Source: United States of America – Federal Government Departments (video statements)
More than 700 Tribal Leaders, staff, and partners attended the 2024 DOE Tribal Clean Energy Summit on the homelands of the Pechanga Band of Luiseño Indians in Temecula, California. This group joined together to build networks, exchange ideas, and explore clean energy solutions that support Tribal energy sovereignty.
Source: United Kingdom – Executive Government & Departments
UKHSA is advising students to use condoms when having sex with new or casual partners
Sexually transmitted infections (STIs) remain high among young people. The most recent data from UKHSA shows that in 2023, among people aged 15 to 24, there were:
These infections spread easily, and those aged 15 to 24 are especially at risk as they are more likely to have frequent partner changes.
While many STIs can be treated, untreated infections can lead to serious health issues. Chlamydia and gonorrhoea may cause infertility and pelvic inflammatory disease, while syphilis can result in severe, irreversible problems affecting the brain, heart, or nerves.
Katy Sinka, Head of Sexually Transmitted Infections at UKHSA, said:
If you’re having sex with someone new, or someone more casually, don’t forget to use a condom.
With higher STI rates in young people, having sex without a condom can increase your chances of an infection like chlamydia or gonorrhoea. Getting tested regularly will also help detect any infections quickly and protect your own and your partners health.
Some people will have symptoms of an infection (such as a discharge, pain while urinating or an unusual rash or blisters) but many people do not show symptoms which means people often pass on STIs without realising it. Regular testing for STIs and HIV is essential – everyone should have an STI screen, including an HIV test, at least once a year if having condomless sex with new or casual partners.
Testing is free – including for students who have moved here from another country. It can be accessed through local sexual health clinics, university and college medical centres. Many sexual health services in England now offer free STI self-sampling kits for people who aren’t showing any symptoms or signs of an STI and would prefer a routine check-up in the comfort and privacy of their own home. If you notice any unusual symptoms, make sure to contact your local sexual health service and get tested.
Laura Domegan, Head of Nursing at Brook, said:
Freshers is always a good time for young people to consider their sexual health, with many of them moving away from home, meeting new people and taking part in all the fun that comes with starting a new college or university. This year it is particularly important, given the recent increase in diagnoses of several STIs, particularly among young people. Thankfully there are very simple steps everyone can take to look after themselves.
Using condoms is one of the best ways to enjoy safer sex as they’re the only form of contraception that also protects against STIs. People should also get tested if they’ve had unprotected sex or started seeing a new partner. It doesn’t matter how many times you’ve had sex or how many sexual partners you’ve had, anyone can catch an STI. Many STIs do not have symptoms either, so testing is the only way to know if you have one or not.
We would also encourage students to access their local sexual health services. They will be able to provide you with free condoms, contraception, and STI testing and treatment, as well as the confidential, non-judgement support you need to look after your sexual health. To find your nearest sexual health service visit the Brook Sexual Health Clinic Near Me website.
UKHSA is also reminding students to ensure they are up to date with their free NHS vaccines, including:
The MenACWY jab can be a lifesaver as it protects against some types of meningitis. The HPV vaccine protects against some forms of cancer and reduces the risk of genital warts. Some students will also be eligible for an mpox vaccine, a hepatitis B vaccine and a hepatitis A vaccine.
UK Health Security Agency press office
10 South Colonnade
London
E14 4PU
Source: United Kingdom – Executive Government & Departments
Professor Becky Francis has launched a call for evidence seeking views on the current curriculum and assessment system to help shape the future of education.
Professor Becky Francis
Young people, parents, employers and education staff, leaders and experts are being invited to take part in a ‘national conversation’ about how the curriculum and assessment system can better prepare young people for life and work, as a call for evidence is launched today (25 September).
The eight-week consultation aims to bring everyone into the conversation about what’s working well and what could work better in the curriculum and marks the next step in the government’s independent review.
Responses will be invaluable in shaping the direction of the review and pivotal to the recommendations Professor Becky Francis and her expert panel put forward in 2025.
Today’s call for evidence covers a range of specific areas, including how best to provide an excellent foundation in English and maths, support for children from socioeconomically disadvantaged backgrounds, and access to a broad and balanced curriculum.
The review will also take written and oral evidence from key stakeholders, alongside a series of regional engagement events from mid-October to meet and take input from young people and staff on the frontline.
Spanning from Key Stage 1 through to Key Stage 5, the review will look closely at the key challenges to attainment for young people, and the barriers which hold children back from the opportunities and life chances they deserve – in particular those who are socioeconomically disadvantaged, or with special educational needs or disabilities (SEND).
Professor Becky Francis said:
“The curriculum belongs to the nation. And especially, it must work for the young people who follow it, and the teachers and lecturers that communicate it.
“As such, it’s imperative that we hear perspectives and evidence from as wide a range of people as possible including children, young people, parents, education professionals and other stakeholders.
“The launch of our Call for Evidence today enables that. And we have sought to keep questions broad and wide-ranging, to enable people to have their say.
“There is much that is working in the present curriculum, but this is a chance to refresh, to address areas which aren’t working well, and to ensure excellence for all. I hope as many as possible will respond and I look forward to reading the responses.”
The review will look at ensuring all young people aged 16-19 have access to rigorous and high-value qualifications and training that will give them the skills they need to seize opportunity, as well as ensuring they are ready for the changing workplace.
It will also look at whether the current assessment system can be improved for both young people and staff, while protecting the important role of examinations.
Following the review, all state schools – including academies which currently do not have to follow the national curriculum – will be required by law to teach the national curriculum up to age 16, giving parents certainty over their children’s education.
The call for evidence runs from 25 September to 22 November 2024 and can be accessed here.
DfE media enquiries
Central newsdesk – for journalists 020 7783 8300
Source: Republic Of China Taiwan 2
The Industrial Development Administration, Ministry of Economic Affairs, hosted the “2024 Creative Life Industry Asia-Pacific Forum” on 12th at National Chung Hsing University. Experts from Thailand and Singapore, along with representatives from Taiwan’s Creative Life Industry, gathered under the theme “Co-Creating a Sustainable Value Chain” to share international creative trends, brainstorm strategies for sustainable development in the creative life sector, and foster cross-sector collaboration opportunities. The forum attracted over 200 participants and encouraged more quality enterprises to join the Creative Life Industry.
Keynote speakers at the forum included Duangrit Bunnag from a renowned Thai architectural firm, and Ben Liu, CEO of Taiwan’s The One Nanyuan Humanity Inn, who shared how architectural and cultural aesthetics inspire unique cultural values and lifestyles. Somsak Boonkam, founder of Thailand’s Local Alike, and James Cho, general manager of Taiwan’s Joye Cottage, discussed business models that promote local economic development by combining sustainable environments, natural landscapes, rich cultural crafts, and warm human interaction. Singaporean designer Jackson Tan and Taiwan’s Yoshantea Executive Vice President Andy Chen shared their journeys in aesthetic and sustainable brand design. Furthermore, EBC News weather anchor Rita Wang offered insights from a media perspective, sharing her observations on how businesses can preserve culture and promote sustainable development amid global changes.
In response to changing lifestyles and consumption patterns, the Industrial Development Administration, Ministry of Economic Affairs, has been promoting the Creative Life Industry since 2003. Through expert evaluations, it has identified high-quality lifestyle enterprises that embody core knowledge, deep experiences, and aesthetic excellence. To date, there are 166 such businesses in Taiwan, offering diverse lifestyle experiences ranging from food culture, fashion, craftsmanship, education, and ecology to cultural heritage.
The Industrial Development Administration is committed to leading Taiwan’s industries toward upgrading, transformation, and enhanced competitiveness. It also supports the Creative Life Industry in developing sustainable business practices by integrating culture and aesthetics with industrial innovation. Through international exchanges and collaborations, the aim is to create a future that combines economic value with sustainability.
For more information, please visit the Creative Life website: https://www.creativelife.org.tw/.
Source: Hong Kong Government special administrative region
CHP investigates outbreak of Carbapenemase-producing Enterobacteriaceae at elderly home in Sheung Shui
CHP investigates outbreak of Carbapenemase-producing Enterobacteriaceae at elderly home in Sheung Shui
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The Centre for Health Protection (CHP) of the Department of Health is today (September 25) investigating an outbreak of Carbapenemase-producing Enterobacteriaceae (CPE) at a residential care home for the elderly (RCHE) in Sheung Shui, and reminded the public to maintain strict personal and environmental hygiene and to use antibiotics properly. The CHP received notification from the Hospital Authority that an 89-year-old female resident of the aforementioned RCHE attended a follow-up consultation at a public hospital for her underlying illness on August 26 and was found to have a fever. Her urine sample tested positive for CPE upon laboratory testing, and the clinical diagnosis was urinary tract infection. Upon receiving the notification, the CHP carried out an epidemiological investigation and found that two female residents, aged 79 and 91, who had previously acquired the infection during hospitalisation and been identified as carrier cases, might be the source. A site inspection was conducted on September 10 by the CHP. It was found that the RCHE had yet to fully implement relevant infection control measures, which caused the transmission in the RCHE. The CHP conducted contact tracing and screening at the RCHE and found that the rectal swabs of 16 other female residents, aged between 70 and 103, also tested positive for CPE. All 16 residents remain asymptomatic and are in stable condition. The CHP conducted another site inspection yesterday (September 24) and advised the RCHE again to adopt and reinforce necessary infection control measures against CPE, including maintaining good environmental hygiene and hand hygiene for staff and residents. The RCHE has been put under medical surveillance. The CHP’s investigations are ongoing. RCHEs are reminded to follow the Guidelines on Prevention of Communicable Diseases in Residential Care Homes for the Elderly on detection, prevention and control of infections. If there is suspicion of an infectious disease outbreak, the institution should report to the CHP promptly for follow-up. A spokesman for the CHP said, “Enterobacteriaceae (for example, E. coli and Klebsiella) are common pathogens that can cause infections at different body sites including urinary tract infections, intra-abdominal infections or bacteraemia. CPE are enterobacteriaceae that produce carbapenemase – an enzyme that can deactivate carbapenems and other beta-lactam antibiotics such as penicillins. These bacteria are commonly resistant to multiple antibiotics, limiting therapeutic options, and may render severe clinical infections difficult to treat. The range of diseases associated with CPE varies from asymptomatic carriage to potentially life-threatening or fatal infections. The level of risk depends on which part of the body is affected by the infection and the general health of the patient.” The spokesman added that proper use of antibiotics and maintaining good personal and environmental hygiene, especially hand hygiene, are important for the prevention of emergence and cross-transmission of multi-drug resistant organisms (MDROs) like CPE. In addition, susceptible individuals such as the elderly, infants and young children, pregnant women and people with weakened immunity can lower the risk of contracting MDROs by not eating raw or undercooked foods.
Ends/Wednesday, September 25, 2024Issued at HKT 18:30
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MIL OSI Translation. Region: Russian Federation –
Source: State University of Management – Official website of the State –
On September 23-24, 2024, the Lomonosov cluster hosted the II International Forum “Digital Transportation”, in which a group of teachers and scientists from the State University of Management took part, and our volunteers helped in the organization.
For the second year in a row, the forum has brought together industry leaders, experts and government officials. The focus is on the main trends and key tasks of the transport and logistics complex, innovative digital solutions, import substitution issues and ensuring the technological sovereignty of our country.
The Forum was attended by the Minister of Transport of the Russian Federation Roman Starovoit, his deputy for digitalization Dmitry Bakanov, CEO of PJSC Aeroflot Sergey Aleksandrovsky, Chairman of the Board of JSC Russian Railways Oleg Belozerov, Chairman of the Board of Directors of Sitronics Group Nikolay Pozhidaev, CEO of JSC GLONASS Alexey Raikevich, Director of Digitalization of the State Corporation Rosatom Ekaterina Solntseva, Vice President of the FESCO Transport Group Dmitry Surovets.
From the State University of Management in the business program of the forum, Professor of the Department of Transport Complex Management Vladimir Savchenko-Belsky, Associate Professor of the Department of Transport Complex Management Artem Merenkov, Associate Professor of the Department of Project Management Svetlana Sycheva, and Director of the Business Incubator Dmitry Rogov took part.
Participants discussed advanced technologies in the field of digitalization of transportation, the introduction of unmanned systems on land, in water and in the air, cybersecurity issues, the use of “big data”, mechanisms and projects for the transition from import independence to the export of large digital platforms in the field of transport, logistics and tourism services. Experts shared their experience in implementing digital solutions in state and municipal administration to improve management efficiency and provide better services to citizens and spoke about the most ambitious plans for the near future. A separate session was devoted to staffing the industry.
The forum was also attended by students of the Institute of Industry Management studying in the educational programs “Logistics and Supply Chain Management”, “Transport and Logistics Systems Management”, “Automotive Business Management” and “Project Management”. And 13 students of our university helped in organizing the Forum as volunteers.
For students studying in a specialized field, it is especially important to attend such events in order to delve deeper into the specifics of their future profession, get acquainted with innovative solutions, learn about current trends in the industry and establish useful contacts with potential employers.
