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Category: KB

  • MIL-OSI Security: Mark Rutte takes office as NATO Secretary General

    Source: NATO

    On Tuesday (1 October 2024), Mark Rutte took office as the NATO Secretary General. He was welcomed to NATO Headquarters in Brussels by the outgoing Secretary General Jens Stoltenberg, whose term ends after ten years. Mr Rutte and Mr Stoltenberg laid a wreath during a ceremony at the NATO Memorial to the Fallen.

    At a special session of the North Atlantic Council, Mr Stoltenberg formally handed over to Secretary General Mark Rutte. “It is a great honour to be here and to take up the position of NATO Secretary General” Mr Rutte said before thanking Allies for entrusting him with the responsibility of guiding the Alliance in the coming years.

    Secretary General Rutte outlined his three priorities for the Alliance. “The first is to keep NATO strong and ensure our defences remain effective and credible, against all threats” he began. “My second priority is to step up our support for Ukraine and bring it ever closer to NATO, because there can be no lasting security in Europe without a strong, independent Ukraine” he continued, adding that his “third priority is to strengthen our partnerships” in a more interconnected world.

    The Secretary General also paid tribute to his predecessor describing his tenure as “exemplary” and adding that “today NATO is bigger, NATO is stronger and is more united than ever, that is in large part because of your leadership.”

    In his farewell remarks Mr Stoltenberg commended Mr Rutte’s pragmatism and consensus-building skills while noting that “you don’t compromise on our values and principles.” He also praised his successor’s “personal commitment to our transatlantic bond. And your unwavering support for Ukraine.”

    The handover was marked by the ceremonial passing of an historic gavel.

    MIL Security OSI –

  • MIL-OSI: Revenues of Latino-Owned Businesses Grew Last Year, But Earnings Fell Due to Rising Expenses, per 2024 Biz2Credit Study

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 01, 2024 (GLOBE NEWSWIRE) — Biz2Credit’s 2024 Latino-Owned Business Study found that while revenues of Latino-owned companies increased (+11.6%), expenses rose more (+ 22.7%), resulting in lower earnings in 2023-24 than in 2022-23 (-$41.1K).

    The annual study examined the performance of Latino-owned small to midsized companies — from early stage to established companies — in the U.S. from July 1, 2023, to June 30, 2024. It examines financial indicators including annual revenue, operating expenses, age of business, and credit scores of both Latino-owned and non-Latino-owned companies.

    “Revenues for small businesses rose overall, largely because of inflation. Earnings were down overall, but the average drop for Latino-owned businesses was not as sharp as for non-Latino-owned businesses,” said Rohit Arora, CEO of Biz2Credit and Biz2X, who oversaw the research. “When we analyzed earnings performance, Latino-owned businesses outperformed the others.”

    Key findings: Latino-owned vs. non-Latino-owned Businesses

    1. The average annual revenue of Latino-owned businesses increased by 11.6% from $601,636 in 2022-23 to $671,360 in 2023-24. Meanwhile, the average annual revenue for non-Latino Businesses increased by 11.5% from $667,204 in 2022-23 to $744,027 in 2023-24.
    2. Average earnings (Annual Revenue – Operating Expenses) for Latino-owned businesses dropped from $113,268 in 2022-23 to $72,168 in 2023-24, a drop of $41,100. Meanwhile, non-Latino-owned businesses declined from $159,365 to $94,237, a drop of $65,128. Overall, earnings across all businesses decreased by 40% year over year.
    3. Operating expenses for Latino-owned firms increased by 22.7% from $488,368 in 2022-23 to $599,192 in 2023-24, resulting in earnings decrease of 36.3% for Latino firms. Meanwhile, operating costs for non-Latino-owned companies increased 28% from $507,849 in 2022-23 to $649,790 in 2023-24, resulting in a 40.9% drop in earnings.
    4. The average personal (FICO) credit score* for Latino owned business increased from 641 in 2022-23 to 647 in 2023-24. In comparison, the personal credit score for non-Latino-owned business increased from 648 to 659 during the same timeframe.
    5. The age of business for Latino-owned business increased from 54 months (4.5 years) in 2022-23 to 64 months in 2023-24. This is an indication of the staying power of Latino-owned companies. In comparison, non-Latino-owned businesses were in operation for an average of 79 months (slightly more than 6.5 years).
    6. The average approved funding amount** for Latino-owned businesses rose from $55,396 in 2022-23 to $75,680 in 2023-24. The amount was $16,662 lower than that for non-Latino-owned businesses, which had $92,342 in 2023-24, up from $75,912 in 2022-23.
    7. The percentage of financing applications submitted by Latino-owned businesses, relative to the total number of submitted applications, increased slightly from 14.8% in 2022-23 to 15% in 2023-24. In 2024, financing applications by Latino-owned businesses increased 14.13% (year-over-year) compared to 2023. That surpassed applications by non-Latino owned businesses, which grew 12.78% year-over-year.
    8. The funding rate for Latino-owned businesses stands at 32%, slightly higher than the 31% rate for non-Latino-owned businesses. The average funded amounts** were $62,371 for Latino-owned businesses and $76,503 for non-Latino-owned firms.
    9. Construction accounted for the largest industry category of Latino-owned companies examined in the study, followed by Other Services (except Public Administration), Accommodation and Food Services, Retail Trade, and Transportation and Warehousing.
    10. By state, nearly one-quarter (24%) of funding requests from Latino-owned firms came from Florida, followed closely by California (19.4%), and then Texas, New York, and New Jersey.

    “Inflationary pressures significantly hurt the earnings of all small businesses in the last year, and Latino-owned firms were not immune. While their revenues rose in 2023-24, their expenses increased almost twice as much,” said Arora. “Profits for Latino-owned companies seeking financing were down 36% on average, as a result.”

    “Many factors combined, including increased labor costs, rising fuel prices, and overall inflation. High interest rates also pinched companies that borrowed money for working capital or expansion,” Arora added. “The good news is that the growth rate of inflation has been easing a bit, and the Federal Reserve has lowered interest rates, thus bringing down the cost of capital.”

    *Average credit score is derived from the personal FICO credit score of business owners
    ** Average approved funding amounts and average funding sizes are determined by the qualifications of funding applications, including FICO scores and business revenues. any discrepancies are driven by these financial metrics.

    Impact of Latino-owned businesses on the U.S. Economy

    The U.S. is home to over 63 million Latinos, accounting for roughly 19% of the nation’s population. Latinos contribute a staggering $3.2 trillion to the economy and own nearly 5 million businesses that collectively generate more than $800 billion annually, according to the Stanford Graduate School of Business Latino Entrepreneurship Initiative (SLEI).

    Further, Latino entrepreneurs are starting businesses at more than twice the rate of the general U.S. population. This increase has led to a higher proportion of new businesses being owned by immigrants overall. In 2023, immigrants were responsible for 36% of new business launches, up from 25% in 2019, according to the U.S. Census Bureau.

    Latino immigrants significantly outpace other groups in business ownership, and they comprise 52% of all Latino-owned businesses. In contrast, only 7% of White-owned employer businesses are immigrant-owned, according to the SLEI. Further, Latino-owned businesses are set to revolutionize the U.S. economy, as Latinos are projected to make up 29% of the population by 2050 and contribute a staggering $1.4 trillion to the U.S. economy, according to JPMorgan Chase.

    Methodology

    Biz2Credit’s 2024 Latino-Owned Business Study is an annual review of the financial performance of Latino-owned small to midsized businesses in the United States, categorized by revenue generation. The study reviewed over 121,000 funding requests from both Latino-owned and non-Latino-owned businesses across all 50 states and 20 industries by analyzing credit inquiries and applications from July 2023 to June 2024.The analysis focused on variables such as submitted applications, annual revenue, operating expenses, business age, personal credit (FICO) scores*, funding rates, and average loan sizes. The study offers insights into the performance of Latino-owned private companies over the past year, using 2022-2023 data to compare average revenue and expenses year-over-year for 2023-2024.

    About Biz2Credit
    Founded in 2007, Biz2Credit has helped thousands of companies access more than $8 billion in small business financing. The company is expanding its industry-leading Biz2X® technology in custom digital platform solutions for banks and other financial institutions, investors, and service providers. Visit http://www.biz2credit.com, Instagram, Facebook, and X (formerly Twitter).

    Media Contact: John Mooney, (908) 720-6057, john@overthemoonpr.com

    The MIL Network –

  • MIL-OSI United Kingdom: Council relaunches small business grant to support local business growth

    Source: City of Portsmouth

    Portsmouth City Council have announced today the second round of the Portsmouth Match Fund which is a continuation of the fund that has already helped local businesses to start and grow. This grant along with business support from the Council and partners is designed to help new business start ups and existing small businesses to grow.

    The new Portsmouth Match Fund will fund eligible Portsmouth businesses between 20-50% (minimum amount of £1,500 and maximum amount of £4 ,000) towards a growth or start up project. Ideal business development costs could fund a new digital platform, e-commerce development, new product development, purchase of new equipment or training.

    This grant is a council initiative funded from the UK Shared Prosperity Fund. To date £24,000 in total has been granted to 7 small businesses in Portsmouth. One of these businesses was Cosham based Pauline Macarons who purchased a van.

    Pauline Genevet owner of Pauline Macarons said:

    “Receiving the grant enabled me to purchase a van for my macarons business, transforming how I operate. With the van, I can now easily store and transport my products to multiple markets, ensuring they arrive fresh and in perfect condition, while reaching more customers than ever before.’

    Cllr Steve Pitt, Leader of the Council with responsibility for economic development said:

    “I’m thrilled to announce the return of the Portsmouth Match Fund for a second round. This grant offers a wonderful opportunity for local businesses to invest in their growth and innovation. By providing financial support, we’re empowering our businesses to thrive and strengthen our local economy.”

    Applications are open to start up and small businesses in Portsmouth and must be submitted by Sunday 27 October.

    For more information and to apply for the Portsmouth Match Fund visit portsmouth.gov.uk/match-fund

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New mandatory refresher training available from today

    Source: United Kingdom – Government Statements

    Door supervisors and security guards can enrol in safety-critical refresher training courses from today (1 October 2024) to help keep the public safe.

    The training will be compulsory for door supervisors and security guards wishing to renew a licence after 1 April 2025.

    The qualifications update safety-critical skills door supervisors and security guards use to keep the public safe. The Security Industry Authority (SIA) encourages affected licence holders to take the training as soon as possible.

    The courses are available from today to allow individual licence holders sufficient time to plan and book onto courses before the qualifications become mandatory on 1 April 2025. The training is available nationally from approved training providers.

    Tony Holyland, Head of Individual Standards for the SIA, said:

    Protecting the public is at the heart of what we do, and professional security operatives undergo training to give them the skills they need to keep people safe.  

    We know that skills can fade over time, which is why the training being rolled out today is so important. This is about raising the standards in private security and refreshing those fundamental skills to help security operatives deal with the ever-changing threats of the modern world.

    This follows the announcement last month that the SIA introduced mandatory refresher training to help door supervisors and security guards refresh their skills and learn up-to-date content on topics including spiking and terror threat awareness.

    Alongside the requirement to present an up-to-date Emergency First Aid certificate, the following will be included in the refresher training:

    For door supervisors: 

    • conducting searches 

    • physical intervention 

    • protecting people in vulnerable situations, including content on spiking 

    • terror threat awareness – ACT/You can ACT certificate 

    For security guards: 

    • conducting searches 

    • terror threat awareness – ACT/You can ACT certificate 

    • protecting people in vulnerable situations

    Individuals holding a door supervisor licence can choose one of the following options: 

    • take the door supervisor refresher training and renew their door supervisor licence 

    • take the security guard refresher training and switch to a security guard licence

    The SIA works with the private security industry to set standards and with awarding organisations to ensure the qualifications are offered via approved training providers.   

    Accredited ‘top-up’ awards were introduced for door supervisors and security guards in October 2021 as a requirement for renewing licences. Awarding organisations will continue to offer  the ‘top-up’ qualifications until the end of January 2025. This means that any licence holders who have yet to complete these qualifications can do so.

