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Category: KB

  • MIL-OSI Reportage: Tanah Papua, Asia-Pacific news blind spots and citizen media: From the ‘Act of Free Choice’ betrayal to a social media revolution

    Source: Pacific Media Centre

    Headline: Tanah Papua, Asia-Pacific news blind spots and citizen media: From the ‘Act of Free Choice’ betrayal to a social media revolution – Analysis published with permission of PMC

    For five decades Tanah Papua, or the West Papua half of the island of New Guinea on the intersection of Asia and the Pacific, has been a critical issue for the region with a majority of the Melanesian population supporting self-determination, and ultimately independence. While being prepared for eventual post-war independence by the Dutch colonial authorities, Indonesian paratroopers and marines invaded the territory in 1962 in an ill-fated military expedition dubbed Operation Trikora (‘People’s Triple Command’). However, this eventually led to the so-called Act of Free Choice in 1969 under the auspices of the United Nations in a sham referendum dubbed by critics as an ‘Act of No Choice’ which has been disputed ever since as a legal basis for Indonesian colonialism. A low-level insurgency waged by the OPM (Free West Papua Movement) has also continued and Jakarta maintains its control through the politics of oppression and internal migration. For more than five decades, the legacy media in New Zealand have largely ignored this issue on their doorstep, preferring to give attention to Fiji and a so-called coup culture instead. In the past five years, social media have contributed to a dramatic upsurge of global awareness about West Papua but still the New Zealand legacy media have failed to take heed. This article also briefly introduces other Asia-Pacific political issues—such as Kanaky, Timor-Leste, Papua New Guinean university student unrest, the militarisation of the Mariana Islands and the Pacific’s Nuclear Zero lawsuit against the nine nuclear powers—ignored by a New Zealand media that has no serious tradition of independent foreign correspondence.

    Researcher profile

    Robie, D. (2017). Tanah Papua, Asia-Pacific news blind spots and citizen media: From the ‘Act of Free Choice’ betrayal to a social media revolution. Pacific Journalism Review, 23(2): 159-178. Paper available at: https://doi.org/10.24135/pjr.v23i2.334

    Thursday, November 30, 2017

    MIL OSI

    MIL OSI Analysis –

  • MIL-OSI Russia: Financial news: 09/24/2024, 10:48 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0JVD25 (RusHydro09) were changed.

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    09/24/2024

    10:48

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on September 24, 2024, 10:48 (Moscow time), the values of the upper limit of the price corridor (up to 94.53) and the range of market risk assessment (up to 971.63 rubles, equivalent to a rate of 7.5%) of the security RU000A0JVD25 (RusHydro09) were changed.

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

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

    https://www.moex.com/n73362

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

    MIL OSI Russia News –

  • MIL-OSI Reportage: Flashback to the 1968 My Lai massacre: ‘Something dark and bloody’

    Source: Dr David Robie – Café Pacific – Analysis-Reportage:

    Headline: Flashback to the 1968 My Lai massacre: ‘Something dark and bloody’

    RT’s special report on the My Lai massacre and the cover-up of this atrocity.

    THE MELBOURNE Sunday Observer — the original paper of that name which campaigned against Australian involvement as a US surrogate in the Vietnam War — published photographs of the My Lai massacre in December 1969. It was prosecuted for “obscenity” for reporting the obscenity but the charge was later dropped.

    MIL OSI Analysis –

  • MIL-OSI Reportage: ‘A cloud over Bukidnon forest’ – the Lumad indigenous rights struggle in Mindanao

    Source: Pacific Media Centre

    Headline: ‘A cloud over Bukidnon forest’ – the Lumad indigenous rights struggle in Mindanao – Analysis published with permission of PMC

    THE MOOD in the chapel on the outskirts of Malaybalay, capital of Bukidnon province was somber. Six datu (chiefs) and several delegates of the indigenous tribal Lumad people of the region were airing their concerns about a controversial New Zealand-backed $5.7 million forestry aid project for the Philippines. Ironically, less than 100 metres away, in a derelict building nestling amid a plantation of benguet pines on land earmarked for the project, were living about 80 “squatters” who in a sense symbolised the problem at the root of the scheme. Squatters would be the term used by some New Zealand officials and their technical advisers. But it was hardly appropriate, and reflected the insensitivity to many of the social and economic problems in the province. The homeless people belonged to the Bukidnon Free Farmers and Agricultural Labourers’ Organisation, or Buffalo, as it was generally known. Their story was one of injustice, victimisation and harassment, only too common in the Philippines.

    The opening two paragraphs of Chapter 14 in David Robie’s 2014 book Don’t Spoil My Beautiful Face: Media, Mayhem and Human Rights in the Pacific (Auckland: Little Island Press) summarising his investigation in 1989/1990 into the the controversial $6 million New Zealand forestry aid programme in Bukidnon province, Mindanao, Philippines with a series of articles published in The Dominion and the NZ Listener and other publications.

    Robie, D. (2014). A cloud over Bukidnon forest. Chapter 14 in Robie, D., Don’t Spoil My Beautiful Face: Media, Mayhem and Human Rights in the Pacific (pp. 174-183). Available at: ResearchGate

    RESEARCH: David Robie: THE MOOD in the chapel on the outskirts of Malaybalay, capital of Bukidnon province was somber. Six datu (chiefs) and several delegates of the indigenous tribal Lumad people of the region were airing their concerns about a controversial New Zealand-backed $5.7 million forestry aid project for the Philippines.

    Saturday, April 7, 2018
    “Squatters” on their ancestral tribal land in 1989. Conrado Dumindin (second from right rear) and other Lumads in Bukidnon Forest, Mindanao, Philippines.
    (16) A cloud over Bukidnon [forest]. Available from: https://www.researchgate.net/publication/324273184_A_cloud_over_Bukidnon_forest [accessed Apr 07 2018]. Image: David Robie

    MIL OSI

    MIL OSI Analysis –

  • MIL-OSI Russia: Financial news: 09/24/2024, 10:58 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0JXXD3 (Rosnft1P6) were changed.

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    09.24.2024

    10:58

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on September 24, 2024, 10:58 (Moscow time), the values of the upper limit of the price corridor (up to 108.1) and the range of market risk assessment (up to 1161.37 rubles, equivalent to a rate of 11.25%) of the security RU000A0JXXD3 (Rosnft1P6) were changed.

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

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

    https://www.moex.com/n73364

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 09/24/2024, 10:58 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0JXXE1 (Rosnft1P7) were changed.

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    09/24/2024

    10:58

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on September 24, 2024, 10:58 (Moscow time), the values of the upper limit of the price corridor (up to 107.34) and the range of market risk assessment (up to 1148.32 rubles, equivalent to a rate of 10.0%) of the security RU000A0JXXE1 (Rosnft1P7) were changed.

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

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

    https://www.moex.com/n73365

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

    MIL OSI Russia News –

  • MIL-OSI Reportage: PMC’s Bearing Witness 2018 crew arrive in Fiji

    Source: Pacific Media Centre

    Headline: PMC’s Bearing Witness 2018 crew arrive in Fiji – Analysis published with permission of PMC

    Touchdown Fiji … Last week: Our intrepid Pacific Media Centre Bearing Witness climate media team Blessen Tom (left below) and Hele Ikimotu Christopher prepping in Auckland before departure … Now: On the ground at the University of the South Pacific.

    Full story

    Touchdown Fiji … Last week: Our intrepid Pacific Media Centre Bearing Witness climate media team Blessen Tom (left below) and Hele Ikimotu Christopher prepping in Auckland before departure

    Climate change continues to take its toll on small island nations such as Kiribati and Tuvalu. Image: File – Kiribati in 2009. Jodie Gatfield/AusAID/Wansolwara
    Sunday, April 15, 2018

    MIL OSI

    MIL OSI Analysis –

  • MIL-OSI Reportage: Pacific nuclear activist-poet tells stories through culture – and her latest poem

    Source: Pacific Media Centre

    Headline: Pacific nuclear activist-poet tells stories through culture – and her latest poem – Analysis published with permission of PMC

    Tuesday, April 17, 2018

    Sylvia C. Frain reports from Hawai’i on the release of a poetry work focusing on the impact of nuclear activity in the Marshall Islands.

    Nuclear activist, writer and poet Kathy Jetñil-Kijner from the Marshall Islands has launched her new poetry work which has a focus on nuclear weapons.

    Her newest poem, “Anointed” can be seen as a short film by Dan Lin on YouTube.

    At da Shop bookstore for the official launch of her poem, Jetñil-Kijner shared her writing process inspiration with the gathered audience.

    “I knew this poem could not be a broad nuclear weapons poem, but I needed to narrow the focus,”  says Jetñil-Kijner.

    The project, which has an aim to personalise the ban of nuclear weapons, began during a talk-story session with photojournalist Lin three years ago in a café.

    Jetñil-Kijner told Lin that she wanted to perform a poem on the radioactive dome located on what remains of the Runit Island in the Enewetak Atoll Chain.

    Lin, who before this project worked as “only a photojournalist,”  agreed to document this collaborative “experiment”.  Lin spoke of how Jetñil-Kijner’s previous poems  had the “Kathy effect” which were filmed with only an iPhone and went viral across digital platforms. 

    However, they agreed that this story deserved more in-depth documentation.  They partnered with the non-profit organisation,  Pacific Resources for Education and Learning (PREL) and with the Okeanos Foundation, specialising in sustainable sea transport. Travelling by Walap/Vaka Motu/Ocean Canoe for 11 days, Okeanos Marshall Islands ensured that zero carbon emissions were used and the experience served as a way to connect with the sea.

    Runit Island
    The radioactive dome on Runit Island is one of 14 islands in the Enewetak Atoll Chain, and the farthest atoll in the Ralik chain of the Marshall Islands. Enewetak and surrounding area has been studied scientifically after the 43 nuclear bomb explosions (out of the 67 total nuclear tests in the Marshall Islands) by the United States between 1948-1958.

    Dubbed the “Cactus Crater”, Runit Island has limited economic possibilities. It is not a tourist destination nor has ability to export goods. No one will visit or purchase products from a radioactive location. This leaves the community dependent on funding from the United States. While many are grateful, they truly want to self-sustaining future. 

    While conducting research for the poem, Jetñil-Kijner found that most of the literature is scientific and by journalists or researchers who do not include the voices of the local community or share the end results. Jetñil-Kijner wanted to create a poem focusing on the story of place beyond the association as a bombing site, and ask, “what is the island’s story?”

    She learned from the elders that the island was considered the “pantry of the chiefs with lush vegetation, watermelons, and strong trees to build canoes”. As one of the remote atolls, the community consisted of navigators and canoe-builders with a thriving canoe culture.

    Both Lin and Jetñil-Kijner said visiting the atolls was emotional and that approaching the dome felt like “visiting a sick relative you never met”.

    The voyage included community discussions with elders and a writing workshop with the youth. Since the story of the dome is not usually a “happy one” the gatherings and workshops served as a method for the people to tell their stories not covered in the media or reported in US government documents.

    Creating the poem with the community also required different protocols and Jetñil-Kijner thanked the community for generously sharing their knowledge and stories. She spoke to how the video connects the local community with a global audience across digital platforms. 

    Digital technology and the future
    Despite the remote location and distance as an outer island, there is limited wi-fi and the community has access to Facebook. These technological advances help with visualising these previous unfamiliar spaces, including using a drone to capture aerial shots of the dome and the rows of replanted but radioactive coconut trees.

