with NVIDIA BlueField-3® SuperNICs for unprecedented performance.

    Spectrum-X Ethernet networking for AI brings advanced features that deliver highly effective and scalable bandwidth with low latency and short tail latency, previously exclusive to InfiniBand. These features include adaptive routing with NVIDIA Direct Data Placement technology, congestion control, as well as enhanced AI fabric visibility and performance isolation — all key requirements for multi-tenant generative AI clouds and large enterprise environments.

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    For further information, contact:
    Alex Shapiro
    NVIDIA Corporation
    +1-415-608-5044
    ashapiro@nvidia.com

    Certain statements in this press release including, but not limited to, statements as to: the benefits, impact, and performance of NVIDIA’s products, services, and technologies, including NVIDIA Hopper Tensor Core GPUs, NVIDIA Spectrum-X Ethernet networking platform, NVIDIA Spectrum SN5600 Ethernet switch, Spectrum-4 switch ASIC, and NVIDIA BlueField-3 SuperNICs; features of xAI’s Colossus supercomputer cluster; xAI being in the process of doubling the size of Colossus to a combined total of 200,000 NVIDIA Hopper GPUs; the NVIDIA Spectrum-X Ethernet networking platform being designed to provide innovators such as xAI with faster processing, analysis and execution of AI workloads, and in turn accelerating the development, deployment and time to market of AI solutions; NVIDIA’s Hopper GPUs and Spectrum-X allowing xAI to push the boundaries of training AI models at a massive scale, creating a super-accelerated and optimized AI factory based on the Ethernet standard are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

    © 2024 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, NVIDIA Spectrum-X and BlueField are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/32f7e01d-2845-40ac-9a09-2226d1f79ec0

    The MIL Network –

  • MIL-OSI Economics: Almost there – navigating the last mile of disinflation in Latin America

    Source: Bank for International Settlements

    The Covid-19 pandemic required unprecedented policy actions from central bankers. After a faster-than-expected economic recovery, inflation surged to decades-high levels. Central banks raised policy rates and inflation fell substantially. Strong monetary policy frameworks helped Latin American central banks in keeping long-term inflation expectations anchored and avoiding financial crises.

    However, the final stage of reducing inflation to target levels, “the last mile,” remains challenging. While inflation is much lower, it is still not yet at target. Some countries even experienced a rebound. The final stage of disinflation will be different from the first phase. Base effects from the waning of the transitory factors that pushed up inflation play a much smaller role now. High and persistent growth in services prices will be a challenge, especially as wages continue to rise. Expansionary fiscal policies are counteracting restrictive monetary policies, complicating the path to achieving inflation targets. In addition, inflation is increasingly driven by domestic factors, reflecting greater economic and labour market disparities among countries.

    Central banks will have to proceed cautiously in the period ahead.

    MIL OSI Economics –

  • MIL-OSI Economics: Denis Beau: Perspectives on increasing prominence of digital money

    Source: Bank for International Settlements

    Good afternoon, Ladies and Gentlemen,

    I am glad to join you virtually today for the Hong Kong FinTech Week, to share our perspective at the Banque de France on the development of digital payments and its implication for the fulfilment of our mandate to ensure the proper functioning of payment systems.

    Although wholesale and retail payments are being transformed by distinct trends, they present similar challenges from a safety and efficiency perspective. To meet these challenges, we have been at the Banque de France simultaneously acting on three key levers. First, the provision of central bank money services. Second, the support to industry initiatives in line with our policy goals. Third, the promotion of adjustments to the regulatory and supervisory framework. 

    In that context, I would like to explain in my introductory remarks how we consider using our first lever, the provision of central bank money services.

    1. Wholesale digital payments

    In the wholesale space, the security and efficiency of financial transactions between financial intermediaries importantly hinges on the nature of the settlement asset chosen. 

    Lessons learned from past financial crises have underlined the critical importance of using secure settlement assets. In response, members of the Bank for International Settlements have committed to promoting the use of central bank money in the wholesale payments space and mitigate both liquidity and counterparty risks. This commitment is reflected in Principle 9 of the CPMI-IOSCO’s Principles for financial market infrastructures (PFMIs), designed to strengthen and preserve financial stability. And they have been successful in the implementation of this policy as central bank money is actually the very dominant settlement asset in the wholesale space.

    However, as tokenisation of assets gains momentum, private settlement assets, particularly stablecoins, are being used and are likely to be settlement assets of choice, to settle transactions in tokenised assets, absent the availability of central bank money on Distributed Ledger Technology (DLT). In addition, the proliferation of uncoordinated settlement solutions resulting from the lack of public sector response to the tokenisation of finance could lead to increased liquidity fragmentation.

    This is why we consider that we need to adapt the provision of central bank money to the demands of an increasingly digital financial system, particularly as transactions involving tokenised assets gain prominence, to prevent regression in the safety and efficiency of wholesale transactions. 

    Accordingly, the Banque de France was one of the first central banks to launch an ambitious experimental program focused on the use of wholesale central bank digital currency (CBDC) in various settlement processes for varied assets. 

    In addition, in an evolving landscape, where traditional infrastructures are likely to coexist with new DLT systems, interoperability will be crucial in preventing market fragmentation and central bank money can help ensure it. The Payment-vs-Payment (PvP) experiment in CBDC we recently conducted with the Hong Kong Monetary Authority is an illustration of this, with an interoperability mechanism supported by SWIFT to ensure synchronised settlement of both legs of the transaction.

    Since May 2024, the Eurosystem has also been testing various interoperable solutions for settling tokenised financial assets via central bank money and we are actively contributing to it. Looking further ahead, the BIS has put forward the vision of a global unified ledger-a long-term vision that could begin with the establishment of regional unified ledgers, such as a European Unified Ledger. Project Agorá is likely to be an important building block in an exploratory approach to make this vision concrete and test it, and we are also taking part in it.

    2. Retail digital payments

    In the retail space, contrary to the wholesale one, we observe the coexistence and complementarity of central bank money – in the form of cash – and private money. While their respective role has evolved over time with users’ habits, in Europe it has undergone very rapid and significant changes in the past few decades, in relation with the development of the digital economy. The use of cash has steadily declined: in 2022, cash was used in 50% of in-store payments in France, compared with 68% in 2016. Meanwhile, cashless payment solutions have rapidly developed, boosted by the growth of e-commerce and innovative solutions such as contactless and mobile payments.

    These changes bring many benefits for consumers, with payments becoming increasingly convenient, faster and innovative. The Banque de France therefore strongly supports and encourages innovation by payments stakeholders and the private sector. 

    However, digitalisation also comes with challenges for central banks. 

    • First, regulatory and supervisory frameworks need to be adopted to foster innovation in a trusted environment. This is what we have done in the case of private digital assets in Europe where the MiCA regulation has provided a clear, harmonised regulatory framework for crypto-asset service providers (CASPs) and stablecoins issuers, with the support of the Banque de France.
    • Second, the development of digital payments comes with increased dependence on a few dominant non-EU players – international card schemes and global technology providers (BigTechs). Those stakeholders exploit large network effects and own many proprietary standards used in retail payments. In Europe, that trend raises issues in terms of operational resilience, market competition and innovation, and ultimately, challenges the strategic autonomy of European players.

    The Banque de France has helped to address those dependency issues with first a clear support, along with the Eurosystem, to the emergence of pan-European solutions for retail payments such as the European Payments Initiative. Their digital wallet called Wero has just been launched in France, after Germany and Belgium, for person-to-person payments in the first stage. It will gradually expand coverage, to other countries and use cases (e-commerce and in-store payments) in the next years.