The Forum is organized by the Digital Transport and Logistics Association with the support of the Ministry of Transport of the Russian Federation.
Subscribe to the TG channel “Our GUU” Date of publication: 09/25/2024
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
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.
SUM staff and students took part in the International Forum “Digital Transportation – 2024”
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.
Source: US Department of Labor
LOS ANGELES – The U.S. Department of Labor has filed a suit in the U.S. District Court for the Central District of California alleging that Coway USA Inc., a Los Angeles-based company that sells, leases and services household appliances, failed to pay overtime wages earned by more than 180 employees, a violation of the Fair Labor Standards Act.
The action follows an investigation by the department’s Wage and Hour Division that found Coway knowingly shortchanged employees who serviced and maintained company products by falsifying employment records to hide all hours worked by employees. The investigation also revealed that Coway failed to account or pay for time spent by employees on calls with customers, loading and unloading vehicles with products for delivery, trips to the warehouse to pick up inventory and attending mandatory trainings. Additionally, Coway automatically deducted 30 minutes per day for lunch even though employees worked through lunch to meet customer needs or stay on schedule.
In addition to falsifying records, the department alleges that Coway utilized a flawed methodology for purposes of computing overtime pay, further reducing their overtime liability and depriving employees of their overtime wages.
The division estimates Coway owes hundreds of thousands of dollars in unpaid overtime wages to more than 180 employees. In addition to seeking the recovery of all unpaid wages, the department is seeking an equal amount in liquidated damages.
“Coway knowingly violated federal law by depriving workers of their hard-earned overtime pay and falsifying the hours they worked,” explained Regional Solicitor Marc Pilotin in San Francisco. “Coway’s violations have to be remedied and the company must be brought into compliance to ensure workers are fully and accurately compensated.”
“Our investigation found Coway, with brand ambassadors such as Korean pop band BTS, failed to pay more than 180 workers their overtime wages,” said Wage and Hour Division District Director Kimchi Bui in Los Angeles. “Employers can pay by piece-rate based on the number of units employees service, but they must pay overtime using the correct methodology and accounting for all hours worked.”
Based in Los Angeles, Coway USA Inc. is a subsidiary of international household appliance manufacturer Coway Co. Ltd. The company produces water purifiers, air purifiers, bidets, water softeners and mattresses from South Korea.
The Wage and Hour Division’s Los Angeles District Office conducted the investigation. The regional Office of the Solicitor in San Francisco is litigating the case in court.
Learn more about the Wage and Hour Division, including a search tool to use if you think you may be owed back wages collected by the division and how to file an online complaint. For confidential compliance assistance, employees and employers can call the agency’s toll-free helpline at 866-4US-WAGE (487-9243), regardless of where they are from. The division can speak with callers in more than 200 languages.
Download the agency’s new Timesheet App for iOS and Android devices – available in English and Spanish – to ensure hours and pay are accurate.
Source: USAID
The following is attributable to Spokesperson Benjamin Suarato:
On her second day at the UN General Assembly, Administrator Samantha Power joined former President Bill Clinton at the Clinton Global Initiative to make a call to action on ending childhood lead exposure. Administrator Power highlighted the newly-launched Partnership for a Lead Free Future, and over $150 million raised to address lead exposure globally.
Administrator Power met with Nepal’s Prime Minister Khadga Prasad (K.P.) Sharma Oli, where they discussed the longstanding partnership between USAID and the people of Nepal. Administrator Power welcomed the recent passage of Nepal’s transitional justice legislation, as well as Nepal’s participation as a founding member of the Partnership for a Lead-Free Future. Administrator Power and Prime Minister Oli discussed ongoing efforts to support Nepal’s development, including on health, agriculture, and economic growth, and streamline public service delivery.
Administrator Power then met with the President of Guyana, Dr. Mohamed Irfaan Ali. They discussed expanding collaboration on support for small businesses, inclusive economic growth, and strengthening Guyana’s business enabling environment. Administrator Power and President Ali also discussed Guyana’s economic advances and efforts to provide greater opportunities for women and disadvantaged populations, as well as addressing security and democracy challenges in the Western Hemisphere – including in Haiti.
In a meeting with President of Maldives Mohamed Muizzu, Administrator Power and President Muizzu discussed collaboration on improved public financial management and investments aimed at achieving economic prosperity for all Maldivians. Administrator Power welcomed steps by the Maldives to join the Open Government Partnership. Administrator Power and President Muizzu emphasized the importance of ambitious efforts to address climate change, including through investments in clean energy and climate adaptation.
Samantha Power UNGA 2024 Clinton Global Initiative Partnership for a Lead-free Future
Source: USAID
ADMINISTRATOR SAMANTHA POWER: Thank you so much. And, President Clinton, just the good that you have done in your life as President, before you were president at CGI [Clinton Global Initiative], just thank you so much. Thank you, truly.
So, I have been working for three decades in the international domain, seeking ways to improve and save lives. And, honestly, never in my career have I seen such a compelling, low-cost opportunity to make such a massive impact on a major global killer.
The scale of lead poisoning around the world is actually mind boggling. Right now, in low- and middle-income countries, half of children have elevated blood lead levels – lead that slows their brain development, harms their bodies, and can even kill them. Imagine: one in two kids.
The damage that lead is causing to children’s brains is actually estimated to account for 20 percent of the education gap between high- and low-income countries. Every year, lead poisoning is estimated to cost the global economy a trillion dollars, and it kills at least 1.5 million people, as you just heard.
But, none of this has to happen. This problem is solvable.
Decades ago, we banned leaded gasoline, long the biggest source of lead exposure here in the United States. And then, we worked with countries across the planet to phase out lead from gas, which continues to save over a million lives every year.
Of course, in high income countries, we didn’t stop with gasoline. We worked to remove lead from consumer products and to clean up industrial operations that leach lead into the environment. But, for those sources, we didn’t replicate the playbook in other countries, so kids there simply continue to be poisoned.
Well, it is time to change that – and, partner countries abroad have started leading the way.
Countries like Bangladesh and Malawi, for instance, have launched campaigns that eliminated lead from spices and paint for a total cost of just a few million dollars or less.
In just the eight months since we began a concerted push to galvanize awareness and support for this global issue, six countries have committed to banning lead in paint. They are showing us that stopping lead pollution at its source is both achievable and it is affordable.
USAID, UNICEF, and Open Philanthropy are announcing a Clinton Global Initiative Commitment to Action to launch the Partnership for a Lead Free Future — a global coalition to end childhood lead poisoning in developing countries once and for all.
Up to now, as you heard, just $15 million a year in donor capital was supporting this effort. Well, today, on behalf of the Partnership, we are delighted to commit $150 million to get the lead out. This is ten times the previous annual funding levels. This is remarkable, but it is just the start.
We need you all to help generate more resources and more awareness that gets governments and companies to act. So we hope you will join us and come together to help put an end to one of the great injustices of our time.
Thank you so much.
Source: US Department of Labor
ESTERO, FL – The U.S. Department of Labor announced its Office of Federal Contract Compliance Programs and Western Global Airlines Inc. have entered into a conciliation agreement in which the employer will pay $84,727 in back wages and interest to resolve alleged gender-based pay discrimination at the company’s Estero facility.
A routine compliance review of Western Global Airlines initially raised concerns about base pay and bonuses for female managers, support professionals, technicians and administrators. The agency determined the employer’s actions violated Executive Order 11246, which prohibits federal contractors from discriminating in employment based on race, color, religion, sex, sexual orientation, gender identity or national origin.
Western Global Airlines agreed to resolve the OFCCP’s preliminary findings by paying 18 female workers $79,977 in back wages and interest, as well as $4,750 in bonuses. As part of the agreement, the employer will conduct an annual review of its compensation policies and practices and provide training to company officials responsible for determining compensation. During the agency’s compliance evaluation, the employer also made $157,500 in pay equity adjustments to female employees.
“As a federal contractor, Western Global Airlines Inc. must ensure their employment practices are free of discrimination, provide all employees with equal employment opportunities and audit their processes to make sure no barriers to equal employment exist,” said Office of Federal Contract Compliance Programs Acting Southeast Regional Director Diana Sen.
View the conciliation agreement.
Since 2023, Western Global Airlines Inc. has been paid more than $4.5 million in federal contracts to provide scheduled freight air transportation services to the Department of Defense’s U.S. Transportation Command.
OFCCP launched the Class Member Locator to identify applicants or workers who may be entitled to monetary relief and/or consideration for job placement as a result of OFCCP’s compliance evaluations and complaint investigations.
In addition to Executive Order 11246, OFCCP enforces Section 503 of the Rehabilitation Act of 1973, and the Vietnam Era Veterans’ Readjustment Assistance Act of 1974. Together, these laws prohibit employment discrimination.
Learn more about OFCCP.
Source: USAID
Today, the United States announced nearly $199 million in additional humanitarian assistance to address the needs of Rohingya refugees and host communities in Bangladesh and the region, including over $129 million through USAID and nearly $70 million from the U.S. Department of State. U.S. Department of State Under Secretary for Civilian Security, Democracy, and Human Rights Uzra Zeya announced the funding at a Rohingya-focused event during the UN General Assembly High-level week.
USAID’s assistance includes funding from the bipartisan National Security Supplemental as well as $78 million from the U.S. Department of Agriculture’s Commodity Credit Corporation, which will help to purchase, ship, and distribute approximately 52,200 metric tons of food commodities from American farmers to approximately 610,000 refugees experiencing acute food insecurity in Bangladesh. It will also support the International Rescue Committee, UNICEF, and the UN World Food Program to provide food, nutrition, and protection assistance to Rohingya refugees and host communities.
The U.S. government has provided more than $2.5 billion for the regional Rohingya response since August 2017, including more than $2.1 billion in Bangladesh. We remain committed to delivering assistance to crisis-affected communities in Burma, Bangladesh, and the region and call on other donors to increase their support in order to fill critical funding gaps and meet the needs of the most vulnerable.
Source: USAID
DEPUTY ADMINISTRATOR ISOBEL COLEMAN: Good afternoon, everyone. And, thank you all for joining this discussion about the transformative role of energy in driving economic growth – in West Africa and around the world.
A recent study from Our World in Data, a reputable nonprofit research consortium, reinforces the direct positive correlation between electricity and income. Most notably, the data shows that high-income, low-energy countries simply do not exist. Economic growth requires available, affordable, and reliable electricity. Access to energy goes hand in hand with economic development. And, when we invest in expanding access to energy, we create the conditions for transformative economic growth.
African-led approaches are indispensable to achieve this transformation.
Just this week, Power Africa signed a Memorandum of Understanding with the African Union Development Agency in support of their Continental Power System Master Plan, which lays out a framework for the creation of an African Single Electricity Market, and ultimately, achieving universal electrification across the African continent. This plan is the culmination of years of analysis, and reflects African ingenuity, creativity, and leadership. And, the plan prioritizes the creation of strong, reliable, and interconnected transmission networks, and of promoting the effective governance of regional power pools.
The West Africa Power Pool is a shining example of efficient energy trading that lowers overall costs. West Africa is uniquely positioned to meet its energy demands. The region boasts vast natural resources and has made significant investments in the infrastructure necessary to facilitate cross-border energy trade.
In 2023, twelve West African countries achieved a monumental milestone by uniting their national power grids. This historic achievement is expected to generate up to $32 billion in trade benefits for ECOWAS countries over the next decade.
The U.S. government has been a strong supporter of the West Africa Power Pool since its inception over two decades ago. In particular, Power Africa has been deeply involved, providing critical support to advance cross-border transmission lines, facilitate regional power purchase agreements, and enhance bilateral power trade. Over the past five years, our shared efforts have helped boost regional electricity trade by roughly ten percent a year, totaling four terawatt-hours of additional regional power trade.
The synchronized electricity networks of Benin, Burkina Faso, Côte d’Ivoire, Ghana, Guinea, Liberia, Mali, Mauritania, Senegal, Sierra Leone, The Gambia, and Togo have laid the foundation for a regional energy market. This synchronization allows cleaner, more cost-effective energy to be traded across borders, reducing dependency on expensive, polluting sources like diesel generators, while expanding access to reliable electricity.
We are enthusiastic about the positive impact the West Africa Power Pool is poised to create as it bolsters the region’s energy security, reliability, and affordability.
Power pools like this help lower electricity costs, reduce losses by evacuating excess energy to areas of need, and strengthen regional collaboration. Studies show that when compared to domestic-generation, instituting regional power markets is associated with a 20 percent drop in the average cost of electricity – freeing up significant resources to address other pressing global needs. Regional cooperation, cross-border energy trade, and public-private partnerships in infrastructure will be precursors to meeting West Africa’s energy needs and driving the broad economic growth the continent deserves.
USAID looks forward to continuing to collaborate with all of you in pursuit of that goal.
We have an exciting discussion ahead, so without further ado, I’m honored to introduce the CEO of the Millennium Challenge Corporation, Alice Albright.
Thank you.