    Supported by the Pacific Storytellers Cooperative, a digital platform for publishing Pacific voices, more young people are able to tell their stories online and foster relationships beyond the atoll.  

    The newest generation is raising awareness through the incorporation of cultural knowledge combined with new media technologies to tell their stories. Empowered young leaders continue to unpack the layers of the nuclear legacy while highlighting their unique community and culture.

    The Anointed poem and film serves as an educational resource to highlight the nuclear legacy and ongoing environmental issues in the Marshall Islands. This piece also promotes community justice and is a visual learning tool. Jetñil-Kijner and Lin encourage others to share Anointed and to join the call to action to ban nuclear weapons.

    This work is licensed under a Creative Commons Attribution-NonCommercial 3

    CULTURE: Sylvia C. Frain: On Saturday, nuclear activist, writer and poet Kathy Jetñil-Kijner from the Marshall Islands launched her new poetry work which has a focus on nuclear weapons. Her newest poem, “Anointed” can be seen as a short film by Dan Lin on YouTube.

    https://www.kathyjetnilkijiner.com/
    Nuclear activist and poet Kathy Jetñil-Kijner … exploring the “pantry of the chiefs with lush vegetation, watermelons, and strong trees to build canoes”. Image: Kathy Jetñil-Kijner

    MIL OSI

    MIL OSI Analysis –

  • MIL-OSI Russia: Financial news: 09/24/2024, 12-07 the values of the lower limit of the repo price corridor, the transfer rate and the range of interest rate risk assessment for the ABIO (iARTGEN ao) security were changed.

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    09.24.2024

    12:07

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on September 24, 2024, 12:07 (Moscow time), the values of the lower limit of the repo price corridor with settlement code Y0/Y1Dt (up to -48.61%), the transfer rate and the range of interest rate risk assessment (up to -0.162 rubles, equivalent to a rate of 73.72%) of the ABIO security (iARTGEN ao) were changed.

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

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

    https://www.moex.com/n73368

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

    MIL OSI Russia News –

  • MIL-OSI Reportage: Auckland’s iconic Diwali and Lantern Festivals secure naming rights partnership with BNZ

    Source: BNZ statements

    Two of the country’s most iconic cultural celebrations, the Auckland Diwali Festival and the Auckland Lantern Festival, will continue to delight locals and visitors thanks to a new naming rights sponsorship agreement with the Bank of New Zealand (BNZ) announced today.

    The Auckland Diwali Festival, known as ‘The Festival of Lights’, draws over 60,000 attendees annually. Since its inception in 2002, the festival has been a vibrant showcase, featuring traditional and contemporary music, dance, and stalls offering Indian delicacies and crafts.

    The Auckland Lantern Festival, founded in 2000, marks the culmination of the Chinese New Year festivities. As Auckland’s largest annual festival and New Zealand’s largest Chinese cultural festival, it attracts over 170,000 attendees each year. With its recent move to the Manukau Sports Bowl, the festival promises to deliver a fantastic celebration.

    BNZ CEO Dan Huggins says, “We’re delighted to throw our support behind two of New Zealand’s best loved and attended festivals.”

    “Our sponsorship of the Auckland Diwali and Lantern Festivals reflects our commitment to growing the social, cultural, and financial wellbeing of New Zealanders. These events align with that mission, bringing hundreds of thousands of New Zealanders from all backgrounds together each year to celebrate Aotearoa’s rich cultural and ethnic diversity.

    “We are thrilled to help bring these free family-friendly events to life from 2023 and beyond.”

    Tātaki Auckland Unlimited Chief Executive, Nick Hill, says the partnership is a significant one.

    “As one of New Zealand’s most recognisable brands, we are thrilled that BNZ is partnering with two of Auckland’s most popular cultural festivals. It’s a great example of how Tātaki Auckland Unlimited is working with the private sector to reduce the reliance on ratepayer funding, while still delivering world-class cultural experiences that inevitably make Tāmaki Makaurau Auckland a great place to live, work, and visit.”

    This year’s Auckland Diwali Festival will take place on 4-5 November at Aotea Square and Queen Street. Auckland Lantern Festival will be held at the Manukau Sports Bowl from 22 -25 February next year.

    The post Auckland’s iconic Diwali and Lantern Festivals secure naming rights partnership with BNZ appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Reportage: No card? No problem: New Zealanders can now shop online without a credit or debit card

    Source: BNZ statements

    Ka whangaia, ka tupu, ka puawai (“that which is nurtured will grow and blossom”)

     New Zealanders can now easily shop online without needing a credit or debit card, thanks to an API agreement between homegrown Māori fintech start-up BlinkPay and the Bank of New Zealand (BNZ).

    BlinkPay provides a platform that connects businesses with their customers using BNZ’s secure API built to Payments NZ standards – a tool allowing third-party services to securely connect with BNZ accounts, with customer consent.

    Blink PayNow is a new payment solution that makes online shopping easy by enabling account to account payments within New Zealand with only a couple of clicks, eliminating the need for a credit or debit card, while reducing transaction fees for merchants.

    “As pioneers in the API payment solutions space, BlinkPay is proud to collaborate with BNZ, which is a leader in the NZ financial services sector,” says Adrian Smith (Ngāpuhi), Chief Product Officer and co-founder of BlinkPay.

    “This collaboration allows BNZ merchants to access BlinkPay’s payment products like Blink PayNow and, in the future, Blink AutoPay. Both products provide a straightforward and secure payment method from a customer’s BNZ bank account.”

    Karna Luke, BNZ’s Executive of Customer Products & Services, says it’s about simplifying the digital economy and making it accessible to more New Zealanders.

    “Whether it’s for the latest fashion, an annual insurance premium, or other domestic online purchases, this service makes it possible to easily pay for your shopping online with just a bank account.

    “Enabled through our secure API, this is a step forward for inclusive banking in Aotearoa, reducing barriers and making it easier for consumers and businesses to benefit from the digital economy.”

    BNZ has been providing open banking services since 2018 and has consistently led the market in New Zealand in releasing APIs. It is a strong supporter of industry moves toward secure standards for open banking, and its APIs are already being used by a range of different organisations and companies, from local councils to financial service providers, fintechs, and many more.

    How Blink PayNow works 

    At checkout on a BlinkPay-integrated website, customers simply select Blink PayNow and choose their bank. They are then redirected to their bank’s portal, where payment details are pre-filled.

    After reviewing and confirming the payment from their mobile banking app, customers are taken back to the merchant’s site with a successful payment notification.

    No credit card details, no lengthy forms, just a few mouse clicks or taps on your smartphone.

     

     

    Making it cheaper to do business

    In addition to providing a user-friendly, secure and accessible payment option for customers, businesses using BlinkPay will also benefit from cheap fees. BlinkPay’s standard fee is 0.95% per transaction, capped at $3.00 NZD, and there is no cost to consumers who pay through the service.

    “We’re proud to offer cheaper fees to New Zealand businesses than our multinational rivals. Reduced fees make it easier for businesses to be competitive in the marketplace, which is also good news for consumers,” Mr Smith says.

    To introduce this new feature, BlinkPay is offering BNZ-merchants a special deal: no integration fees and half-price transaction fees until 31 December 2023. Merchants can get this offer by signing up on BlinkPay’s website by the 30th of September 2023.

    For more details on this payment method, visit BlinkPay’s official website.

    The post No card? No problem: New Zealanders can now shop online without a credit or debit card appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Reportage: Boost for early breast cancer detection in New Zealand

    Source: BNZ statements

    The mission to improve the rates of early breast cancer detection in New Zealand has been given a three tonne, 188 horsepower boost, with BNZ gifting a Mercedes-Benz Sprinter van to Breast Cancer Foundation New Zealand’s fleet of breast health education vehicles.

    As Breast Cancer Foundation NZ begins a series of events to mark Breast Cancer Awareness Month, including the Pink Ribbon Walk and the Pink Ribbon Street Appeal, it’s CEO Ah-Leen Rayner, says, “Early detection is one of the best tools we have to beat breast cancer. With this new vehicle from BNZ, we will be able to better support remote parts of New Zealand and ensure all our communities can access life-saving breast health education.”

    BNZ CEO Dan Huggins says the gift reflects the bank’s commitment to support the communities it’s proud to serve.

    “We’re delighted to support the Foundation’s mission, particularly during Breast Cancer Awareness Month. The Foundation has played a vital role reaching into communities across Aotearoa for decades, and with this contribution we look forward to seeing this life-saving work reach even more New Zealanders.”

    Since 2014, the Foundation’s early detection education programme has been run across New Zealand through its Pink Caravan, but the iconic retro vehicle relies on volunteers with the ability to tow it around the country.

    The addition of the vehicle gifted by BNZ will enable the Foundation’s nurses and other staff to access remote regions the caravan couldn’t easily get to, allowing the charity to talk to even more women and whānau about the importance of early detection, without relying on volunteers.

    The importance of early breast cancer detection is underscored by a ten-year survival rate for women diagnosed early standing at 95 percent. The Foundation, in collaboration with Breast Screen Aotearoa, has been leading the charge, especially in areas with low screening rates.

    “We know how important early detection is, particularly for Māori and Pacific women, who have poorer outcomes when it comes to breast cancer,” says Rayner. “That’s why our early detection programme is so vital and is a key theme in our breast health messaging – the importance of regular mammograms and self-checks.”

    The former BNZ sprinter van is being overhauled to set it up for community outreach. Once finished, it will boast consultation spaces, technology and an awning for outdoor events, all tailored for breast health education and community engagement. It is also being wrapped in bright pink Breast Cancer Foundation vehicle colours.

    “We’re incredibly grateful to BNZ for contributing to our early detection programme, giving us the ability to access more remote locations, be more flexible with the timing of our visits, and increase the frequency of our visits.”

    Breast Cancer Foundation NZ’s latest vehicle will be on the road early next year.

    The post Boost for early breast cancer detection in New Zealand appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Reportage: BNZ FY23 Results: Solid performance as economy slows

    Source: BNZ statements

    BNZ announced a statutory net profit of $1,509 million for the 12 months to 30 September 2023, up 6.7% or $95 million on the previous year. The result reflects a strong first half, with a decline in Net Profit of 12.5% in the second half reflecting the broader economic slowdown in New Zealand.

    CEO Dan Huggins says challenging economic conditions have impacted business and household confidence and this has flowed through into BNZ’s result in the second half of the year.

    “Inflation, while softening, remains high, and as the official cash rate has risen, businesses and households have taken a more cautious approach to borrowing.

    “Despite the slowing economy and intense competition across the banking sector, we’ve continued to see growth across the business as more New Zealanders choose to bank with BNZ.

    “Customer deposits are up 5.8% to $78.5 billion compared to the same period last year. Home lending increased 5.3% to $57.7 billion, with nearly 5,000 home loan customers switching to BNZ from other lenders in the 12 months to 30 September.”

    Mr Huggins says BNZ remains strong, stable and well capitalised. “With more than $12 billion in total capital, we’re well positioned to continue supporting our customers and the New Zealand economy.”

    Supporting our customers 

    BNZ recognises the cost-of-living pressures that are challenging household budgets, and the concerns New Zealanders have about keeping safe from scams and frauds.

    “While most of our home lending customers have moved onto higher rates, we continue to proactively contact those who we have identified as potentially needing additional support,” says Mr Huggins.