    We have also intensively contributed to the preparation underway of a retail CBDC, namely the digital euro. This new form of public money would be comparable to a “digital banknote”. Its legal tender would make it usable everywhere in the euro area, in all contexts – therefore supporting European integration. It would offer cash-like privacy – notably thanks to the offline functionality that would also strengthen our resilience. The underlying standards and infrastructures would be governed by European players – also supporting our strategic autonomy.

    The digital euro is also intended to perpetuate the “public-private partnership” that lies at the heart of our monetary system. It would be distributed by banks and other private intermediaries, with a viable and attractive business model, therefore preserving financial intermediation. It could also facilitate the development of private pan-European projects that could benefit from its open and harmonised standards to extend their scope and benefit from large network effects.

    Conclusion

    As payments become increasingly digital, central banks face the issue of revisiting the way they provide central bank money services to their economy. At the Banque de France, we consider that the Eurosystem should stand ready to adapt its provision of central bank money both in the wholesale and retail spaces. We see this as necessary to maintain the ‘singleness of money’ in our economy and the robustness of our monetary system, both from a stability and sovereignty perspective. On the wholesale side, a CBDC would appropriately accompany and secure a trend towards the tokenisation of financial assets. It could also be a first step towards the provision of a new and decentralised form of infrastructure, a European Unified Ledger. In the retail sphere, we see the deployment of a digital euro as a natural evolution of, and complement to cash, whose success should be built on a strong public-private partnership.

     

    MIL OSI Economics –

  • MIL-OSI Economics: Eddie Yue: Keynote address – Hong Kong FinTech Week 2024

    Source: Bank for International Settlements

    Good morning everyone. Welcome to the 9th Hong Kong FinTech Week, an annual event where vision, inspiration and innovation come together to shape the future of fintech.  It’s wonderful to welcome so many old and new friends today to discuss this exciting topic.

    This year’s theme is “Illuminating New Pathways in Fintech”. It captures where we are right now – at a critical juncture on our fintech journey.  We are seeing an unprecedented acceleration in financial development, fuelled by cutting-edge technologies.

    Having arrived at this point after marking a number of significant milestones along the way, it’s perhaps time to take stock and ask ourselves “What’s on the horizon for Fintech?”

    What we have learned from innovation and fintech

    Before I delve into that question, let’s revisit our overarching vision, which is to nurture a vibrant fintech ecosystem. Like instruments in an orchestra, so do individual players in the fintech ecosystem, whether they are agile start-ups or established institutions, each have their own parts to play. 

    But let’s be honest, a vibrant fintech ecosystem cannot be built overnight. Technology is continuously disrupting everything, including our financial markets.  For many of us, embracing change isn’t always easy, and sometimes the process of driving innovation may even feel uncomfortable and disorienting.  But change is often also a good opportunity to reflect on how we can innovate to better serve the greater good.

    Our Fintech 2025 strategy is a powerful testament to our commitment to innovation. Over the last few years, we have driven some positive transformations in our fintech ecosystem, and I would like to take the next few minutes to share three lessons we have learned along the way.

    First, innovation is not an end in itself, but a means to solve real-world problems. Whether it’s faster payments or better banking access for SMEs, technology is a means to help transform everyday experience and bring benefits to the real economy.  One area we’ve been focusing on is enhancing cross-border payments.  The link between our Faster Payment System (FPS) and Thailand’s PromptPay is one example, providing consumers with a seamless cross-border payment experience and bringing us closer to a world of truly borderless transactions.  Another example is the cross-boundary e-CNY pilot, which allows Hong Kong people to set up e-CNY wallets locally, with linkage to the FPS for cross-boundary payments.  Whether you are buying coffee in Bangkok or settling a bill in a Shenzhen restaurant, payment is as simple as if you were in Hong Kong.

    Another example is the use of technology to address long-standing pain points in the data ecosystem. By linking up isolated data islands and combining sources from the public and private sectors, we are expanding and diversifying our data network.  The linkage between HKMA’s Commercial Data Interchange and the Government’s data gateway is now fully operational, helping to address the industry’s need for government data which can be used to support the credit needs of SMEs.  

    The second thing we have learned is the need to be bold in driving innovation. We need to have an “explorer” mindset to try out innovative ideas even if they are only at a formative stage.  One good example is tokenisation, which is just taking shape as we pioneer different use cases and solutions with Project Ensemble to explore and define the tokenisation landscape.  Working with the industry, we hope to showcase how innovation and regulation can work together to create new opportunities for our financial markets. 

    But a major trend like this inevitably comes with a need for clear guidance and market confidence, and we value your feedback and views as we navigate this evolving landscape. That is why we have been engaging with market players through the Ensemble and stablecoin sandboxes to help us formulate regulatory requirements that are risk-based and fit-for-purpose.

    Our third lesson is the importance of collaboration. Innovation thrives when we come together – cross-sector and cross-border partnerships let us tap into network effects and our collective knowledge, while playing to our individual strengths.

    Numerous collaborations are underway between the HKMA, various jurisdictions, and fintech players from both local and global markets. These partnerships, big and small, have proved to be essential building blocks that support further progress.

    I’ve talked about the three lessons we’ve learned so far: focus on real-world problems, be bold and be collaborative. These lessons are steering us into the next phase of our fintech journey.

    “What’s on the horizon for fintech?”

    So what’s this next phase? While we have yet to chart out our Fintech 2030 Strategy, I can think of two areas that the HKMA should focus on in the next few years. 

    Our first area of focus is tokenisation, including the novel idea of “Finternet” coined by the Bank for International Settlements (BIS). Let me first make clear that tokenisation is not the same as crypto-assets.  There has been some confusion because they both ride on blockchain technology, but don’t mix them up.  Crypto-assets are mostly speculative and our stance is to let the market grow and develop while putting guardrails around it to protect investors.  Tokenisation, on the other hand, is an innovative way to record the value and ownership of money and assets in digital form on a programmable ledger.  This will make it much easier for individuals, corporates, and financial institutions to access and trade these assets, thereby creating a more inclusive ecosystem that benefits everyone, whoever and wherever they are.

    We believe that tokenisation has the potential to create hyper-connectivity among users, data, and services that is essential to drive economic progress. This calls for a visionary shift to align with the constant advances in technology.

    The BIS has also recently introduced the “Finternet” concept. This envisions an internet-like network of interoperable financial ecosystems that places individuals and businesses at the heart of financial interactions.    

    Many of the ideas and concepts from the “Finternet” resonate closely with the HKMA’s tokenisation project. We envision a future where tokenisation integrates seamlessly with financial and real-world assets, enabling operations and transactions otherwise impossible with today’s technology.  Now you might be wondering, how can something as virtual as tokenisation connect with tangible assets?

    Let’s look at trade finance. Imagine you’re an SME importing goods from overseas.  Traditionally, you’d face a mountain of paper documents, like bills of lading and invoices.  With tokenised electronic bills of lading, you can now transfer these digital assets to a financial institution in exchange for funding. 

    Unlike a mere PDF copy of a bill of lading, this approach allows you to track real-time shipment status on the blockchain, eliminates paper, reduces the need for verification, and lowers fraud risks. We are actively exploring this through the Ensemble Sandbox to resolve frictions in trade finance.