Source: US State of California 2
SACRAMENTO – Governor Gavin Newsom today announced the following appointments:
Steve Juarez, of Truckee, has been appointed to the California State Teachers’ Retirement Board. Juarez served as a Deputy State Treasurer at the California State Treasurer’s Office from 2016 to 2018. He was Associate Vice President of State Government Relations for the University of California from 2008 to 2016. Juarez was a Senior Investment Banker at J.P. Morgan from 2006 to 2008. He was Director of Financial Management for the J. Paul Getty Trust from 1998 to 2006. Juarez was Associate Vice Chancellor of Government and Community Relations for the University of California, Los Angeles from 1996 to 1998. He was Chief Legislative Representative for the County of Los Angeles in 1995. Juarez was Executive Director of the California Debt Advisory Commission from 1991 to 1995 and Principal Committee Consultant in the California State Assembly from 1987 to 1991. Juarez was Manager of Government Relations for the Los Angeles County Transportation Commission from 1984 to 1987. He was a Program Analyst in the Legislative Analyst’s Office from 1981 to 1984. Juarez is Chair of the National Association of Counties EDGE Board of Directors and a member of the California Museum and Keep Tahoe Blue Board of Directors. He earned a Master of Public Administration degree from the University of Southern California and a Bachelor of Arts degree in Political Science from the University of California, Los Angeles. This position requires Senate confirmation and the compensation is $100 per diem. Juarez is a Democrat.
Derek Urwin, of San Clemente, has been appointed to the Occupational Safety and Health Standards Board. Urwin has been an Assistant Adjunct Professor in the Department of Chemistry and Biochemistry at the University of California, Los Angeles since 2022. He has been Chief Science Advisor at the International Association of Fire Fighters since 2021. Urwin has been a Firefighter and Engineer at the Los Angeles County Fire Department since 2010. He was a Firefighter at Miami-Dade Fire Rescue from 2007 to 2010. Urwin is a member of the Los Angeles County Firefighters IAFF Local 1014. He earned a Doctor of Philosophy degree and a Master of Science degree in Chemistry from the University of California, Los Angeles and a Bachelor of Science degree in Applied Mathematics from the University of California, Los Angeles. This position does not require Senate confirmation and the compensation is $100 per diem. Urwin is registered without party preference.
Sandra Sims, of Los Angeles, has been appointed to the Baldwin Hills Conservancy Governing Board. Sims has been a Human Resources Business Partner and Personnel Manager for the University of California, Los Angeles since 2023. She was a Human Resources Manager for Long Beach City College from 2021 to 2023. Sims was a Freelance Reporter and Writer with various news publications from 2016 to 2021. She was a Principal Analyst and Policy Human Resources Analyst for the Los Angeles County Department of Human Resources from 2007 to 2016. Sims was a Civil Service Advocate for the Department of Children and Family Services at the Los Angeles County Department of Human Resources from 2006 to 2007. She is a member of the Screen Actors Guild-American Federation of Television and Radio Artists. Sims earned a Juris Doctor degree from the University of California College of the Law, San Francisco and a Bachelor of Arts degree in Political Science from the University of California, Los Angles. This position does not require Senate confirmation and the compensation is $100 per diem. Sims is a Democrat.
Source: US State of Hawaii
JOSH GREEN, M.D.
GOVERNOR
KE KIAʻĀINA
GOVERNOR GREEN LAUDS TOP STATE MANAGER, EMPLOYEE AND TEAM OF THE YEAR
FOR IMMEDIATE RELEASE
September 24, 2024
HONOLULU — Governor Josh Green, M.D., today recognized winners of the Governor’s Awards, designed to honor state Executive Branch employees, managers and work teams who exemplify the highest caliber of public service and dedication in serving the people of Hawai‘i. The statewide program is administered by the Department of Human Resources Development.
“Public employees have made important contributions to our continuing efforts to improve the efficiency and quality of government services,” said Governor Green. “We are honored to work with such dedicated individuals and appreciate all they do each and every day.”
Governor Green presented the awards for:
Faced with extraordinary responsibilities, including the Red Hill Fuel crisis, Joanna’s skills and successes have never been more apparent than after the Maui wildfires. She actively led her team through the response and recovery phases and continues to help hone their skills to assist the community in rehabilitating the environment. Leading by example, her team is committed to its mission – to protect human health and the environment.
In the aftermath of the Maui Wildfires, Heidi quickly assessed the needs of the Lahaina community resulting in the deployment of mobile medical teams and the conversion of an abandoned state building into a health care clinic to provide essential services to those affected by the wildfires. With her guidance, management of the clinic was transferred to community providers, ensuring continued services to the people of Lahaina.
When the UH Maui College Pa‘ina Building was transformed into a fire relief food hub after the wildfires, the Culinary Arts team worked with organizations to prepare meals for residents displaced by the fire. The team also created a Disaster Relief Food Preparation Experience course, designed for students to work with industry chefs and instructors to learn about disaster relief food preparation and distribution.
The three winners were selected from 56 exceptional groups and individual nominees. A volunteer Selection Committee of four prominent members of the community carefully reviewed the 56 nomination packets and rated them according to defined categories. The committee presented its recommendations for the three awards to Governor Green.
The four members of this year’s Selection Committee are: Hawai‘i Public Radio host and news team member Catherine Cruz; City and County of Honolulu Homeless Coordinator Sam Moku; Hawai‘i Convention Center/ASM Global General Manager Teri Orton, and Office of the Governor Chief of Staff Brooke Wilson.
At this year’s ceremony, Governor Green also recognized the recipients of the 2020 Governor’s Awards for Employee, Manager and Team of the Year for their outstanding achievements due to the cancellation of the May 2020 ceremony during the COVID-19 pandemic.
The 2020 Selection Committee, comprising John Gotanda, president, Hawai‘i Pacific University; Catherine Cruz, host and news team member, Hawai‘i Public Radio; Marc Alexander, then-executive director, Mayor’s Office of Housing; Terri Funakoshi, director of operations, YWCA O‘ahu; and Jason Hagiwara, president and general Manager, KITV4 Island Television, selected the award recipients from 53 exceptional groups and individual nominees. They are:
2020 STATE MANAGER OF THE YEAR: BONNIE KAHAKUI, state procurement assistant administrator, Department of Accounting and General Services
Bonnie sets the pace in her office, always looking ahead and focusing on improving practices and procedures. She launched a new Learning Management System, recording more than 14,000 attendees at procurement training workshops and worked to broaden the purchasing process and take advantage of Amazon’s wide selection. Bonnie also led a statewide initiative to procure electric vehicles and infrastructure to help reduce Hawai‘i’s carbon footprint.
2020 STATE EMPLOYEE OF THE YEAR: JANIS MATSUNAGA, entomologist, Department of Agriculture
She is a leading expert in the field, editor of the Proceedings of the Hawaiian Entomological Society and is one of the longest serving officers in the 100-plus year history of the Hawaiian Entomological Society. Through emails or social media, Ms. Matsunaga will often bring peace of mind to the residents of Hawai‘i by defining problems with beetles infesting cabinetry or address insect problems that exist in their homes.
Education gives us knowledge and provides the necessary skills to navigate the world around us. When inmates become students of the Education Branch, they are more likely to find employment, make a positive contribution to society and strengthen family relations. The public benefits from reduced government costs, decreased crime rates, safer communities and a reduced tendency of convicted criminals to reoffend. In 2019, the Team produced 28 GED graduates, with 3 students passing the HiSET. (The Department of Public Safety was redesignated as the Department of Corrections and Rehabilitation effective January 1, 2024.)
“These individuals have selflessly given of themselves to enrich the lives of those they serve,” said Governor Green. “Their accomplishments perpetuate the aloha spirit and make our state a special place to live and work.”
Photos from today’s awards ceremony will be uploaded here.
# # #
Media Contacts:
Erika Engle
Press Secretary
Office of the Governor, State of Hawai‘i
Phone: 808-586-0120
Email: [email protected]
Makana McClellan
Director of Communications
Office of the Governor, State of Hawaiʻi
Cell: 808-265-0083
Email: [email protected]
Erin Conner
Executive Specialist
Department of Human Resources Development
Phone: 808-587-1120
Email: [email protected]
Source: US State of California 2
What you need to know: Governor Newsom today signed a bipartisan legislative package to further reinforce California’s nation-leading gun laws and prevent traumatic incidents of mass violence. The laws build on California’s successful strategies to address gun violence, including new measures to reduce domestic violence.
SACRAMENTO — Building on California’s nation-leading gun laws, Governor Gavin Newsom today signed a number of bills into law to bolster California’s nation-leading gun laws, adding stronger protections against gun violence.
Governor Gavin Newsom
✅ PROTECT KIDS FROM GUNS by strengthening safe storage requirements and creating stricter penalties for gun owners whose guns are accessed by a child, resulting in death or injury to themselves or others. Strengthens safety measures to protect students during active threats.
✅ PREVENT GUN-RELATED HATE CRIMES by building on California’s red flag laws and creating more training for law enforcement officers and courts to assess and identify extremism and potential for hate-based crimes, allowing more effective use of restraining orders.
✅ SAFEGUARD VICTIMS OF DOMESTIC ABUSE by creating more training and tools for child custody caseworkers and law enforcement officers to determine whether abusers may have access to guns.
✅ PROVIDE MORE TOOLS TO KEEP GUNS OUT OF DANGEROUS HANDS by restricting animal abusers and persons found incompetent to stand trial from possessing firearms, as well as by strengthening California’s red flag laws.
✅ INCREASE INFORMATION-SHARING TO CLOSE ENFORCEMENT GAPS by making it easier for California courts to ensure that people who are deemed a threat to themselves or others no longer have access to firearms.
California has long led the way in enacting commonsense and effective protections against gun violence. California’s gun safety laws save lives. The Golden State is ranked #1 for gun safety and last year experienced a gun death rate 43% lower than the national average. In comparison, Texas and Florida, who ranked 31st and 24th respectively in gun law strength, had firearm mortality rates more than 1.5 times that of California. Since the early 1990s, California has cut its gun death rate in half. By 2022, California had the 7th lowest gun death rate in the country. If other states’ gun death mortality rates matched California’s, an estimated 140,000 Americans would still be alive today.
Nationwide, firearms kill more children and adolescents than any other cause. Compared to the rest of the nation, California has made substantial long-term progress in reducing per capita rates of youth firearm homicide.
Preliminary CDC data showed that in 2022, California’s age-adjusted per capita firearm homicide rate for youth under 25 was 45% below the rate recorded for the rest of the U.S. By contrast, the rest of the U.S. experienced a 37% increase in youth gun homicide rates over the same period. The next two most populous states after California – Florida and Texas – experienced substantial increases over this same period, with youth homicide rates rising by 24% in Florida and 49% in Texas.
Source: US State of Hawaii
HONOLULU — In a milestone for early education in Windward Oʻahu, Benjamin Parker Elementary School has opened two new public preschool classrooms—the first of their kind in Kāneʻohe. As part of the Ready Keiki initiative to ensure universal access to preschool, the new public pre-K classrooms represent an important step in increasing access to early education for the Kāneʻohe community.
Lieutenant Governor Sylvia Luke visited one of the two classrooms on Monday, joined by Executive Office on Early Learning (EOEL) Director Yuuko Arikawa-Cross and area legislators: Representative Lisa Kitagawa, Representative Scot Z. Matayoshi, and Senator Jarrett Keohokalole.
The two classrooms, when filled, will serve up to 40 keiki, with each classroom accommodating 20 students. Priority enrollment was given to keiki experiencing specific learning, language, and family situations. Open enrollment for the remaining seats begins on October 1, and families living or working in Windward Oʻahu are encouraged to apply for their keiki.
“The opening of these two preschool classrooms at Benjamin Parker is not only a huge step for our Windward Oʻahu community but a testament to the importance of expanding early education across the state,” said Lt. Gov. Luke. “Whether here in Kāneʻohe, Hilo, or Wailuku, keiki across Hawaiʻi, no matter where they live, should have access to high-quality early education.”
The community has provided input on the need for increased child care and preschool options for the Windward side, supported by population data on where 3- and 4-year-olds are located.
“We’ve listened to the community and know that early learning is key to success in school and life. These new classrooms are a direct response to that need, and we couldn’t be more thrilled to see them open in Kāneʻohe,” said Yuuko Arikawa-Cross, EOEL Director. “We are grateful to our partners for making this a reality for our keiki.”
Principal Patricia Macadangdang of Benjamin Parker Elementary highlighted the positive impact these preschool classrooms will have on both students and families. “Pre-K has already made a big difference here at Ben Parker. Our keiki will be coming to kindergarten better prepared, and their families are excited to have this opportunity so close to their homes or work,” she said.
Beginning October 1, families and caregivers can apply for open enrollment to EOEL’s Public Prekindergarten Program using the online portal at earlylearning.ehawaii.gov.
All families, regardless of priority group, are encouraged to apply. For more information, please contact EOEL at (808) 784-5350.
To view all child care centers and public and private preschools in Windward Oʻahu, visit readykeiki.org/map.