    “With an increase in scams and fraud impacting more New Zealanders, protecting our customers and helping them stay safe online remains a priority. We continue to invest significantly in fraud protection measures, and we support the establishment of a multi-agency anti-scam centre and the introduction of account name and number matching, which will add additional layers of protection for New Zealanders.

    “We continue to work alongside our business customers as they navigate their way through a variety of ongoing challenges. The impacts of adverse economic conditions and this year’s severe weather events are still being felt by a number of our customers.

    “We have made $1 billion in low-cost lending available through our Business Recovery and Resilience Fund, committed more than $50 million in interest relief, and provided nearly $900,000 in cash and community grants,” says Mr Huggins.

    Outlook 

     Economic growth is expected to remain flat for the next 12 months, however, Mr Huggins says BNZ is cautiously optimistic that business and household confidence will begin to rebuild in 2024.

    “New Zealanders are resilient, and while the year ahead will remain challenging, we are optimistic about New Zealand’s future potential and prosperity. As BNZ has done for the past 160 years, we’ll continue to support our customers and New Zealand.”

     Key Financial Items

     Note: compared to the year ended 30 September 2022, unless otherwise stated.

     Statutory net profit of $1,509 million increased by $95 million, or 6.7%

    • Loans and advances to customers increased by $2.5 billion to $102 billion driven by home loan growth
    • Customer deposits and other borrowings increased $2.8 billion to $81 billion
    • KiwiSaver funds under management increased by $733 million, up 17%
    • Total Capital Ratio 15.7% – more than $12 billion invested in New Zealand

    An unaudited summary of financial information for the 12 months ended 30 September 2023 follows:

    The post BNZ FY23 Results: Solid performance as economy slows appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Russia: A project by historians from the St. Petersburg Higher School of Economics on scientific and technical clusters has won a grant from the Russian Science Foundation

    MIL OSI Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    The Russian Science Foundation has summed up the results of a competition for group research led by young scientists. Grant support was received by a project led by Timofey Rakov from Visual History Labs. The study is devoted to scientific and technological clusters in the late Soviet and post-Soviet periods using the example of Zelenograd, Troitsk, Dolgoprudny and Peterhof. The project is designed for three years with a budget of 6 million for each year of grant implementation.

    The aim of the project is to study scientific and technological clusters in the suburbs of Moscow and St. Petersburg in the period from 1960 to 2010. The scientists will pay special attention to four specific cases: Zelenograd, Dolgoprudny, Troitsk and the campus of St. Petersburg State University in Peterhof. The structure of the scientific and technological cluster includes various organizations, such as universities, research institutes, design bureaus, enterprises and local authorities. All of them are connected by economic relations, social ties, organizational contacts, etc.

    “The geography of the project is built taking into account the specifics of the research field of various scientific spaces in the USSR. As a rule, researchers study either science cities and nuclear cities (Obninsk, Dubna, Ozersk), or Siberian academic towns,” said Timofey Rakov, a research fellow at the Laboratory of Visual History. “The objects we selected differ significantly from academic towns and science cities in their trajectory. Troitsk, for example, was initially called an academic town, and then received the status of a full-fledged city, which did not happen with any of the Siberian academic towns. Dolgoprudny and Peterhof are examples of an educational, rather than scientific cluster, where the key role is played by universities rather than scientific institutes, as in science cities. Zelenograd is also an interesting space. It was originally conceived as a satellite city of Moscow, but at the same time it was focused on science and education. Thus, each of the spaces we have chosen differs from those already studied and has its own characteristics, which, in our opinion, can best be described through the clustering framework.”

    The term “clustering” is borrowed from economics, based on the approaches of American economist Michael Porter. According to his theory, the process of cluster formation is a sign of a developed and complex economy. The project considers the selected objects in the long term – from the design stage to the current state. This approach will determine what makes clusters successful, how they are affected by the proximity of capitals and according to what scenarios they develop.

    “Relying on Michael Porter’s approach is a certain challenge for us. He writes about market economies, while in the Soviet Union it was planned. Moreover, Porter believed that one of the reasons for the failure of clusters was the participation of the state in their creation,” says Timofey Rakov. “At the same time, the Soviet state was often the only actor in the formation of clusters. We hope for a broad discussion with interested colleagues about the very idea of clustering, its application to a planned economy and a post-socialist market economy. In addition, we take a long chronological period, which will allow us to look at the formation of clusters in dynamics. Thanks to this, the results of the study can be useful to those responsible for the management and development of the cases we have selected.”

    Over the course of the year, the researchers will interview former and current cluster employees and study their ego-documents. They will also analyze archival and library materials covering the history and modern times of Dolgoprudny, Zelenograd, Peterhof, and Troitsk. Historians, anthropologists, sociologists, and economists from Moscow universities — MVSES, RANEPA, and MIPT — as well as from the European University in St. Petersburg, will join the project.

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

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

    http://vvv.hse.ru/nevs/scene/965970100.html

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

    MIL OSI Russia News –

  • MIL-OSI Reportage: BNZ expands investment offering by launching High Growth Funds for the BNZ KiwiSaver Scheme and YouWealth

    Source: BNZ statements

    From today, members of the BNZ KiwiSaver Scheme and investors in YouWealth have the option of investing into High Growth Fund options.

    The two High Growth Funds invest 100% in growth assets, providing the potential for higher returns for those who are more long-term minded and understand that it means holding investments through the market cycle which can have its ups and downs.

    BNZ’s General Manager of Wealth Peter Forster says the funds provide those with a long investment timeframe with the opportunity to take a more aggressive approach.

    “We’re excited to give our customers the choice of a fund that will suit people who are prepared to weather the inevitable market turbulence through their investment journey,” he says.

    BNZ has chosen to charge the same low 0.45% per annum fee for the two High Growth Funds as it does across the majority of its BNZ KiwiSaver Scheme and YouWealth funds (the exceptions being the BNZ KiwiSaver Scheme Cash (0.30% p.a. and Default (0.35% p.a. funds).

    “A management fee of just 0.45% for funds that invest 100% in equities represents real value in a market where investors are frequently charged in excess of 1% for more aggressive funds,” says Mr Forster.

    BNZ is also launching an updated version of its KiwiSaver Navigator tool today that will recommend the High Growth Fund when appropriate.

    The tool will provide users with a detailed breakdown of steps they need to take to get back on track if they are not currently predicted to reach their savings targets. These steps could include increasing contribution rate, changing fund choice or delaying retirement or first home purchase.

    BNZ customers can request a KiwiSaver Navigator session by visiting a BNZ branch or over the phone.

     

    Disclaimer:

    BNZ Investment Services Limited, a wholly owned subsidiary of Bank of New Zealand (‘BNZ’), is the issuer and manager of the BNZ KiwiSaver Scheme and YouWealth. Download a copy of the relevant Product Disclosure Statement from bnz.co.nz/kiwisaver or bnz.co.nz/youwealth.

    Investments made in the BNZ KiwiSaver Scheme or YouWealth do not represent deposits or other liabilities of BNZ or any other member of the National Australia Bank Limited group, and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. None of BNZ or any other member of the National Australia Bank Limited group, the Supervisor, and any director of any of them, the Crown or any other person guarantees (either fully or in part) the performance or returns of the BNZ KiwiSaver Scheme or YouWealth, or the repayment of capital.

    The post BNZ expands investment offering by launching High Growth Funds for the BNZ KiwiSaver Scheme and YouWealth appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Reportage: BNZ Foundation backs marine restoration, social vehicle leasing and community support network in first round of partnerships

    Source: BNZ statements

    Restoring marine biodiversity, empowering low-income families with affordable low-emissions transport, and developing new ways to support New Zealanders facing financial difficulty are the focus of three projects selected for support through the BNZ Foundation’s inaugural grant round.

    $590,000 will go to three charitable programmes: Revive Our Gulf, Waka Aronui, and a new partnership aimed at improving community resilience.

    “This marks a significant milestone for the Foundation as we transition from planning to action,” says Dan Huggins, BNZ Foundation Chair. “After 18 months laying the groundwork for the Foundation, we’re delighted to now be in the position to provide tangible support to projects that will make a significant, positive difference for New Zealand.

    “The organisations we are partnering with share our vision for a more inclusive, resilient, and sustainable Aotearoa and align with our funding mandate to make strategic investments in the areas of regenerating biodiversity and improving financial wellbeing,” Mr Huggins says.

    Restoring the Hauraki Gulf’s marine ecosystem

    Revive Our Gulf—spearheaded by the Mussel Reef Restoration Trust in collaboration with iwi and research partners—is set to receive a significant boost with a three-year, $450,000 commitment from the BNZ Foundation.

    The project is at the forefront of restoring the Hauraki Gulf’s soft sediment kūtai (green lipped mussel) reefs: vital ecosystems that once flourished in the region. The project aims to increase biodiversity, enhance water quality, and re-establish critical natural habitats for marine life.

    Revive Our Gulf has already deployed over 350 tonnes of mussels in experimental mussel beds in the Hauraki Gulf. As these beds continue to grow in number, thorough monitoring becomes increasingly important. The BNZ Foundation’s financial support will fuel the development of a comprehensive programme for monitoring, evaluating, and reporting on the Gulf’s health and the effectiveness of restoration efforts.

    Empowering low-income families with sustainable transportation

    Currently in the second year of a three-year pilot in south Auckland, Waka Aronui is a social car leasing programme which aims to provide low-income whānau with safe, affordable, and low-emissions vehicles to support an equitable transition to a greener future.

    Many low-income families grapple with costly, high-interest vehicle finance, often leading to unaffordable, poorly maintained, and uninsured vehicles. The pilot, spearheaded by the Ākina Foundation and the Manukau Urban Māori Authority, has shown promising results, improving financial and mental wellbeing, along with environmental benefits through CO2 emissions reductions.

    With a $110,000 grant from the BNZ Foundation, a comprehensive feasibility study will explore options to scale the programme to new regions across New Zealand as well as the potential to incorporate new solutions such as vehicle sharing and e-bikes.

    Growing the financial wellbeing of New Zealanders

    Thanks to seed funding from a range of philanthropic foundations, including a $30,000 contribution from the BNZ Foundation, The Centre for Sustainable Finance: Toitū Tahua is establishing a new partnership between corporates, iwi and community organisations to support more resilient communities. The partnership aims to foster collaboration between corporates and community organisations and encourage new practices, products and services that ensure New Zealanders facing economic hardship can always access essential goods and services.

    “These partnerships reflect our commitment to impactful investment. It’s about taking a targeted approach, making every dollar count, and ensuring that our resources bring about substantial and lasting positive change for the country,” says Mr Huggins.

    John McCarthy, BNZ Foundation Independent Trustee, says, “The investment decisions we make are deeply rooted in the principles of Kaitiakitanga and Manaakitanga, values that all our partners embody. We look forward to working closely with them and accelerating positive change for our communities.”

    For more information on the BNZ Foundation and its funding programmes, please visit bnz.co.nz/bnzfoundation.

    The post BNZ Foundation backs marine restoration, social vehicle leasing and community support network in first round of partnerships appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Russia: Financial news: 09/24/2024, 13-27 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the GAZP (GAZPROM ao) security were changed.

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    09.24.2024

    13:27

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on September 24, 2024, 13-27 (Moscow time), the values of the upper limit of the price corridor (up to 143.79) and the range of market risk assessment (up to 154.114 rubles, equivalent to a rate of 25.5%) of the GAZP (GAZPROM ao) security were changed.