    Notes to editors 

    As the regulator of the private security industry the SIA’s role is to set the standard for what someone wanting to apply for a licence must know or be capable of doing. The SIA does not run training courses or receive any money from the fees people pay to their training provider.    

    Read more about refresher training. 

    Read our answers to commonly asked questions about refresher training.

    Further information

    The Security Industry Authority is the regulator of the UK’s private security industry. Our purpose is to protect the public through effective regulation of the private security industry and working with partners to raise standards across the sector. We are responsible for licensing people who do certain jobs in the private security industry and for approving private security companies who wish to be part of our voluntary Approved Contractor Scheme.

    The SIA is an executive non-departmental public body, sponsored by the Home Office. For more information, visit: http://www.gov.uk/sia. 

    You can also find us on LinkedIn @Security Industry Authority, Facebook @theSIAUK, YouTube @TheSIAUK and X (formerly known as Twitter) @SIAuk.

    Updates to this page

    Published 1 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Russia: SPbGASU has developed a facility for testing the crack resistance of fiber-reinforced concrete

    MILES AXLE Translation. Region: Russian Federation –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering –

    Mikhail Zhavoronkov, Associate Professor of the Department of Building Materials Technology and Metrology, completed the research work “Study of the influence of dispersed reinforcement parameters on the behavior of fiber-reinforced concrete under load” as part of the grant competition for the implementation of research work by scientific and pedagogical workers of SPbGASU in 2024.

    Fiber concrete has a number of advantages over traditional concrete and reinforced concrete. According to various sources, fiber concrete has increased compressive and bending strength, impact resistance, etc. One of the main advantages of fiber concrete is its increased crack resistance – the ability of the material to resist the formation and development of cracks.

    During the study, an original design setup was developed and assembled. The setup allows for three-point bending of fiber concrete samples measuring 150×150×600 mm and monitoring the applied load and sample deflection caused by this load. It also provides the ability to monitor the distribution of deformations along the height of the working section of the sample. The implementation of this capability allowed for measuring the height of the compressed zone of the cross-section of the tested sample and monitoring its change.

    The setup includes a loading device and a sensor system. The loading device consists of two crossbars, movable and fixed, and two parallel screw pairs. Simultaneous rotation of the screw pairs causes linear movement of the movable crossbar. A concrete or fiber concrete sample is placed between the crossbars on special stops that ensure its three-point bending. The screw pairs are driven into rotation by a system of electric motors, gearboxes, electric couplings, and a chain transmission. The selection of the leading motor, its speed, and direction of rotation is carried out from the control panel. This is done in such a way as to provide the widest possible range of rotation speed adjustment with minimal loss of torque.

    The system of sensors monitoring the behavior of the sample under load during bending includes a strain gauge, 4 linear encoders and 16 strain gauges. The sensors are polled alternately, several times per second, and the obtained data are sent to the computer using a simple circuit solution, where they are displayed in the form of corresponding graphs and tables.

    The obtained graphs of the dependence of deflections on the applied loads can be used to calculate the force and energy characteristics of crack resistance according to GOST 29167-2021, and according to the readings of strain gauges, it is possible to control the height of the compressed zone at different stages of deformation and destruction of samples.

    The properties of fiber concrete and its behavior under load have been studied at the Department of Construction Materials Technology and Metrology of SPbGASU for decades, including within the framework of the scientific school “Nanostructured modification and dispersed reinforcement of building products and structures”. At present, much attention is paid to the topic of theoretical modeling of the behavior of fiber concrete under load. In the course of developing this topic, questions arose about the exact determination of the number of fibers involved in the work of fiber concrete under load. In particular, the installation described above was developed to determine their number.

    The data obtained during the study can be used in the design of fiber-reinforced concrete structures and form the basis for further research, and the mastered testing methods can be implemented during the educational process as part of laboratory work in the relevant disciplines.

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

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

    http://vvv.spbgasu.ru/nevs-and-events/nevs/spbgasu-developed-an installation-for-testing-the-crack-resistance-of-fiber-reinforced concrete/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Video: UK Baroness Butler-Sloss on parliamentary scrutiny #LordSpeakersCorner #HouseOfLords

    Source: United Kingdom UK House of Lords (video statements)

    ‘The country has to have a rule of law’

    Baroness Butler-Sloss, formerly the highest-ranking female judge in England and Wales, discusses her long legal career, success in breaking through the ‘glass ceiling’ holding back women lawyers, and her concerns about the eroding of parliamentary scrutiny over the last decade.

    Catch-up on House of Lords business:

    Watch live events: https://parliamentlive.tv/Lords
    Read the latest news: https://www.parliament.uk/lords/

    Stay up to date with the House of Lords on social media:

    • Twitter: https://twitter.com/UKHouseofLords
    • Instagram: https://www.instagram.com/UKHouseofLords/
    • Facebook: https://www.facebook.com/UKHouseofLords
    • Flickr: https://flickr.com/photos/ukhouseoflords/albums
    • LinkedIn: https://www.linkedin.com/company/the-house-of-lords
    • Threads: https://www.threads.net/@UKHouseOfLords

    #HouseOfLords #UKParliament

    https://www.youtube.com/watch?v=AIfha2nal2o

    MIL OSI Video –

  • MIL-OSI United Kingdom: UK cocoa buyers complete trade mission to Solomon Islands

    Source: United Kingdom – Executive Government & Departments

    The delegation arrived in the country on 20 September, to build partnerships, gain deeper understanding of the cocoa market and cocoa farmers across the country.

    A group photo with community members at one of the visited cocoa farming communities on Guadalcanal, Solomon Islands.

    The UK government has supported 17 cocoa buyers to visit Solomon Islands to increase cocoa exports to the UK.

    Supporting the cocoa trade between Solomon Islands and the UK is a win-win, driving growth and increasing incomes for Solomon Islands farmers whilst giving UK consumers access to the best quality Solomon cocoa.

    The delegation arrived in the country on 20 September, to build partnerships and gain a deeper understanding of the cocoa market and cocoa farmers across the country.

    Highlights from the mission included visiting Pilapaso Cocoa plantation and micro chocolate factories, Amazing Grace on Guadalcanal where they witnessed first-hand the harvesting and fermentation processes conducted by the farm owners, and two days in Malaita province where they visited cocoa farms across the northern region.

    The UK cocoa buyers also worked with Solomon processors, visiting Cathliro’s café, processing and chocolate making facilities and the Kokonut Pacific Solomon Islands’ (KPSI) shop, coconut oil and cocoa processing and chocolate making facility in East Honiara.

    Their mission concluded with a regional cocoa workshop held at the Heritage Park Hotel at which cocoa producers and exporters from across the Pacific attended and discussed market requirements and sourcing opportunities.

    Under the UK-Pacific Economic Partnership Agreement that started in January 2021 goods from the Pacific can enter the UK market duty-free and quota-free.

    Thanks to the deal, high-end UK chocolatiers are turning to Solomon Islands for their cocoa: boosting Solomon exports and incomes, whilst bringing quality products to the UK market.

    Updates to this page

    Published 1 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Development Asia: Enhancing Environmental Safeguards in Financial Intermediaries

    Source: Asia Development Bank

    A look at how ADB, a financial intermediary (FI) itself, appraises projects and manages them over the project cycle can help give a better understanding of how other FIs manage theirs. Multilateral development banks (MDBs) and governments follow the same logic flow when deciding whether or not to invest.

    First, a proposed project should meet the minimal criteria to be eligible for consideration and assessment. ADB has a Prohibited Investment Activity List, which identifies investment activities that do not qualify for ADB financing. Other FIs might have their own list to reflect their priority areas or discouraged investment. If a proposal already fails at technical and financial screening, it will be returned for revision or rejected outright without the need to proceed to environmental–social screening.

    Second, after passing the eligibility screening, a project’s technical feasibility and economic–financial viability will be evaluated in the feasibility study. This necessitates development of the project’s technical design, which is also needed to estimate the cost.

    The evaluation of environmental sustainability and social acceptability of a project was added in the 1970s and has gradually become stand-alone as the Environmental Impact Assessment (EIA). 

    The EIA aims to (i) aid decision making (e.g. drop or proceed with a project and conditions; (ii) improve the project design to minimize negative impacts (e.g. by adding pollution treatment); and (iii) mitigate the residual impacts through action plans such as the environmental management plan.

    Third, once the feasibility study and EIA show the proposed project meets technical-financial and social-environmental requirements, and related actions can be carried out, the FI (or government) can decide to approve the project and proceed with its execution.

    Since these assessments are time- and resource-consuming, their intensity and level of management need to match the level of risks and impacts. Most countries and MDBs classify environmental impacts into high, medium, and low level categories that require corresponding degrees of evaluation—full EIA, simplified EIA, and no assessment—and management. Likewise on the technical aspect, not all projects require a full feasibility study.

    Such impact categorization needs to take place during the proposal stage to determine the level of ensuing assessment. How can the impact level (i.e. category) of a proposal be judged? This is one of the major challenges for FIs, which has led to mis-categorization.

    MIL OSI Economics –

  • MIL-OSI Economics: Swaminathan J: Governance in Small Finance Banks – driving sustainable growth and stability

    Source: Bank for International Settlements

    Chairpersons and Directors of the Boards of Small Finance Banks; Chief Executive Officers of SFBs; Executive Directors, Chief General Managers and colleagues from the Reserve Bank of India; ladies and gentlemen. A very good morning to all of you.

    It is an honour to address this distinguished gathering in the inaugural conference of Board of Directors of Small Finance Banks organised by the RBI. As has been mentioned, this conference is in continuation of the Reserve Bank’s efforts to reach out to its supervised entities through a direct dialogue with their Boards and Top Management. Our objective is to reaffirm the importance of good governance for maintaining financial stability and fostering sustainable growth.

    In his address1 to the Directors of Public and Private Sector Banks last year, the Governor outlined a comprehensive 10-point charter that addressed key aspects such as the role of the Board, its independence, the importance of setting the tone from the top, etc. His speech serves as an excellent blueprint for regulatory expectations from the Boards of Directors, and I encourage you to review it if you haven’t already.

    Today, I would like to discuss three key issues with you: (i) the vital role of Small Finance Banks in promoting financial inclusion, (ii) the necessity of strengthening governance and assurance functions for sustainable growth, and (iii) important considerations regarding business models and risks that Boards should be mindful of.

    Important Financial Inclusion objective of SFBs

    As you are aware, the licensing of Small Finance Banks was introduced a decade ago, in 2014, with the primary objective of advancing financial inclusion. Beyond serving as a vehicle to mobilise savings, SFBs were also envisioned to extend affordable credit to underserved and unorganised sectors, such as small and marginal farmers as well as small business units, by leveraging technology to reduce costs and improve accessibility.

    India, today, stands at a pivotal moment in her development trajectory. In the last 75 years, we have transformed ourselves from an agrarian economy into one driven by industry and services. However, translating our GDP into higher per capita Gross National Income comparable to developed economies will require a comprehensive approach towards inclusive and sustainable economic growth. This will inter-alia entail education, skill development, employment generation, and more pertinently further deepening of financial inclusion. Thus, the goal for small finance banks is not ‘small’. On the contrary, it is very significant, as SFBs play a crucial role in extending financial services to the underserved, fostering entrepreneurship, and driving inclusive growth that will be essential for India’s progress towards becoming a high-income economy.

    In a developing country like India, it is imperative for the financial sector, including small finance banks to strike a balance between profitability and social objectives. This can be achieved through a strategic focus on sectors that deliver high social impact, ensuring that financial growth is aligned with the broader goal of inclusive development. It is therefore essential for SFBs to actively participate in extending credit under various Government Sponsored Schemes to promote greater accessibility of affordable credit, especially among the vulnerable sections of the society.

    As the target group of such lending is mostly the marginalised and underserved sections of the society, it is essential for the SFBs to adopt responsible lending practices. It is disheartening to come across egregious practices by some SFBs, such as charging excessive interest rates, collecting instalments in advance as well as not adjusting such advance collections against loan outstanding, levying of usurious fees, etc. It is also observed that grievance redressal mechanism is far from adequate in most SFBs.