    Tokenisation also ties in with green and sustainable finance, as it may open up new business models and opportunities for businesses and investors. For example, tokenised carbon credits traded on blockchain offer better transparency and credibility in carbon data, helping us tackle the issue of double counting that bedevils carbon trading today. 

    Another example can be found in the infrastructure for the electric vehicle (EV) industry. By leveraging real-time data from EV charging stations, we can turn the energy generated into a tokenised revenue stream for institutional investors.  We are looking closely at this model, as it has the potential to be replicated in various settings, mobilising funds to support the transition to a low-carbon economy.

    Our second area of focus is Artificial Intelligence (A.I.) and data, which will help build a smarter and data-driven financial future for everyone. I would like to expand on those two keywords “Smarter” and “Data-driven”.  When I say “Smarter”, I’m talking about the need to promote digitalisation in the banking industry, while ensuring we have the right safeguards in place. 

    In recent years, the banking industry has been leveraging A.I. to promote efficiency, analyse data, and enhance customer experience. The HKMA stance is clear: we are committed to encouraging responsible A.I. adoption.  Back in 2019, we already outlined the high-level principles on the use of A.I. by banks, and this policy guidance remains relevant today.

    Then we see the explosive uptake of Generative A.I. (GenA.I.) in the past two years. GenA.I. has the potential to transform how financial institutions operate, innovate, and engage with their customers.  As we stand at the dawn of this revolution, the HKMA recognises the opportunity to provide more targeted support to accelerate GenA.I. development, by collaborating with the best minds from various sectors.  To achieve this, we have launched various cross-sectoral initiatives, including the FiNETech series, research projects, and training sessions, all aimed at expediting digital transformation.

    Financial institutions are actively exploring the vast potential of GenA.I., from risk assessment to anti-fraud measures and customer interactions. In August this year, we launched the GenA.I.  Sandbox in collaboration with Cyberport to unlock the full potential of tailored GenA.I.  applications catering to the unique needs of Hong Kong’s financial market.  This innovative platform allows banks to pilot GenA.I.  use cases in a risk-managed environment, complete with technical support and targeted supervisory feedback.

    As we move forward, the HKMA will take an interactive and iterative approach, carefully evaluating the results of the Sandbox trials and sharing best practices. We will also provide additional supervisory guidance as necessary to ensure that the adoption of GenA.I. promotes responsible innovation, while maintaining the integrity of the banking sector.

    So, what about “Data-driven”? The aim here is to harness the power of data to reinforce Hong Kong’s leading position as a smart digital economy, both locally and globally.  To do that, open data flow is key.  Domestically, our two initiatives – Commercial Data Interchange and Interbank Account Data Sharing – will continue to integrate data networks which used to run in isolated silos.  This will help simplify KYC and credit risk assessments, thereby helping SMEs secure bank financing more easily, faster, and hopefully more cheaply.

    Meanwhile, we are working closely with the Mainland to facilitate cross-boundary data sharing, first by expediting the pilot for cross-boundary credit referencing with Mainland credit reference platforms.  This will allow SMEs with cross-boundary operations to use this full set of credit data to enhance their access to bank financing.  Internationally, we are collaborating with the BIS Innovation Hub on Project Aperta, which aims to connect domestic open finance infrastructures across jurisdictions, to enable secure and consumer-consented sharing of financial data.   Seamless cross-border data portability will allow consumers to open overseas accounts much faster, and speed up international trade at reduced cost.

    Closing

    What the future may hold for us is uncertain, but we are committed to charting the next phase of financial innovation with continuing efforts in the two areas I just talked about: tokenisation and AI.

    Ultimately, we envision a borderless fintech ecosystem where innovation will drive business development.  To realise this vision, we must dream big and push the boundaries of what is possible.   Let’s all embrace the spirit of innovation and collaboration as we move forward together. 

    If we liken our Fintech journey to an orchestra playing a symphony, we are about to begin the next movement of our fintech symphony.  We don’t know whether it will be “allegro”, or “adagio”.  What we know is that the stage is already set, the instruments are tuned, and the world is waiting.  Hong Kong’s commitment to shaping a vibrant and dynamic financial future has never been stronger.

    Thank you and I hope you gain inspiration from the coming week.

    MIL OSI Economics –

  • MIL-OSI Economics: Klaas Knot: Partly cloudy skies in the euro area, with a silver lining

    Source: Bank for International Settlements

    Good morning everyone,

    It is my pleasure to present the euro area perspective in this panel session on the Global Economic Outlook. The latest PMI releases point to steady global growth.  Weakness in manufacturing is compensated by strong growth in the service sector.

    However, as you can see in the left hand chart, the economic situation in the euro area is less favorable than the global average. The current mood is a bit like October weather in Amsterdam. Not as bad as some people would have you believe, but definitely not great either.

    Economic growth in the euro area has been sluggish for two years now. As shown in the right hand chart, especially domestic demand has been weak. Initially, this could be explained by falling real wages. Over the past two years, however, wages have largely been catching up with prices. The short-term outlook is pointing to slow growth while economic sentiment remains subdued and the household savings rate is still higher than before the pandemic. Looking further ahead though, we do expect the economy to strengthen. Rising real incomes will allow households to consume more and the gradually fading effects of restrictive monetary policy will support consumption and investment.

    Zooming in on the various member states, confidence is not low everywhere. Economic sentiment is significantly above the long-term average in for instance Spain, Portugal and Greece. The mood is especially good in the service sector, benefiting from the reallocation of consumption from goods to services after the pandemic. This growth boost is particularly visible in tourism and hospitality. But also other sectors of the economy perform relatively well in these countries.

    MIL OSI Economics –

  • MIL-OSI Economics: Klaas Knot: Want a strong financial system? Implement Basel III

    Source: Bank for International Settlements

    Thank you Ralph, and thank you for the invitation to speak here before this distinguished audience.

    You are all leaders of big organisations. So you are familiar with the question of strategic change: how do you navigate your bank through the waves of financial market sentiment, changing consumer preferences and technological innovation? A sound strategy starts with a lot of thinking, for sure. Strategic thinking. Board room discussions. A couple of consultants perhaps.

    Finally there is a strategy. A Strategy with a capital S. You know where you want to go and how. But now you enter a crucial phase: implementation. How do you get all corners of your bank from A to B? Because all the strategic thinking in the world will come to nothing if your bank does not follow suit. Implementation is key.

    So how would you feel if, after 13 years, your plans are still stuck in the implementation phase? I ask because that’s the situation we are in with Basel III. When I became governor back in 2011, we were discussing the implementation of Basel III. And now, towards the end of my second term, we are still discussing the implementation of Basel III.

    By now, some of you might think: ‘ok, so this morning we got war for breakfast, and now for lunch we get a central banker who wants to talk about the rules. What’s next? We’ve heard this scratchy old broken record dozens of times before!’ But, as you know, these are often the best records.

    So let me take a step back here. Where are we coming from? In 2010, the Basel Committee on Banking Supervision introduced the first set of Basel III standards. A set of international rules designed to fortify the global banking system after the worst financial crisis since the Great Depression. These reforms were not just a patch-up job. They were a complete overhaul of banking regulation to improve bank resilience, transparency, and risk management. Basel III focused on increasing capital adequacy, introducing the leverage ratio, and creating more stringent liquidity requirements. With the memory of the crisis still fresh, national implementation of this first part of Basel III went relatively quickly.