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

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

    https://www.moex.com/n73370

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

    MIL OSI Russia News –

  • MIL-OSI Reportage: Unlocking home ownership aspirations for iwi housing – BNZ and Ngāti Whātua Ōrākei collaborate on papakāinga development

    Source: BNZ statements

    24 new whānau homes are under construction on Hawaiki St, Ōrākei in Tāmaki Makaurau Auckland, thanks to a new funding framework which enables lending for housing on iwi land. Bank of New Zealand (BNZ) collaborated with the central Tāmaki tangata whenua, Ngāti Whātua Ōrākei, in the development of the framework.

    Under the new model, hapū members who meet BNZ’s normal home lending criteria can secure a BNZ home loan for papakāinga housing on land owned by the Ngāti Whātua Ōrākei Trust at standard home loan interest rates.

    “The framework has made home ownership more accessible for our whānau,” says Grant Kemble, CEO of Ngāti Whātua Ōrākei Whai Rawa. “BNZ’s commitment to work alongside us, understand our vision, and persevere through complex legal arrangements has been commendable.”

    “For our people that will move into these new homes, it will be the realisation of a dream: the security of home ownership on their whenua.”

    Historically, obtaining finance for housing on Māori owned land has been challenging. The unique ownership structure and restrictions on land transferability often meant that it couldn’t be used as security for loans, creating a significant barrier for Māori home ownership.

    To address this, the new framework employs standard leasehold mortgage lending practices, underpinned by a confidential Deed of Understanding. This ensures that in the face of any challenges, the land integrity and control is preserved with the iwi or hapū, in this case Ngāti Whātua Ōrākei, who would take over in the event of a distressed mortgage. This approach balances the bank’s security requirements with the enduring land rights of the iwi.

    Developing the model involved significant legal work, which was undertaken with advice and guidance from Buddle Findlay and Russell McVeagh, who provided pro bono legal support to help enable the solution.

    BNZ believes the framework may hold promise for broader application among other iwi and the approach has been shared with other banks in the hopes that it will help expand access to finance for development on Māori land across New Zealand.

    BNZ CEO Dan Huggins says the prosperity of Māori, and Māori businesses, is vital to the prosperity of Aotearoa.

    “BNZ is committed to growing the social, cultural and financial wellbeing of all New Zealanders, and our collaboration with Ngāti Whātua Ōrākei is part of our wider strategy to facilitate financial solutions for Māori which enable Māori people and businesses to prosper.

    “Considerable thought has been invested in designing this framework to be as flexible as possible, and it has been shared with other financial institutions in the hope of extending its benefits to more iwi across New Zealand.

    “We are committed to helping New Zealand and New Zealanders to thrive and prosper. Our collaboration with Ngāti Whātua Ōrākei is another example of how we can achieve this. We hope this example will help more iwi to assist their people into warm, dry homes of their own.”

    Further bolstering the collaboration with Ngāti Whātua Ōrākei, BNZ has provided a $20 million social loan, certified by EY New Zealand, to support the construction of the homes. Ground has broken on site, with roofing expected to be laid before the summer holidays. Completion of the homes is expected in 2024.



    The post Unlocking home ownership aspirations for iwi housing – BNZ and Ngāti Whātua Ōrākei collaborate on papakāinga development appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Reportage: From red roses to red flags – BNZ warns of increase in relationship scams ahead of Valentine’s Day

    Source: BNZ statements

    On Valentine’s Day eve, BNZ is warning Kiwis to be wary of scammers with its customers reporting a 43% increase in relationship and romance scams over the past year.

    “There were 167 reported cases in 2023 – and they’re only the ones that we know about as many of these sorts of scams go unreported,” says BNZ’s Head of Financial Crime Ashley Kai Fong.

    This is up from 117 reported cases in 2022.

    “This shows that despite the headline grabbing nature of these types of scams, relationship scams are still very fertile ground criminals are using to exploit vulnerable Kiwis,” says Kai Fong.

    Relationship scams are a type of fraud where criminals pretend to be interested in a relationship with another person, sometimes for romance and occasionally simply for companionship, most commonly online, and then victims are conned out of their money or tricked into sharing personal details.

    “All scams can be devastating for victims, but relationship scams are particularly heinous given the time criminals invest in building the relationship with their victims. It can be months before the scammer hints or asks directly for money. They steal your heart, then they steal your money,” says Kai Fong.

    In a recent romance scam case, Barry (details have been changed) came to a BNZ branch wanting help to make an international payment to Italy. Barry revealed that the funds were going to his girlfriend’s friend for an airline ticket to New Zealand. They had been dating online for almost a year and he recently started sending his “girlfriend” money. The girlfriend had asked for the money to be sent to her “friend’s account” as her friend had the credit card to purchase the airline ticket.

    “There is so much social engineering involved in romance scam cases, and victims often don’t believe that they are caught up in a scam. That is what has happened in this case. Barry refused to believe this was a scam and despite being warned of the risks, he sent the money,” says Kai Fong.

    In another case, romance scam victim Sally (details have been changed) believed she was sending money to her US Army surgeon boyfriend stationed in Syria. But Sally’s “boyfriend” said he couldn’t access his bank account due to a poor internet connection and needed the money urgently to fly to NZ. This customer had already sent considerable funds to her “boyfriend” from a number of banks, despite being warned of the risks. The funds for the latest transaction were the proceeds of a personal loan from a finance company.

    “As in this case, criminals can go to great lengths to provide evidence to support their fake personas,” says Kai Fong.

    “They set up bogus social media profiles, and often share doctored documents such as boarding passes or letters from fake employers. While relationship scams primarily involve romantic relationships, criminals can also exploit friendships built up online too.

    “So, while we’ve got an eye out for red roses this Valentine’s Day, and I know it’s not very romantic, my plea is that New Zealanders keep an eye out for the red flags of romance scams this year too.”

    How to recognise a romance scam: 

    • Strong emotions are expressed within a short timeframe.
    • The scammer gives you excuses as to why they cannot meet in person or video call.
    • They’ve asked you to keep the relationship a secret.
    • You’re asked to provide financial assistance.
    • You’re asked to receive money on their behalf and forward it to them.

    Top tips to protect yourself from romance scams: 

    • Never send money or give personal or financial information to someone you have just met or have not met in person.
    • Do not trust someone who claims to be in love with you after a short time without meeting you.
    • Do not trust someone who asks you to communicate only through email, phone, or chat apps and avoids video calls or social media.
    • Do not trust someone who has a lot of excuses for not meeting you in person or who cancels plans at the last minute.
    • The internet is your friend – use reverse image search to check if their photos are stolen from someone else. Search for their name, email, phone number, or other details on the internet and see if they match what they have told you.
    • A great relationship isn’t a secret! Talk to your friends and family about your new relationship. They may be able to spot the signs of a scam that you may have missed.
    • Report any suspicious or fraudulent activity to the online platform where you met the person.  If you’ve sent any funds, contact your bank immediately.

    The post From red roses to red flags – BNZ warns of increase in relationship scams ahead of Valentine’s Day appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Russia: IMF Executive Board Completes the Sixth Review under the Extended Credit Facility Arrangement for Guinea-Bissau and Approves US$7.3 Million Disbursement

    Source: IMF – News in Russian

    August 28, 2024

    • The IMF Executive Board today completed the sixth review under the Extended Credit Facility (ECF) for Guinea-Bissau. This decision allows for an immediate disbursement of SDR5.44 million (about US$7.3 million) to help meet the country’s financing needs.
    • The authorities’ commitment to a range of challenging policy reforms is starting to show some results. They should persevere with their ambitious structural reform agenda to improve domestic revenue mobilization, strengthen expenditure controls, and enhance governance.
    • Economic growth is expected to reach 5 percent in 2024, while inflation should slow to 4.2 percent compared to 7.2 percent in 2023. However, the economic outlook remains subject to significant near-term risks.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed today the sixth review under Guinea-Bissau’s Extended Credit Facility (ECF) arrangement. The three-year arrangement, approved on January 30, 2023, aims to secure debt sustainability, improve governance, and reduce corruption while creating fiscal space for inclusive growth. The Executive Board granted an augmentation of access (140 percent of quota or SDR 39.76 million) on November 29, 2023.

    The completion of the sixth review enables the disbursement of SDR 5.44 million (about US$7.3 million) to help meet the country’s balance-of-payments and fiscal financing needs. This brings total disbursement under the arrangement to SDR 24.88 million (about US$ 33.44 million). In completing the sixth review, the Executive Board granted a waiver of nonobservance of the end-April 2024 quantitative performance criterion on the floor on social and priority spending and the continuous quantitative performance criterion on the ceiling on the accumulation of new external payment arrears. Furthermore, the Executive Board also completed the financing assurances review.

    Economic growth is projected at 5 percent in 2024 and inflation should decline significantly from last year to reach 4.2 percent. The current account deficit is expected to narrow and reach 6.1 percent of GDP. The authorities remain committed to achieving the domestic primary deficit target of 1.2 percent of GDP in 2024 to put public debt on a firm downward trajectory. The authorities’ commitment to a range of challenging policy reforms is starting to show some results, but the economy remains subject to important near-term risks, including a challenging socio-political climate.

    At the conclusion of the Executive Board’s discussion, Mr. Li, Deputy Managing Director and Acting Chair, made the following statement:

    “Guinea-Bissau continues to face very challenging external and domestic environments. Terms-of-trade shocks and high inflation continue, while the tightening of regional financial conditions have raised borrowing costs. Despite these challenges, the Guinea-Bissau authorities continued to build consensus on critical reforms and maintained political and macroeconomic stability. It is also commendable that the authorities have restored orderly export processes of cashew nuts, which are essential for growth and fiscal revenue, and maintained strong fiscal consolidation measures. Continued commitment to the implementation of structural reforms and policies under the ECF arrangement will be critical to ensure debt sustainability, macroeconomic stability, and address the country’s vast developmental needs.

    “Program performance in the sixth review has improved. Seven out of nine Quantitative Performance Criteria (QPC) as well as all two Indicative Targets were met for April 2024. The QPC on external payment arrears as well as the continuous structural benchmark (SB) on debt service were missed due to technical arrears in external debt service. To avoid recurrence of external arrears, the authorities should strictly adhere to the revised continuous SB which incorporates a corrective action. The QPC on social priority spending was missed due to delayed external project grants, which are expected to materialize in coming months.

    “Fiscal consolidation remains critical to reduce vulnerabilities and ensure debt sustainability and macroeconomic stability. This should be underpinned by strict rationalization of non-priority expenditure and revenue mobilization. To control spending pressures ahead of the legislative election in November 2024 and ensure achievement of the fiscal consolidation targets, expenditure controls through the Technical Committee of Arbitration of Budgetary Expenditure (COTADO) should be strengthened, and the containment of wage bill spending should continue. Revenue mobilization should focus on reducing tax expenditures and strengthening of revenue administration. The authorities should also continue to engage donors for additional budget support and grants to finance social priority spending. Moreover, it is important to strengthen debt management procedures to avoid the incurrence of technical arrears.