    I therefore feel that periodically reviewing how your bank is fulfilling its financial inclusion objectives is an area that Boards should give much deeper consideration to. It is not just about meeting regulatory requirements such as priority sector lending but also about assessing the true impact of your efforts on underserved communities. Boards can reflect on whether the bank is genuinely reaching marginalised groups, such as low-income households, small businesses, and rural populations, and how effectively it is using technology and innovative products to bridge financial gaps, as these were the objectives of having a differentiated licensing for SFBs.

    Strengthening Governance

    An effective governance framework is the foundation of resilient and well managed institutions, especially in the context of banks. There needs to be a clear division of responsibilities between the Board and the management to ensure smooth functioning of the bank. While the Board is responsible for setting the overall strategic direction, establishing policies, and ensuring that the bank adheres to regulatory frameworks and ethical standards, the management is responsible for the execution of the Board’s strategy and operations. It is the Board’s role to provide oversight, asking the right questions and holding the management accountable for executing the bank’s strategy within the agreed risk appetite.

    In this context, it is imperative that the views of the Board are clearly articulated and documented in the minutes of the meetings of the Board and its various sub-committees. It is said that the ‘palest ink is better than the best memory’. Proper documentation serves as a vital record of the Board’s deliberations, decisions, and rationale behind those decisions, ensuring transparency and accountability in governance. Clear minutes not only provide a historical account of the Board’s discussions but also serve as a reference for future decision-making, helping to maintain continuity and clarity in governance practices.

    Boards should prioritise proper succession planning for top management. Having just one Whole Time Director (WTD) can create potential vulnerabilities, especially in times of transition or unforeseen circumstances. Without a well-thought-out succession plan, the bank may face leadership gaps that could disrupt operations and affect strategic decision-making. A broader pool of experienced leaders also contributes to better governance and more resilient management structures. We observe that while the SFBs are strengthening their Boards by bringing in new directors, some SFBs are yet to ensure the presence of at least two Whole Time Directors. I would request these banks to expeditiously consider appointing more WTDs.

    Empowering Assurance Functions

    Boards should accord due importance to assurance functions, namely, risk management, compliance and internal audit. These functions play a critical role in identifying and mitigating risks, ensuring compliance with laws and regulations as well as safeguarding the organisation’s integrity.

    Boards should ensure that heads of assurance functions are positioned appropriately within the organisational hierarchy and granted direct access to the Board. Dual-hatting, or combining assurance responsibilities with operational or management duties, undermines the independence and objectivity of assurance functions by creating conflicts of interest. Therefore, any dual hatting of assurance functions, should be avoided.

    Key risks to reflect upon

    Small Finance Banks have demonstrated strong growth since their inception, now accounting for 1.18 percent of total banking assets (as of March 2024). This is a substantial rise from 0.44 percent in March 2018. The deposit base has grown at a 32 per cent compounded annual growth rate (CAGR) over the last five years whereas net advances recorded a CAGR of 26 per cent. While the business growth in Small Finance Banks is indeed impressive, it is imperative that Boards remain vigilant for hidden and emerging risks that could jeopardise their long-term success.

    In this context, I would like to highlight a few areas that Boards could keep in mind.

    Business model

    Firstly, I would urge Boards to consider the sustainability of their growth strategies and business models by conducting a thorough review of both the liability and asset sides of the balance sheet. Specifically, they should assess whether there is an overdependence on high-cost term deposits or bulk deposits from a limited number of institutions. Additionally, they should evaluate any substantial asset exposures that could adversely impact the bank if they were to sour. These are essential aspects that the Board and its Risk Management Committee must scrutinise to ensure long-term stability and resilience.

    Credit risks

    Secondly, I would like to emphasise proper credit risk underwriting. While many banks have expanded into unsecured retail lending, hoping to leverage the diversification benefits it offers, there is an underlying correlation risk that becomes more pronounced during economic downturns. In such scenarios, the credit profile of a large segment of borrowers can be significantly impacted, leading to higher default rates. This highlights the importance of rigorous underwriting processes that carefully assess the creditworthiness of borrowers, rather than relying solely on automated systems or algorithms. Effective underwriting should consider a comprehensive range of factors, including income stability, credit history, and the overall economic environment, to ensure that loans are made judiciously.

    Further, while digital lending solutions have streamlined the process and made access to credit easier, on-the-ground presence for collections remains crucial. Resorting to coercive recovery practices as a means of mitigating risk is not a sustainable solution. Such practices not only harm the bank’s reputation but can also lead to legal and regulatory repercussions. A better approach is to implement collection strategies that prioritise communication and collaboration with borrowers. This includes strictly adhering to fair practices code and adopting an empathetic approach while dealing with stressed loan book.

    Cyber-security risk and third-party dependencies

    Thirdly, I would like to address the issue of cyber security and IT vulnerabilities. Being relatively new entities, SFBs have used technology to enhance their product offerings and customer service. However, with their increasing digital footprint, these banks face significant operational risks from growing cyber threats, digital frauds, and possible data breaches.

    The cyber security landscape is evolving rapidly, and SFBs must stay ahead of emerging threats to protect their customers’ data and maintain operational resilience. The SFBs should adopt robust business continuity plans and effective IT outsourcing strategies. There is also a need to ensure rigorous change management processes, comprehensive data protection measures, vigilant transaction monitoring, stringent access controls and network security protocols. These measures will help SFBs to significantly enhance their IT resilience against possible disruptions.

    Operational Risk

    Fourthly, while I have covered cybersecurity threats, I would also like boards of SFBs to be mindful of the larger issue of operational risks. During periods of rapid growth, the focus on increasing market share, launching new products, and acquiring customers can lead to a neglect of essential risk management practices. For example, hastily onboarding new customers without thorough KYC due diligence or rushing the deployment of technology solutions without adequate testing can increase the likelihood of frauds, errors and service disruptions. Growth is important for the success of Small Finance Banks. However, it must not come by overlooking operational controls.

    Another significant area of concern for operational risk is the high attrition rate among staff in Small Finance Banks. While the branch network and employee headcounts are expanding, the sector faces a very high attrition rate of nearly 40 per cent, particularly among frontline staff and junior management. Such elevated turnover, though mostly at the entry and junior management levels, poses substantial operational risks, as it can lead to a loss of institutional knowledge, disruption in service delivery, and increased training costs for new hires. To mitigate these risks, Board-level efforts are essential to focus on employee retention strategies at all levels. Further, the absence of succession planning for critical managerial positions is a common issue across SFBs, which requires immediate attention from Boards to ensure a smooth transition of leadership and maintain operational effectiveness.

    Conclusion

    In conclusion, SFBs with their outreach to rural and semi-urban areas, are intended to be one of the key enablers in credit offerings to individuals, weaker sections, entrepreneurs, SHGs/JLGs and MSMEs. They have a large role to play in achieving our aspirational goal of becoming a developed nation by 2047.

    As RBI celebrates 90 years of its foundation this year, we have set deepening financial inclusion as one of our cherished objectives for RBI@100. RBI, with its continued commitment towards a financially inclusive India, has taken several measures to support these segments ranging from Priority Sector Lending targets to the introduction of TReDS for MSMEs. A new chapter in this book is the Unified Lending Interface (ULI) platform which aims at “enabling frictionless credit” with the ‘new trinity’ of JAM-UPI-ULI, further propelling India’s growth story.

    SFBs should strive to harness this opportunity and other such opportunities offered by latest technological innovations for efficient and cost-effective service delivery. Further, with robust governance and effective board oversight, SFBs can capitalise on their strengths while meeting growth and stability objectives.

    With this, I wish you all the best for the coming sessions and hope that you find these sessions professionally enriching and stimulating. Thank you!

    MIL OSI Economics –

  • MIL-OSI Economics: Joachim Nagel: Interactions between monetary policy, regulation and financial markets

    Source: Bank for International Settlements

    Check against delivery 

    1 Introduction

    Ladies and gentlemen,

    Good morning and welcome to the Conference on Markets and Intermediaries, an event jointly organised by the Bundesbank and the Humboldt-Universität zu Berlin.

    In my opening speech, I will take you on a helicopter tour of the programme and share some thoughts on the topics that will be covered over the next two days. The programme certainly does cover a wide range of topics. It addresses current challenges facing financial markets, financial intermediaries, and central banks.

    Since the Great Financial Crisis, central banks worldwide have expanded their balance sheets, injected additional liquidity into the financial system, and broadened their collateral frameworks. In addition, financial regulation has been adapted to make the financial system more stable.

    While these measures served useful purposes, they also had side effects, not least in money and capital markets. Policymakers and regulators are therefore well-advised to evaluate the effects of their measures.

    2 Non-bank financial institutions

    The first session is dedicated to non-bank financial institutions, or NBFIs.

    This sector includes, amongst others, insurers, investment funds, and money market and hedge funds. It is strongly interconnected, both with other sectors and across countries. Its share of the global financial system, as measured by total financial assets, is almost one-half.

    Clearly, it could be a source of systemic risks. But the risks presented by NBFIs often lie out of view. This makes them more difficult to monitor and assess. All the more important, then, to close data gaps and strengthen the resilience of the sector.

    One particular source of vulnerability are fire sales of open-ended funds. These are the subject of a paper that Rüdiger Weber is presenting this morning.1

    Open-ended funds are especially prone to fire sales because, during episodes of market stress, they often face significant pressure from investors who want to liquidate their holdings quickly. Fund managers may then be forced to offload fund assets at short notice. And if those assets are less liquid, they may have to sell them at lower prices. This may amplify price declines and liquidity shortages.

    Effective liquidity management and regulation are very important here. A recently published Bundesbank paper shows that price-based liquidity management tools help keep the financial fragility of open-ended mutual funds in check.2

    In times of stress, investors also try to protect their capital by shifting it into safer assets. However, this flight to safety can intensify the downward pressure on the prices of riskier assets as demand for the latter declines.

    The Financial Stability Board is doing important work in this field. But it is currently focused on microprudential regulation. I think the FSB’s work on this front needs to be complemented by the development of macroprudential regulation for the NBFI sector.

    In any case, we should not jeopardise what we have achieved in the banking regulation space by allowing stability risks to build up elsewhere in the financial system.

    3 Central bank digital currencies

    The second session is on central bank digital currencies (CBDC).

    CBDC is an issue that is keeping almost all central banks very busy at the moment. The Eurosystem is hard at work preparing for the potential introduction of a digital euro.

    As the world turns increasingly digital, the digital euro would provide a secure and efficient digital payment option that complements cash. It aims to strengthen Europe’s strategic autonomy by building on European infrastructures, and to promote innovation in the private sector.

    However, introducing a CBDC could also have unintended side effects. If bank customers were allowed to hold it in large amounts, periods of banking distress could trigger large, sudden shifts out of deposits into CBDC. This could lead to financial instability.

    And if CBDC were too attractive a substitute for deposits, commercial banks’ access to retail deposits could erode over time. Which could lead to structural disintermediation and call into question our proven two-tier banking system. It is therefore of the essence to design CBDC in a way that prevents these risks from materialising.

    The challenge is to optimise the usability of CBDC as a means of payment while at the same time limiting its effects on the market for bank deposits. Two decisive factors in this regard are remuneration and holding limits. Let me say a few words on each of these.

    Remuneration means the rate of interest on people’s holdings of CBDC. If that rate of interest were positive, holding CBDC would be more attractive. But at the same time, that would lead to outflows out of bank deposits.

    Based on a welfare-maximising model setting, Pascal Paul will argue later this afternoon that central banks should allow for a positive interest rate.3 This stands in contrast to the intention of the Governing Council not to remunerate digital euro holdings.4

    Why are we not in favour of remuneration?

    Because our aim is to make the digital euro a digital complement to cash, and there is no remuneration for holding cash. We neither want to compete with commercial banks for deposits, nor do we want to employ the digital euro as a monetary policy instrument.

    The second, perhaps even more important, factor is holding limits. We intend to limit digital euro holdings to a certain amount, because we want to ensure the digital euro does not lead to large sudden shifts or disintermediation.

    The limits currently under discussion range from €500 to €3,000.5 A recent Bundesbank paper finds that an optimal holding limit would be in a range between €1,500 and €2,500.6 On the Governing Council, we have not yet taken a decision on the exact amount. What is more, EU legislators might be involved here.