    This first set of standards was then complemented in 2017 by the final Basel III standards. They focused on enhancing the risk-weighting framework, introducing more robust capital floors, and limiting the variation in banks’ internal risk models. These standards, by now famously known as the Basel endgame, have not yet been implemented by jurisdictions around the world. The EU, in its implementation, deviated on important points, making banking regulation weaker than agreed in the new standards. In the US and the UK, initial legislation proposals have also been weakened, with some elements not fully aligned with the Basel III agreement. Legislators also point at each other when making these adjustments. US banks spent tens of millions of dollars on a lobbying campaign that included ads in the middle of American football games. I don’t think it’s ethical to interrupt football games for any kind of message, let alone on Basel III.

    But on a serious note: our failure to implement fully what had already been agreed upon back in 2017 should be worrying. Not only to me, as a regulator, but also to you, as bankers. To explain why, let me give you my version of a pro-Basel lobbying commercial.

    Implementation of Basel III will increase the credibility of capital ratios and strengthen the banking sector. Think of it as a safety net, your safety net. It will ensure that when the next economic shock comes-and it will come-you will be better prepared to withstand it. The capital buffers required by Basel III are not a burden; they are a shield, allowing you to absorb losses while maintaining operations, protecting your customers and preserving your reputation in times of stress.

    Many in the banking sector view regulation as a constraint, something that limits profitability and imposes undue costs. But it’s just the other way around. Basel III is not an obstacle to growth, it is an enabler of sustainable, long-term growth. Banks with strong capital positions and sound liquidity management are better positioned to extend and rollover credit, invest in new technologies and fund large-scale projects. They are better able to maintain lending during an economic downturn. And stronger banks can secure more favourable funding conditions, attract long-term customers and build partnerships that increase shareholder value.

    Basel III works best when it works everywhere. When Basel III is implemented unevenly across jurisdictions, it creates a patchwork of regulations that opens the door to regulatory arbitrage. Banks may be tempted to shift operations to regions with looser standards. Consistency across borders is not just in regulators’ interests-it’s in yours as well. An uneven playing field undermines confidence in the global banking system, disrupts competition, and ultimately increases systemic risk. It puts banks at risk of operating in jurisdictions where regulatory frameworks are not equipped to deal with crises, leaving you exposed when things go wrong.

    By contrast, global implementation of Basel III creates a level playing field, ensuring that all banks-no matter where they operate-adhere to the same high standards. This uniformity strengthens global financial stability and, in turn, enhances the confidence of your shareholders, customers, and counterparties.

    The opposition to Basel III reflects a kind of short-term thinking, that, frankly, I find hard to understand. Weakening of Basel III may give you a few basis points in capital relief, but it exposes you to long-term vulnerabilities. As the memory of the global financial crisis fades, we risk entering a race to the bottom. A race that would be very dangerous for financial stability. Or, as Daniel Davis said in his much-quoted Financial Times article, ‘while the road to hell is paved with good intentions, the road to the next banking crisis is paved with good exemptions.’

    So in short, it is essential to implement the Basel III standards in all jurisdictions. Not least because, as you know, financial markets are not waiting for us to learn the lessons of 13 years ago. New risks are always emerging, as the events in March last year showed. The demise of Silicon Valley Bank and Credit Suisse not only brought lessons for banks and supervisors. They also highlighted that we may need some targeted changes in banking regulation beyond Basel III. I want to mention three areas here: liquidity, interest risk and AT1 instruments.

    First on liquidity. Partly as a result of social media and digitalisation, the outflow of deposits at SVB was much faster than in previous cases, and much faster than LCR calculations take into account. This raises the question of whether the LCR should be calibrated differently for certain types of deposits. The aim would be to increase banks’ resilience and provide incentives to attract longer and more diversified funding.

    Another avenue which should be explored in the light of the SVB case is whether unrealised losses should be better reflected in the capitalisation of banks. Here I’m referring to the difference between market and book value for bonds which are held to maturity. And we should look at how to address the issue that, in times of stress, banks may be hesitant to use instruments in the liquidity buffer that are not marked to market daily for accounting purposes.

    The turmoil last year also showed how important it is that banks are operationally prepared for liquidity stress. Banks need credible and tested contingency funding plans and they must be operationally ready to access central bank liquidity facilities in times of stress. While this may be more of an issue in the US, we should also look at how this can be improved in the EU. 

    Then interest rate risk. When banks fail to cover this risk sufficiently, changes in market interest rates can lead to substantial losses and, in extreme cases, even to bank failure. The recent developments at regional banks in the US offer a vivid illustration of this.

    The events last year underline the importance of regulation for interest rate risk management and the need for prudent assumptions about customer behaviour. Capital is also necessary to absorb the uncertainty of customer behaviour. In order to promote global harmonisation, we should explore the inclusion of interest rate risk in the Pillar 1 requirements. 

    And last but not least, we need to think about AT1. Rather than acting to stabilise a bank as a going concern in stress, international experience has shown that AT1 absorbs losses only at a very late stage of a bank failure. We saw this in the case of Credit Suisse in 2023, with the Swiss National Bank noting that ‘the AT1 features designed for early loss absorption in a going concern were not effective’. In this instance, AT1 only absorbed losses when the point of non-viability was imminent and failed to stabilise the entity at an earlier stage of stress. This should encourage regulators to reflect on the role and functioning of AT1 instruments in determining the capital position of banks.

    These are all important things that we have to look into. But first and foremost we have to implement Basel III. And while I know this is primarily a message to regulators and lawmakers, it is also a message to you. Because what a strong signal it would be if you as a group would say: don’t water down Basel III. Don’t give us weak rules, give us strong rules. Strong rules that apply to all banks wherever they are and whatever their size. It would not only be a strong signal to us, regulators and lawmakers, it would also be the rational thing to do. Because strong rules are in your interest. Because a strong financial system based on a level playing field is in your interest. Because regulation is not a constraint on the financial industry, it is a license to operate.

    MIL OSI Economics –

  • MIL-OSI Economics: Fabio Panetta: Statement – meeting of the Development Committee

    Source: Bank for International Settlements

    This year marks the 80th anniversary of the Bretton Woods institutions. In this turbulent time, their mission is more important than ever. Together they must foster growth, create jobs, increase stability, build resilience, fight poverty, and reduce inequalities, all while facing massive global challenges – climate change, fragility, mass migration, pandemics, and the risks stemming from new technologies and demographic trends.

    We believe that the World Bank Group (WBG), the International Monetary Fund (IMF), and the wider system of multilateral development banks (MDBs) should pursue this complex mission cooperatively, leveraging their respective comparative advantages. In this regard, we greatly appreciate the Development Committee Paper, “A Future-Ready World Bank Group,” for its comprehensive report on what has been accomplished under the WBG Evolution, launched in October 2022.

    We commend the WBG for progress made in improving its operational and financial model to better serve all its clients, with particular attention to the poorest and the most vulnerable. It demonstrates an impressive amount of work that is reshaping and revamping the organization with an eye to strengthening partnership and collaboration within the WBG and with other MDBs.

    Our constituency continues to advocate for improved monitoring and reporting of the impact of WBG operations, by incorporating better data, impact evaluation, and lessons learned from past experiences. We will continue to ensure that impact and accountability anchor any reforms to operational efficiency and effectiveness. Improved measurement standards in the 22 indicators of the new WBG Scorecard are particularly welcome, and we look forward to further improvements.

    One of the most important tools the WBG can provide is knowledge. It benefits all countries and is necessary to raise the impact of financial flows on development. To this end, we strongly support the newly envisioned Knowledge Compact and the new Knowledge Hubs, designed to favor the flow of expertise and lessons learned around the globe.