    “The authorities are implementing structural reforms which are pivotal to the program’s success. Urgent actions should be taken to mitigate fiscal risks from the public utility company. The authorities should also continue advancing the disengagement of the undercapitalized bank, including through contingency planning. Moreover, further efforts are needed to improve governance, especially transparency in public procurement and beneficial ownership information, which are the essential steps to improve the anti-corruption and AML/CFT effectiveness.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/08/28/pr25312-guinea-bissau-imf-exec-board-completes-6th-rev-ecf-arr-approves-us7m-disbursement

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Reportage: BNZ’s new low-cost rate loans make it easier for businesses to invest in green assets

    Source: BNZ statements

    Sustainability is increasingly front of mind for New Zealand businesses, from small startups to large corporates. Surveys by the Sustainable Business Network (SBN) reveal a strong commitment to sustainable practices among NZ corporates, while Stats NZ has found that a third of local businesses are investing in climate change measures. Yet, as RNZ reports, a significant gap remains: While the vast majority of the country’s small to medium sized enterprises (SMEs) are concerned about sustainability, more than 40 per cent report that they lack the knowledge and resources to become more sustainable. 

    Recognising this gap, BNZ has announced a refresh of its Green Business Loan proposition, including a limited time, low-cost rate Green Asset Finance Loan. This initiative is designed to help SMEs finance no and low emission vehicles and machinery such as electric forklifts, cars, trucks and buses, at a market leading fixed interest rate of 5.5% p.a. for up to five years, capped at $500k per customer. 

    “At BNZ, we’ve made a strategic commitment to help build a resilient, regenerative and inclusive Aotearoa for the long term and helping our SME customers reach their sustainability goals plays a huge role in achieving that,” says Alex West, BNZ’s Head of Sustainable Finance – Growth Sectors. 

    Supporting businesses to be more sustainable is not only key for New Zealand to achieve its climate change commitments, but also brings a range of other benefits, from supporting biodiversity and enhancing water quality to improving labour practices and delivering better social outcomes for our communities. 

    And as West points out, it also makes strong business sense.  

    “Switching to electric and plug in hybrid vehicles with BNZ’s Green Asset Finance Loan can significantly reduce fuel and maintenance costs, in addition to the emissions benefits. Being sustainable doesn’t mean sacrificing your bottom line – it’s actually crucial for long term financial success,” he says. 

    While BNZ’s Green Asset Finance offer is focused on clean transport and machinery assets, West says that the Bank’s wider Green Business Loan proposition can support a diverse range of sustainability initiatives. 

    “At BNZ, we’re seeing a growing desire among our customers to embark on their own sustainability journeys. They range from those who are already incorporating sustainability into their businesses to many who are keen to make a difference but don’t know exactly where to start.  

    “Our role is to be there as a trusted advisor, to guide and support them through the process. We collaborate closely with our customers, understanding their unique needs and aspirations, and together, develop sustainable finance solutions to not only benefit their businesses but also contribute positively to our communities and environment.” 

    South Island Forklifts’ sustainable shift with BNZ 

    South Island Forklifts, a forklift rental company in Christchurch that has been operating since 1999, has made a major move towards sustainability, investing heavily in eco-friendly electric forklifts, with the help of a Green Business Loan from BNZ. 

    “We saw adopting green electric forklifts as a logical step for us,” says the owner of South Island Forklifts, Jason Donnithorne. “These forklifts are the future of our industry, and we are dedicated to assisting our customers switch to a more sustainable fleet. 

    In addition to the environmental benefits of eliminating the need to regularly change used engine and transmission oils, green electric forklifts also have lower operating costs than fuel-powered forklifts. This is because the electricity they use is typically much cheaper than diesel or gasoline.   

    “With BNZ’s Green Business Loan, we’ve been able to purchase these environmentally friendly machines, which not only match our sustainability values but also offer cost savings to our customers. 

    “Our aim is to set an example,” he says. “We want to show the industry that making sustainable choices is not just beneficial for the planet – it’s good for business too.” 

    To discover how a BNZ Green Business or Green Asset Finance Loan can help your business reach its sustainability goals, visit our website or speak to your banker.

    Summary: BNZ Green Asset Loan  

    • Low-cost rate loans are available to finance a broad range of green assets. 
    • Market leading interest rate of 5.5% p.a., fixed for up to 5 years. 
    • Maximum loan of up to $500,000 per customer. For lending over $500,000, speak to a BNZ banker about what we can do.
    • Available until 17 May 2024 or until the total amount available is exhausted, for new and existing business customers with their main banking relationship with BNZ.
    • Eligibility criteria, terms and fees apply, including those that apply to the base product. 

    The post BNZ’s new low-cost rate loans make it easier for businesses to invest in green assets appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Reportage: Douglas McKay to retire from the BNZ Board

    Source: BNZ statements

    BNZ today announced that Douglas McKay, ONZM, is retiring as a director of BNZ, effective 31 May 2024. Mr McKay has been a member of the BNZ Board since 5 March 2013 and has been the Chair since 1 August 2015.

    The BNZ Board has appointed Warwick Hunt, MNZM, to replace Mr McKay as the new Chair, effective 1 June 2024. Mr Hunt joined the BNZ Board on 1 November 2022 and is currently the Chair of the Board Audit Committee and a member of the Board Risk and Compliance Committee and the Board Due Diligence Committee.

    BNZ Chief Executive Officer Dan Huggins has acknowledged the outstanding contribution made by Mr McKay as a director and as Chair of the BNZ Board over a considerable number of years and wishes him well for the future.

    The post Douglas McKay to retire from the BNZ Board appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Russia: IMF Executive Board Completes the Third Reviews under the Precautionary and Liquidity Line and the Arrangement Under the Resilience and Sustainability Facility with Jamaica

    Source: IMF – News in Russian

    August 30, 2024

    • The IMF Executive Board concluded today the third reviews under Jamaica’s Precautionary and Liquidity Line (PLL) and the Resilience and Sustainability Facility (RSF). The PLL continues to be treated as precautionary and the completion of the reviews allow for an immediate disbursement of SDR191.45 million (US$258million) under the RSF.
    • Jamaica’s response to recent shocks has strengthened the credibility of policy frameworks, supporting an economic environment characterized by sustained growth, declining debt, low inflation, and a strengthened external position.
    • Jamaica has continued to implement an ambitious reform agenda that strengthened the fiscal and financial policy frameworks and the climate policy agenda to make the economy more resilient to climate change.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the third reviews of the Precautionary and Liquidity Line (PLL) and the Resilience and Sustainability Facility (RSF) arrangement on a lapse-of-time basis.[1] The PLL and the RSF were approved in March 2023, with access of SDR 727.51 million and SDR 574.35 million respectively. The completion of third reviews makes available the remaining SDR191.45 million (about US$258 million) under the RSF and SDR 727.51 million (about US$980 million) under the PLL. The authorities continue to treat the PLL as precautionary.

    The response to recent shocks has strengthened the credibility of Jamaica’s fiscal and monetary policy frameworks. In FY 2023/24, Jamaica’s economy is estimated to have grown at about 2 percent with tourism above pre-pandemic levels and a continued recovery in mining. Unemployment has fallen and the economy is in a strong cyclical position. Inflation has returned to the Bank of Jamaica’s target band and the external position has strengthened with a current account surplus, rising FDI, and ample international reserves—which at end-March 2024 reached about US$5.2 billion, the highest level in Jamaica’s history.

    Going forward, GDP growth is expected to converge to potential and inflation to return to the mid-point of the target band. The external position is expected to remain strong. Guided by the authorities’ Medium-Term Fiscal Framework (MTFF), public debt is expected to fall below 60 percent of GDP by FY2027/28. Risks to the outlook are arising from potential global economic and financial shocks and natural disasters, which are mitigated by strong policy frameworks, the authorities’ excellent track record managing shocks, and their commitment to reforms. The impact of Hurricane Beryl raises downside risks to growth and upside risks to inflation in the near term.

    The PLL has supported the authorities’ efforts to enhance financial supervision, the crisis resolution and AML/CFT frameworks, and data adequacy. Program performance has remained strong, and Jamaica continues to meet the PLL qualification criteria. All structural benchmarks were met and the BOJ overperformed on the indicative target on net international reserves. The indicative target on the fiscal balance—with a smaller than expected surplus—was marginally missed with a negligible impact on the debt consolidation plan. The authorities have made progress with the action plan to improve data, including on the fiscal and external sectors.

    The RSF has supported Jamaica’s ambitious agenda to make the economy more resilient to climate change, including reforms to accelerate the transition to renewables, increase resilience to climate change, enhance the climate focus in policy frameworks, strengthen the management of climate risks by financial institutions, and create an enabling environment for green financial instruments. All RSF reform measures were met, comprising the analysis of climate-related fiscal risks, incentives for renewable energy, reporting requirements of climate risks for financial institutions, and a framework for green-bond issuance. These efforts have the potential to catalyze climate financing going forward.

    [1] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Brian Walker

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/08/29/pr24314-jamaica-imf-exec-board-completes-3rd-rev-pll-arr-rsf

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Vanuatu

    Source: IMF – News in Russian

    September 3, 2024

    Washington, DC: On August 28, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Vanuatu.

    As Vanuatu was recovering from the natural disasters of 2023 and prolonged disturbance from the pandemic, the voluntary liquidation of Air Vanuatu in May 2024 created a major shock to the economy with substantial implications for growth and confidence. The loss of air connectivity has significant direct effects on economic activity through the decline in tourism and services, and on domestic and international labor mobility and cargo networks. Adverse developments in the Economic Citizenship Program (ECP) are also creating significant impairments to fiscal revenue and financial integrity.

    Assuming a resumption of international air connectivity by 2024Q3 and domestic connections to be restored gradually by end-2024, real GDP growth is expected to slow to 0.9 percent y/y in 2024 and recover to 1½ percent y/y in 2025 (from an estimated 2.2 percent y/y in 2023). Limited fiscal revenue and high costs associated with the airline liquidation are expected to exacerbate the deficit and reduce the government’s fiscal space. Consequently, capital spending will likely decline as expenditures are reprioritized, affecting medium- and long-term growth. Although foreign reserves will remain above the RBV’s benchmark, they are forecast to decline due to lower tourism earnings and remittances.

    While the loss of connectivity may produce price shocks, inflation, which peaked in 2023, will continue to decelerate as internal and external price pressures ease, supported by reduced demand from tourism and investment. Risks to the outlook remain tilted to the downside, including a worse-than-expected resolution of Air Vanuatu’s liquidation, political instability, geopolitical tensions, China’s slowdown, and severe natural disasters.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They noted the significant economic shock created by the voluntary liquidation of Air Vanuatu just as the economy was recovering from the multiple natural disasters of 2023. With real GDP growth expected to decelerate markedly in 2024, and the balance of risks tilted to the downside, Directors called for urgent measures to address the immediate risks to growth and stability, and then to rebuild buffers and tackle structural issues with accelerated policy reforms.

    Directors agreed that in the near term targeted and strategic support is needed to help stabilize the economy. Starting in 2025, they called for urgent fiscal consolidation to reduce sustainability concerns, including re‑establishing and adhering to the fiscal anchor. Against the backdrop of the voluntary liquidation of Air Vanuatu, as well as declining Economic Citizenship Program (ECP) proceeds, Directors also highlighted the structural revenue weakness in Vanuatu and supported calls to strengthen public finances. They emphasized the importance of stronger revenue mobilization, expenditure rationalization, efficiency enhancements for spending, and a strong adherence to the principles of responsible public financial management.

    Directors agreed that monetary policy remains appropriately accommodative, but fiscal dominance needs to be reduced. While recognizing that the exchange rate has acted as a buffer, they noted that it requires close monitoring, and welcomed the authorities’ efforts to review the currency basket.