    But as regards the practical usability of the digital euro, the exact limit does not play a major role anyway. This is because a reverse waterfall system, as it is called, would allow users to link their digital euro wallet to their bank account. They can then convert their bank deposits into digital euro automatically and instantly if their holdings are insufficient to make a payment.

    4 Banking and deposit flows

    Allowing users to convert an unlimited amount of deposits into CBDC would expose commercial banks to substantial run risk. In any case, zero or lower interest rates will not discourage them from doing that in times of crisis. However, digital bank runs can happen even without CBDC.

    The failure of Silicon Valley Bank and other regional banks in March 2023 showed how quickly customers can withdraw their deposits these days. At Silicon Valley Bank alone, customers pulled out USD 42 billion within the space of a single day, which equated to around one-quarter of total deposits. And another USD 100 billion would have been withdrawn a day later.7 The depositors on the run were apparently account holders with uninsured deposits.

    Banking and deposit flows are the subject of Session 3. Dominic Cucic will present a paper showing that bank customers do indeed redistribute their deposits when deposit insurance limits change.8 Credible and reliable deposit insurance helps to prevent bank runs and preserve financial stability.

    In the euro area, we currently have deposit insurance at the national level. Adding a European layer in the form of a hybrid model would help prevent situations where large shocks overwhelm national deposit insurance systems and lead to cross-border contagion.

    As a European layer should be risk-based, large exposures of banks to individual sovereigns are an issue. Currently, many banks hold a disproportionately large number of bonds issued by their domestic governments. If this were to continue, a common deposit insurance arrangement could lead to a redistribution of sovereign solvency risks.

    In my view, the new EU legislative session provides a good opportunity to move forward on both issues: with a reduction in banks’ exposures to individual sovereigns, and a common European deposit insurance system.

    5 Central bank interventions and market behaviour

    Session 4 of this conference focuses on the impact of central bank interventions on market behaviour. Both papers in this session underline that such central bank measures need to be carefully designed.9

    Central banks have taken a wide range of non-standard monetary policy measures to ensure sufficient monetary stimulus at the effective lower bound. But in the medium to long term, such policies may lead to inefficiencies. These could arise in financial markets themselves or in the allocation of resources affected by the boost to lending.

    This makes it all the more important to evaluate the instruments used and the lessons learned. It is therefore very fitting that we are currently carrying out a strategy review in the Eurosystem. Amongst other things, this will provide an opportunity to critically review the quantitative easing policies we have seen in the past.

    The extensive bond purchases contributed to price stability in an era of low inflation, but they were also associated with numerous side effects in financial markets. Without prejudging the outcome of the review, I think their use should be limited to exceptional circumstances.

    6 Conclusion

    Ladies and gentlemen,

    The conference concludes with a panel discussion on the ECB’s new operational framework. As I have already expressed my views on this on a different occasion,10 I will end my speech by expressing my gratitude.

    Thanks to the organisers from the Bundesbank and Humboldt University for setting up this conference. Thanks to the presenters, discussants and panellists for sharing their insights. Thanks to all participants for their contributions. And special thanks to Annette Vissing-Jørgensen from the Federal Reserve Board, who will give a keynote on “Balance sheet policy above the effective lower bound”.11

    Now I wish you all an exciting conference with valuable insights.

    Thank you very much. 

    MIL OSI Economics –

  • MIL-OSI Economics: Jerome H Powell: Economic outlook

    Source: Bank for International Settlements

    I have some brief comments on the economy and monetary policy and look forward to our discussion.

    Our economy is strong overall and has made significant progress over the past two years toward achieving our dual-mandate goals of maximum employment and stable prices. Labor market conditions are solid, having cooled from their previously overheated state. Inflation has eased, and my Federal Open Market Committee colleagues and I have greater confidence that it is on a sustainable path to 2 percent. At our meeting earlier this month, we reduced the level of policy restraint by lowering the target range of the federal funds rate by 1/2 percentage point. That decision reflects our growing confidence that, with an appropriate recalibration of our policy stance, strength in the labor market can be maintained in an environment of moderate economic growth and inflation moving sustainably down to our objective.

    Recent Economic Data

    The labor market
    Many indicators show the labor market is solid. To mention just a few, the unemployment rate is well within the range of estimates of its natural rate. Layoffs are low. The labor force participation rate of individuals aged 25 to 54 (so-called prime age) is near its historic high, and the prime-age women’s participation rate has continued to reach new all-time highs. Real wages are increasing at a solid pace, broadly in line with gains in productivity. The ratio of job openings to unemployed workers has moved down steadily but remains just above 1-so that there are still more open positions than there are people seeking work. Prior to 2019, that was rarely the case.

    Still, labor market conditions have clearly cooled over the past year. Workers now view jobs as somewhat less available than they were in 2019. The moderation in job growth and the increase in labor supply have led the unemployment rate to increase to 4.2 percent, still low by historical standards. We do not believe that we need to see further cooling in labor market conditions to achieve 2 percent inflation.

    Inflation
    Over the most recent 12 months, headline and core inflation were 2.2 percent and 2.7 percent, respectively. Disinflation has been broad based, and recent data indicate further progress toward a sustained return to 2 percent. Core goods prices have fallen 0.5 percent over the past year, close to their pre-pandemic pace, as supply bottlenecks have eased. Outside of housing, core services inflation is also close to its pre-pandemic pace. Housing services inflation continues to decline, but sluggishly. The growth rate in rents charged to new tenants remains low. As long as that remains the case, housing services inflation will continue to decline.

    Broader economic conditions also set the table for further disinflation. The labor market is now roughly in balance. Longer-run inflation expectations remain well anchored.

    Monetary Policy

    Over the past year, we have continued to see solid growth and healthy gains in the labor force and productivity. Our goal all along has been to restore price stability without the kind of painful rise in unemployment that has frequently accompanied efforts to bring down high inflation. That would be a highly desirable result for the communities, families, and businesses we serve. While the task is not complete, we have made a good deal of progress toward that outcome.

    For much of the past three years, inflation ran well above our goal, and the labor market was extremely tight. Appropriately, our focus was on bringing down inflation. By keeping monetary policy restrictive, we helped restore the balance between overall supply and demand in the economy. That patient approach has paid dividends: Inflation is now much closer to our 2 percent objective. Today, we see the risks to achieving our employment and inflation goals as roughly in balance.

    Our policy rate had been at a two-decade high since the July 2023 meeting. At the time of that meeting, core inflation was above 4 percent, well above our target, and unemployment was 3.5 percent, near a 50-year low. In the 14 months since, inflation has moved down, and unemployment has moved up, in both cases significantly. It was time for a recalibration of our policy stance to reflect progress toward our goals as well as the changed balance of risks.

    As I mentioned, our decision to reduce our policy rate by 50 basis points reflects our growing confidence that, with an appropriate recalibration of our policy stance, strength in the labor market can be maintained in a context of moderate economic growth and inflation moving sustainably down to 2 percent.

    Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance. But we are not on any preset course. The risks are two-sided, and we will continue to make our decisions meeting by meeting. As we consider additional policy adjustments, we will carefully assess incoming data, the evolving outlook, and the balance of risks. Overall, the economy is in solid shape; we intend to use our tools to keep it there.

    We remain resolute in our commitment to our maximum-employment and price-stability mandates. Everything we do is in service to our public mission.

    Thank you. I look forward to our conversation.

    MIL OSI Economics –

  • MIL-OSI Economics: Michael S Barr: Supporting market resilience and financial stability

    Source: Bank for International Settlements

    Thank you, and thank you for the opportunity to speak to you today.1

    It is great to be here again, particularly because this year marks the 10th annual conference on the Treasury market, a milestone that is worth celebrating. I want to acknowledge the Federal Reserve Bank of New York for its leadership in this area, including the dedication and excellence it has brought to hosting this conference over the past decade, in collaboration with the Inter-Agency Working Group on Treasury Market Surveillance, led by the Treasury Department. The Treasury market is the means by which our government meets its financing needs in service to the American people, and it is also the bedrock of the financial system. Promoting the resilience of the Treasury market and ensuring it can continue to fulfill these roles requires the collaboration of agencies and individuals across the government along with the private sector.

    As others have pointed out today, we have made important progress since last year’s conference. The Securities and Exchange Commission has finalized a rule on central clearing of Treasury transactions, the Treasury Department has instituted a program for buying back less-liquid Treasury securities, and the Office of Financial Research is preparing for its permanent collection of data on non-centrally-cleared bilateral repurchase agreement (repo) transactions, which will support our understanding of this market segment as it evolves.

    I will share some thoughts with you on how I see the work of the Federal Reserve in supporting Treasury market resilience. Our capital and liquidity regulations, our supervision of the firms over which we have authority, and our liquidity facilities play important roles in supporting market resilience and financial stability. Earlier this month, I gave a speech where I reiterated the crucial role of capital in serving these objectives, and the need to balance resilience and efficiency in designing our rules. In that speech, I also outlined the elements of a capital re-proposal that I believe will have broad consensus at the Federal Reserve Board. The adjustments are in response to a robust public comment process, and some of them are designed to address interactions and market functioning concerns raised by commentators.

    In terms of rulemaking, today I will focus on some additional aspects of our regulatory framework-namely, enhancements to our liquidity regulations. I will share some perspective on how our liquidity regulations work together and are supportive of market functioning and the smooth implementation of monetary policy.

    The Intersection of Monetary Policy Tools and Supervision and Regulation

    We consider how all of the Fed’s tools work together to support our objectives. In previous speeches, I have talked about the role of the discount window and the standing repo facility (SRF) in supporting both monetary policy implementation and financial stability, noting how important it is that eligible institutions be ready to use these facilities.2 Today I want to dig into this topic a bit more, including how these tools support monetary policy implementation through appropriate incorporation into liquidity regulations and supervisory practices.

    After the banking stress in March 2023, we saw a substantial improvement among banks of all sizes in their level of readiness to tap the discount window both in taking the necessary steps for set-up and in their pledging of collateral. Since that time, over $1 trillion in additional collateral has been pledged to the discount window, and additional banks have established access to the SRF. Both of these facilities are potential venues for monetizing assets and raising liquidity to address volatility in private funding market rates or gaps in the availability of private-market funding.

    We had been hearing that some were confused about how banks could incorporate ready access to the discount window and the SRF into their contingency funding plans and internal liquidity stress tests. Supervisors have a role in assessing the viability of large banks’ plans to meet stressed outflows in their stress scenarios, and we have been asked whether the discount window, the SRF, and also Federal Home Loan Bank advances can play a role in those scenarios. The answer to this question is “yes.”

    We provided clarity to the public in August on permissible assumptions for how firms can incorporate the discount window and the SRF into their internal liquidity stress-test scenarios. There are a couple of principles that underlie our response in the frequently asked questions we posted on the Board’s website.3 One principle is that our tools are readily available to firms. This means that we see it as acceptable and beneficial for firms to incorporate our facilities to meet liquidity needs in both planning and practice. If firms plan to use our facilities, we expect them to demonstrate ex ante that they are fully capable of doing so, including through test transactions. An additional principle underlying our approach is that, while firms should be ready to use a range of funding sources, firms need to hold sufficient highly liquid assets to meet their potential liquidity needs. That is, they need to self-insure against their own liquidity risks. A third principle is that firms should be ready and able to use private channels to turn these assets into cash, in addition to any public channels they may plan to use.

    I want to dig a bit deeper into the benefits to both individual firms and the financial system when firms incorporate Fed facilities into their stress preparedness planning. Again, a design feature of our liquidity regulations is that large banks must self-insure against major liquidity risks. Our regulations also provide flexibility in terms of the portfolio composition such banks use to do so. This flexibility allows them to adjust their portfolios based on market conditions and firm needs. A key component of this flexibility is that reserves and certain high-quality liquid assets (HQLA), such as Treasury securities, are equivalent in terms of being treated as the highest quality of liquid assets. This feature is important because, while it allows firms to manage their liquidity buffers more flexibly, it also allows for greater flexibility in our monetary policy implementation and it supports market functioning. We have heard over the years, however, that the degree of substitutability among these assets has been limited by concerns about capacity in stress for the market to turn securities into reserves immediately; these concerns are valid. This constraint can be addressed in part by the appropriate incorporation of Federal Reserve facilities into monetization plans in firms’ internal liquidity stress tests.