Source: US State of Hawaii
JOSH GREEN, M.D.
GOVERNOR
KE KIAʻĀINA
GOVERNOR GREEN AND ATTORNEY GENERAL LOPEZ CALL FOR FEDERAL MEDIATION IN HOSPITAL LABOR DISPUTE
FOR IMMEDIATE RELEASE
September 24, 2024
HONOLULU — As labor negotiations between Hawai‘i Pacific Health and the Hawai‘i Nurses Association continue, Governor Josh Green, M.D., and Attorney General Anne Lopez are urging both parties to seek federal mediation to reach a swift, fair resolution that benefits Hawai‘i’s health care system.
“Our nurses are a critical piece of our health care system in Hawai‘i,” said Governor Green. “I encourage both parties, who I respect, to request the assistance of a federal mediator. A neutral mediator can help break through barriers and guide both sides toward a fair agreement that serves our community and allows us to care for our sickest children.”
“During this phase of the negotiation, with a federal mediator, I would ask that both parties ensure that no services are interrupted at Kapi‘olani and that the nurses continue to receive their health benefits. These gestures of good faith should help the parties move forward.”
Attorney General Lopez clarified the Governor’s legal limitations. “The Governor cannot intervene in private negotiations, but he is ready to assist through mediation if both parties request it.”
Governor Green called for calm dialogue, emphasizing the importance of working together with aloha. “Now more than ever, we must remain focused on resolution. With mediation, I believe we can find a solution that serves the people of Hawai‘i.”
“I have sent a letter to hospital leadership and the union encouraging them to take these steps,” he said.
The Governor also offered state resources, including conference rooms, as neutral spaces for discussions, reaffirming his commitment to support any mediation efforts.
# # #
Media Contacts:
Erika Engle
Press Secretary
Office of the Governor, State of Hawai‘i
Phone: 808-586-0120
Email: [email protected]
Makana McClellan
Director of Communications
Office of the Governor, State of Hawaiʻi
Cell: 808-265-0083
Email: [email protected]
Dave Day
Special Assistant to the Attorney General
Office: 808-586-1284
Email: [email protected]
Web: http://ag.hawaii.gov
Toni Schwartz
Public Information Officer
Hawai‘i Department of the Attorney General
Office: 808-586-1252
Cell: 808-379-9249
Email: [email protected]
Web: http://ag.hawaii.gov
Source: US State of California 2
What you need to know: Governor Newsom signed two bills to boost access to affordable housing for California’s farmworkers: AB 2240 and AB 3035. Governor Newsom also signed SB 1105 to help protect the health and safety of farmworkers in states of emergency.
FRESNO – Today, Governor Newsom expanded California’s housing efforts for farmworkers, signing two bills: AB 2240 (Arambula) and AB 3035 (Pellerin). These measures improve access to affordable housing for agricultural workers and make it easier to build farmworker housing.
“Farmworkers are the backbone of California’s nation-leading agricultural industry and play a critical role in ensuring the stability of the state, nation and world’s food supply. Investing in their well-being is investing in California’s success. All families deserve access to safe and stable housing.”
Governor Gavin Newsom
Access to more stable and safe housing for farmworkers allows families to avoid the disruptions caused by seasonal movement, helping children remain enrolled in the same schools and maintain their academic progress. Today’s action builds upon Governor Newsom’s efforts to protect and support farm workers across the state, including signing SB 1105 (Padilla), which allows farmworkers to use accrued paid sick leave during heat, flooding or smoke conditions when there is a local or state emergency.
➡️ Expand housing for farmworkers
➡️ Remove regulatory barriers
➡️ Protect the health and safety of workers
Source: US State of California 2
What you need to know: Governor Newsom visited the community of East Orosi to help address its failing sewer system, giving the state more tools to step in, as well as signing clean drinking water bills. Since 2019, nearly 900,000 Californians have gotten connected to clean drinking water through state efforts.
SACRAMENTO – Governor Gavin Newsom signed a bill to help fix failing sewer systems in communities like East Orosi, giving the state more authority and ability to step in. The new law empowers the State Water Resources Control Board (SWRCB) to intervene in areas where sewer service is inadequate, appointing administrators to provide essential services and promote access to safe and reliable wastewater systems.
Governor Gavin Newsom
AB 805 by Assemblymember Dr. Joaquin Arambula (D-Fresno) mandates a public process to determine whether an administrator is needed and empowers the state to provide technical and financial support. Under the new law, the SWRCB can:
“I deeply appreciate Governor Newsom signing Assembly Bill 805 and understanding the importance of this legislation to disadvantaged communities exposed to poorly managed sewer systems,” said Assemblymember Arambula. “Everyone should have access to safe and affordable drinking water and sanitation, and the residents of East Orosi know this better than almost anyone in California. I’m grateful to them and the Community Water Center for pushing for this legislation that I hope brings much-needed improvements.”
The Governor also signed SB 1188 by Senator John Laird (D-Santa Cruz) to support small water systems by providing them technical resources to prevent failure, as well as AB 2454 by Assemblymember Alex Lee (D-Milpitas) that would require rental property owners to participate in state programs for domestic well testing and to determine if remediation is needed to make the water clean.
“I thank Governor Newsom for signing this critical public health bill to further access to safe drinking water, a human right that over 700,000 Californians lack,” said Senator Laird. “Senate Bill 1188 helps safeguard this fundamental right by empowering the state to proactively identify and assist small water systems struggling with operational capacity that threatens water reliability.”
“Everyone should have the human right to safe drinking water,” said Assemblymember Lee. “Even when free domestic well testing programs are available, participation remains far too low. It puts people at risk of exposure to dangerous contaminants in their water, and AB 2454 will help prevent community members from drinking toxic water. We have to ensure that free domestic well testing programs are reaching the people who need them most.”
Why communities like East Orosi need this support
The need for this legislation has been underscored by alarming incidents in communities like East Orosi, where residents have been plagued by chronic sewage overflows. The residents of East Orosi have dealt with this crisis for long enough.
AB 805 directly responds to these crises by allowing the SWRCB to appoint administrators to step in and manage sewer services, bringing in the expertise and accountability necessary to protect public health. The bill also aligns with California’s broader efforts to ensure that all residents, particularly in underserved rural areas, have access to clean, safe, and affordable water for drinking, cooking, and sanitation.
California’s fixing failing water systems, connecting people to clean drinking water
California’s landmark Safe and Affordable Funding for Equity and Resilience (SAFER) drinking water program has made historic progress connecting people to clean, safe drinking water — distributing more than $1 billion in grants to disadvantaged communities. Since 2019, nearly 900,000 more Californians now have access to clean drinking water through state efforts.
This month, California marked 10 years since the enactment of the Sustainable Groundwater Management Act (SGMA), a landmark law that is driving reductions in the overuse of groundwater to protect drinking water supplies for millions of Californians and make communities, agriculture and ecosystems more resilient to the impacts of climate change.
California distributed billions of dollars in tax refunds, utility and rent relief, small business grants and tax credits, and more through the Water and Wastewater Arrearages Payment Program, which announced that it distributed $880 million to clear water and wastewater bills of over 1.3 million households and businesses, or 4 million people.
California distributed $880 million to water systems and communities during the past fiscal year for projects that will benefit around 12 million Californians. 395 projects across the state have received funding to capture and recycle more water, recharge and protect groundwater, improve stormwater management, expand access to safe drinking water and improve sanitation.
Source: US State of Hawaii
Posted on Sep 24, 2024 in Latest Department News, Newsroom
DEPARTMENT OF LAND AND NATURAL RESOURCES
JOSH GREEN, M.D.
GOVERNOR
DAWN CHANG
CHAIRPERSON
NEWS RELEASE
FOR IMMEDIATE RELEASE
Sept. 24, 2024
CO-EXECUTIVE DIRECTOR OF HAWAI‘I WILDFIRE MANAGEMENT ORGANIZATION RECEIVES NATIONAL RECOGNITION
(HILO, HAWAI‘I) – Elizabeth Pickett, the long-time co-executive director of the Hawai‘i Wildfire Management Organization (HWMO) was honored today at a ceremony in New York City, as one of the 2024 Grist 50. Grist bills itself as the only newsroom focused on finding solutions at the intersection of climate and justice.
The ninth annual Grist 50 list honors leaders who are tackling the most pressing climate problems of today in innovative and exciting ways. The organization says this year’s list includes people who “found a unique way to apply their strengths, creativity, and time to tackle the biggest problem our planet faces. We call them Fixers: dynamic doers who aren’t afraid to challenge the status quo and dive headlong into building and championing better alternatives. The Grist 50 is both a look at what it takes to make change happen and a testament to the strength, diversity, and creativity of people doing just that.”
In its description of Pickett’s award, Grist noted, “After the town of Lahaina went up in flames, killing 102 people in August last year, survivors and onlookers were left with enormous grief – and endless questions. How could such a horrific event have happened? What could be done to prevent another?”
Hawai‘i Governor Josh Green M.D. commented, “The Hawai‘i Wildfire Management Organization plays a vital role in sharing wildfire information, coordinating efforts among agencies, and helping communities become better prepared and resilient. In the wake of last year’s devastating Maui wildfires, HWMO stepped up in incredible ways, and this recognition of Elizabeth Pickett reflects the hard work and dedication of the entire organization.”
HWMO Board Chair Dan Dennison added, “On behalf of the entire board, we can’t think of anyone more deserving of this honor than Elizabeth. The Maui fires put enormous focus on our nonprofit as the clearinghouse for Hawaiʻi wildfire information and programs and has shown HWMO to be instrumental in responding to questions about wildfire science, resiliency, and action.”
For answers, many turned to the HWMO, where Elizabeth Pickett had spent 16 years trying in vain to convince people to take wildfire risks seriously. She first became interested in wildfires after learning about their effects on coral reef sedimentation and went on to pursue a master’s degree in forestry research.”
Since the Maui fires, Pickett and HWMO Co-executive Director Nani Barretto have fielded hundreds of citizen and media inquiries from local, national, and international news organizations. Pickett said, “We laid that groundwork strategically place-by-place, layer-by-layer over 20 years. We were able to meet the moment.” She says she hopes HWMO’s work will ensure the islands will be prepared for future wildfires, even as climate change increases their threat.
Dave Smith, the DLNR Division of Forestry and Wildlife (DOFAW) Administrator said, “We are tremendously fortunate to have HWMO as the coordinating organization for so much of what is available in Hawaiʻi to address wildfire.”
The number of HWMO positions has grown a lot over the past year, with additional staff now on all the major Hawaiian Islands. While the constant demand for wildfire information from many corners has continued unabated, the HWMO co-executive directors have managed to keep focused on the organization’s core strategy of being a trusted partner and a go-to place for wildfire-related information, expert advice and community action.
Pickett said, “The Grist award is for our entire organization. By the time of the Lahaina fires, I’d become somewhat disillusioned with the state’s approach to and lack of investment in wildfire preparedness and risk reduction. Then the fire happened and suddenly the questions came pouring in.
Hawai‘i teachers needed curricula to teach their students about wildfires. Land managers wanted to know what fire breaks to install. The Dept. of Health, Dept. of Hawaiian Homelands, the DLNR Division of State Parks, Dept. of Transportation and county planning offices; along with communities across the state all reached out for technical support and partnership toward the role they could play in getting more prepared for wildfire. There was interest and commitment I never imagined possible.”
HWMO, in partnership with DLNR, leads the Firewise Communities program for neighborhood wildfire preparedness. Together with other firefighting organizations, they are currently in the ninth year of the Wildfire & Drought LOOKOUT! news media and public awareness campaign which shares fire prevention, water conservation and resiliency messages across social media and through the general news media.