    Directors stressed the importance of addressing bank asset quality concerns and enhancing safeguards against financial vulnerabilities, including through upgrading regulatory, supervisory, and monitoring practices. They also agreed that improving governance and reducing vulnerabilities to corruption should remain a priority. In this context, Directors emphasized the crucial importance of enhancing anti‑corruption frameworks and the transparency and supervision of SOEs, including through ensuring an expedited approval of the Commercial Government Business Enterprises Act.

    Directors commended the authorities’ efforts to adapt to climate impacts and build resilience against future disasters and called for these efforts to be accelerated. They agreed that investing in quality education and skills training and improving the ease of doing business are crucial to addressing labor and skills shortages in Vanuatu.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/03/pr24315-vanuatu-imf-exec-board-concludes-2024-art-iv-consult

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Russia: MIL Analysis – The five best articles in Russian language for 03.09.2024

    MIL Analysis : Here are the top five Russian language articles published today. The analysis consists of five articles that are currently being prioritised.

    In today’s analysis, trends such as the economic performance of the Moscow Exchange are noticeable. In addition, the Moscow Metro has unveiled a new mock-up of the White Gyrfalcon train for the high-speed railway, which contributes to future trends and railway development. The new trend of ‘Chrono-work’ is gaining more and more popularity, which shows how the workforce can change. The training and culture of society is stable and improving.

    You can read one of the articles below.

    1. Financial news: ‘Portfolio’ of a student: shares take 66% in the portfolios of young investors

    Moscow Exchange has compiled an investment portfolio of ‘student’ on the stock market – the analysis was carried out among private investors aged 18 to 22 years, making transactions on the stock market of the Moscow Exchange.

    The most popular among young investors are shares. According to Moscow Exchange data, 66 per cent of the student’s ‘portfolio’ is held by shares, 22 per cent by bonds, and 12 per cent by units of investment funds. At the same time, the average market share of shares in investors’ portfolios is at the level of 35%.

    2. Maxim Liksutov: the first carriages of the newest Russian train ‘White Gyrfalcon’ will go to St. Petersburg along the high-speed railway by 2028

    Moscow Metro

    Moscow Mayor Sergei Sobyanin presented a model of the newest Russian train ‘White Gyrfalcon’ for the high-speed railway Moscow – St. Petersburg, the project initiated by Russian President Vladimir Putin, at the exhibition ‘Manezh Station: Moscow Transport 2030’. The train will reach speeds of up to 400 kilometres per hour.

    3. ‘Rosneft’ opened a master’s programme for foreign students in Ufa

    The Rosneft Scientific Institute in Ufa has opened a Master’s programme for international students on the basis of the Ufa State Petroleum Technical University (USPTU) in Petroleum Engineering. The first students of the programme were 10 applicants from Egypt, Nigeria and Cameroon.

    4. The ‘Street of the Far East’ exhibition opened on the starting day of the WEF

    ‘We are reopening the ‘Street of the Far East’ together again. It was born 9 years ago as a dream that we could show the vast Far East in one place, all the 11 regions that are quite different. Every year we show new projects at the exhibition: roads, hospitals, social and economic initiatives aimed at improving the quality of life of Far Easterners – everything about how our Far East is developing. We tell you what we are dreaming of and what we are achieving. I am confident that with our joint efforts we will achieve all our goals,’ said Yury Trutnev, Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District.

    5. Introducing chrono-working: A new trend in flexible working that experts say could completely transform the workforce

    Robert Walters

    Experts talk about a new trend that has the potential to change the way the workforce is used to working.
    Almost half of respondents believe that being able to choose their own working hours would have a positive impact on their mental health
    35% of people feel that their organisation’s flexible working hours policy does not meet their specific needs.

    Find out more about MIL’s content and data services by visiting milnz.co.nz.

    Regards MIL!

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Concludes Post Financing Assessment Discussions with South Africa

    Source: IMF – News in Russian

    September 4, 2024

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Post Financing Assessment (PFA)[1], and endorsed the Staff Appraisal on a lapse-of-time basis. South Africa’s capacity to repay the Fund is assessed as adequate.

    The new government of national unity that took office in June faces significant challenges, including declining real per capita growth, high unemployment, poverty, and inequality, and a rising level of public debt. The new administration has committed to address these challenges by continuing ongoing structural reforms aimed at addressing supply constraints and bolstering inclusive growth, while maintaining fiscal discipline.

    Growth slowed to 0.7 percent in 2023, depressed in part by widespread power shortages and disruptions at rails and ports. Unemployment remained elevated, reaching 32 percent at end-2023. Following decisive monetary policy tightening during 2022 and early 2023, inflation fell within the SARB’s 3–6 percent target range last year, moderating further to 5.1 percent in June 2024. The current account deficit widened to 1.6 percent of GDP in 2023 (from
    0.5 percent in 2022), driven by higher imports. The budget deficit remained in line with the revised budget target thanks to robust revenues and expenditure restraint, although public debt continued to rise to just above 74 percent of GDP.

    Looking ahead, growth is expected to reach 1 percent in 2024, on the back of improved investor sentiment and electricity generation, stabilizing at 1.4 percent in the medium term, as structural bottlenecks ease only gradually. Inflation is projected to decline toward the midpoint of the target range 2025Q2. The current account deficit is expected to increase modestly to 2.2 percent of GDP by 2029, as imports accelerate in line with domestic demand. The fiscal deficit is projected to remain elevated over the medium term, given rising debt service, support to state-owned enterprises, and sizeable spending on public wages and transfers. As a result, public debt is not expected to stabilize. Risks to the outlook are broadly balanced, with faster reform implementation under the new government of national unity representing an upside risk to growth, while downside risks largely relate to the uncertain external environment and an inability of the new government to agree on needed fiscal and structural reforms.

    Executive Board Assessment[2]

    South Africa’s economy has shown resilience in the face of massive disruptions, but persisting structural challenges risk a further erosion of living standards. Despite unprecedented electricity shortages and bottlenecks at rails and ports last year, growth stayed positive, as economic agents adapted. However, per-capita income growth continued to decline, public debt rose further, and unemployment and poverty rates remained at unacceptably high levels.

    The new government should use the opportunity of a new mandate to implement bold reforms to address long-standing challenges and achieve the economy’s full potential. Such a mandate can turn the economy around from the path of weak growth, high debt, and deteriorating living standards toward high growth, fiscal sustainability, and shared prosperity. This requires determined structural and fiscal reforms, complemented by prudent monetary and financial policies. The new administration should build on the existing reform agenda but increase its ambition and accelerate implementation to put the economy on a permanently higher and more inclusive growth path.

    Structural reforms are paramount to support job creation, growth, and prosperity. Wide-ranging electricity and transportation-sector reforms, including to foster private sector participation, are indispensable to reinvigorating activity, boosting exports, and supporting the green transition. Product-market reforms improving business environment and removing obstacles to trade, complemented by labor-market reforms, are essential to boost investment and employment. Strengthening governance and reducing corruption are essential to reap reform gains, which should be broadly distributed.

    An ambitious fiscal consolidation is essential to restore the sustainability of public finances. Durable expenditure-based consolidation of at least 3 percent of GDP over the next three years is required to place debt on a sustained downward path, while protecting vulnerable groups. Reliance on gains on foreign reserves has helped lower borrowing needs but does not substitute for the needed fiscal consolidation. Any additional spending initiatives to lower inequality and improve health should be financed in a deficit-neutral way. Improving the institutional fiscal framework by adopting a debt rule, bolstering the procurement framework, and improving public-investment management can support the adjustment and mitigate fiscal risks.

    Monetary policy should carefully manage the descent of inflation to the mid-point of the target range and stay data dependent. Given continued uncertainty about the inflation outlook, rate cuts should be considered only once inflation declines sustainably towards the mid-point of the target range. Any change to the monetary policy framework should be carefully timed, well-coordinated and communicated to manage expectations and safeguard credibility.

    Financial policies should continue to support financial stability. Ongoing banking resolution and safety-net reforms, together with the new loss-absorbing capacity requirement, significantly strengthen crisis management tools and enhance depositors’ protection. Continued monitoring of risks remains critical, given the sovereign-financial sector nexus. Implementation of prudential regulations, along with the countercyclical buffer, could play a vital role.

    Staff assess that South Africa’s capacity to repay the Fund is adequate under the baseline and downside scenarios. South Africa is expected to be able to repay the Fund by end-2025 given ample reserves and manageable external debt service. Capacity to repay is also assessed as adequate under a downside scenario, where policies will need to be tightened to contain inflationary pressures and safeguard debt sustainability, while protecting vulnerable groups. The flexible exchange rate is expected to act as a shock-absorber. 

    South Africa: Selected Economic Indicators, 2022–26

    Social Indicators

    GDP               

     

    Poverty (percent of population)

    Nominal GDP
    (2022, billions of US dollars)

    407

    Lower national poverty line (2015)

    40

    GDP per capita
    (2022, in US dollars)

    6,712

    Undernourishment (2019)

    7

    Population characteristics

     

    Inequality
    (income shares unless otherwise specified)

    Total (2022, million)

    62

    Highest 10 percent of population (2015)

    53

    Urban population
    (2020, percent of total)

    67

    Lowest 40 percent of population (2015)

    7

    Life expectancy at birth
    (2020, number of years)

    64

    Gini coefficient (2015)

    65

    Economic Indicators

     

    2022

    2023

     

    2024

    2025

    2026

     

     

    Proj.

    National income and prices
    (annual percentage change unless otherwise indicated)

       Real GDP

    1.9

    0.7

    1.0

    1.3

    1.4

       Domestic demand

    3.9

    0.8

    1.2

    1.5

    1.5

         Private Consumption

    2.5

    0.7

    0.9

    1.2

    1.3

         Government Consumption

    0.6

    1.9

    1.2

    1.2

    1.3

         Gross Fixed Investment

    4.8

    3.9

    3.1

    2.8

    2.7

         Inventory Investment
    (contribution to growth)

    1.5

    -0.6

    0.0

    0.0

    0.0

       Net export
    (contribution to growth)

    -2.1

    -0.1

    -0.3

    -0.2

    -0.1

       Real GDP per capita 1/

    1.1

    -0.8

    -0.6

    -0.2

    -0.1

       GDP deflator

    5.0

    4.8

    4.9

    4.5

    4.5

       CPI (annual average)

    6.9

    5.9

    5.2

    4.6

    4.5

       CPI (end of period)

    7.4

    5.5

    4.8

    4.6

    4.5

    Labor market
    (annual percentage change unless otherwise indicated)

       Unemployment rate
    (percent of labor force, annual average)

    33.5

    33.1

    33.8

    34.2

    34.5

       Unit labor costs
    (formal nonagricultural)

    2.1

    -0.8

    -0.6

    -0.2

    -0.1

    Savings and Investment
    (percent of GDP)

    Gross national saving

    14.4

    15.0

    13.9

    13.7

    13.7

    13.7

    Investment (including inventories) 2/

    12.4

    15.4

    15.5

    15.4

    15.7

    15.8

    Fiscal position
    (percent of GDP unless otherwise indicated) 4/

    Revenue, including grants 4/

    25.0

    27.6

    26.8

    27.0

    27.0

    27.1

    Expenditure and net lending 5/

    34.6

    31.9

    32.7

    33.2

    33.4

    32.6

    Overall balance

    -9.6

    -4.3

    -5.9

    -6.3

    -6.4

    -5.5

    Primary balance

    -5.4

    0.3

    -0.9

    -0.9

    -0.8

    0.2

    Gross government debt 6/

    69.0

    70.8

    73.4

    75.0

    77.6

    79.3

    Government bond yield (10-year and over, percent) 7/

    9.7

    11.3

    11.6

    …

    …

    …

    Money and credit
    (annual percentage change unless otherwise indicated)