    When firms understand that they will not be fully constrained by the capacity of private markets or their individual credit lines to monetize HQLA immediately in stress, they can reduce their demand for reserves in favor of Treasury securities, all else being equal, for their stress planning purposes. This dynamic improves the substitutability of holding reserves and holding Treasury securities either outright or through repo transactions.

    When banks exhibit a high degree of substitutability of demand for these assets, money market functioning improves. Let me explain with an example. If a bank sees holding reserves and investing in Treasury repo as near substitutes in its liquidity portfolio, it should lend into Treasury repo markets when repo rates rise above the interest rate earned on reserves. When banks can nimbly adjust portfolios in response to price incentives, the efficiency of reserves redistribution through the system improves, and market functioning is enhanced.

    In aggregate, this activity can prevent rates from rising further, all else being equal. The point at which banks, in aggregate, have a relatively immutable demand for reserves, and are unwilling to lend them out, is evident when a small decrease in the supply of reserves results in a sharp increase in the cost to borrow them. Our monetary policy tools are well positioned to help us avoid this outcome. But, of course, greater willingness of banks to reallocate across close substitutes should help avoid the emergence of sudden pressures in money markets by reducing money market frictions.

    In 2021, the Federal Reserve launched the SRF, which, along with the discount window, should help cap upward pressure in repo markets that could spill over into the federal funds market. Use of these facilities also increases the supply of reserves in the system. The enhanced clarity for firms that Fed facilities are a fully acceptable venue to get same-day liquidity for their HQLA should help reassure firms about holding reserves and their close substitutes, such as Treasury securities, in their liquidity portfolios.

    Of course, as I stated earlier, for the largest banks, there is a requirement that they hold highly liquid assets to address their own liquidity risks. They must also be ready to use private markets to monetize these assets. It is also critical that banks recognize and manage the interest rate and liquidity risk of their securities portfolios to ensure those securities held for liquidity purposes can be monetized in stress without creating other adverse effects on a firm’s safety and soundness. In 2022 and 2023, certain large banks did not effectively manage the risks of rising rates, and suffered significant fair value losses on their securities holdings, including those in held-to-maturity (HTM) portfolios. These losses affected their ability to respond to liquidity stress, as monetizing the assets could result in realizing losses. When the banking stress hit in March 2023, these securities could not be sold to meet stressed outflows because large unrealized losses inhibited their sale without significant capital implications. This is further complicated in the case of HTM securities, which cannot be sold without risking revaluing a firm’s entire HTM portfolio. Selling HTM securities to generate liquidity would therefore have had a particularly large effect on these firms’ capital levels, likely increasing the stress on these firms. Further, some firms were unable to rely on private channels such as repo markets for monetization because they were not prepared, they were not regular participants in the market, and market participants were unwilling to lend because of counterparty credit concerns. This combination of factors meant that HTM securities that had been identified by banks as available to serve as a liquidity buffer of assets in stress could not effectively serve that function.

    Improvements to Our Liquidity Regulations

    As I have mentioned in previous speeches, to address the lessons about liquidity learned in the spring of 2023, we are exploring targeted adjustments to our current liquidity framework.4 Many firms have taken steps to improve their liquidity resilience, and the regulatory adjustments we are considering would ensure that large banks maintain better liquidity risk–management practices going forward. Improvements to our liquidity regulations will also complement the other components of our supervisory and regulatory regime by improving banks’ ability to respond to funding shocks.

    Specifically, we are exploring a requirement that larger banks maintain a minimum amount of readily available liquidity with a pool of reserves and pre-positioned collateral at the discount window, based on a fraction of their uninsured deposits. Community banks would not be covered, and we would take a tiered approach to the requirements. The collateral pre-positioned at the window could include both Treasury securities and the full range of assets eligible for pledging at the discount window. It is vital that uninsured depositors have confidence that their funds will be readily available for withdrawal, if needed, and this confidence would be enhanced by a requirement that larger banks have readily available liquidity to meet requests for withdrawal of these deposits. This requirement would be a complement to existing liquidity regulations such as those that require the internal liquidity stress tests (ILST) I described earlier as well as meeting the liquidity coverage ratio (LCR).5

    Incorporating the discount window into a readiness requirement would also reemphasize that supervisors and examiners view use of the discount window as appropriate under both normal and stressed market conditions.

    In addition, as I have discussed previously, we identified significant gaps in interest rate risk management in the March 2023 banking stress, including in portfolios of highly liquid securities. Relatedly, we saw that banks faced constraints in monetizing HTM assets with large unrealized losses in private markets because they were unable to repo these securities or sell these securities without realizing significant losses. To address these gaps, we are considering a partial limit on the extent of reliance on HTM assets in larger banks’ liquidity buffers, such as those held under the LCR and ILST requirements. These adjustments would address the known challenges of banks being able to use these assets in stress conditions.

    Finally, we are reviewing the treatment of a handful of types of deposits in the current liquidity framework. Observed behavior of different deposit types during times of stress suggests the need to recalibrate deposit outflow assumptions in our rules for certain types of depositors. We are also revisiting the scope of application of our current liquidity framework for large banks.

    These enhancements to our liquidity regulations will help bolster firms’ ability to manage liquidity shocks, and they will also be well integrated with our monetary policy tools and framework.

    Modernizing Our Tools to Meet Current and Future Needs

    Turning back to the discount window, I also want to note that the discount window has served its role well in recent years, and that we are also engaging in ongoing work to improve its operations. Given the crucial role of the discount window in providing ready access to liquidity in a wide variety of market conditions, we continuously work to assess and improve its functionality while engaging with current and potential users of the window.

    Among the steps we have taken recently include that we now have an online portal, Discount Window Direct, that allows firms to request and prepay discount window loans in a more streamlined manner than was previously possible. We also recently published a request for information on discount window operations and daylight credit asking about key components of these functions. Feedback from the public will help us prioritize areas for improvement, so I strongly encourage anyone with an interest in this topic to weigh in during the comment period. Your feedback will help us ensure that the discount window continues to improve in its role of providing ready access to funding under a variety of market conditions.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Economics: Darryl Chan: Opening remarks – Treasury Markets Summit 2024

    Source: Bank for International Settlements

    Distinguished guests, members and friends of the TMA, ladies and gentlemen: good morning.

    On behalf of the HKMA and the TMA, a very warm welcome to you all for joining this annual Treasury Markets Summit. The annual event has been, and will continue to be, a great gathering that promotes the sharing of thoughts, ideas and friendship among professionals from the treasury markets and experts from related disciplines.

    I’d like to congratulate the TMA team on curating a highly relevant and interesting programme for this year’s Summit. Special thanks to our panellists who will generously share their insights and foresights on subjects that are so closely related to our day-to-day work such as China’s economic outlook, and subjects that will or may have profound impact on the way financial markets including the treasury markets operate – here I am referring to CBDC and DeFi.  And, speaking of China’s economic outlook, these past couple of days were extraordinary. I am sure we can’t wait to hear the sharing by our experts.

    And of course we also look forward to hearing what Eddie has to say about offshore RMB business, a topic that I’m sure concerns almost every one of us here today, and a topic that is hugely important to sharpening the edge of Hong Kong as an international financial centre.

    But before we embark on the forward-looking journey, let me take a few minutes to highlight a number of remarkable achievements by the TMA in the past year or so.

    In terms of market infrastructure, the TMA’s dedicated working group has done a wonderful job in helping market practitioners prepare for the smooth transition of LIBOR to alternative reference rates and facilitating the adoption of Hong Kong dollar overnight index average, or HONIA, as an alternative to HIBOR. No fanfare, but the silence spoke volumes about the hard work behind the scenes. 

    On the introduction this week of severe weather trading in our stock market, the TMA has reviewed the arrangements of the financial benchmarks it administers and undertook to continue publishing HKD and CNH FX spot rates during severe weather conditions, facilitating the implementation of the new trading arrangement.

    The TMA also actively provides market perspectives and advice in support of the development of Hong Kong’s offshore RMB business hub. It provided industry feedback to the People’s Bank of China in facilitating the launch of the northbound Swap Connect. It also set up a dedicated working group and made a comprehensive proposal to the HKMA on ways to further promote our RMB business, including building a market-driven CNH yield curve and enhancing Hong Kong’s RMB liquidity pool. The specific measures proposed by the TMA are valuable reference that helps us focus our policy priorities and map out concrete steps to achieve those objectives.

    These are just some of the examples demonstrating the TMA’s efforts to make our treasury markets more competitive and more supportive of our financial sector, not to mention the many ongoing initiatives in nurturing treasury markets talent, implementing international standards and best practices, as well as engaging with international and regional peers.  

    There’s still a lot of work ahead. Earlier this year, with the support of the banking and financial community, the TMA launched the data licensing arrangement to align with international practices on benchmark usage and surveillance. Under the arrangement, a small fee is charged on the subscription and use of certain benchmarks administered by the TMA. Hopefully the additional income will ensure the TMA is better resourced to discharge its heavy responsibilities going forward.

    Before I conclude, I would like to express my heartfelt gratitude to the members of the Council, Executive Board and various Committees of the TMA, and all institutional and individual members, for your unfailing support and contribution. My thanks also go to the TMA team for their dedication and commitment. With all your support, I’m sure the TMA has what it takes to go from strength to strength.

    May I wish you all a productive and fruitful summit. Thank you.

    MIL OSI Economics –

  • MIL-OSI: Forex Expo Dubai 2024 Breaks Records with Unprecedented Attendance and Sponsors

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 01, 2024 (GLOBE NEWSWIRE) — Forex Expo Dubai 2024 is set to make history as it breaks records with the highest-ever number of attendees and sponsors in its esteemed legacy. Welcoming participants from across the globe, the event expects more than 15,000+ attendees and features 200+ sponsors, making it the largest gathering of traders, investors, and financial professionals in the Middle East. 

    Celebrating Women in the FX Industry 

    In addition to its record-breaking success, Forex Expo Dubai 2024 is proud to celebrate the growing influence of women in the online trading and financial industries. This year’s event will honour the exceptional contributions of women leading innovation and transformation in the forex sector. Our distinguished women speakers will share insights on topics ranging from trading strategies to fintech advancements, empowering the next generation of female professionals. 

    Featured speakers include: 

    • Razan Assaf, Compliance Manager, Kama Capital LLC
    • Elena Kupriianova, Chief Marketing Officer, Spotware Systems Ltd.
    • Negin Negahdari, Senior Business Development, Exness
    • Maria Gaibor, Senior Business Development Manager, VT MARKETS
    • Nilima Akter, Head of Marketing, Space World Capital
    • Luna Tajik, Chief Executive Officer, Finest 
    • And many more 

    Their participation highlights Forex Expo Dubai’s commitment to promoting diversity, inclusion, and gender equality within the financial sector. 

    A Special Thanks to Our 200+ Exhibitors 

    Forex Expo Dubai 2024 proudly showcases over 200 exhibitors from around the world, featuring the latest trends, technologies, and opportunities in the trading space. We extend our deepest appreciation to all exhibitors for their invaluable contributions, which have solidified this event as a must-attend for industry professionals. 

    To Register, Users Can Click Here: https://bit.ly/4dppQX5 

    About Forex Expo Dubai 2024 

    Forex Expo Dubai 2024 is the premier event for the global trading community, offering a platform for industry leaders, investors, and professionals to connect, learn, and explore the latest trends in online trading. With a focus on innovation, education, and networking, Forex Expo Dubai is where the future of trading comes to life. 