    We commend management for further achievement in implementing the G20 Capital Adequacy Framework (CAF) Review, launched under the Italian G20 Presidency, which has increased the IBRD’s financing capacity by up to $150 billion over the next decade. We congratulate the Bank for the newly adopted IBRD Framework of Restoration Measures, while calling for rapid approval of remaining reforms to ensure its full functionality and alignment with major regional MDBs.

    We also applaud the work that the MDBs are jointly making to better recognize the value of existing callable capital. While continuing the dialogue with credit rating agencies, we urge management to integrate a part of callable capital into the WB’s capital adequacy metrics. We also appreciate the newly established enhanced callable capital, and we call for the most inclusive approach in recognizing the financial leverage of shareholders’ voluntary contributions in a way that is consistent with the credit rating agencies’ practice.

    We should be very cautious in designing any reform of IBRD pricing which may have negative impacts on IBRD and IDA financial capacity, which we have been striving to expand. Moreover, we should be aware of any conflicting effects on the newly established Framework for Financial Incentives. We also call for greater analysis of spillovers of price changes for the broader MDBs system, as well as on their implications for the Bank budget anchor and the incentives for country graduation and private sector financing.

    We urge MDBs to develop effective partnerships with climate and environmental vertical funds so as to maximize scarce concessional resources. MDBs can greatly help improve access to these funds at scale and speed. Thanks to their financial leverage, MDBs can also augment the resources available in vertical funds, by associating programmatic approaches with their parallel subscription of WBG hybrid capital and portfolio guarantees, to strengthen predictability of resources for beneficiary countries. We look forward to continuing work with the WBG to implement the conclusions of the forthcoming G20 Independent High-Level Expert Group Review on the Vertical Climate and Environmental Funds.

    We appreciate the WBG’s new approach to private capital mobilization. Enhanced country diagnostics, stronger country dialogue, and closer collaboration among the WBG institutions are needed to increase the supply of effective projects. The WBG guarantees platform, the publication of GEMs data, the introduction of new products to mitigate foreign exchange risks, and the promotion of policy reforms specifically designed to improve the business environment will all help lower the actual and perceived risks of private investment in developing countries. Project standardization and securitization will contribute to attracting investors and accelerating the WBG’s portfolio turnover, thus making capital more efficient.

    The poorest countries are facing the greatest hardships, and 700 million people worldwide are still trapped in extreme poverty. It is our duty to help them overcome challenges and build a more equitable future. As the largest international development fund in the world, IDA has a major responsibility to help low-income countries return to the path of recovery and sustainable growth, as well as transition out of conflicts, poverty, and deprivation.

    This year, IDA21 negotiations are creating a new architecture in order to better integrate IDA into a One WBG and strengthen its alignment with the Evolution agenda. IDA must continue to be centered on concessional financing, meaningful policy commitments, and result-oriented targets.

    At this crucial juncture, we are committed to ensuring that IDA remains the largest and most impactful partnership between borrowers – at different income levels – and donors. Highly concessional resources are a vital source of financing for low-income IDA countries, especially those lacking significant access to capital markets. At a time of heightened debt vulnerabilities, higher interest rates, and lower FDIs, this is even more important. We should collectively deploy all efforts to mobilize adequate concessional finance for IDA21.

    In this collective effort, the rule-based formula to increase IBRD transfers under better financial conditions and higher incomes – agreed upon in 2018 – is playing a crucial countercyclical role, and it should make shareholders proud of the IBRD’s increased role among the key contributors to IDA. The 2018 agreement remains a sign of solidarity and mutual responsibility for a poverty-free world.

    We also commend the further efforts of IDA itself to stretch its own balance sheet with new CAF measures. These measures allow for more efficient deployment of resources belonging to IDA beneficiaries. We support their full engagements in this decision to best calibrate the appropriate balance between the degree concessionality and volumes, should a trade-off emerge.

    Our ultimate goal is to spur long-term development through an effective IDA21. The IDA model is well tested in delivering complex and transformative projects in key sectors, based on country ownership. Mission 300, in partnership with the African Development Bank, is an excellent model for using IDA resources through regional multiphase approaches, building partnerships and – together with IFC and MIGA – mobilizing private capital. IDA is also uniquely positioned to deliver infrastructures for regional integration, along with projects and policy reforms to strengthen industrial development and the local private sector. This is especially important in fighting food insecurity, increasing access to healthcare and job opportunities, building sustainable local value chains for critical minerals, and preparing for pandemics.

    Rising active conflicts and regional instability call on the WBG to renew its approach in addressing the root causes of fragility and maintaining effective engagement in conflict situations. This requires reducing geographical inequalities, promoting broad-based growth, supporting public service delivery in situations of active conflict, and strengthening institutions – including effective and decentralized justice systems and community dispute-resolution mechanisms to mitigate and prevent social conflicts.

    As part of this effort, the Italian G7 Presidency is working with its partners to ensure a successful replenishment of IDA21, building a solid package that addresses all of these critical issues. IDA must remain relevant to the needs of its clients, particularly Africa and fragile countries. A collective endeavour will be paramount in striking the right balance among donor contributions, internal efficiency, and borrower effort, while broadening the donor base.

    Africa is a top priority for this constituency, an agenda further advanced during the G7 Italian Presidency. The Mattei Plan, launched by the Italian Government at the Italy-Africa Summit last January, aims to build a renewed relationship with African countries based on equal cooperation, shared interests, and mutual benefits to foster economic growth and social development at the local level.

    MIL OSI Economics –

  • MIL-OSI USA: Sorensen Announces More Than $350,000 to Prevent Domestic Violence and Sexual Assault Against Children

    Source: United States House of Representatives – Congressman Eric Sorensen (IL-17)

    PEORIA, IL – Congressman Eric Sorensen (IL-17) announced a $359,034 grant to the Young Women’s Christian Association of McLean County (YWCA) to support families impacted by domestic violence, dating violence, sexual assault, stalking, and sex trafficking.   

    “Every child deserves to grow up in a safe and nurturing environment, free from any form of violence,” saidSorensen. “But when a child does go through such a deeply traumatic experience, we need to step up as a community and make sure that child has our support. This important funding coming to the YWCA of McLean County will ensure that local organizations, that already do so much to help our neighbors, have the resources they need to prevent and respond to crimes against our kids. I look forward to working with local leaders to deliver federal investments in the future that will keep our communities safe.”  

    “Being awarded this grant truly shows our dedication to building a safer community,” said Jennifer Golliday, Director of YWCA Stepping Stones. “With this additional support, we will be able to expand our reach and provide sexual violence prevention lessons to youth throughout McLean County. Our goal is to empower them with the knowledge and resources needed to recognize, prevent, and respond to instances of sexual violence, strengthening the community as a whole.” 

    The $359,034 in grant funding comes from the U.S. Department of Justice’s Office of Violence Against Women’s Grants to Prevent and Respond to Domestic Violence, Dating Violence, Sexual Assault, Stalking, and Sex Trafficking Against Children and Youth Program. With this funding, YWCA will expand current prevention education services and direct services for children and youth ages 11 to 24 who have been impacted by domestic violence, dating violence, sexual assault, stalking, and/or sex trafficking.  

    In collaboration with Project Oz, a non-profit in Bloomington, the YWCA will:  

    1. Hire two prevention coordinators to provide sexual violence prevention education lessons and trainings to schools, community organizations, and businesses. 
    1. Partner with Project Oz to offer services to their children and youth clients who are high at-risk youth. 
    1. Provide stipends for after-hour, on call personnel at the hotline and hospital. 

    Congressman Eric Sorensen serves on the House Committee on Agriculture and the House Committee on Science, Space, and Technology. Prior to serving in Congress, Sorensen was a local meteorologist in Rockford and the Quad Cities for nearly 20 years. His district includes Illinois’ Quad Cities, Rockford, Peoria, and Bloomington-Normal.

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    MIL OSI USA News –

  • MIL-OSI USA: Sorensen Announces More Than $630,000 to Prevent Veteran Suicide

    Source: United States House of Representatives – Congressman Eric Sorensen (IL-17)

    ROCKFORD, IL – Congressman Eric Sorensen (IL-17) announced a $634,022 grant to Veterans Path to Hope, an organization that supports veterans across Northern Illinois, including in Stephenson and Winnebago Counties, to support suicide prevention programs for veterans and their families.   

    “Our nation’s veterans, who have sacrificed so much to keep our country safe, need our help,” saidSorensen. “Over 8,000 veterans each year die by suicide. That is simply unacceptable. This funding coming to Veterans Path to Hope, a local organization that already does so much to help our veteran community, will make sure that veterans across Northern Illinois have access to the resources and mental health support they need to survive. One of my most important responsibilities is to take care of those who have served our country in uniform. I will continue to fight for federal investments that make sure our veterans and their families can thrive.” 

    “Veterans may hit unexpected speed bumps at any point after leaving military service, and having support from a team of veterans who have made it through their own challenges can be life-changing,” said Laura Franz, Executive Director of Veterans Path to Hope. “The SSG Fox SPGP team serves alongside VPH programs and community partners who make it their daily mission to help veterans re-establish a sense of hope and purpose. VPH offers a wide variety of services at no charge to veterans and their families, and this grant helps to expand its reach and impact on behalf of the veteran community.” 

    The $634,033 in grant funding comes from the U.S. Department of Veterans Affairs’ (VA) Staff Sergeant Parker Gordon Fox Suicide Prevention Grant Program, which provides resources toward community-based suicide prevention efforts to meet the needs of veterans and their families through outreach, suicide prevention services, and connection to VA and community resources. 

    In Congress, Sorensen has been a strong advocate for veterans across Northern, Central, and Western Illinois by: 

    • Introducing the Autonomy for All Disabled Veterans Act, which will help disabled veterans make accessibility improvements to their homes. 
    • Returning more than $3.2 million to his neighbors through federal casework services, which includes helping veterans access their benefits. 
    • Working with veterans and their families to secure medals for service that they never received from the military. 
    • Hosting mobile office hours and veterans’ roundtables throughout the district to hear from and assist veterans in need of help with federal agencies. 
    • Inviting a local veteran as his guest for the President’s State of the Union Address to Congress in March of 2024. 

    Congressman Eric Sorensen serves on the House Committee on Agriculture and the House Committee on Science, Space, and Technology. Prior to serving in Congress, Sorensen was a local meteorologist in Rockford and the Quad Cities for nearly 20 years. His district includes Illinois’ Quad Cities, Rockford, Peoria, and Bloomington-Normal.

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    MIL OSI USA News –

  • MIL-OSI USA: Sorensen Announces $400,000 to Prevent Domestic Violence and Sexual Assault

    Source: United States House of Representatives – Congressman Eric Sorensen (IL-17)

    ROCK ISLAND, IL – Congressman Eric Sorensen (IL-17) announced a $400,000 grant to Augustana College to support efforts to combat domestic violence, dating violence, sexual assault, and stalking on campus.   

    “No student should ever feel unsafe on campus,” saidSorensen. “It is our responsibility to provide our colleges and universities with the tools they need to create a safe environment where our future leaders can learn. This important funding will allow Augustana College to access even more resources to develop peer education and bystander intervention trainings to keep every student safe from domestic violence and sexual assault. I look forward to working with our schools to deliver federal investments in the future that will ensure our campus communities can thrive.”  

    “We’re truly grateful to receive this continuation grant from the Grants to Reduce Domestic Violence, Dating Violence, Sexual Assault, and Stalking on Campus Program,” said Farrah Roberts, Assistant Dean and Director of Student Well-Being at Augustana College. “This support helps us build on what we’ve already achieved, allowing us to enhance our trauma-informed education and support services. We’re dedicated to fostering a safer, more inclusive campus environment, and with this funding, we can continue to work together as a community to tackle these important issues and support our students. Our Peer Educators program, which is funded by the grant, has been incredibly successful by empowering a diverse group of students to lead Bystander Intervention education, each year, they reach hundreds of their peers, fostering a culture of awareness and support on our campus. Peers are given the opportunity, in a safe space, to brainstorm ways that they would intervene in various situations to create safety for one another.” 

    The $400,000 in grant funding comes from the U.S. Department of Justice’s Office of Violence Against Women’s Grants to Reduce Domestic Violence, Dating Violence, Sexual Assault, and Stalking on Campus Program.  

    The Campus Program helps develop campus-based coordinated responses among campus survivor services, campus law enforcement, health care providers, housing officials, administrators, student leaders, faith-based organizations, student organizations, and disciplinary boards to enhance survivor safety, assistance, and hold offenders accountable. 

    Congressman Eric Sorensen serves on the House Committee on Agriculture and the House Committee on Science, Space, and Technology. Prior to serving in Congress, Sorensen was a local meteorologist in Rockford and the Quad Cities for nearly 20 years. His district includes Illinois’ Quad Cities, Rockford, Peoria, and Bloomington-Normal.

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    MIL OSI USA News –

  • MIL-OSI Russia: Denis Manturov visited the Republic of Belarus on a working visit

    Translation. Region: Russian Federation –

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

    The First Deputy Chairman of the Russian Government paid a working visit to the Republic of Belarus. Denis Manturov was received by the President of the country Alexander Lukashenko, held talks with the Prime Minister of Belarus Roman Golovchenko, and also visited a number of industrial enterprises.

    During his working visit to the Republic of Belarus, Denis Manturov was received by the country’s President Alexander Lukashenko

    October 28, 2024

    During his working visit to the Republic of Belarus, Denis Manturov was received by the country’s President Alexander Lukashenko

    October 28, 2024

    Denis Manturov visited the Republic of Belarus on a working visit

    October 28, 2024

    Previous news Next news

    During his working visit to the Republic of Belarus, Denis Manturov was received by the country’s President Alexander Lukashenko

    Alexander Lukashenko and Denis Manturov discussed issues of trade and industrial cooperation between Russia and Belarus. Trade turnover between the countries increased by more than 5% last year and reached almost 47 billion dollars. Positive dynamics also persisted in the first eight months of this year – mutual trade increased by 6% to 32.5 billion dollars.

    Russian enterprises continue to build up cooperation ties with Belarus. All regions of Russia are actively involved in the development of cooperation. Thus, only since the beginning of 2024, 42 regional delegations have visited the republic. In June of this year, the XI Forum of Regions of Russia and Belarus was successfully held in Vitebsk, in which 56 Russian regions took part.

    Denis Manturov emphasized that Russia is actively cooperating with Belarusian civil aircraft manufacturing enterprises to produce components. “This concerns both the Il-76 and Tu-214 aircraft. I expect that this trend will continue, and we will expand the aircraft line, the range, and the number of components,” said the First Deputy Prime Minister.

    At the meeting with Roman Golovchenko, issues of implementing a unified industrial policy of the Union State within the framework of the decree signed by Russian President Vladimir Putin and Belarusian President Alexander Lukashenko in January 2024 were also touched upon, including the issue of mutual access of industrial products of Russia and Belarus to state support instruments. The parties are working progressively in this direction.

    As part of his working trip, Denis Manturov visited the BelAZ OJSC enterprise, which is the world’s largest manufacturer of large and extra-large capacity quarry dump trucks, as well as other heavy transport equipment for the mining industry and construction. The plant, with about 9,000 employees, produces over 100 modifications of dump trucks with a carrying capacity of 30 to 450 tons. In 2023, products worth a total of about $880 million were delivered to Russia, including 904 units of equipment. The First Deputy Prime Minister inspected the main conveyor shop, visited the Museum of Labor Glory, and also got acquainted with innovative and serially produced models of equipment at the enterprise. One of them is the BelAZ-75304 dump truck with a carrying capacity of 220 tons, which consists of more than 90% Belarusian and Russian components.

    In addition, the First Deputy Prime Minister of Russia visited the joint Belarusian-Chinese enterprise SZAO Belgee, which produces passenger cars under the Belgee brand.

    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.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/28/2024, 1:40 PM (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the RU000A0JVUP7 (VimpelKBO3) security were changed.

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10/28/2024

    13:40

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 10/28/2024, 1:40 PM (Moscow time), the values of the upper limit of the price corridor (up to 97.46) and the range of market risk assessment (up to 1026.54 rubles, equivalent to a rate of 12.5%) of the RU000A0JVUP7 (VimpelKBO3) security were changed.

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

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

    https://www.moex.com/n74333

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/28/2024, 14:59 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the RU000A0JWHU2 security (RZhD BO-17) were changed.

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10/28/2024

    14:59

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 10/28/2024, 14:59 (Moscow time), the values of the upper limit of the price corridor (up to 77.45) and the range of market risk assessment (up to 889.42 rubles, equivalent to a rate of 22.5%) of the RU000A0JWHU2 security (RZhD BO-17) were changed.

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

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

    https://www.moex.com/n74337

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/28/2024, 15-10 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the RU000A0JWHU2 security (RZhD BO-17) were changed.

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10/28/2024

    15:10

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 10/28/2024, 15-10 (Moscow time), the values of the upper limit of the price corridor (up to 80.52) and the range of market risk assessment (up to 922.09 rubles, equivalent to a rate of 27.0%) of the RU000A0JWHU2 security (RZhD BO-17) were changed.

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

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

    https://www.moex.com/n74341

    MIL OSI Russia News –

  • MIL-OSI Russia: We invite young specialists to the International Scientific and Practical Conference “Science and Technology”

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    On November 26-27, 2024, the State University of Management will host the International Scientific and Practical Conference “Science and Technology”.

    Leading Russian scientists and practitioners, scientific and teaching staff, young researchers studying in bachelor’s, master’s and postgraduate programs for training scientific and scientific-pedagogical personnel in higher education institutions under the scientific supervision of scientific-pedagogical staff are allowed to participate in the conference.

    The conference will include the following sections:

    Social technologies of society management; Innovative technologies of management in the digital environment of the information society; Transformation of industry management in the context of development of technological sovereignty; Marketing technologies of management; Technologies of development of social and business communications; Theory and practice of economic, technological and financial security of the country.

    Application deadline: November 21, 2024, 18:00

    Registration form: https://forms.yandex.ru/u/6703e5b190fa7b943127d827/

    Contacts for reference information: Alexandra Shkurenkova: ad_volkova@guu.ru.

    Details in the information letter.

    Information letter of the International Conference Science and Technology

    Subscribe to the tg channel “Our State University” Announcement date: 10/28/2024

    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.

    MIL OSI Russia News –

  • MIL-OSI Canada: Inquest scheduled into the death of Jason Elwyn Koehler

    Source: Government of Canada regional news

    Media Contacts

    Amber Schinkel

    Manager
    Strategic Communications and Media Relations
    BC Coroners Service
    amber.schinkel@gov.bc.ca
    236 969-1759

    https://news.gov.bc.ca/31757

    MIL OSI Canada News –

  • MIL-OSI Security: Wapato Man Who Attempted to Avoid Arrest and Pointed Loaded Gun at Federal Officers Sentenced to Federal Prison

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Yakima, Washington – On October 24, 2024, United States District Judge James L. Robart sentenced Leo John Yallup, age 38, of Wapato, Washington, to 10 years in federal prison for assaulting a federal officer with a deadly weapon. Judge Robart also imposed 3 years of supervised release.

    According to court documents and information presented at the sentencing hearing, on March 2, 2023, four officers with a U.S. Marshals Service task force traveled to a house at 1161 Donald Wapato Road, in Wapato, Washington, to arrest Yallup on an outstanding warrant.

    When Yallup saw the officers pull into his driveway, he took off running behind the house, pursued by the officers. At the back of the property, Yallup drew a firearm and pointed it at the officers. One of the officers fired his service weapon, hitting Yallup in the head, causing him to fall to the ground.

    Officers handcuffed Yallup and began to render medical aid. During this process, officers turned Yallup on his back. As officers turned him over, they saw Yallup had been lying on the weapon he pointed at officers. The gun was loaded and had a live round in the chamber. Officers also discovered Yallup was armed with a second weapon in a shoulder holster.

    “Mr. Yallup attempted to escape arrest, and in the process, pointed a loaded gun at federal officers, putting their lives, and the lives of others, at great risk,” stated Vanessa R. Waldref, United States Attorney for the Eastern District of Washington. “I am grateful for the brave men and women of law enforcement who put their lives on the line everyday to keep our communities safe and strong. My office will continue to hold offenders accountable to who threaten the safety of those who protect and serve the people of Eastern Washington.”

    “A law enforcement officer does not want to shoot someone.” said Kelly M. Smith, Assistant Special Agent in Charge of the FBI’s Seattle field office. “However, Mr. Yallup left no other option when he drew his weapon and pointed it at officers. Fortunately, he lived and no officers were hurt. This case is a reminder of the personal sacrifice our law enforcement officers make on a daily basis.”

    Craig Thayer, United States Marshal for the Eastern District of Washington commented, “Deputy U. S. Marshals in the Eastern District of Washington, and throughout the nation, serve thousands of federal, state, and local arrest warrants for the most violent offenders in the criminal justice system. They face extraordinary dangers in order to protect our communities while professionally, safely, and efficiently bringing these wanted persons before a court of law.  When a wanted person, like Leo John Yallup, draws a firearm, and points it at law enforcement officers, those officers will apply necessary force to stop the threat.  It should be noted that these Deputies immediately rendered aid to Yallup once his deadly threat was stopped.  With his sentence today, he now faces the consequences of his violent behaviors. The fugitive apprehension mission is one of the primary responsibilities of the United States Marshals Service.”

    This case was investigated by the Federal Bureau of Investigation. It was prosecuted by Assistant United States Attorneys Courtney R. Pratten and Todd M. Swensen. 

    MIL Security OSI –

  • MIL-OSI: Old National, Axletree Solutions Collaborate for New Level of Secure Transaction Messaging Leveraging Swift

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., Oct. 28, 2024 (GLOBE NEWSWIRE) — Old National Bancorp (“Old National”) and Axletree Solutions today announced an innovative collaboration whereby Axletree will host Old National Bank’s Swift architecture, providing a new level of highly-secure transaction messaging. This will ensure end-to-end control and complete transparency of banking transactions via Swift (Society for Worldwide Interbank Financial Telecommunication).

    Axletree Solutions, a “Software as a Service” provider specializing in connectivity and integration, is Old National’s Swift Service Bureau, providing the bank with access to Swift without the internal burden and costs of managing the requisite Swift technology and infrastructure. Axletree also provides value-added services to Old National that include creating, enriching and transporting various Swift message types from legacy back-office systems with routing rules to achieve internal efficiencies and enhance revenue. Through Axletree, Old National also has access to track international payments in real time leveraging Swift APIs, for the benefit of its customers through an end-to-end secure environment.

    “Our partnership with Axletree allows Old National to meet the technology needs of many of our financial institution and corporate customers,” said Joe Wicklander, President of Treasury Management, Merchant Services and Financial Institutions for Old National Bank. “Our clients continue to invest in automation to leverage their ERP systems, treasury workstations, and accounting platforms, and we thank Axletree for their commitment to providing innovative solutions that allow our clients to be even more successful.”

    Swift provides a single secure channel rather than requiring multiple proprietary connections. Swift is a member-owned cooperative providing safe and secure financial transactions for funds and funds administrators, brokers and dealers, clearing firms and financial market infrastructures, payment processors, and asset and wealth managers.

    Swift messaging supported by Old National will include Single Customer Credit Transfer, General Financial Institution Transfer, Bank to Bank Free Format Message, Confirmation of Debit, Confirmation of Credit, Customer Summary Statement Message, and Customer Detailed Statement Message. Swift connects multiple domestic and global institutions through a single, secure channel. Messaging capabilities include:

    • Wire transfer payments and confirmations
    • ACH payments and confirmations
    • Prior-day and current-day information reporting in BAI2 format
    • Integrated payable files in ISO 20022, CSV and EDI formats

    “We are thrilled to partner with Old National Bank to improve its secure financial messaging experience via Swift,” said Jeff Ferguson, Director of Business Development for Axletree Solutions. “Through the use of our solution Symmetree by Axletree®, Axletree was able to help Old National Bank’s legacy systems create, translate and transport Swift-ready messages to facilitate its secure financial messaging needs. Axletree’s connection with Swift will also allow Old National customers to trace their cross-border Swift transactions in real-time. We thank Old National Bank for allowing us to show how Axletree provides its customers with ‘peace of mind.’”

    ABOUT OLD NATIONAL
    Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $53 billion of assets and $30 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

    ABOUT AXLETREE
    Axletree Solutions, a premier financial technology provider since 2002, empowers businesses with seamless bank connectivity and enterprise integration. As North America’s first SWIFT Service Bureau for Banks and Corporates, Axletree has evolved into a global leader in financial transaction and payments solutions. Processing over $100 billion USD daily, Axletree transmits transactions from any system, across any network, anywhere in the world. The company’s innovative technology and client-centric approach have established it as a trusted partner for secure, mission-critical services, reinforcing Axletree’s role as the central communication pathway for its clients’ financial operations. With a comprehensive solution suite covering the entire payment lifecycle, Axletree enables organizations to realize efficiencies and reduce costs by replacing complex manual processes with automation. As the company expands its global presence through the Americas, Europe, Middle East, and Asia-Pacific, Axletree continues to drive efficiency and integration for the world’s largest organizations, guaranteeing seamless connectivity and peace of mind.

    ABOUT SWIFT
    Swift is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. They provide communities with a platform for messaging and standards for communicating and offer products and services to facilitate access and integration, identification, analysis and regulatory compliance. Their messaging platform, products and services connect more than 11,500 banking and securities organizations, market infrastructures and corporate customers in more than 200 countries and territories. While Swift does not hold funds or manage accounts on behalf of customers, they enable a global community of users to communicate securely, exchanging standardized financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world. Headquartered in Belgium, Swift’s international governance and oversight reinforces the globally inclusive character of its cooperative structure. Swift’s global office network ensures an active presence in all the major financial centers.

    Investor Relations:
    Lynell Durchholz
    (812) 464-1366
    lynell.durchholz@oldnational.com

    Media Relations:
    Rick Vach
    (904) 535-9489
    rick.vach@oldnational.com

    The MIL Network –

  • MIL-OSI: GTreasury Wins Euromoney’s ‘Best FX Tech Provider for Corporates’ Award

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 28, 2024 (GLOBE NEWSWIRE) — GTreasury, the pioneer and global leader in Digital Treasury Solutions for the Office of the CFO, today announced that the company has been named the Best FX Tech Provider for Corporates in Euromoney’s 2024 Foreign Exchange Awards. The recognition underscores GTreasury’s commitment to innovation and excellence in providing cutting-edge foreign exchange solutions that address the complex and evolving needs of modern businesses.

    “We’re proud that our best-in-class FX solution—built for the office of the CFO and corporate treasury teams—has earned this highly respected recognition from Euromoney,” says Ben Hipwell, group product manager, GTreasury. “Over the past year, we’ve seen a marked increase in customer demand for cutting-edge FX capabilities, and we’ve been able to meet those requirements head on and deliver customers significant financial benefits.”

    GTreasury’s world-class treasury and risk management platform provides treasury and finance teams with a powerful and data orchestrated ecosystem that includes solutions built to minimize foreign currency exposure risk. The platform’s modular solution architecture allows companies to configure their FX risk management approach to their specific requirements, whether they’re multinational corporations dealing with multiple currencies or growing businesses expanding into international markets.

    Key features of GTreasury’s award-winning FX risk management solution includes:

    • Comprehensive exposure management: GTreasury’s FX solution module enables customers to manage the full lifecycle of foreign currency exposures and derivatives from a single source of truth. This centralized approach simplifies data collection, improves visibility, and enhances decision-making processes.
    • Advanced forecasting and analytics: Leveraging machine learning algorithms, the platform provides sophisticated forecasting capabilities, helping treasury teams anticipate and prepare for potential currency fluctuations.
    • Automated hedge accounting: The solution generates ASC 815/IFRS 9-compliant documentation, runs effectiveness assessments, and prepares journal entries in both summary and detail formats. This automation significantly reduces the time and effort required for regulatory compliance.
    • Real-time market data integration: GTreasury’s platform integrates with leading market data providers, ensuring that treasury teams have access to up-to-the-minute currency rates and market insights.
    • Customizable reporting and dashboards: Users can create tailored reports and interactive dashboards, facilitating clear communication of FX positions and performance to stakeholders across the organization.

    “In a volatile global economy, effective FX risk management is more crucial than ever for corporate financial health,” said Hipwell. “Our solution not only helps companies mitigate currency risks, but also uncovers opportunities for strategic advantage. We’re committed to ensuring that our customers always have access to the most advanced tools in the market.”

    About GTreasury

    GTreasury is the pioneer and global leader in Advanced Treasury Solutions for the Office of the CFO. For nearly 40 years, GTreasury has delivered industry-leading solutions spanning cash, payments, debt, derivatives, investments, and exposures across a scalable suite of fit-for-purpose solutions. Trusted by over 800 customers across 160 countries, GTreasury provides treasury and finance teams with the ability to connect, compile, and manage mission-critical data to optimize cash flows and capital structures. To learn more, visit GTreasury.com.

    GTreasury is headquartered in Chicago, with locations serving EMEA (London) and APAC (Sydney, Singapore, and Manila).

    The MIL Network –