    Broad money

    9.4

    8.3

    6.5

    7.5

    7.5

    7.5

    Credit to the private sector 8/

    1.0

    8.9

    4.4

    5.9

    5.9

    5.9

    Repo rate (percent, end-period) 7/

    3.5

    7.0

    8.25

    …

    …

    …

    3-month Treasury bill interest rate (percent) 7/

    3.9

    6.5

    7.9

    …

    …

    …

    Balance of payments
    (annual percentage change unless otherwise indicated)

    Current account balance (billions of U.S. dollars)

    6.7

    -1.8

    -6.1

    -6.9

    -7.7

    -8.6

    percent of GDP

    2.0

    -0.5

    -1.6

    -1.8

    -1.9

    -2.0

    Exports growth (volume)

    -11.9

    7.4

    3.5

    3.5

    3.6

    3.7

    Imports growth (volume)

    -17.4

    14.9

    4.1

    4.0

    3.9

    3.8

    Terms of trade

    9.3

    -8.6

    -4.8

    -1.2

    -1.4

    -0.3

    Overall balance (percent of GDP)

    -1.0

    0.0

    0.5

    0.0

    0.0

    0.0

    Gross reserves (billions of U.S. dollars)

    55.5

    60.6

    62.5

    62.5

    62.5

    62.5

    in percent of ARA

    78.1

    88.9

    97.0

    95.3

    …

    …

    Total external debt (percent of GDP)

    50.5

    40.4

    41.5

    42.2

    43.6

    44.9

    Nominal effective exchange rate (period average) 7/

    -11.6

    -4.9

    -7.7

    …

    …

    …

    Real effective exchange rate (period average) 7/

    -10.1

    -1.4

    -9.0

    …

    …

    …

    Exchange rate (Rand/U.S. dollar, end-period) 7/

    14.7

    17.0

    18.4

    …

    …

    …

    Sources: South African Reserve Bank, National Treasury,
    Haver, Bloomberg, World Bank,
    and Fund staff estimates and projections.

    1/ Per-capita GDP figures are computed using
    STATS SA mid-year population estimates.                                                                                                                                                                                   

    2/ Inventories data are volatile and excluded from the
    investment breakdown to help clarify fixed capital formation developments.                                                                                                         

    3/ Consolidated government as defined in the budget unless otherwise indicated.                                                                                                                                                                       

    4/ Revenue excludes “transactions in assets and liabilities” classified
    as part of revenue in budget documents.  This item represents proceeds
    from the sales of assets, realized valuation gains from holding of
    foreign currency deposits, and other conceptually similar items,
    which are not classified as revenue by the IMF’s Government Finance Statistics Manual 2014.                              

    5/ The Eskom debt relief is treated as capital transfer above-the-line item.                                                                                                                                                                                                            

    6/ Central government.                                                                                                                                                                                                                             

    7/ Average January 1- April 19, 2023. For nominal and effective
    exchange rate, year on year change of average January 1-April 19.                                                                                                          

    8/ Other depository institutions’ “loans and securities” in all currencies.                                                                                                                                                                                                                                         

    [1] After completing an IMF lending program, a country may be subject to a Post Financing Assessment (PFA). It aims to identify risks to a country’s medium-term viability and provide early warnings on risks to the IMF’s balance sheets. For more details click here.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/04/pr24317-south-africa-imf-exec-board-concludes-post-fin-assess-discuss

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Russia: Moscow Metro Launches Russia’s First Digital Stations

    Source: Moscow Metro

    Moscow has introduced Russia’s first-ever digital stations into its transport system, merging cutting-edge technology with traditional passenger services to enhance comfort and convenience for travellers.

    Moscow Metro, digital station.

    Leading this innovative initiative are two pilot locations: the Maryina Roscha station on the Big Circle Line of the metro, and Terminal No. 1 at the “Nizhegorodskaya” city railway station. These stations showcase various elements designed to shape the future of urban mobility.

    Key Features of the Digital Stations:

    1. Digital wayfinding:

    • Real-time updates with animated icons, text blocks, and pop-up inserts.
    • Touchscreen signboards providing local area maps, metro schemes, station accessibility status, and information on city ground transport.
    • Interactive information stands that allow for frequent updates and additional announcements.

    2. Technological innovations at Maryina Roscha:

    • Live Communication kiosk:

    Featuring a 3D chatbot named Alexandra, this kiosk combines the functionality of a chatbot and a human assistant. Passengers can receive assistance at any time and purchase metro souvenirs.

    • Advanced turnstiles:

    The new turnstile design increases capacity by 30% due to its compact build. Interactive lighting on the turnstiles indicates the payment status, and they accept various payment methods, including biometrics. A built-in lighting system guides passengers on where to stand for facial recognition payments.

    • Upgraded ticket vending machines:

       These machines feature bright and wide digital screens, operate faster, and offer additional functionalities such as route planning and temporarily freezing passes during absences.

    • Smart ceiling lights:

    These lights indicate the crowding levels of train carriages, allowing passengers to choose less crowded options by standing under green indicators.

    • Projector system:

       Eleven mini-projectors embedded in the escalator arch lighting display useful information, including weather forecasts from Yandex.Weather.

    • Integrated train schedules:

    Moreover, the digital stations integrate train schedules from the Moscow Central Circle (MCC) and Moscow Central Diameters (MCD) with Russian Railways’ route maps, enhancing the coherence of passenger information systems.

    Moscow Metro, digital station.

    Future prospects

    If these digital stations prove successful, the city plans to replace up to 30% of all metro wayfinding signs with digital versions by 2030.

    Moscow Mayor Sergey Sobyanin has inaugurated the first digital transport facilities in Russia. We created them as part of the Moscow Transport Development Program until 2030, with a focus on innovations to enhance passenger comfort. Russian designers, planners, and manufacturers were involved in developing the solutions we have presented, — said Deputy Mayor for Transport Maksim Liksutov.

    Passenger engagement and feedback:

    To ensure continuous improvement, the digital systems at Maryina Roscha and Nizhegorodskaya stations are equipped with QR codes. Passengers can use these codes to leave feedback over the next six months. This feedback will be reviewed to determine the project’s scalability.

    With this pioneering project, Moscow is set to redefine urban commuting by making it more efficient, ‘responsive, and user-friendly, harnessing the best of contemporary technological advancements.

    MIL OSI Russia News –

  • MIL-OSI Russia: The Kingdom of Bahrain Implements the International Monetary Fund’s Enhanced General Data Dissemination System

    Source: IMF – News in Russian

    September 5, 2024

    Washington, DC: With the successful launch of the new data portal, the National Summary Data Page (NSDP) today, Bahrain has implemented a key recommendation of the IMF’s Enhanced General Data Dissemination System (e-GDDS) to publish essential macroeconomic and financial data. The e-GDDS is the first tier of the IMF Data Standards Initiatives that promote transparency as a global public good and encourage countries to voluntarily publish timely data that is essential for monitoring and analyzing economic performance.

    The implementation of the e-GDDS recommendations and the launch of the new data portal – ­ are a testament to Bahrain’s commitment to data transparency. The publication of the data through the NSDP will enable national decision-makers, domestic and international stakeholders, investors, and rating agencies to have easy access to information that the IMF’s Executive Board has identified as essential for monitoring a country’s economic and financial developments. More broadly, having data in line with the e-GDDS means it should be accessible in a standardized way to facilitate analysis of economic trends across countries and to provide an early detection of risks to help avert economic crises, thus supporting sustainable economic growth and development.

    Bert Kroese, Chief Statistician and Data Officer, and Director of the IMF’s Statistics Department, welcomed this major milestone in the country’s statistical development. “I am confident that Bahrain will benefit from using the e-GDDS as a framework for further development of its statistical system,” Mr. Kroese stated. The benefits, including better sovereign financing conditions for countries participating in the e-GDDS, have recently been reviewed by the IMF Executive Board in the context of the Tenth Review of the IMF Data Standards Initiatives.

    The NSDP will serve as a one-stop publication for disseminating data covering national accounts and prices, government operations and debt, the monetary and financial sector, and the external sector. Making this information easily accessible in one place and following a predetermined schedule, including in a format that allows machine-to-machine readability and transfer, will enable all users to simultaneously access timely data, ensuring greater transparency.

    A link to Bahrain’s NSDP is available on the IMF’s Dissemination Standards Bulletin Board. The data is provided by the Ministry of Finance and National Economy, the Central Bank of Bahrain, and the Information and eGovernment Authority. Today’s launch of the NSDP shows the country’s commitment to subscribe to the Special Data Dissemination Standard (SDDS) in the near future.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Mayada Ghazala

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/05/pr-24318-bahrain-bahrain-implements-imfs-enhanced-general-data-dissemination-system

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Submissions: FinTech – Experian Ranked 7th on 2024 IDC FinTech Rankings Top 100; Wins IDC Real Results Award in Bank Deposit Transformation

    Source: Experian
     
    COSTA MESA, Calif. – Experian has been ranked 7th on the 2024 IDC FinTech Rankings, placing in the top 10 providers for the third consecutive year. The FinTech Rankings evaluate the top 100 providers of financial technology based on 2023 calendar year revenues from the financial services and FinTech industries. In related news, Experian is also an IDC Real Results Award winner, ranking in the top spot for Bank Deposit Transformation.

    The Real Results Awards recognize IT providers that have enabled a genuine, measurable and future-enabling change at a client financial institution (bank, capital markets firm, or insurer) in the worldwide financial services industry. The Bank Deposit Transformation award was based on customer data and their use of the Experian Ascend Fraud Sandbox.

    “Placing first for Bank Deposit Transformation demonstrates how this new Experian fraud solution enables our customers to use state-of-the-art fraud-prevention and identity-protection technology to dramatically improve approval rates for online deposit accounts, directly impacting their bottom line while simultaneously lowering fraud losses,” said Alex Lintner, Chief Executive Officer of Experian Software Solutions. “These honors underscore our delivery of advanced modeling and comprehensive data insights that advance and accelerate our customers’ business. They also promote better financial outcomes for our clients compared to incumbent ways of solving this difficult trade-off and mitigate risk from the rising tide of sophisticated AI-driven approaches by bad actors to defraud consumers.”

    Ascend Fraud Sandbox provides an analytical environment that enables users to explore data to discover new fraud patterns and build, test and deploy new models in days rather than months. It pairs an organization’s own data with unique cross-industry identity and fraud data assets. It employs more than 10 billion identity and fraud events that include applications, login activity, and transactions, along with fraud tags, adding tens of millions of new events daily.

    “In the 2024 IDC FinTech Rankings program, Experian is ranked as the 7th largest global provider of technology solutions to the financial services industry and won its first IDC Real Results Winner Award for Bank Deposit Transformation,” says Marc DeCastro, research director at IDC. “Experian offers the data, technology and scalable solutions to enable financial institutions to make informed business decisions at the necessary speed to help them remain competitive in a rapidly changing and competitive marketplace.”