    Contact

    Ms
    ANJALI KUMARI
    HQMENA
    anjali@hqmena.com

    The MIL Network –

  • MIL-OSI: OpenHW Group to Join the Eclipse Foundation, Expanding Open Source RISC-V Innovation

    Source: GlobeNewswire (MIL-OSI)

    BRUSSELS and OTTAWA, Oct. 01, 2024 (GLOBE NEWSWIRE) — In a joint announcement today, the Eclipse Foundation, one of the world’s leading open source software foundations, and OpenHW Group, a global leader in developing open source RISC-V processor cores and IP, revealed that OpenHW will become part of the Eclipse Foundation. This strategic collaboration, set to be finalised by December 2024, will accelerate the development of open source hardware technologies, offering a robust, open alternative to proprietary architectures. This move will benefit a wide array of industries, including artificial intelligence (AI), cloud computing, IoT, automotive, and high-performance computing (HPC).

    Founded in 2019, OpenHW Group immediately established a strategic partnership with the Eclipse Foundation, drawing on Eclipse’s expertise to deliver key services, including development processes, IP management, IT infrastructure, and back-office operations. This long-standing collaboration has laid the foundation for a seamless integration, strengthening OpenHW’s mission to provide verified, industrial grade, open source cores that are ready for commercial-grade SoC production.

    As part of this transition, OpenHW Group will be renamed the OpenHW Foundation, bringing its extensive network of more than 100 members and partners into the Eclipse Foundation’s open source ecosystem, including prominent organisations such as Barcelona Supercomputing Center, CEA, Red Hat, Silicon Labs, and Thales. By joining forces with the Eclipse Foundation, OpenHW reinforces its commitment to delivering industry-leading open hardware solutions.

    “Joining the Eclipse Foundation is a transformative moment for OpenHW, solidifying our commitment to delivering trusted open hardware solutions to the global market,” said Florian Wohlrab, CEO of OpenHW Group. “This partnership provides the long-term stability, infrastructure, and open source expertise we need to continue driving innovation in RISC-V hardware, benefiting both our members and the broader industry.”

    Mike Milinkovich, executive director of the Eclipse Foundation, added, “Throughout its five-year history, OpenHW has played a pivotal role in pushing the boundaries of open source hardware. Together, we’re now much better positioned to advance cutting-edge technologies in areas like AI, software-defined vehicles, and the Industrial IoT, further strengthening the role of open source in these critical industries.”

    Bolstering Open Source Hardware Innovation

    By joining the Eclipse Foundation, OpenHW can fully focus on further developing RISC-V hardware, an open, flexible, and cost-effective architecture that enables faster innovation while removing traditional licensing barriers. The open source nature of RISC-V makes it an ideal choice for enterprises looking to disrupt markets, especially in sectors such as AI and automotive, where flexibility and scalability are critical.

    Under the governance of the Eclipse Foundation, the OpenHW Foundation will continue to lead and expand on critical projects and initiatives, including:

    • CVA6: 64/32-bit cores designed for high-performance applications like Linux-based systems. These configurable cores offer an industrial-grade platform for a wide range of applications, including those with advanced safety requirements.
    • CVE4: 32-bit embedded-class cores, optimised for IoT, edge computing, and consumer electronics, powering devices like washing machines, robots, drones, and game controllers. Typically, these cores run real-time operating systems such as Eclipse ThreadX or operate in bare-metal environments.
    • CVE2: Small, power-efficient processors, perfect for deeply embedded control applications, replacing state-machine logic in embedded devices.
    • CVA6 Platform: A vendor-neutral software validation platform supporting a variety of FPGA configurations, including cloud-based solutions like AWS ES2 FPGA instances.
    • Software Initiatives: Ongoing efforts to add extensions, improve compilers, and enhance emulators to ensure robust support for our cores across the latest technologies.

    Join OpenHW and Shape the Future of Open Processor Technologies

    As part of the Eclipse Foundation, the OpenHW Foundation is uniquely positioned to advance its mission of supporting industries ranging from embedded systems to supercomputing. By delivering high-quality, verified RISC-V cores, OpenHW meets the rigorous demands of modern applications, ensuring reliability and innovation across diverse sectors. This transition brings exciting opportunities for both existing and new stakeholders to get involved and help shape the future of open source hardware. We invite members, partners, and other stakeholders to actively engage in advancing RISC-V core development, emulation kits, and software initiatives.

    Whether you’re a developer, researcher, or an organisation, joining the OpenHW Foundation gives you direct access to a vibrant, collaborative community that drives RISC-V-based innovation. Explore opportunities to contribute, influence key initiatives, and make your mark in the open hardware community. New members are welcome to join through the Eclipse Foundation. Visit the Eclipse Membership page to learn how to become part of this exciting new chapter.

    Member Quotes

    Barcelona Supercomputing Center (BSC)
    “At BSC, our mission is to push the boundaries of computer architecture and supercomputing. By working closely with OpenHW, we are contributing to the development of high-performance, open source RISC-V cores that are critical to the future of high-performance computing. We are confident OpenHW joining the Eclipse Foundation will only further enhance this collaboration, offering greater opportunities for impact across the global open hardware ecosystem.” – Miquel Moretó, High Performance Domain-Specific Architectures Group Leader at BSC.

    Bluespec
    “The RISC-V community has made a tremendous impact, with millions of cores already being shipped. We’re excited to see OpenHW Group join the Eclipse Foundation and view it as a significant milestone that will drive innovation across the broader ecosystem. At Bluespec, we recognize the importance of fostering a healthy, open source environment and this collaboration ensures continued development of high-quality, industrial-grade open source RISC-V cores.” – Charlie Hauck, CEO of Bluespec.

    CEA
    “CEA has long been at the forefront of research and development in sectors such as low-carbon energy and microelectronics with its Leti institute. Our collaboration with OpenHW enables us to apply our advanced research to open source processor technology, creating new possibilities for commercial and industrial applications. As a long-time existing Strategic Member of the Eclipse Foundation, we are confident that this transition marks an exciting new chapter in our work with OpenHW, ensuring that we continue to drive meaningful innovation in both open hardware and critical global industries.” – Fabien Clermidy, Head of System Division, CEA-Leti.

    Silicon Labs
    “Silicon Labs is proud to support the OpenHW Foundation’s mission of driving innovation in open source hardware. As a leader in radio modules and wireless technologies, we recognize the importance of robust, verified processor cores that meet the demands of modern IoT applications. The Eclipse Foundation’s strong governance and OpenHW’s RISC-V expertise create a powerful platform for collaboration and growth.” – Daniel Ciooley, CTO and SVP at Silicon Labs

    Thales
    “At Thales, we are deeply committed to advancing cutting-edge technologies, and our collaboration with OpenHW aligns perfectly with this mission. Through initiatives like the Europe Tristan project, we are leveraging open source RISC-V processor cores to deliver innovative, secure solutions for the aerospace and defence sectors. The transition to the Eclipse Foundation strengthens this commitment and positions the OpenHW community to drive further breakthroughs in open hardware.” – Daniel Glazman, CTO Software (KTD), Thales Group.

    About the Eclipse Foundation
    The Eclipse Foundation provides our global community of individuals and organisations with a business-friendly environment for open source software collaboration and innovation. We host the Eclipse IDE, Adoptium, Software Defined Vehicle, Jakarta EE, and over 420 open source projects, including runtimes, tools, specifications, and frameworks for cloud and edge applications, IoT, AI, automotive, systems engineering, open processor designs, and many others. Headquartered in Brussels, Belgium, the Eclipse Foundation is an international non-profit association supported by over 360 members. Visit us at this year’s Open Community Experience (OCX) conference on 22-24 October 2024 in Mainz, Germany. To learn more, follow us on social media @EclipseFdn, LinkedIn, or visit eclipse.org.

    About OpenHW Group
    OpenHW Group is a global non-profit organisation dedicated to developing, verifying, and delivering high quality, open source RISC-V processor cores and related IP for commercial and industrial applications. With its extensive network of more than 100 members and partners, OpenHW is driving the advancement of open source processor technology across cloud, mobile, IoT, AI, automotive, HPC, and other domains. Through its CORE-V Task Group, the organisation ensures industry-aligned, high-quality development, supporting cutting-edge SoC production worldwide. OpenHW is supported by leading innovators such as Barcelona Supercomputer Center (BSC), CEA, Red Hat, Silicon Labs, and Thales. To learn more, visit openhwgroup.org.

    Third-party trademarks mentioned are the property of their respective owners.

    Media contacts:
    Schwartz Public Relations (Germany)
    Gloria Huppert/Marita Bäumer
    Sendlinger Straße 42A
    80331 Munich
    EclipseFoundation@schwartzpr.de
    +49 (89) 211 871 -70/ -62

    514 Media Ltd (France, Italy, Spain)
    Benoit Simoneau
    benoit@514-media.com
    M: +44 (0) 7891 920 370

    Nichols Communications (Global Press Contact)
    Jay Nichols
    jay@nicholscomm.com
    +1 408-772-1551

    The MIL Network –

  • MIL-OSI: LanzaTech Expands Biorefining Platform Capabilities to Include Production of Commercial-scale Nutritional Protein Directly From CO2

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 01, 2024 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the “Company”), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, today announced its plans to expand its biorefining platform capabilities to include operations that produce LanzaTech Nutritional Protein (“LNP”) as the primary product. LNP is a microbial protein that is a nutrient-rich alternative to plant and animal-based proteins. By using a new microbe in its proprietary gas fermentation process, LanzaTech’s biorefining platform can produce a cost-competitive protein solution that supports a resilient food supply chain. LNP production has the capability to address food security issues and be produced anywhere in the world, independent of weather extremes. Notably, the production of LNP uses a fraction of the land and water resources that traditional protein sources require. 

    With the development of LNP production facilities, LanzaTech will gain access to the large and growing alternative protein markets, diversifying its customer base, expanding its sources of revenue, and optimizing the value creation driven by its existing, proven platform.

    “Building on the expertise of our commercially operating core gas fermentation process, LNP represents a natural expansion of our business,” said Dr. Jennifer Holmgren, CEO of LanzaTech. “By coupling a new microbial production strain with our existing bioreactor technology, and our years of operating experience, we have developed a path to mass produce protein from CO2. For two years, we’ve operated a pilot facility to prepare for commercialization, and in the process, we’ve partnered with leading brands and food testing organizations for rigorous analysis and prototyping of nutrition applications. We have now progressed into the engineering design phase for a 0.5 to 1.5 ton per day facility, expected to be operational in 2026, and have developed a roadmap to commercial-scale production in 2028.”

    By 2050, the world population is projected to reach 10 billion people, which means an additional 250 million metric tons (“MT”) of protein will be required annually. LanzaTech is extending the power of its gas fermentation platform—which can already produce commercial scale volumes of essential ethanol for apparel, packaging, surfactants, and sustainable aviation fuel—to produce large quantities of protein without straining land and water resources or impacting biodiversity. LNP has a complete amino acid profile and no allergenicity.

    LanzaTech has nearly two decades of experience biorefining carbon-rich feedstocks to produce ethanol as the primary product and protein as a co-product. Leveraging this experience, LanzaTech has developed a solution using CO2 that produces LNP as the primary product. As a leader in gas fermentation, LanzaTech is well positioned to access the $1 trillion and growing alternative protein markets with a cost-competitive product that leverages LanzaTech’s proprietary biorefining platform and that utilizes similar feedstocks to LanzaTech’s current operations. 

    LanzaTech is evaluating potential sites, in collaboration with several partners, for the first pre commercial facilities, planned to be operational in 2026. These facilities are expected to produce between 0.5 to 1.5 tons of LNP per day, and given the high protein content of LNP, 0.5 tons per day of LNP is roughly the equivalent of giving a typical complete daily intake of protein to approximately 9,000 people. 

    Commercial facilities are being designed to produce more than 30,000 MT per annum, or greater than 80 MT per day, with the first of these facilities expected to be operational during 2028. 

    LanzaTech is in the process of completing trials and testing in animal feed and pet food, and is underway with completing the U.S. Food and Drug Administration’s Generally Recognized as Safe (“GRAS”) certification process for LNP’s use in human nutrition formulations.

    The Center for Aquaculture Technologies has successfully tested LNP for fish feed applications and human food and beverage innovation firm Mattson completed thorough protein characterization and food prototyping for dish concepts such as smoothies, dairy-free cheese, and bread.

    LanzaTech has also partnered with the U.S. Navy Research Lab on a joint research and contract development project jointly funded by the Office of the Under Secretary of Defense for Research and Engineering, the Office of Naval Research, and the U.S. Naval Research Laboratory to evaluate the viability of creating nutritional proteins on military platforms.

    “We are excited to collaborate with LanzaTech on this groundbreaking extension of their carbon recycling platform. Together we are exploring the biomanufacturing potential of a nutritional protein product made from CO2 extracted from seawater,” said Dr. Matthew Yates, Research Biologist at the U.S. Naval Research Laboratory. “Integrating LanzaTech’s state of the art gas fermentation technology with the U.S. Naval Research Laboratory’s Seawater Carbon Capture Process presents a valuable opportunity to develop a unique capability to meet the nutritional needs of soldiers and sailors across the Joint Forces while simultaneously enhancing the resilience of military operations in an evolving geopolitical landscape.”

    For more information on LanzaTech and LNP please visit https://lanzatech.com.

    About LanzaTech

    LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein for everyday products. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move, Coty, On, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

    Forward Looking Statements

    This press release includes forward-looking statements regarding, among other things, the plans, strategies, and prospects, both business and financial, of LanzaTech. These statements are based on the beliefs, assumptions, projections and conclusions of LanzaTech’s management. Forward-looking statements are inherently subject to risks, uncertainties and assumptions, many of which are outside LanzaTech’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. LanzaTech cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are not guarantees of future performance, conditions or results, and you should not rely on forward-looking statements. 

    Generally, statements that are not historical facts, including those concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar expressions. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: 

    • Our ability to scale and develop the LNP business to the maturity and levels of efficiency required to realize returns, or to receive the required government and regulatory approvals for the marketing and sale of LNP;
    • Timing delays in the advancement of projects to the final investment decision stage or into construction; 
    • Failure by customers to adopt new technologies and platforms; 
    • Fluctuations in the availability and cost of feedstocks and other process inputs; • The availability and continuation of government funding and support; 
    • Broader economic conditions, including inflation, interest rates, supply chain disruptions, employment conditions, and competitive pressures; 
    • Unforeseen technical, regulatory, or commercial challenges in scaling proprietary technologies, business functions or operational disruptions; and 
    • Other economic, business, or competitive factors, and other risks and uncertainties, including the risk factors and other information contained in LanzaTech’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, as well as other existing and future filings with the U.S. Securities and Exchange Commission. 

    Any forward-looking statement herein is based only on information currently available to LanzaTech and speaks only as of the date on which it is made. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    LanzaTech Global, Inc.
    Investor Relations
    Kate Walsh
    VP, Investor Relations & Tax
    Investor.Relations@lanzatech.com

    Media Relations
    Kit McDonnell
    Director of Communications
    press@lanzatech.com

    The MIL Network –

  • MIL-OSI: Global Net Lease, Inc. Announces Common Stock Dividend for the Fourth Quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 01, 2024 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (“GNL” or the “Company”) (NYSE: GNL / GNL PRA / GNL PRB / GNL PRD / GNL PRE) announced today that it declared a dividend of $0.275 per share of common stock payable on October 16, 2024, to common stockholders of record at the close of business on October 11, 2024.

    Dividends authorized by the Company’s board of directors and declared by the Company are paid on a quarterly basis in arrears during the first month following the end of each fiscal quarter (unless otherwise specified) to common stockholders of record on the record date for such payment.

    About Global Net Lease, Inc.

    Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at http://www.globalnetlease.com.

    Important Notice

    The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks associated with realization of the anticipated benefits of the merger with The Necessity Retail REIT, Inc. and the internalization of the Company’s property management and advisory functions; that any potential future acquisition or disposition by the Company is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in its forward-looking statements are set forth in the Risk Factors and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

    Contacts:
    Investor Relations
    Email: investorrelations@globalnetlease.com
    Phone: (332) 265-2020

    The MIL Network –

  • MIL-OSI Security: Meet Myriam Andaloro, a NATO cultural expert on the Middle East and Africa

    Source: NATO

    Myriam Andaloro is a Digital and Cultural Consultant at the NATO Strategic Direction-South Hub – the centre dedicated to increasing NATO’s understanding of and cooperation with partners across the Middle East and Africa. An Italian national of Lebanese descent, Myriam works to establish appropriate and respectful communication with NATO’s southern neighbours by reducing the risk for cultural misunderstandings and raising awareness about cultural sensitivities.

    Connecting cultures for a better understanding: Myriam’s impactful role

    “If I were to leave a footprint in the world, it would be to raise cultural awareness and avoid misunderstandings that can lead to conflicts.”

    Myriam Andaloro

    Born and raised in Lebanon and having lived in Nigeria and now in Italy, Myriam has a natural ability to engage with people from different cultures and religions. Her international background and fascination with multiculturalism, identity and language made her interested in pursuing a career in the area of cultural consultancy and digital communications, which she currently carries out at the NATO Strategic Direction-South Hub, located within the Allied Joint Force Command Naples.

    Myriam’s background and linguistic expertise are a valuable asset for the Hub’s mission to foster constructive relations between NATO and partners from the Middle East, North Africa, the Sahel, Sub-Sahara and adjacent areas. Myriam and her colleagues work to create a welcoming environment, where local experts share their unique perspectives in domains ranging from conflict prevention and security over countering terrorism, socio-economic developments and the Women, Peace and Security agenda to technology and innovation.

    A few examples of roots of instability, which can spill over to NATO territory, are terrorism, radicalisation, human trafficking, crime, migration and environmental problems. Once a comprehensive picture of these security challenges is formed, the Alliance can better anticipate and, where possible, address challenging issues for the benefit of all.

    Bridging NATO and its partners in the South through communication

    As a cultural consultant for the Middle East and North Africa (MENA) region, Myriam’s role is to identify and respect regional sensitivities. Myriam and her colleagues work to develop a deep understanding of the traditions of these countries, as well as their populations’ perceptions of NATO, to ensure that what is communicated on NATO’s behalf is understood.

    When Myriam first joined the Hub, her work focused on French and Arabic translations, and on the cultural overview of the Hub’s media products. Her responsibility was to help dispel misconceptions about NATO and appropriately communicate with external key audiences in the Middle East, Africa, and Allied countries, such as military organisations, regional and international experts.  Over time, Myriam started to take on more multifaceted and dynamic responsibilities, and began working on digital content production, focusing on bolstering mutual understanding and respect.

     “Every day looks slightly different. Some days I am busy translating our reports and updating our website, and on other days I am working hard on creating products for our online or in-person events. I often participate in conferences, which is very enlightening because I get to meet all the impressive experts from the Middle East and Africa.”

    While it takes years to positively impact people’s perceptions, Myriam argues that the work of the Hub has been continuously improving the relationship between the Alliance and experts in the South. Knowledge-sharing among them has increased, widening mutual understanding and the scope of future cooperation.

    Storytelling for understanding: NATO’s commitment to accurate cultural representation

    Recently, Myriam assisted NATO’s Allied Command Transformation in the production of a graphic novella titled “How we see the darkness”. The novella – which is based on the paper “Complex Conflicts in Africa” by Assistant Professor of Political Science at the University of Cincinnati Dr Alexander Thurston – underlines the necessity for external actors, including NATO, to exercise caution while seeking to build peace in Africa.

    Myriam’s role in the project was to ensure that the fictional story depicted an accurate representation of its chosen setting. From examining if the characters were dressed appropriately, to checking whether the architectural style of the region was authentic and religious symbols were accurate, Myriam provided cultural guidance to the graphic contractors to avoid misrepresentations.

    Additionally, Myriam translated the novella into both French and Arabic – making it available to non-English speaking audiences.

    For Myriam, NATO “means the preservation of human rights and security”, two values that the Alliance has always defended. She aims to contribute to that mission by serving as one of NATO’s cultural experts for the South and is willing to help other Alliance bodies improve their knowledge of Middle Eastern and African countries, while promoting accurate and respectful communication.

    MIL Security OSI –

  • MIL-OSI Africa: Deputy President calls on the UK to raise tariff-free quota on wine, sugar from SA

    Source: South Africa News Agency

    Deputy President Paul Mashatile has called on the United Kingdom government to raise the tariff-free quota (TFQ) on wine and sugar coming from South Africa. 

    The Southern African Customs Union (SACU) and the Mozambique Economic Partnership Agreement (EPA) include provisions for a 70/30 split between bottled and bulk wine throughout the trade relationship. 

    “As the South African government, we urge flexibility for a 50/50 split. In our view, this does not necessitate an amendment of the EPA but can be a decision of the SACUM-UK Joint Council.

    “South Africa has requested that the United Kingdom raise the TRQ amounts allowed under the Environmental Protection Agency Framework for South African sugar to 171 thousand tonnes and for wine to 150 million litres,” he said on Monday. 

    The TFQ for imports of South African wine into the United Kingdom is currently sitting at 71.5 million litres per annum, which applies to 30% bulk and 70% packaged wine.

    “We call for the UK to agree to this change which is mutually beneficial and will benefit the UK bottling industry.”

    Deputy President Mashatile was speaking during the South African Heritage Month dinner hosted by Brand South Africa in London.

    The country’s second-in-command is in London for the second leg of his working visit to improve trade and investment relations between the two nations. 

    He said he believed that if South Africa could introduce local umqombothi, also known as African beer, or more wine to the global market, the country could double exports from South Africa to the United Kingdom, Germany, the United States, Netherlands and Canada.

    The Deputy President said another element that has worked to construct a robust economy and enhance economic relations with the United Kingdom is the conventional interchange of commodities and services, such as food and clothes. 

    “As you run your company and live in this area of the globe, you must show that South Africa is a nation moulded by a diverse range of cultures, languages, and traditions, all of which contribute to the vivid mosaic that defines South Africa.”

    Government of National Unity

    Shifting his focus to the Government of National Unity (GNU), he said the coalition government has demonstrated that South Africa embraces its diversity. 

    “We have shown to the world that, despite our differences, we can work together for a single goal – to create a stronger South Africa. We have also shown the world that our rainbow country has a thriving democracy.”

    He told the attendees that he was convinced that the GNU would endure and achieve its goals of driving inclusive growth and job creation, reducing poverty, addressing the high cost of living, and establishing a competent, ethical, and progressive State. 

    “However, as we mark 30 years of freedom this year, we must remember those who were at the forefront of the liberation of our nation and spent years in exile advocating for a peaceful and democratic South Africa.”

    The Deputy President paid tribute to those who continue to raise the South African flag high internationally by contributing to the welfare of their fellow citizens and the economy. 

    “We refer to these people as Global South Africans. Now to all South Africans living, working, studying or travelling abroad, it is an exciting time for you to be a Global South African – to be part of the South African story, to be a son or daughter of Africa, to be directly connected to what we confidently predict will be the African century.” 

    He applauded Brand South Africa for launching the Global South African programme, as the country works to position itself as a global player in an increasingly competitive world. 

    “We believe that as Global South Africans you are an untapped voice and advocates who can elevate our nation’s brand position to greater heights in international markets, whilst also shaping perceptions and the narrative about our beautiful and beloved country.” – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Europe: Written question – Failure to apply the rule of law in Albania – E-001754/2024

    Source: European Parliament

    Question for written answer  E-001754/2024
    to the Commission
    Rule 144
    Nikolaos Anadiotis (NI)

    On 29 May 2024, the European External Action Service (EEAS) – the Diplomatic Service of the EU – published its Annual Report on Human Rights and Democracy in the World.[1] On Albania (p. 7 of the report), it says that local elections ‘on 14 May 2023 were conducted in a generally calm manner’.[2]

    In those elections, in the Municipality of Himarë, as we all know, the party of the ethnic Greek candidate from Northern Epirus, Fredi Beleri (now MEP for New Democracy and the EPP), won. However, the losing party continued in office, in fact for 15 months, until August 2024. Never since the 5th century BC, when democracy was established in Ancient Athens, has anything of that kind ever happened. It is unprecedented in the annals of world history for a party that loses an election to continue governing, while the winning party remains in opposition.

    In view of this, can the Commission answer the following:

    • 1.Why was Albania not formally condemned for this flagrant violation of the fundamental principle of democracy?
    • 2.Have the reasons why this fact escaped the notice of the Diplomatic Service of the EU been looked into? Did those who drafted the EEAS Report conduct any investigation into who was responsible for its not being recorded?

    Submitted: 18.9.2024

    • [1] https://www.eeas.europa.eu/eeas/2023-annual-report-human-rights-and-democracy-world-0_en?page_lang=en
    • [2] https://www.eeas.europa.eu/sites/default/files/documents/2024/2023%20EU%20country%20updates%20on%20human%20rights%20and%20democracy_2.pdf
    Last updated: 1 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Consequences of Germany’s decision to close its borders to Member States, and in particular to Greece – E-001756/2024

    Source: European Parliament

    Question for written answer  E-001756/2024
    to the Commission
    Rule 144
    Afroditi Latinopoulou (PfE)

    Germany is effectively abolishing the Schengen Treaty and closing its borders from midnight on 16 September 2024 in order to combat illegal immigration and the Islamist threat. The Minister for the Interior herself, Ms Nancy Faeser, has explained that the purpose of the move is to protect German citizens from the risks posed by Islamist terrorism and serious cross-border crime. Germany’s decision has provoked reactions throughout Europe, particularly in host countries such as Greece.

    Since the consequences of Germany’s sudden decision to close its borders are dangerous for Greece, can the Commission answer the following:

    • 1.If Germany abolishes the Schengen Treaty by closing its borders, why should Greece, a country hosting hundreds of thousands of illegal immigrants, not do the same, using all available means of dissuasion to shield its borders and hence the European Union from a fresh invasion?
    • 2.Is there any plan to review the Dublin Regulation so that the unequal share-out of the burden is addressed more effectively, especially for countries like Greece that are taking in increased flows?
    • 3.Does the EU plan to conclude transnational agreements as a bloc with countries outside its borders, so that illegal immigrants in Member States are transferred to third countries as soon as possible?

    Submitted: 18.9.2024

    Last updated: 1 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Commission support for rail freight – E-001759/2024

    Source: European Parliament

    Question for written answer  E-001759/2024
    to the Commission
    Rule 144
    François Kalfon (S&D)

    Rail freight is a key element in the decarbonisation of goods transport. Accordingly, in her mission letter to Apostolos Tzitzikostas, Commissioner for Sustainable Transport and Tourism, Ursula von der Leyen requested that an ambitious plan for rail freight be put in place.

    However, Fret SNCF, one of Europe’s biggest players in this sector, was forced to restructure itself in order to avoid paying a record fine imposed by the Commission for aid found to be against competition rules. While this restructuring plan will allow Fret SNCF to avoid this fine, it is also accompanied by a significant and unjust redundancy plan that will affect the operation of any future entities stemming from Fret SNCF and will limit their aspirations to develop rail freight.

    How does the Commission intend to tangibly support rail freight?

    Submitted: 18.9.2024

    Last updated: 1 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Functioning of the Schengen area and closure of German land borders – E-001698/2024

    Source: European Parliament

    Question for written answer  E-001698/2024/rev.1
    to the Commission
    Rule 144
    Piotr Müller (ECR)

    Following Germany’s decision to introduce temporary controls on all land borders from 16 September 2024, without making prior arrangements with other Member States, I would like to ask the following questions:

    • 1.Did Germany formally notify the Commission of its plan to impose temporary border controls, and did it fulfil the legal grounds for this action as set out in Schengen provisions?
    • 2.How will the Commission guarantee that Germany and other Member States fulfil their commitments arising from the Pact on Migration and Asylum when Germany’s unilateral actions undermine the already questionable nature of this pact and raise the issue of double standards in relation to certain EU countries?
    • 3.How does the Commission justify its lack of a response to the unilateral imposition of border controls by Germany, which is apparently suspending the Schengen area rules, while other countries, such as Poland, are criticised for taking steps to protect their borders?

    Submitted: 12.9.2024

    Last updated: 1 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Alleged sharp rise in Ukrainian refugee women falling victim to prostitution rings – E-001766/2024

    Source: European Parliament

    Question for written answer  E-001766/2024
    to the Commission
    Rule 144
    Mathilde Androuët (PfE)

    The Council of the EU has accepted the Commission’s proposal to extend the temporary protection for Ukrainian refugees until March 2026, including access to the labour market and to housing[1]. As of May 2024, Eurostat[2] reported 4.2 million displaced Ukrainians, mainly in Germany and Poland. According to data provided by the Federal Statistical Office in Germany, 70% of refugees are women, and only 14% of them are in employment. German media and NGOs have recently warned about a high number of ‘very young Ukrainian women’ falling victim to human traffickers and ending up in prostitution rings[3], either on the internet or in brothels, owing to a lack of accommodation and employment. There can be little doubt that this prostitution is not voluntary.

    Alarm about the increase in sexual exploitation networks involving Ukrainian refugees, including ‘via online platforms’, had already been raised in November 2022, when Valiant Richey of the OSCE[4], said that the DSA[5] was ‘silent on trafficking in human beings’[6].

    What measures has the Commission taken in the meantime, or what measures does it recommended, specifically to address this serious problem?

    Submitted: 19.9.2024

    • [1] ‘Ukrainian refugees: Council extends temporary protection until March 2026’ – Council of the European Union – 25 June 2024.
    • [2] Temporary protection for persons fleeing Ukraine – monthly statistics – Eurostat Statistics Explained -10 October 2024.
    • [3] ‘In den Bordellen sind es mittlerweile etwa 50 Prozent Ukrainerinne’, Uma Sostmann, Die Welt, 17 September 2024.
    • [4] Organisation for Security and Cooperation in Europe.
    • [5] Digital Services Act.
    • [6] ‘Trafficking and sexual exploitation of Ukrainian refugees on the rise’, Clara Bauer-Babef, 30 November 2022 (updated 25 August 2023).
    Last updated: 1 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Facilitating the financing of nuclear power in the EU – E-001825/2024

    Source: European Parliament

    Question for written answer  E-001825/2024
    to the Commission
    Rule 144
    Beatrice Timgren (ECR)

    While the EU taxonomy for sustainable activities includes nuclear power plants, it does not cover the entire nuclear fuel cycle. This omission is hindering the full potential of nuclear energy to provide affordable, fossil-free electricity and address energy security. It raises concerns about the Commission’s actual commitment to facilitating the financing and development of nuclear power as a key energy source.

    In light of this:

    • 1.Does the Commission intend to expand the current taxonomy to include the entire nuclear fuel cycle? If so, how will it encompass activities such as mining, processing, enrichment, fuel fabrication, spent fuel management and reprocessing to ensure a comprehensive approach to viable nuclear energy investment?
    • 2.What measures will the Commission take to ensure a level playing field for all energy sources within the taxonomy framework, addressing potential biases created by EU regulation?

    Submitted: 26.9.2024

    Last updated: 1 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Cooperation on readmission – E-001837/2024

    Source: European Parliament

    Question for written answer  E-001837/2024
    to the Commission
    Rule 144
    Marieke Ehlers (PfE)

    With regard to the 2023 assessment of third countries’ level of cooperation on readmission (COM(2024) 340 final), it is to be noted that countries such as Afghanistan, Syria and Libya and the Palestinian Authority have been excluded from the assessment owing to the conditions on the ground and the impossibility of establishing effective operational contacts. However, they are among the main countries of origin of asylum seekers in the EU.

    • 1.Why has the Commission excluded these countries, and what steps will be taken to ensure that countries with a large number of nationals seeking asylum in the EU are effectively included in future assessments?
    • 2.Is the Commission considering alternative measures or conditions to improve cooperation with these key countries or entities on readmission and return?

    Submitted: 26.9.2024

    Last updated: 1 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: In-Depth Analysis – Can the Banking Union foster market integration, and what lessons does this hold for Capital Markets Union? – 01-10-2024

    Source: European Parliament

    We discuss the contribution of the Banking Union in its current form to market integration in the euro area. While the introduction of single supervision has fostered banking integration, limited progress in single resolution and the absence of a European deposit insurance scheme undermine further advancements. We argue that a significant obstacle to financial integration lies in the persistence of national interests in regulation, supervision, and politics. We also explore the lessons that can be learned from ten years of the Banking Union for the development of the Capital Markets Union and the integration of capital markets. The successes of the Banking Union in common supervision and rule-setting can provide a path forward.

    MIL OSI Europe News –

  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the attempt by the German Federal Ministry of the Interior to impose a media ban – B10-0013/2024

    Source: European Parliament

    B10‑0013/2024

    Motion for a European Parliament resolution on the attempt by the German Federal Ministry of the Interior to impose a media ban

    The European Parliament,

    – having regard to Rule 149 of its Rules of Procedure,

    – having regard to Article 11 of the Charter of Fundamental Rights of the European Union,

    A. Whereas on 16 July 2024 the German Federal Ministry of the Interior issued a ban on the media associations COMPACT-Magazin GmbH and CONSPECT FILM GmbH;

    B. having regard to the fact that on 14 August 2024 the Federal Administrative Court suspended in part the immediate enforcement of the ban on ‘Compact’ on the grounds that a ban was disproportionate and that less severe means should have been used to guarantee freedom of expression and freedom of the press;

    1. Notes with concern that, in banning ‘Compact’, the German Federal Ministry of the Interior attempted to restrict the freedom to express political dissent;

    2. Warns against governments controlling and restricting the flow of information through legal trickery, for example by imposing media bans by the backdoor in the guise of bans on associations;

    3. Calls for a fundamental debate to be carried out on the threats to freedom of expression and freedom of the press and the arbitrary decisions affecting them, as well as on the successful and unsuccessful media bans in Germany and other Member States of the European Union, in order to raise awareness of the dangers of increasing censorship.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Implementation of the LULUCF Regulation – E-001725/2024

    Source: European Parliament

    Question for written answer  E-001725/2024
    to the Commission
    Rule 144
    César Luena (S&D)

    According to the report from the Commission to the European Parliament and the Council on the operation of Regulation (EU) 2018/841 (LULUCF Regulation), implementation of the regulation is not on track.

    At a time when difficulties are compounded by climate change, the flexibilities established by the LULUCF Regulation are important. Of particular importance is the flexibility regarding the long-term impact of climate change, with the obstacles it poses to creating and maintaining carbon sinks and, therefore, meeting the regulation’s ambitious targets.

    In view of the above:

    • 1.Does the Commission believe that the EU’s carbon removal target for 2030 will be met, and what steps does it intend to propose and implement if the target is not met?
    • 2.Given that one of the conditions for using climate flexibility is that the EU meets its target, has the Commission decided what to do if the removal target is not met and that flexibility cannot be used?
    • 3.When does the Commission intend to submit a delegated act to establish how that flexibility can be used?

    Submitted: 16.9.2024

    Last updated: 1 October 2024

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Prime Minister Narendra Modi speaks with the Prime Minister of Israel.

    Source: Government of India

    Prime Minister Narendra Modi speaks with the Prime Minister of Israel.

    PM Netanyahu briefs PM on the recent developments in West Asia.

    PM highlights that terrorism has no place in any form and manifestation.

    PM emphasizes the crucial need for preventing regional escalation and the safe release of all hostages

    PM says that India stands ready to support early restoration of peace and stability.

    The two leaders discuss further strengthening of India-Israel Strategic Partnership.

    PM wishes PM Netanyahu and the Jewish people around the world on Rosh Hashanah.

    Posted On: 30 SEP 2024 11:45PM by PIB Delhi

    Prime Minister Shri Narendra Modi received a telephone call today from the Prime Minister of Israel, H.E. Mr. Benjamin Netanyahu.

    PM Netanyahu briefed PM on the recent developments in West Asia. 

    PM Modi mentioned that there is no place for terrorism in any form or manifestation. Prime Minister also emphasized the crucial need to work for preventing regional escalation and the safe release of all hostages. 

    PM conveyed that India stands ready to support an early restoration of peace and stability. 

    The two leaders discussed a number of bilateral issues to further strengthen India-Israel Strategic Partnership.

    PM also conveyed his best wishes to PM Netanyahu and the Jewish people around the world on the occasion of Rosh Hashanah.

    The two leaders agreed to remain in touch.

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    MIL OSI Asia Pacific News –