# # #
RESOURCES
(All images/video courtesy: DLNR)
HD video – Wildfire & Drought LOOKOUT! news conference, Maui (June 4, 2024):
[embedded content]
Photographs – Elizabeth Pickett speaking at news conference (June 4, 2024):
https://www.dropbox.com/scl/fo/5anop2w0io0kfgqr9ngam/AArwLpU2vBYgXWoSvgwn5cs?rlkey=upceq0blfi1zzxnrook37j38z&st=b04552je&dl=0
Media Contact:
Ryan Aguilar
Communications Specialist
Hawai‘i Dept. of Land and Natural Resources
808-587-0396
[email protected]
MIL OSI Translation. Region: Italy –
Source: The Holy See in Italian
Wednesday, September 25, 2024
MM
by Antonella PrennaPourcine (Agenzia Fides) – “Although the international spotlight on Haiti has been turned off for some time now, newspapers and media no longer talk about it, the situation has absolutely not changed or improved”. Father Massimo Miraglio, a Camillian missionary, tells Fides the reality he found upon his return to Haiti after a long and forced Italian break. “Despite the intervention of the UN forces led by the Kenyan group, which arrived on the island last 25 June, and these days reinforced with additional Jamaican and Belizean forces, the context is always one of degradation. We can say that the presence of these forces in Haiti is almost inoperative. They complain about lack of material, fear of loss of human lives, and fairly restrictive rules of engagement – the missionary remarks. In fact, the capital Port au Prince continues to be in the hands of armed gangs, sowing terror among the people. All activities continue to be almost paralyzed. The entrance to both the south and north of the capital are completely blocked, you can only pass after paying bribes to the various groups that stop along the way. However, this only applies to public transport and trucks which in many cases are seized instead of being allowed to pass. Even the exit that leads to Jeremie, 200 km south of the capital, is now totally closed, it is practically impossible to get there by land. And it is in this tragically sad context for the majority of the Haitian population that the school year will open on October 1st” explains Father Massimo, who has been on the island for almost twenty years. “We cannot hide the fact that the school year will open with many apprehensions and a thousand difficulties. Many children will not go to school and many schools will remain closed, especially in Port au Prince due to the presence of armed gangs. Many children will not be able to go to school because they do not have the money necessary to buy the minimum materials to be able to access teaching. Let us remember that in Haiti 80% of schools are private and costs increase more every year while families continue to fall into poverty.” Even in Jeremie – where the Camillians have a community – the situation is dramatic and many children will not be able to start the school year on time on October 1st. “Books, like all school supplies, are prohibitively expensive and arrive with difficulty from the capital. As well as the uniform and school bag for the students. Finding a decent pair of shoes to send them to school has become truly challenging and very expensive. In short, it promises to be a truly difficult school year for the children of Haiti” adds Fr. Miraglio. “In our parish of Our Lady of Help in Pourcine, in the mountainous hinterland of Jeremie, this year we will have 250 pupils enrolled in primary school and nursery school” explains Fr. Massimo who is the parish priest (see Fides 28/9/2023). We managed to build two small, very simple structures, with local wood, tents and sheet metal, where six primary school classes and two nursery school classes will be hosted. With equally great difficulty we managed to complete the teaching staff. They are all very young, the only ones who agree to come and teach in such distant places, despite the idea of having a salary. It will be the second year that the ‘Our Lady of Perpetual Help’ school will open here in the Pic-Makaya mountains.” Among the various projects that the missionaries try to carry forward on the Caribbean island the Camillian emerges as the absolute priority of a clinic doctor. “We would like to create a small clinic in the parish to avoid the large movements to which those who become ill are subjected, our Foyer Saint Camille in Port au Prince is very far away. Furthermore, this week, with a group of Cuban doctors and the support of a local organization, we will organize a mobile clinic with which we can give an initial welcome to the sick in a mountain area and bring together people from two nearby valleys. This too is an arduous undertaking because to reach the place where we would like to take the clinic more than four hours are needed on foot and the same number to be able to return to the paths along the slopes which are very dangerous, especially in this period of rain.”“Following the charism of our Founder, San Camillo, we want to work in the area alongside groups of chronically ill people, children with nutritional problems, elderly people who are often abandoned and alone in their homes. We hope to be able to create a clinic by 2025, we are very grateful to the organization Madian Orizzonti, of the Camillian Missionaries of Turin, which supports us with great affection and we trust in the support of many other people who will meet us on our journey.”“In Unfortunately, at the moment the province is also not free from problems due to the enormous difficulties in communicating with the capital. Being able to receive goods of all kinds from Port au Prince is very complicated, as Haiti is a country where everything is very centralized and everything comes from the capital. In recent times, even transport from the province to the capital Jeremie is difficult due to the increase in the cost of diesel and petrol.” from the source to the center of the village. And it is very important not only because it will shorten the distances from the source to the valley, where most people live, but above all because we will be able to make the water drinkable and avoid/limit the continuous and frequent epidemics of cholera and intestinal diseases. Together with the aqueduct, work to support agriculture continues. In the next few months we hope to launch a coffee production nursery in the area which in the past had provided a certain prosperity. However, let us not lose hope and continue to fight to create better living conditions – concludes Father Miraglio. The aqueduct, the schools, the nursery, the mobile clinics, are all important aspects to revive the hope of the population and ensure that their living conditions can improve and keep people from abandoning these countryside locations to come and gather in metropolises or provincial towns which are already, like Jeremie, overloaded with people, where it is not possible to provide work or hope to these people who leave the countryside to go to the city. We continue our commitment with courage and determination alongside this peasant population, we try to support their faith, to accompany them so that one day they can achieve dignified living standards”. (Agenzia Fides 25/9/2024)MM
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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.
Source: GlobeNewswire (MIL-OSI)
To Nasdaq Copenhagen A/S 25 September 2024
Announcement no. 81/2024
Fixing of Coupon Interest Rate
Interest rate for Jyske Realkredit’s:
Series 454.B.38 with ISIN DK0009361628 has per 1 October 2024 and until and including 31 March 2025 been set at 4.13 % p.a.
Series 154.B.38 with ISIN DK0009361701 has per 1 October 2024 and until and including 31 March 2025 been set at 4.13 % p.a.
Series 154.E.41 with ISIN DK0009366932 has per 1 October 2024 and until and including 31 March 2025 been set at 3.78 % p.a.
Series 454.E.OA.41 with ISIN DK0009367070 has per 1 October 2024 and until and including 31 March 2025 been set at 3.78 % p.a.
Series G422.E.OA Cb3 ju25 RF with ISIN DK0009405425 has per 1 October 2024 and until and including 31 December 2024 been set at 3.32 % p.a.
Series 422.E.OA Cb3 ju25 RF with ISIN DK0009405938 has per 1 October 2024 and until and including 31 December 2024 been set at 3.33 % p.a.
Series 422.E.OA Cb3 ju26 RF with ISIN DK0009408528 has per 1 October 2024 and until and including 31 December 2024 been set at 3.50 % p.a.
Series G422.E.OA Cb3 ju25 RF with ISIN DK0009408601 has per 1 October 2024 and until and including 31 December 2024 been set at 3.37 % p.a.
Series 422.E.OA Cb3 ju27 RF with ISIN DK0009412207 has per 1 October 2024 and until and including 31 December 2024 been set at 3.60 % p.a.
Series G422.E.OA Cb3 ju27 RF with ISIN DK0009412397 has per 1 October 2024 and until and including 31 December 2024 been set at 3.58 % p.a.
Series 422.B.OA Cb3 ju27 RF with ISIN DK0009412470 has per 1 October 2024 and until and including 31 December 2024 been set at 3.69 % p.a.
Series G422.E.OA Cb3.ju27 RF with ISIN DK0009414682 has per 1 October 2024 and until and including 31 December 2024 been set at 3.45 % p.a.
Series 422.E.OA Cb3.ju28 RF with ISIN DK0009414765 has per 1 October 2024 and until and including 31 December 2024 been set at 3.48 % p.a.
Questions may be addressed to Christian Bech-Ravn, Head of Investor Relations, tel. (+45) 89 89 92 25.
Best Regards
Jyske Realkredit A/S
Web: jyskerealkredit.dk
Please observe that the Danish version of this announcement prevails.
Source: Bank for International Settlements
Regional Director of RBI for Karnataka, Smt. Sonali Sen Gupta; Chief General Manager, NABARD, Shri KVSSLV Prasada Rao; Chief General Manager, Canara Bank and Convenor, SLBC Karnataka, Shri K.J. Shrikanth; Area Heads of Union Bank of India and Bank of Baroda, senior executives from banks; Lead District Managers (LDMs); District Development Managers (DDMs); LDOs and other officers of RBI, present here. Ellarigu Namaskara and a very good morning to all.
Let me begin by complimenting Bengaluru Regional Office of the Reserve Bank of India for organising this conference with an apt theme – Reaching the Unreached – Ensuring Last Mile Connectivity of Banking Services. The theme reminds us that financial inclusion is an ongoing journey. While significant progress has been made in this journey, there is still some distance to be traversed. I must also thank the Bengaluru Regional Office for selecting this place, Hubballi, for this conference, a place where I served as a young officer of State Bank of India, some thirty years ago – which brings back lots of nostalgic memories of the basic banking that we used to do over three decades ago.
India’s journey towards inclusive development after independence has been marked by several initiatives aimed at reducing poverty and improving living standards. Measures like expanding access to essential services such as education, healthcare and sanitation, and creating productive employment opportunities for all sections of the population have seen tremendous progress. Ensuring that the benefits of economic growth are shared by all segments of society, including marginalised groups has been the cornerstone of these initiatives. It has been a multifaceted journey with significant achievements in terms of economic growth, poverty alleviation, improvements in education and health care, etc.
In the relatively early days of this journey, the Lead Bank Scheme was institutionalised in 1969 and since then the Scheme has served as an important tool in enhancing credit flow to the sectors that have been identified as national priority and to the underserved population of the country, boosting economic growth at all levels, e.g., block level, district level and state level.
Over more than half a century since its inception, the Scheme has evolved in line with the development agenda for the country. The Lead Bank Scheme relies on a co-ordinated approach at all levels amongst banks, financial institutions and the government machinery for effective delivery of banking services to all sections of the economy. This co-ordinated approach has yielded significant results in terms of expanding banking access and improvement in the flow of priority sector credit.
More recently it has also led to the expansion of digital payments with SLBCs taking the lead role in the objective of making every district in the country digitally enabled. I am happy to note that 354 districts are now digitally enabled. Ten states including Karnataka and six Union Territories have achieved 100 per cent coverage of districts under this initiative.
Indeed, the Lead Bank Scheme can be a powerful tool to bring about transformative change. As LDMs, DDMs and LDOs, you are the very pillars on which this scheme rests, playing a crucial role in driving financial inclusion at grassroots level. Your efforts in extending banking services and credit access to underserved regions would undoubtedly bring immense satisfaction to all involved. Having served as the Convenor for the SLBC in Telangana, I can personally attest to the deep fulfilment that comes from making a tangible difference in people’s lives through the LBS fora.
A common question we face is, are we doing enough? How much more remains to be done? In 2021, the Reserve Bank introduced the Financial Inclusion Index (FI-Index), which tracks progress across 97 indicators in three key dimensions: (i) Access (ii) Usage (iii) Quality. The Index which was at 53.9 in March 2021 now stands at 64.2 for March 2024 as a testimony to the efforts that has been put in by all of you.
India has made significant strides in enhancing ‘access’ to banking and financial services, reaching even the most remote areas. However, there is still considerable ground to cover in deepening financial inclusion. This requires greater focus on promoting ‘usage’ and improving the ‘quality’ of services. In both these critical areas, the role of Lead District Managers from the banks and District Development Managers from NABARD is indispensable.
In this context, I would like to outline a few key expectations.
Firstly, it is imperative that you cultivate a deep understanding of your respective districts-so, you should truly ‘Know Your Districts’ well. This knowledge will form a solid foundation for comprehensive district profiles, covering a wide range of critical data. Such profiles could include detailed demographic information, agricultural trends, banking penetration and activities, industrial profiles, and the various performance metrics under the Annual Credit Plans (ACP).
Knowing your districts well, you can leverage upon data analytics and field surveys to gain insights into economic activities, local credit needs, and barriers to credit access. A holistic understanding of your district will enable you to identify gaps in financial inclusion, assess the credit needs of different sectors, and design targeted strategies for intervention. It will also help you to identify the root causes of the various issues observed in your districts. By staying attuned to your districts, you can provide invaluable feedback to the SLBCs, enabling the formulation of targeted and effective credit plans, and foster sustainable economic growth and development.
Formulation of targeted and effective credit plans, a bottom up approach
Secondly, building upon your strong understanding of your district, the formulation, monitoring, and implementation of Credit Plans must follow a granular bottom-up approach.
The principal phase of credit planning is done by DDMs by preparing the Potential Linked Credit Plans (PLPs) for all the districts in the State by mapping credit potential under Priority Sector Lending (PSL). The preparation of PLPs involves assessment of block-wise and sector-wise potential. LDMs conceptualise the block credit plans at the grassroots level which aggregate into district credit plans, ultimately converging to shape the comprehensive state-level Annual Credit Plan. While doing so, target setting for credit disbursement needs to be aspirational while being realistic. LDMs must take into account the scope for lending indicated in the Potential Linked Plan as well as the past record of achievement in credit disbursement while formalising the credit plans for the blocks and districts under their charge.
Thirdly, we need to address the remaining gaps. Although credit delivery to priority sectors has progressed over time, there is still significant work to be done especially with regard to Micro, Small and Medium Enterprises. Similarly, nearly half of Self-Help Groups (SHGs) are yet to be linked to formal credit, and a large proportion of small and marginal farmers still lack access to bank financing. Therefore, we must factor in the credit requirements of these segments in PLPs as well as in block and district-level credit strategies.
MSMEs are crucial to India realising her demographic dividend. One of the key requirements in this regard is increasing the female labour participation rate. Various studies1 have shown that businesses with at least one women founder have a more inclusive work culture, employ more women than men and generate more revenue. However, less than 20 per cent of MSMEs are owned by women. Women entrepreneurs often encounter major hurdles, such as limited access to funding, societal barriers, and challenges in obtaining affordable finance.
It is therefore crucial to bridge the gender gap. At the district level, this can be addressed by offering support to women-led enterprises through government-sponsored programmes and tailored banking schemes for women-owned businesses. Additionally, efforts must be made to raise awareness among potential women entrepreneurs about these opportunities and provide them with necessary guidance and support.
Fourthly, we need to bolster financial literacy. Strengthening the supply-side is crucial, but holistic financial inclusion also necessitates demand-side initiatives. Financial literacy stands as a fundamental building block. It is not just about access, it is about empowering individuals to make informed choices. Financial literacy is the ability of people to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.
Members of public should be made aware of various financial products available to them, be it social security products such as insurance and pension schemes, which will cover their risks or loan products with significant subsidies that will enable them to undertake productive economic activities. A special focus needs to be given to Digital Financial Literacy for improving public confidence in undertaking digital transactions. This will enable banks to explore avenues for wider adoption of fintech, to provide seamless and frictionless credit.
At the block level, financial literacy is being promoted through Centres for Financial Literacy (CFLs), established by NGOs with funding support from the RBI, NABARD, and banks. The reach of CFLs has expanded significantly, with 2,421 CFLs now operating across almost every block in the country. In Karnataka alone, 79 CFLs and 177 Financial Literacy Centres (FLCs) are spreading awareness of financial products at the grassroots level. LDMs must play a crucial role in ensuring that FLCs perform their functions effectively, supporting CFLs, participating in CFL camps, and facilitating the linkage of financial services while overseeing the proper conduct of these camps.
In conclusion, I encourage you to give your best, set exemplary standards, and become pioneers in developmental activities, ensuring continued progress of your districts and the State of Karnataka.
As you may be aware, the Reserve Bank of India is celebrating 90 years of its foundation this year. Looking ahead to the next decade, our journey towards RBI@100, we have formulated strategies aimed at positioning the Reserve Bank as a model central bank of the Global South. One of our key objectives is to deepen financial inclusion by enhancing the Accessibility, Availability, and Quality of financial services for all segments of society. I urge each of you to actively support us in realizing this vision by contributing to inclusive growth, ensuring that no one is left behind in accessing essential financial services, and fostering economic empowerment at the grassroots level.
I would like to leave you with a quote from Rashtrakavi Kuvempu (an extract from his epic work “Malegaḷalli madumagaḷu”):
ಇಲ್ಲಿಯಾರೂ ಮುಖ್ಯರಲ್ಲ
Illi yaaroo mukhyaralla
No one is precious here
ಯಾರೂ ಅಮುಖ್ಯರಲ್ಲ
Yaroo amukhyaralla
No one is unimportant here
ಇಲ್ಲಿ ಎಲ್ಲಕ್ಕೂ ಇದೆ ಅರ್ಥ
Illi ellakkoo ide artha
Everything has significance here
ಯಾವುದೂ ಅಲ್ಲ ವ್ಯರ್ಥ
Yavudoo alla vyartha
Nothing is useless
ನೀರೆಲ್ಲವೂ ತೀರ್ಥ!
Neerellevoo theertha!
All the water is holy!
In the context of today’s gathering, it would mean: All groups of people are equally important and should be financially included; every effort taken for financial inclusion is meaningful and nothing goes wasted.
With this I would like to end with my best wishes to each one of you. Thank you!
Source: Bank for International Settlements
It is my great pleasure to have the opportunity today to exchange views with a distinguished gathering of business leaders in the Kansai region. I would like to take this chance to express my sincerest gratitude for your cooperation with the activities of the Bank of Japan’s branches in Osaka, Kobe, and Kyoto. I look forward to hearing your candid opinions, which will be useful in the Bank’s policy decisions and business operations.
Before hearing from you, I would like to talk about developments in Japan’s economic activity and prices and explain the Bank’s thinking on the conduct of monetary policy.
Current Situation of and Outlook for Economic Activity
Let me start by talking about the current situation of and outlook for economic activity in Japan. As shown in Chart 1, real GDP for the April-June quarter of 2024 increased clearly. The Bank assesses that the economy has recovered moderately, although some weakness has been seen in part, and expects that it will continue to recover moderately.
Source: Bank for International Settlements
Good morning. I would like to thank the Kentucky Bankers Association for the invitation to join you today for your annual convention.1 I appreciate the opportunity to share my views on the U.S. economy and monetary policy before we engage on community banking issues and other matters affecting the banking industry.
In light of last week’s Federal Open Market Committee (FOMC) meeting, I will begin my remarks by providing some perspective on my vote and will then share my current views on the economy and monetary policy.
In order to address high inflation, for more than two years, the FOMC increased and held the federal funds rate at a restrictive level. At our September meeting, the FOMC voted to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent and to continue reducing the Federal Reserve’s securities holdings.
As the post-meeting statement noted, I dissented from the FOMC’s decision, preferring instead to lower the target range for the federal funds rate by 1/4 percentage point to 5 to 5-1/4 percent. Last Friday, once our FOMC participant communications blackout period concluded, the Board of Governors released my statement explaining the decision to depart from the majority of the voting members. I agreed with the Committee’s assessment that, given the progress we have seen since the middle of 2023 on both lowering inflation and cooling the labor market, it was appropriate to reflect this progress by recalibrating the level of the federal funds rate and begin the process of moving toward a more neutral stance of policy. As my statement notes, I preferred a smaller initial cut in the policy rate while the U.S. economy remains strong and inflation remains a concern, despite recent progress.
In recent months, we have seen some further progress on slowing the pace of inflation, with monthly readings lower than the elevated pace seen in the first three months of the year. The 12-month measure of core personal consumption expenditures (PCE) inflation, which provides a broader perspective than the more volatile higher-frequency readings, has moved down since April, although it came in at 2.6 percent in July, again remaining well above our 2 percent goal. In addition, the latest consumer and producer price index reports suggest that 12-month core PCE inflation in August was likely a touch above the July reading. The persistently high core inflation largely reflects pressures on housing prices, perhaps due in part to low inventories of affordable housing. The progress in lowering inflation since April is a welcome development, but core inflation is still uncomfortably above the Committee’s 2 percent goal.
Prices remain much higher than before the pandemic, which continues to weigh on consumer sentiment. Higher prices have an outsized effect on lower- and moderate-income households, as these households devote a significantly larger share of income to food, energy, and housing. Prices for these spending categories have far outpaced overall inflation over the past few years.
Economic growth moderated earlier this year after coming in stronger last year. Private domestic final purchases (PDFP) growth has been solid and slowed much less than gross domestic product (GDP), as the slowdown in GDP growth was partly driven by volatile categories including net exports, suggesting that underlying economic growth was stronger than GDP indicated. PDFP has continued to increase at a solid pace so far in the third quarter, despite some further weakening in housing activity, as retail sales have shown further robust gains in July and August.
Although personal consumption has remained resilient, consumers appear to be pulling back on discretionary items and expenses, as evidenced in part by a decline in restaurant spending since late last year. Low- and moderate-income consumers no longer have extra savings to support this type of spending, and we have seen loan delinquency rates normalize from historically low levels during the pandemic.
The most recent labor market report shows that payroll employment gains have slowed appreciably to a pace moderately above 100,000 per month over the three months ending in August. The unemployment rate edged down to 4.2 percent in August from 4.3 percent in July. While unemployment is notably higher than a year ago, it is still at a historically low level and below my and the Congressional Budget Office’s estimates of full employment.
The labor market has loosened from the extremely tight conditions of the past few years. The ratio of job vacancies to unemployed workers has declined further to a touch below the historically elevated pre-pandemic level-a sign that the number of available workers and the number of available jobs have come into better balance. But there are still more available jobs than available workers, a condition that before 2018 has only occurred twice for a prolonged period since World War II, further signaling ongoing labor market strength despite the reported data.
Although wage growth has slowed further in recent months, it remains indicative of a tight labor market. At just under 4 percent, as measured by both the employment cost index and average hourly earnings, wage gains are still above the pace consistent with our inflation goal given trend productivity growth.
The rise in the unemployment rate this year largely reflects weaker hiring, as job seekers entering or re-entering the labor force are taking longer to find work, while layoffs remain low. In addition to some cooling in labor demand, there are other factors likely contributing the increased unemployment. A mismatch between the skills of the new workers and available jobs could further raise unemployment, suggesting that higher unemployment has been partly driven by the stronger supply of workers. It is also likely that some temporary factors contributed to the recent rise in the unemployment rate, as unemployment among working age teenagers sharply increased in August.
The U.S. economy remains strong and core inflation remains uncomfortably above our 2 percent target. In light of these economic conditions, a few further considerations supported the case for a more measured approach in beginning the process to recalibrate our policy stance to remove restriction and move toward a more neutral setting.
First, I was concerned that reducing the target range for the federal funds rate by 1/2 percentage point could be interpreted as a signal that the Committee sees some fragility or greater downside risks to the economy. In the current economic environment, with no clear signs of material weakening or fragility, in my view, beginning the rate-cutting cycle with a 1/4 percentage point move would have better reinforced the strength in economic conditions, while also confidently recognizing progress toward our goals. In my mind, a more measured approach would have avoided the risk of unintentionally signaling concerns about underlying economic conditions.
Second, I was also concerned that reducing the policy rate by 1/2 percentage point could have led market participants to expect that the Committee would lower the target range by that same pace at future meetings until the policy rate approaches a neutral level. If this expectation had materialized, we could have seen an unwarranted decline in longer-term interest rates and broader financial conditions could become overly accommodative. This outcome could work against the Committee’s goal of returning inflation to our 2 percent target.
I am pleased that Chair Powell directly addressed both of these concerns during the press conference following last week’s FOMC meeting.
Third, there continues to be a considerable amount of pent-up demand and cash on the sidelines ready to be deployed as the path of interest rates moves down. Bringing the policy rate down too quickly carries the risk of unleashing that pent-up demand. A more measured approach would also avoid unnecessarily stoking demand and potentially reigniting inflationary pressures.
Finally, in dialing back our restrictive stance of policy, we also need to be mindful of what the end point is likely to be. My estimate of the neutral rate is much higher than it was before the pandemic. Therefore, I think we are much closer to neutral than would have been the case under pre-pandemic conditions, and I did not see the peak stance of policy as restrictive to the same extent that my colleagues may have. With a higher estimate of neutral, for any given pace of rate reductions, we would arrive at our destination sooner.
Turning to the risks to achieving our dual mandate, I continue to see greater risks to price stability, especially while the labor market continues to be near estimates of full employment. Although the labor market data have been showing signs of cooling in recent months, still-elevated wage growth, solid consumer spending, and resilient GDP growth are not consistent with a material economic weakening or fragility. My contacts also continue to mention that they are not planning layoffs and continue to have difficulty hiring. Therefore, I am taking less signal from the recent labor market data until there are clear trends indicating that both spending growth and the labor market have materially weakened. I suspect the recent immigration flows have and will continue to affect labor markets in ways that we do not yet fully understand and cannot yet accurately measure. In light of the dissonance created by conflicting economic signals, measurement challenges, and data revisions, I remain cautious about taking signal from only a limited set of real-time data releases.
In my view, the upside risks to inflation remain prominent. Global supply chains continue to be susceptible to labor strikes and increased geopolitical tensions, which could result in inflationary effects on food, energy, and other commodity markets. Expansionary fiscal spending could also lead to inflationary risks, as could an increased demand for housing given the long-standing limited supply, especially of affordable housing. While it has not been my baseline outlook, I cannot rule out the risk that progress on inflation could continue to stall.
Although it is important to recognize that there has been meaningful progress on lowering inflation, while core inflation remains around or above 2.5 percent, I see the risk that the Committee’s larger policy action could be interpreted as a premature declaration of victory on our price-stability mandate. Accomplishing our mission of returning to low and stable inflation at our 2 percent goal is necessary to foster a strong labor market and an economy that works for everyone in the longer term.
In light of these considerations, I believe that, by moving at a measured pace toward a more neutral policy stance, we will be better positioned to achieve further progress in bringing inflation down to our 2 percent target, while closely watching the evolution of labor market conditions.
Despite my dissent at the recent FOMC meeting, I respect and appreciate that my FOMC colleagues preferred to begin the reduction in the federal funds rate with a larger initial cut in the target range for the policy rate. I remain committed to working together with my colleagues to ensure that monetary policy is appropriately positioned to achieve our goals of attaining maximum employment and returning inflation to our 2 percent target.
I will continue to monitor the incoming data and information as I assess the appropriate path of monetary policy, and I will remain cautious in my approach to adjusting the stance of policy going forward. It is important to note that monetary policy is not on a preset course. My colleagues and I will make our decisions at each FOMC meeting based on the incoming data and the implications for and risks to the outlook guided by the Fed’s dual-mandate goals of maximum employment and stable prices. We need to ensure that the public understands clearly how current and expected deviations of inflation and employment from our mandated goals inform our policy decisions.
By the time of our next meeting in November, we will have received updated reports on inflation, employment, and economic activity. We may also have a better understanding of how developments in longer-term interest rates and broader financial conditions might influence the economic outlook.
During the intermeeting period, I will continue to visit with a broad range of contacts to discuss economic conditions as I assess the appropriateness of our monetary policy stance. As I noted earlier, I continue to view inflation as a concern. In light of the upside risks that I just described, it remains necessary to pay close attention to the price-stability side of our mandate while being attentive to the risks of a material weakening in the labor market. My view continues to be that restoring price stability is essential for achieving maximum employment over the longer run. However, should the data evolve in a way that points to a material weakening in the labor market, I would support taking action and adjust monetary policy as needed while taking into account our inflation mandate.
In closing, thank you again for welcoming me here today. It is a pleasure to join you and to have the opportunity to discuss my views on the economy and monetary policy. And given the recent FOMC meeting decision and my dissent, I appreciate being able to provide a more detailed explanation of the reasoning that led me to dissent in favor of a smaller reduction in the policy rate at last week’s FOMC meeting.
I look forward to answering your questions and to engaging with your members on bank regulatory and supervisory matters.
Source: Bank for International Settlements
Good afternoon. I want to thank the Institute of International Finance and the Canadian Bankers Association for inviting me to take part in your 2024 Forum.
Your focus on growth during uncertainty is timely. Uncertainty feels like the new reality: The uncertainty caused by war in Europe and in the Middle East. The uncertainties arising from geopolitical tensions and economic fragmentation. And the related uncertainties about supply chains, trading relationships and global investment risks.
Rapid advances in new technologies, particularly artificial intelligence (AI) and its new offspring, Generative-AI, are disrupting business models and creating new uncertainties for firms and workers.
Uncertainty surrounds the impacts of climate change and the policy frameworks to adapt to and mitigate it.
There is political uncertainty. And fiscal uncertainty.
As your theme implies, uncertainty and economic growth do not sit well together: uncertainty impedes growth.
But with inspired policy, good business decisions and sound risk management, we can manage uncertainty and reduce its impact on households, businesses and growth. We have recent historical evidence.
Sixteen years ago this month, Lehman Brothers failed, and the financial system froze because nobody knew which banks were safe. Today, the global financial system is much safer thanks to the implementation of sweeping global reforms to increase capital and liquidity buffers, and reduce leverage.
With the rapid development of new vaccines and with exceptional fiscal and monetary policies, uncertainty about our health and the health of our economies has decreased dramatically since the depths of the COVID-19 pandemic.
Thanks to decisive monetary policy action and the unblocking of supply chains, uncertainty about costs and inflation are much lower today than two years ago, when inflation peaked above 8% in Canada and was even higher in many other countries.
In the past few weeks, I have given speeches on the shifting global trade landscape and the economic implications and risks of rapid advances in artificial intelligence. These are two key areas where we can reduce uncertainty through good policy and far-sighted business leadership.
At the same time, we need to recognize that new uncertainties are a new reality, and we must be ready for the inevitable shocks in a more turbulent world. That puts a priority on risk management and investments in resilience.
A key function of financial institutions is to help households and businesses manage the risks they face. Financial institutions also have a responsibility to manage their own risks prudently so that they do not themselves become a source of uncertainty and instability.
As Canada’s central bank, we have a role to play in mitigating and managing risks and uncertainty. Our primary mandate is price stability-in other words, low, stable and predictable inflation. We also have mandates to foster a stable financial system and ensure safe and efficient payments.
Let me say a few words on financial stability and payments. And then I’ll finish with some thoughts on monetary policy.
Our financial stability focus is on risks that could lead to system-wide stress. And we publish these findings in our annual Financial Stability Report (FSR).1
In our most recent FSR, published in May, we reported that Canadian mortgage holders had experienced a modest increase in levels of financial stress. Since then, we’ve observed that arrears on mortgages have continued to rise, although they remain below pre-pandemic levels. It also appears that these households have not leaned on revolving credit products such as lines of credit and credit cards to a greater degree than before the pandemic.
But there is a notable increase in financial stress among borrowers without a mortgage, mainly renters. During the pandemic, for most credit products, the share of these borrowers missing payments reached historical lows. However, we’re now seeing a larger share of these borrowers lagging behind on credit card and auto loan payments. Over the past year the share of borrowers without a mortgage who carry a credit card balance of at least 90% of their credit limit has continued to climb. And this share is now above typical historical levels. This is concerning.
Our responsibilities related to payments require us to adapt to increasing digitalization. Innovation in payments continues to accelerate.
In 2021, the Bank assumed a new mandate for the supervision of retail payment service providers. Starting November 1st of this year, more than 3,000 service providers will need to register with the Bank and follow new rules aimed at safeguarding consumers and protecting the integrity of retail payments.
We are also looking at the bigger picture of payment innovation, both in Canada and around the world. As part of this work, in the past few years we’ve built an extensive body of knowledge about the framework and technology behind a possible central bank digital currency (CBDC), including the benefits and risks.
But recognizing that there is not currently a compelling case to move forward with a CBDC in Canada, the Bank is scaling down its work on a retail central bank digital currency and shifting its focus to broader payments system research and policy development. The Bank will continue to monitor global retail CBDC developments. And the Bank will be ready to ensure Canadians always have a safe and secure supply of public money.
Now, let me circle back to monetary policy.
In June, we began lowering our policy interest rate. We cut the policy rate at our last three decisions, for a cumulative decline of 75 basis points to 4.25%.
Our most recent decision on September 4th reflected two main considerations.
First, we noted that headline and core inflation had continued to ease as expected. Second, we said that as inflation gets closer to target, we want to see economic growth pick up to absorb the slack in the economy.
Since then, we’ve been pleased to see inflation come all the way back to the 2% target. It has been a long journey. Now we want to keep inflation close to the centre of the 1%–3% inflation-control band. We need to stick the landing.
What does this mean for interest rates? With the continued progress we’ve seen on inflation, it is reasonable to expect further cuts in our policy rate. The timing and pace will be determined by incoming data and our assessment of what those data mean for future inflation.
As always, we try to be as clear as we can about what we are watching as we chart the course for monetary policy.
Economic growth picked up in the first half of this year, and we want to see it strengthen further so that inflation stays close to the 2% target. Some recent indicators suggest growth may not be as strong as we expected. We will be closely watching consumer spending, as well as business hiring and investment.
We will also be looking for continued easing in core inflation, which is still a little above 2%. Shelter cost inflation remains elevated but has started to come down, and we are looking for it to moderate further.
Our next decision is October 23rd. And we will have a revised economic outlook at that time.
With those introductory thoughts, let’s get the discussion started.
I would like to thank Russell Barnett, Claudia Godbout and Brian Peterson for their help in preparing these remarks.
Source: Bank for International Settlements
Good morning and a very warm welcome to this important workshop on how to build a quantum-safe financial system.* I would like to start by thanking Prof. Cirac Sasturain and all the participants in the panel sessions for their insightful and thought-provoking contributions. Let me extend my gratitude to all the speakers, panellists, and attendees who have travelled from near and far to come here in Rome. Your presence and contributions are vital for the success of this workshop. I am confident that through our collective expertise and collaboration in the remainder of the workshop we will succeed in laying out actionable outcomes for steering the financial system’s transition towards a quantum-safe world.
Quantum computing, as already noted by many speakers this morning, has the potential to revolutionize the financial system. Thanks to its unparalleled processing power and innovative capabilities, quantum computing can bring about a paradigm shift from the current ‘digital economy’ to a new era of ‘quantum economy’. Such shift encompasses unseen opportunities along with significant challenges for global financial markets, including – in particular – unbalanced access to technology and cybersecurity threats, which we must address with foresight and in a spirit of collaboration.
As central banks and financial supervisors, we recognize the importance of striking a balance between steadfastly embracing technological changes on the one hand, and retaining a more cautious approach on the other, in light of the objective of safeguarding the stability, security, and integrity of our financial systems. It is part of our duty to promote and actively participate in the discussion on how to ensure the financial system’s transition to the quantum era in the safest possible way, considering the limitations of current technology.
Quantum computing, while potentially threatening our system for secure communications, will also be instrumental in developing the solutions to restore resiliency in our financial system. In fact, quantum computing is bound to generate an unprecedented combination of opportunities, risks and uncertainties, which must be managed carefully in order to avoid market inertia and fragmentation, and to sustain an orderly and efficient transition to a quantum-safe world.
With today’s workshop, we intend to launch a discussion on a possible path for steering the financial system’s migration to quantum resilience, within the framework of an internationally coordinated approach involving all the stakeholders: authorities, financial industry, technology providers and academia.
The quantum revolution is already happening, although the exact timeline for its full deployment can hardly be predicted. Innovation in this field is characterized by pivotal and often unexpected transformative breakthroughs leading to sudden acceleration, and sustained by consistent and sizeable public and private investments. The explosion of artificial intelligence technologies, whose interplay with quantum computing holds the potential for both steering and accelerating the development of far-reaching solutions, is making this path even more unpredictable. Against this backdrop of high uncertainty, we expect that the quantum machine capacity necessary to give rise to a significant cybersecurity threat will be achieved in a foreseeable future.1
The financial sector plays a dual role that enables it to look at the quantum phenomenon from two distinct perspectives: firstly, as a user, keen on embracing the capacity of quantum computing for innovation, and secondly, as a highly vulnerable target for quantum-powered cyberattacks.
Although the use of quantum computing in the financial sector is still at an immature stage, experimental results already highlight its ability to improve key financial processes, such as risk and portfolio management, payment services and computationally intensive simulation-based tasks (e.g. analyses related to fraud detection and prevention, and anti-money laundering).
Exploiting the benefits of quantum computing also presents unique challenges for financial institutions. Like other enabling technologies, quantum computing raises issues related to equitable access and market competitiveness; the full integration of this technology into legacy systems poses significant hurdles. Furthermore, the very nature of quantum computing entails a substantial paradigm shift in how financial services operate. Regulators must carefully navigate the new environment to support the smooth adoption and avoid misuse of these technologies from the private and public sectors.
Quantum technologies also bring new risks for the financial sector. In particular, such technologies could be exploited to break the encryption algorithms currently underpinning the security of critical communication systems and digital assets.
Critical financial infrastructures are among the main targets of cyberattacks based on quantum computing. They include the financial infrastructures of the future – which will support, for instance, central bank digital currencies and crypto-assets – as the two techniques of key encapsulation and digital signature currently used are both based on asymmetric encryption, which is vulnerable to the quantum threat. It will be of outmost importance to factor in the risks stemming from quantum computing when designing the central bank digital currencies.
This risk is already on the table with the practice of ‘harvest now, decrypt later’ used by malicious actors. Information embedded in contracts currently in force needs to be kept secret for years to come. Even just the possibility that some of it will be exposed – as soon as the technology becomes available – is already a potential blow to trust.
As we will see through the lunch session, some solutions to mitigate cyber issues are already available. The heart of cybersecurity lies in cryptography, which – from encrypting data to securing online transactions – is the guardian of our digital world.
As the financial industry and governments prepare to protect against quantum threats, it is necessary that they become ‘crypto-agile’, adopting a multifaceted security strategy that incorporates a range of easily upgradable quantum-resistant solution. The showcase exercise that will be performed in this session will demonstrate that there are two different but complementary approaches that can be used in order to deal with quantum-safe cryptography.
On the one hand, we can take advantage of quantum properties to establish secure communication channels between parties, where any attempt to eavesdrop or intercept the exchange of encryption keys is detected. On the other hand, considering that the cryptography involves the use of mathematical algorithms to transform readable data into encrypted data and vice versa, it is possible to replace the current algorithms (unbreakable now, but solvable with quantum computing) with others that are more difficult to solve, even for a quantum computer.
Each one of these technologies – or a combination of them – will allow full end-to-end security in our digital communications. At the same time, however, these technologies are all extremely demanding in terms of time and resources. At the current state of the technology, embracing the quantum physics approach is estimated to impose costs of a higher order of magnitude, though it appears to provide a definitive solution to the quantum threat. The showcase exercise will demonstrate how some solutions already available to the market work, leveraging the points I have just mentioned.
Clearly, this is not a technological dilemma that can be solved with a black-or-white answer, and what is optimal now may not be optimal in the medium or long term. Migrating the whole financial system toward a quantum-safe setup is a dynamic process requiring a multifaceted approach. Whatever strategy is chosen, though, we need to have interoperable solutions working at all times for the financial industry within a single jurisdiction and between different jurisdictions.
Numerous public and private initiatives have been launched to develop what are known as ‘quantum-safe’ solutions. However, some key elements of uncertainty are hampering the market’s ability to effectively embrace the migration to quantum-resilient solutions.
First, while the implementation timeline for the quantum threat is by no means certain, short-term risk mitigation costs are significant. Second, there is a lack of agreement on a sound migration approach and on suitable interoperable technical standards. Third, the regulatory and capability landscape is fragmented across jurisdictions. These are all obstacles to a timely and orderly transition.
Despite growing awareness of the quantum threat, a comprehensive and widely shared action plan in this area remains elusive. The lack of harmonized regulations and of clear international guidelines and standards concerning the transition to a quantum-safe world may induce protracted inertia in the financial system’s migration efforts.
The global nature of the financial system, the interconnectedness of intermediaries within the financial industry, and between them and the technology providers, call for public authorities to take a whole-of-government approach towards addressing the common threat posed by quantum technology. This includes fostering a dialogue between all relevant public and private stakeholders, aimed at establishing priority areas of intervention and ensuring a common path towards a quantum-safe economy through proactive cooperation and international coordination.
A systematic approach involving all international stakeholders is particularly important for financial infrastructures, given their high interconnectedness. We need to protect all links of the chain, especially the weakest.
All these elements make the discussion on the migration strategy something that cannot be put off any longer. The importance of preparing the financial system for the transition to quantum computing is at the heart of this workshop. This is the right time to address the challenges of the transition to quantum computing, to agree on the respective roles of public authorities and of the private sector, and to take concrete action.
To protect the financial system from the threats posed by quantum computing, the Bank of Italy is proposing – in the context of the ongoing work on risks from emerging technologies affecting the financial system that is being carried out in the G7 Finance Track – that G7 member countries jointly develop a ‘common roadmap for quantum resilience’, providing a unified policy framework for the actions needed to steer the transition to a quantum-safe financial system through an international cooperation approach.
The roadmap should include all initiatives that are essential for a quantum-resilient financial system and could be implemented under the responsibility of different multinational organizations. The monitoring, coordination and governance of the overall roadmap should be undertaken at the highest political level. For example, a shared response at the level of G7 countries would provide a benchmark that could outline the way forward for other jurisdictions so as to cover, eventually, the global financial system.
Whichever migration path we decide to adopt, it has to fulfil certain requirements. First, it needs to build on existing regulation in order to capitalize on best practices and, possibly, avoid over-regulation.
Second, it will entail the standardization of the approaches taken to risk mitigation across jurisdictions, so as to enable synergies and speed up the transition, as the suppliers of technical solutions will work based on shared guidelines.
Third, financial industry players as well as hardware and software providers must participate in the design of the strategy. Their involvement is necessary in order to devise a way forward that hinges on the best and most up-to-date technologies in a field where innovation is characterized by sudden accelerations.
Fourth, preservation of interoperability and quality of services must remain the guiding principle of this transition process together with its gradual and safe implementation and with the principle of proportionality, to strike a balance between short-term fixes and long-term solutions. Continuous monitoring of the progress achieved and of the resources absorbed in this endeavour will be important: on this basis, the roadmap commitments can be reassessed along the way, including with respect to the timeline, by accelerating or delaying some milestones as needed.
Finally, international coordination is a key aspect. The G7 Cyber Expert Group could be the right forum for operatively managing the quantum resilience migration roadmap, as well as for drafting policy guidelines. Other multinational institutions already involved in the adoption of quantum technologies in the financial system, such as the BIS and the standard setting bodies, could contribute proactively in defining guidelines and standards as cornerstones of the migration.
Due to their critical role, financial markets and payment infrastructures, including those that will be supporting the central bank digital currencies, deserve particular attention. The CPMI-IOSCO could be the right organization to lead the work for the quantum resilience of these crucial nodes of the financial system.
* * *
Let me conclude by thanking you all for gathering today to discuss this extremely important topic. Hopefully, the discussion that we initiated today will continue in a fruitful way in the immediate future to deliver as quickly as possible a migration roadmap which can be embraced by all G7 members and possibly also shared with G20 and other countries for wider adoption.
* I would like to thank Silvia Vori, Valerio Paolo Vacca, Giuseppe Bruno, Lorenzo Bencivelli, Mauro De Santis, Cristina Andriani, Sabina Marchetti, Antonio Castellucci and Giovanna Piantanida for their contributions to this speech.
Source: Bank for International Settlements
Good morning and a very warm welcome to all of you. It is a pleasure to see so many of you – bank representatives, journalists and supervisors – here in Frankfurt to discuss good practices for collecting and assessing climate-related data for the real estate sector.
We have come a long way since 2019 when we first started to talk about climate-related and environmental risk management with you – the banks we supervise. Thanks to the tireless work of many dedicated climate risk experts in banks across Europe, jointly we have built up considerable expertise and made encouraging progress.
Real estate lending represents a significant share of supervised banks’ banking books. The real estate sector is also a concrete example of how physical and transition risks affect traditional prudential risk categories, in this case credit risk. And just as we do for any other material risk, we expect banks to identify, measure and – most importantly – manage these risks.
In short, to manage your risks you need to know them. And to know your risks you need to have good data. The same holds true when integrating climate-related risk drivers into credit risk management.
To manage credit risk in the real estate sector, we need data on buildings’ energy efficiency. This is crucial for collateral valuations or determining borrowers’ ability to pay back their loan, for example.
With this in mind, back in 2021 ECB Banking Supervision started looking at energy performance data for the commercial and residential real estate sectors by conducting targeted reviews for a sample of banks that were most exposed to these sectors. Supervisors collected data from these banks and engaged with them on their practices. As expectations were not yet set on this specific topic, we let banks explain how they obtained energy performance data. We looked at new lending as well as existing loan stocks.
Overall, our targeted review showed that more progress had been made for new lending, for which most data were based on real data from energy performance certificates. As a concrete outcome of our targeted review, we asked all banks in the sample to collect real energy performance data at loan origination. Our supervisory recommendation was well received by banks that were not yet doing it, showing banks’ willingness to integrate energy performance data into their credit risk management policies. This is good news.
However, as supervisors, we are also concerned about the existing stock of loans. Most of the data on this are based on proxies, which makes it difficult for both banks and supervisors to design and implement proper risk management measures. Obtaining real data is admittedly challenging, yet many of the banks represented here today have made notable strides. You have found a way to collect energy performance data and use them effectively. And we invite all banks that have not yet advanced on collecting such data to learn from the good practices of those banks that have made critical leaps forward.
Integrating climate-related data is also vitally important in view of impending legislative changes. The revised Energy Performance of Buildings Directive1, which includes common requirements for setting up national databases on the energy performance of buildings, is an important development that should help narrow the data gap. In the spirit of the Directive, further work is needed to ensure adequate data management and increase the reliability and consistency of climate-related real estate data across the European Union. Establishing a comprehensive European database of all buildings in the EU will take time. So banks cannot just sit back and wait. As supervisors we expect banks to manage all material risks. And this requirement is not conditional on the attainability of harmonised data.
We therefore strongly encourage all efforts to improve data availability and welcome the successful strategies that some banks have implemented to address data gaps.
Today’s agenda will focus on the collection of energy performance data for the commercial and residential real estate sectors. But this will not be the only topic. Properties in areas prone to hazard events such as floods, rising sea levels or wildfires are increasingly vulnerable and could see a decrease in their collateral value. Last week’s devastating floods in Austria, Czechia, Hungary, Italy, Poland, Romania and Slovakia were a stark reminder of that. Therefore, later in today’s programme we will discuss the challenges and potential solutions for monitoring physical risk. In the coming weeks, the ECB will publish an analytical paper focusing on whether residential mortgage rates in high climate risk areas are influenced by this risk. The paper finds evidence that climate-related risk is already priced into mortgages. In other words, we see that an average bank took climate-related risks into account as loans secured by real estate in high climate risk areas were more expensive than loans with the same characteristics but in safer regions. However, the effect we find is economically small, so it seems that the climate-related risk is still underpriced by the average bank.
Let me conclude.
Good, reliable data are a cornerstone of sound risk management. This also holds true for managing the risks stemming from climate change. Thanks to the ongoing dialogue between supervisors and banks, some major stumbling blocks have already been overcome. The good practices observed for collecting real data on energy performance show that, while the task is challenging, it is far from impossible. Sharing your practices with peers will help more banks to improve the availability of energy performance data. So we are all looking forward to hearing about your experiences and learning from what worked well.
The ongoing climate and nature crises will inevitably render our economy more susceptible to shocks. From a risk-based perspective, let me reassure you that ECB Banking Supervision will continue to play our part in spurring on banks to prepare for these risks. To succeed in our common goal of making banks resilient to climate and nature-related risks, it is vital that we keep up this dialogue with you – the industry – and encourage the exchange of good practices in the years to come.
I would like to thank you for coming to Frankfurt today to share your experiences.
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
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Source: Bank for International Settlements
Ladies and Gentlemen,
It is my pleasure to open this seminar on the implications of quantum technology for the financial sector.
Experts agree that we are on the eve of a very significant technological change: one that will redefine our approach to data and to the tools we use to process them, and may well revolutionise important, even critical, aspects of the way financial institutions operate.
Like all significant technological advances, the quantum revolution comes with both promises and threats. Massively enhanced computational power, algorithms that are far more efficient than existing ones, and a much stronger base for artificial intelligence, are expected to offer opportunities for better and cheaper services, but they will also introduce new challenges, not least for financial stability.
Central banks and financial institutions have often been early adopters of technological innovations. To preserve trust, institutions should continue to be bold and imaginative, but at the same time fully aware of the risks. Prudent supervisory guidance is needed to preserve the stability, security and integrity of the financial system. Our seminar will be an opportunity to go beyond generalities and explore the most likely concrete challenges and trade-offs we need to face in the quantum era.
The Bank of Italy has a tradition of actively and rapidly adapting its policies to changes in the data management landscape. Drawing on our experience, we have long contributed to the action of the European System of Central Banks. We continue to work in partnership with academia and in cooperation with national and international institutions.
The most immediate threat most of us currently perceive concerns the protection of the integrity and confidentiality of data. We feel that such a threat calls for a coordinated response, within the G7 and beyond. We shall take the opportunity of this workshop to share our experiences and ongoing work at the Bank of Italy and to present some real-life examples of useful and feasible cooperation at the national, European and global level. We encourage all participants to do the same.
Since Peter Shor demonstrated, in 1994, that a quantum computer could theoretically solve problems much faster than traditional ones, he has inspired scientists all over the world to imagine the countless possibilities of this technology, and technologists to look for ways to actually build a functioning machine based on it. Thirty years on, while we still lack a fully functional and reliable quantum computer, we seem to be actually getting closer and closer.
As the cybersecurity threat is serious but there are potential ways to fend it off, we cannot afford to wait. Implementing quantum-resistant cryptography tools before quantum computers become practically operational is crucial for data longevity. Sensitive data that are encrypted using today’s technology could be stored now by malicious agents and decrypted later, once quantum tools become available; upgrading cryptographic tools as soon as possible is therefore necessary to ensure long-term data security. This is especially relevant for financial institutions. Their core business is ultimately based on the ability to create, manage and use sensitive data, and it is not unlikely that the quantum revolution will hit the financial sector faster and more intensively than other industries.
Awareness of the need to act is growing. In the spring of this year, the European Commission published a ‘Recommendation on a Coordinated Implementation Roadmap for the transition to Post-Quantum Cryptography’. In the US, the National Institute of Standards and Technology (NIST) officially released its first set of finalised post-quantum cryptography (PQC) algorithms last month. This is a major step forward.
In the G7 Finance Track, the Italian presidency identified quantum computing as one of the key strategic cyber issues facing us. It may affect multiple policy areas, including national security, competitiveness, ethics, and skill development.
While solutions to achieve quantum security are starting to become available, there are factors that can make market players reluctant to adopt them quickly. These include uncertainty about the actual urgency of the quantum threat, the fact that a common transition approach has not yet emerged, and the fragmentation of investments, responsibilities and regulatory frameworks across jurisdictions.
The G7 has launched several technical initiatives to foster coordination among the main stakeholders. With today’s workshop, we aim to engage key experts in G7 countries, with a view to developing a shared understanding of the most urgent issues, a potential roadmap to address the transition to quantum resilience and, to the extent possible, an agreed policy agenda. We are fortunate today to have speakers and attendants from a wide range of backgrounds: academia, government institutions (including law-enforcement agencies), central banks, international organisations and the finance industry. This promises to be an ideal opportunity to exchange views, in that it brings together a set of distinguished experts with considerably diverse experience. I encourage all participants to be active, ask questions and share their insights.
Ladies and gentlemen, we are also honoured to have Professor Juan Ignacio Cirac Sasturain with us today as a keynote speaker. As many of you will know, our speaker is one of the leading theorists in quantum computation. His contributions range from the physics of quantum computers to quantum algorithms and quantum information theory. Many here will be especially interested in his seminal work on quantum cryptography. Professor Cirac is the Director of the Theory Department at the Max Planck Institute of quantum optics in Garching bei München, Bavaria, and collaborates with many other academic institutions. He has received an impressive number of high-level awards, including the Prince of Asturias Award for Technical and Scientific Research (2006), the BBVA Frontiers of Knowledge Award (2008), the Benjamin Franklin Medal (2010), the Wolf Prize in Physics (2013), the Max Planck Medal (2018), and many others; more are sure to come. The subject of his talk is, very aptly, ‘opportunities and challenges of the next generation’s computers’. We are certain that his remarks on today’s central issue will set the stage for a very productive seminar.
Please join me in welcoming Ignacio Cirac to the stage.