    In its 21st year, the IDC FinTech Rankings categorize and evaluate technology providers strictly based on previous calendar year revenues from financial institutions (banking, insurance, and/or capital markets) or directly to fintech solution providers for hardware, software, and/or services To view the complete rankings, visit www.idc.com/prodserv/insights/financial/fintech-rankings.

    About Experian

    Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money.

    We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.

    We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

    Experian and the Experian marks used herein are trademarks or registered trademarks of Experian and its affiliates. Other product and company names mentioned herein are the property of their respective owners.

    MIL OSI – Submitted News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with the Republic of Latvia

    Source: IMF – News in Russian

    September 5, 2024

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with the Republic of Latvia and endorsed the staff appraisal on a lapse-of-time basis without a meeting.

    The Latvian economy contracted with significant disinflation. After the post-pandemic recovery, growth contracted by 0.3 percent in 2023, due to tighter financial conditions and weak external demand. Headline inflation declined to 0.0 percent y/y in May 2024. However, core inflation still stood at 3.1 percent in April 2024. The financial sector has so far been resilient although risks are elevated. Fiscal performance in 2023 was stronger than expected, reflecting revenue buoyancy linked to inflation and expenditure under-execution. The current account deficit narrowed to 4 percent of GDP in 2023 from 4.8 percent in 2022, due to import contraction and lower energy prices. Russia’s war in Ukraine and the related geoeconomic fragmentation are adding to structural challenges amid multiple transitions, notably, climate change and energy, and aging and labor shortages. The economic consequences of Russia’s war in Ukraine continue to depress private investment and productivity, thus compromising further Latvia’s lagging income convergence.

    Amid high uncertainty, the outlook is for higher growth and the balance of risks is tilted to the downside. Real GDP growth is projected to increase to 1.7 and 2.4 percent in 2024 and 2025, respectively, underpinned by a recovery in private consumption, higher public investment, and stronger external demand. Growth in the medium-term is projected to continue at an average of around 2.5 percent, supported by public investment and reforms. Inflation is expected to continue to moderate. Headline inflation (annual average) is projected to decline to 2.0 percent in 2024. Meanwhile, core inflation (annual average) is projected to slow to 3.3 percent in 2024, reflecting persistent services inflation. Downside risks dominate, including risk to competitiveness associated with recent high wage growth, rising geopolitical tensions and deeper geoeconomic fragmentation, and weaker external demand.

    Executive Board Assessment[2]

    Latvia’s economy has encountered severe headwinds. The Latvian economy contracted with significant disinflation against the backdrop of geopolitical headwinds. Notably, Russia’s war in Ukraine and the related geoeconomic fragmentation are adding to long-standing challenges to productivity, investment, and labor supply, amid multiple transitions around climate change and energy, aging and labor shortages, and rising defense costs.

    Amid high uncertainty, growth is projected to rebound, but risks are tilted to the downside. Real GDP growth is projected to increase in 2024 and 2025, largely driven by a rebound in private consumption, higher public investment, and stronger external demand. The main risks stem from rising geopolitical tensions and deeper geoeconomic fragmentation, credit risks related to variable-rate loans, and weaker-than-expected external demand. Risks to competitiveness can also arise given recent high wage growth. Over the medium-term, delays in public investment and structural reforms could weigh on potential growth.

    Considering the improving outlook, staff recommends a less expansionary, neutral fiscal stance for 2024 and a tighter fiscal stance in 2025. Proactively identifying spending efficiency and better targeting social support, while protecting the most vulnerable, would help. Staff commends the authorities for the targeting of energy support measures. In 2025, the fiscal stance should be tighter to build buffers for future spending needs. Policy options to achieve this include reducing tax exemptions, raising revenue from property taxation, strengthening tax enforcement, and improving investment spending efficiency. Fiscal policy should remain flexible and evolve if risks materialize.

    Although Latvia has some fiscal space, structural fiscal measures are needed to provide buffers for medium to long term spending pressures. Over the medium term, options for fiscal consolidation include (i) broadening the bases of corporate income tax (CIT) and personal income tax (PIT), including by reducing the shadow economy; (ii) broadening the base of property taxes; (iii) reducing tax exemptions and fossil fuel subsidies, and (iv) rationalizing spending on goods and services. Given this scaling-up of public investment amid high uncertainty and cost overrun, enhanced public investment management is warranted to mitigate fiscal risks. The mission welcomes the healthcare reform aimed to generate efficiency gains, while mitigating risks and supporting solidarity. Staff also welcomes the government’s pension reform efforts and recommends linking the retirement age to life expectancy. Latvia should swiftly implement the NRRP. 

    Although the financial sector has so far been resilient, continued monitoring of macrofinancial vulnerabilities and spillovers is warranted. The banking sector remained well capitalized and liquid, with a low NPL ratio. However, given heightened risks, continued monitoring of financial sector vulnerabilities is important. Notably, regular risk-based monitoring of banks’ asset quality and liquidity should continue, supported by tailored stress tests. Any households’ financial distress related to variable-interest-rate mortgage loans should be addressed through the consumer bankruptcy framework, supplemented by the social protection system for the most vulnerable. The new untargeted interest subsidy scheme for variable-interest-rate mortgages should not be renewed at its expiration in 2024. The authorities should refrain from further initiatives to increase taxation on bank profits given their adverse impact on bank capital and financial stability. Staff welcomes the continued efforts to mitigate cybersecurity risk.

    While the current macroprudential policy stance is broadly appropriate, the recent adjustment to the borrower-based measures for energy-efficient housing loans should be reconsidered. The overall policy stance strikes the right balance between maintaining financial stability and the need to extend credit to the economy. However, borrower-based macroprudential measures should be relaxed only when their presence is overly stringent from the financial stability perspective.

    Latvia has made significant progress in strengthening its AML/CFT frameworks and governance reforms. Staff commends the authorities’ effort to pursue AML/CFT reforms and supports the authorities’ priorities to prepare for the 6th round of MONEYVAL evaluation. Staff welcomes the authorities’ reforms to digitalize the procurement system and the continued implementation of Latvia’s anti-corruption plan and national strategy.

    Structural reforms should be accelerated to enhance productivity and resilience. Accelerating corporate reforms could boost investment and productivity by improving capital allocation and access to finance. Given the aging population and skill mismatch, Latvia should continue to address reforms to boost high-skilled labor supply which will enhance investment in productivity. Efforts should focus on promoting training and internal labor mobility toward priority sectors (green and transition, digitalization, health). Further streamlining product and service markets regulations could boost competition, innovation, and productivity. Staff welcomes the ongoing overhaul of the administrative procedures and their digitalization. Implementing measures to promote digital transformation of the economy could help reduce labor shortages and support productivity. Regarding the green and energy transition, more vigorous climate policy is needed. Staff encourages the authorities to expedite the adoption of the climate law and the National Energy and Climate Plan (NECP). The authorities should aim to achieve a robust balance between fiscal support, carbon pricing or taxation, and norms while addressing distributional concerns. Staff welcomes the ongoing work on climate adaptation. Latvia should continue to enhance energy security, and boost investment in clean energy and connection.

    Table 1. Latvia: Selected Economic Indicators, 2019–25

     

    2019

    2020

    2021

    2022

    2023

    2024

    2025
               

    Proj.

    National Accounts

        (Percentage change, unless otherwise indicated)

    Real GDP

    0.6

    -3.5

    6.7

    3.0

    -0.3

    1.7

    2.4

    Private consumption

    0.0

    -4.3

    7.3

    7.2

    -1.3

    2.4

    2.3

    Public consumption

    5.6

    2.1

    3.5

    2.8

    7.0

    2.3

    2.2

    Gross capital formation

    0.7

    -10.0

    24.9

    -3.6

    5.1

    2.6

    2.7

    Gross fixed capital formation

    1.5

    -2.2

    7.2

    0.6

    8.2

    3.1

    3.1

    Exports of goods and services

    1.3

    0.4

    9.0

    10.3

    -5.9

    3.0

    2.6

    Imports of goods and services

    2.2

    -1.1

    15.1

    11.1

    -2.8

    3.0

    2.5

    Nominal GDP (billions of euros)

    30.6

    30.1

    33.3

    38.4

    40.3

    42.4

    44.8

    GDP per capita (thousands of euros)

    15.9

    15.8

    17.6

    20.5

    21.4

    22.5

    23.9

    Savings and Investment

    		              

    Gross national saving (percent of GDP)

    22.2

    24.3

    21.1

    20.3

    19.0

    19.1

    18.9

    Gross capital formation (percent of GDP)

    22.8

    21.4

    25.0

    25.0

    23.0

    22.8

    22.5

    Private (percent of GDP)

    18.9

    17.2

    21.2

    21.7

    19.4

    18.7

    18.6

    HICP Inflation

    		              

    Headline, period average

    2.7

    0.1

    3.2

    17.2

    9.1

    2.0

    2.4

    Headline, end-period

    2.1

    -0.5

    7.9

    20.7

    0.9

    3.9

    1.6

    Core, period average

    2.7

    1.1

    2.0

    11.3

    9.8

    3.3

    3.1

    Core, end-period

    1.9

    0.9

    4.7

    15.2

    4.0

    3.7

    2.8

    Labor Market

    		              

    Unemployment rate (LFS; period average, percent)

    6.3

    8.1

    7.6

    6.9

    6.5

    6.5

    6.5

    Nominal wage growth

    7.2

    6.2

    11.7

    7.5

    11.9

    8.5

    7.0

    Consolidated General Government 1/

    (Percent of GDP, unless otherwise indicated)

    Total revenue

    37.3

    37.7

    37.6

    37.2

    38.5

    38.6

    38.7

    Total expenditure

    37.7

    41.4

    43.2

    40.9

    42.0

    42.0

    41.4

    Basic fiscal balance

    -0.4

    -3.7

    -5.5

    -3.7

    -3.5

    -3.4

    -2.7

    ESA fiscal balance

    -0.5

    -4.4

    -7.2

    -4.6

    -2.2

    -2.9

    -2.7

    General government gross debt

    36.7

    42.7

    44.4

    41.8

    43.6

    44.7

    44.8

    Money and Credit

    Credit to private sector (annual percentage change)

    -2.3

    -4.4

    11.9

    7.1

    5.1

    …

    …

    Broad money (annual percentage change)

    8.0

    13.1

    9.2

    5.1

    2.7

    …

    …

    Balance of Payments

    		              

    Current account balance

    -0.6

    2.9

    -3.9

    -4.8

    -4.0

    -3.7

    -3.5

    Trade balance (goods)

    -8.6

    -5.1

    -8.3

    -10.7

    -9.3

    -8.8

    -8.8

    Gross external debt

    117.1

    122.1

    110.5

    102.3

    98.5

    94.9

    86.6

    Net external debt 2/

    18.1

    13.6

    10.3

    8.1

    7.5

    10.7

    13.5

    Exchange Rates

    		              

    U.S. dollar per euro (period average)

    1.12

    1.14

    1.18

    1.05

    1.08

    …

    …

    REER (period average; CPI based, 2005=100)

    123.0

    124.5

    125.0

    129.7

    136.8

    …

    …

    Terms of trade (annual percentage change)

    0.9

    1.8

    -1.6

    -0.6

    3.6

    -0.1

    0.9

    Sources: Latvian authorities; Eurostat; and IMF staff calculations.

    1/ National definition. Includes economy-wide EU grants in revenue and expenditure.

    2/ Gross external debt minus gross external assets.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/05/pr-24319-latvia-imf-executive-board-concludes-2024-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –