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Category: MIL-OSI

  • MIL-OSI China: Youth bands showcase musical talent

    Source: China State Council Information Office 3

    The 2024 Children’s Band Battle was held at the NCPA Taihu Stage Art Centre, a complex in Beijing’s Tongzhou district, on Sept 21 and 22. Fifteen bands stood out as they showcased their talents onstage.

    Co-organized by the China Association of Popular Music and the China Society for the Studies of Children Literature, the event was open to youth bands from around China, gathering top Chinese musicians as judges, such as guitarist Liu Lin, music producer Bi Xiaoshi and jazz pianist-composer Kong Hongwei.

    The event aims to provide a platform for children to showcase their talents, forge new friendships and foster communication through the universal language of music.

    The participating bands were categorized into age groups — from 3 to 8 years old, 9 to 12 years old and 13 to 17 years old — ensuring that the competition was tailored to each group’s capabilities.

    The judges also worked as mentors to the youth bands, offering guidance during rehearsals and conducting master classes to nurture their musical prowess.

    MIL OSI China News –

    January 23, 2025
  • MIL-OSI China: China cuts reserve requirement ratio by 0.5 percentage points

    Source: China State Council Information Office

    File photo shows an exterior view of the People’s Bank of China in Beijing, capital of China. [Photo/Xinhua]

    China’s central bank on Friday announced a cut in the reserve requirement ratio (RRR) by 0.5 percentage points for financial institutions.

    Starting Friday, the weighted average RRR for lenders will come to around 6.6 percent, while those having already implemented a 5 percent RRR will not be involved, according to a statement of the People’s Bank of China.

    The central bank adheres to a supportive monetary policy with a strengthened intensity and more targeted regulation to create a sound monetary and financial environment for stable economic growth and high-quality development, the statement said.

    This RRR cut was first disclosed by central bank governor Pan Gongsheng at a press conference Tuesday. Pan said the RRR may be lowered further by 0.25 to 0.5 percentage points within the year depending on the liquidity situation.

    It came as part of the country’s recent stimulus package to boost the economy, which also includes measures to support the property sector and the capital market.

    MIL OSI China News –

    January 23, 2025
  • MIL-OSI China: SCIO Holds Press Conference on Providing Financial Support for High-quality Economic Development

    Source: Peoples Bank of China

    At the press conference held by the State Council Information Office (SCIO) at 9 a.m. on Tuesday, September 24, 2024, Pan Gongsheng, Governor of the People’s Bank of China (PBOC), Li Yunze, Minister of the National Financial Regulatory Administration (NFRA), and Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), briefed on the progress of providing financial support for high-quality economic development, and answered questions from the press. The transcript is as follows.

    Shou Xiaoli, Director-General of the Press Bureau of the SCIO and SCIO spokesperson: Good morning, ladies and gentlemen. Welcome to the SCIO press conference. Today we are glad to have PBOC Governor Pan Gongsheng, NFRA Minister Li Yunze, and CSRC Chairman Wu Qing at the conference. They will give introductions to their work on providing financial support for high-quality economic development and answer your questions. Now, I’ll give the floor to Mr. Pan Gongsheng.

    Pan Gongsheng, Governor of the PBOC: Thank you, Director-General Shou. Good morning, dear friends from the media! Glad to see you again. I want to thank you all for your long-standing attention and support regarding the financial sector reform and development and the work of the PBOC.

    Since the beginning of this year, the PBOC has been committed to the fundamental objective of providing financial services for the real economy, adhered to a supportive monetary policy stance and policy orientation, and made major monetary policy adjustments three times respectively in February, May, and July.

    In terms of the aggregates of monetary policy, the PBOC has adopted a variety of monetary policy tools, such as cutting the required reserve ratio (RRR) and policy rates, and bringing down the loan prime rate (LPR), to help create a favorable monetary and financial environment.

    Concerning the structure of monetary policy, the PBOC, with a focus on key links of high-quality development, has launched the central bank lending for sci-tech innovation and technological transformation in an effort to enhance financial support for sci-tech innovation and equipment upgrading and renovation. In addition, we have lowered the down payment ratio for housing mortgages, the mortgage rates, and the interest rates on personal housing provident fund loans. We have also set up the central bank lending facility for affordable housing to accelerate the destocking of housing inventory in a market-oriented manner.

    Regarding the transmission of monetary policy, we have improved the accounting method of the quarterly value-added of the financial sector, which has been adjusted from reckoning based on the growth of deposits and loans to an income-based approach. We have rectified the behavior of luring depositors with manual interest subsidy, reduced and prevented the idle circulation of funds within the financial system, activated existing financial resources that are inefficiently occupied, and enhanced the efficiency of fund use, thus improving the efficiency of monetary policy transmission.

    As for exchange rates, we let the market play a decisive role in the formation of exchange rates. We have maintained the flexibility of the exchange rate while strengthening guidance of expectations, and kept the RMB exchange rate basically stable at an adaptive and equilibrium level.

    The monetary policies have continuously delivered results. At end-August, the aggregate financing to the real economy (AFRE) registered a year-on-year growth of 8.1 percent, and RMB loans increased by 8.5 percent year on year, about 4 percentage points higher than the nominal GDP growth rate. Besides, financing costs were at historically low levels.

    In line with the decisions and arrangements made by the Communist Party of China (CPC) Central Committee and to further support stable economic growth, the PBOC will firmly adhere to a supportive monetary policy stance, intensify monetary policy adjustments, and implement more targeted adjustment measures, thereby fostering a favorable monetary and financial environment for the stable growth and high-quality development of the economy.

    At today’s press conference, I would like to announce several polices.

    The first is to lower the RRR and policy rates, and thus bring down the benchmark market rates. The second is to cut interest rates on existing home loans and unify the minimum down payment ratio. The third is to launch new monetary policy tools to support stable development of the stock market.

    First, we will cut the RRR and policy rates. We will lower the RRR by 0.5 percentage points, injecting approximately RMB1 trillion of long-term liquidity into the market in the days to come. We may further cut the RRR by 0.25 to 0.5 percentage points within the year, depending on liquidity conditions in the market. As for the central bank policy rates, we will lower the 7-day reverse repo rate by 0.2 percentage points from the current 1.7 percent to 1.5 percent. Meanwhile, we will bring down both the LPR and deposit rates, and thus keep net interest margins (NIMs) of commercial banks stable.

    Second, we will cut interest rates on existing home loans and unify the minimum down payment ratio for personal housing loans. To achieve that, we will guide commercial banks to lower the interest rate on existing home loans to a level close to that on newly issued loans, with an anticipated average decline of approximately 0.5 percentage points. We will unify the minimum down payment ratio for first- and second-home mortgages, with the nationwide minimum down payment ratio for second homes to be reduced from 25 percent to 15 percent. As for the RMB300 billion of central bank lending facility for affordable housing launched by the PBOC in May, the proportion of its funding support for banks and purchasing entities will be raised from the original 60 percent to 100 percent, so as to enhance market-oriented incentives for them. Together with the NFRA, we will extend the term of policies on commercial property loans and the “16-Point Plan”, which are set to expire by the end of this year, until the end of 2026.

    Third, we will launch new monetary policy tools to support stable development of the stock market. One is to establish a swap facility for securities, fund and insurance companies to support eligible institutions in obtaining liquidity from the central bank by pledging their assets. This facility will significantly enhance these institutions’ ability to raise funds and increase stock holdings. The other is to launch a special central bank lending to guide banks to provide loans to listed companies and their major shareholders for buying back shares and increasing stock holdings.

    For the above-mentioned policy measures, we will release policy documents or announcements item by item on the PBOC’s official website.

    This is my brief introduction. Next, I am glad to answer your questions together with Minister Li Yunze and Chairman Wu Qing. Thank you!

    CCTV: We know that so far this year, the PBOC has carried out three major adjustments of monetary policy. As Governor Pan just mentioned, there will be further reductions of the RRRs and the policy rates. People are widely concerned about the policies on aggregates as they will play an important role in stabilizing growth. So would you explain these policies in more detail? Thank you.

    Pan Gongsheng: Aggregates in monetary policy have been of great concern both to the public and in the market. As I have said on different occasions, the PBOC will adhere to a supportive monetary policy stance by stepping up monetary policy adjustments and enhancing their precision. We have used a mix of monetary policy tools to support stable growth of the real economy. While working on the adjustments to monetary policy tools, the PBOC has taken account of the following factors in particular. The first is to support the stable growth of the Chinese economy. The second is to push for a mild rebound in prices, an important factor to consider in developing monetary policy tools. The third is to strike a proper balance between providing support for the growth of the real economy and maintaining the soundness of the banking sector. The fourth has to do with the exchange rate, that is, to keep the RMB exchange rate basically stable at an adaptive and equilibrium level. In addition, we have attached importance to the coordination of monetary and fiscal policies so as to support the proactive fiscal policy playing its part more effectively.

    Regarding the specific adjustments to macro policies and the policies on monetary aggregates, which I talked about in my opening remarks, here are some more details.

    First, let’s look at RRR reductions. Having lowered the RRR by 0.5 percentage points this February, the PBOC is to carry out another RRR reduction of 0.5 percentage points, which will provide approximately RMB1 trillion of long-term liquidity to the financial market. Currently, the weighted average RRR for financial institutions stands at 7 percent. Following the adjustment, it will be lowered from 8.5 percent to 8 percent for large banks and from 6.5 percent to 6 percent for medium-sized banks, with the RRR for rural financial institutions remaining at 5 percent, which has been in place for some years. With the implementation of the RRR reduction policy, China’s average RRR for the banking sector will be around 6.6 percent, still having room compared with the central banks of the other major economies of the world. Since there are three months to go before the end of the year, it is likely we will further lower the RRR by 0.25-0.5 percentage points based on changing circumstances.

    Second, turning to policy rate cuts, in July, we lowered the 7-day reverse repo rate for open market operations (OMOs), the PBOC’s main policy rate, from 1.8 percent to 1.7 percent. This time, it will be reduced by 20 basis points from 1.7 percent to 1.5 percent. With the functioning of the market-oriented mechanism for interest rate regulation, the policy rate adjustment will lead to adjustments of benchmark market rates. As a result, the medium-term lending facility (MLF) rate is expected to go down by about 0.3 percentage points, while the LPR and deposit rates will decline by 0.2-0.25 percentage points.

    Overall, this interest rate adjustment will have a neutral influence on the NIMs of banks. Although cutting the interest rates on existing home loans will affect the interest revenue of banks, it will reduce the demand of customers for advance repayment of loans. An RRR cut by the central bank is equivalent to direct provision of low-cost, long-term funds for banks. MLF operations and OMOs are the main channels through which the PBOC provides commercial banks with short- and medium-term funds, so that interest rate cuts will also reduce the funding costs for banks. What’s more, as I mentioned just now, the LPR and deposit rates are also expected to see corresponding decreases. The re-pricing effect achieved through our previous efforts on guiding deposit rates downward via the self-regulatory mechanism for interest rates will materialize in a cumulative manner.

    In formulating the plan for the policy adjustment, the PBOC team has conducted several rounds of careful, quantitative analysis and assessment, which show this interest rate adjustment will have a neutral influence on bank profits and the NIMs of banks will remain basically stable. Thank you.

    Reuters: Despite the implementation of multiple policies aimed at attracting home buyers and alleviating the loan burdens of homeowners, housing prices in China continue to decline. In some cities, overall housing prices have experienced double-digit decreases. To this end, do China’s financial regulators believe that the time has come to introduce new monetary policies? Thank you.

    Pan Gongsheng: Thank you for your question. It’s a very good question and a prevalent concern of the society. We provide support in diminishing risks and fostering healthy development for the real estate market mainly from a financial standpoint, pursuant to our responsibilities. In recent years, the PBOC has refined macro-prudential financial policies for the real estate sector. We have adopted an integrated approach to address both the supply and demand. Key measures include reducing the minimum down payment ratio several times for personal housing loans, lowering lending rates, removing the policy floor for mortgage rates, and setting up a central bank lending facility for affordable housing to facilitate the purchase of existing residential properties. To implement the decisions and arrangements made by the CPC Central Committee on promoting the stable and sound development of the real estate market, the PBOC, in collaboration with the NFRA, is about to introduce five new policies regarding the real estate finance.

    The first policy is to encourage banks to reduce the interest rates on existing mortgage loans. In August last year, the PBOC urged commercial banks to implement these reductions in an orderly manner, yielding relatively positive results. Previously, mortgage loans were adjusted with reference to the LPR, with a uniform policy floor applied across the country. However, under the new mortgage policy launched on May 17 this year, the floor has been removed. As a result, the interest rates on new mortgage loans have been further reduced relative to the LPR. This significant decline has further widened the interest rate spreads between the new and the existing mortgage loans, particularly in major cities such as Beijing, Shanghai, Shenzhen, and Guangzhou. In this context, the PBOC will guide banks to conduct batch adjustments to the interest rate on existing mortgage loans, lowering it to a level close to the newly issued. We anticipate the average reduction to be approximately 0.5 percentage points. We use the term “average” because loans are issued during various time frames, and the interest rates on existing mortgage loans vary across issuing periods, regions, and banks. This is why I say the rate of decline is an average number.

    Banks reducing the interest rates on existing mortgage loans can significantly lower the interest expenses for borrowers. We anticipate that this policy will benefit approximately 50 million households and 150 million individuals, leading to an average annual decrease in interest expenses of around RMB150 billion for households. This reduction is expected to stimulate consumption and investment, while also contributing to the decrease in prepayment. Furthermore, it will help compress the space for illicit refinancing of existing mortgages, thereby safeguarding the legitimate rights and interests of financial consumers and contributing to the stable and healthy development of the real estate market.

    This document will be officially released soon. Given numerous borrowers involved, banks need some time to make necessary technical preparations. Moving forward, we are also considering guiding commercial banks to enhance the pricing mechanism for mortgage loans. This will allow both banks and customers to make dynamic adjustments through independent negotiations based on market-oriented principles.

    The second policy is that a minimum down payment ratio of 15 percent now applies to both first- and second-home loans. In order to better support the rigid demand for housing and the needs to improve living conditions of urban and rural residents, at the national level, second-home buyers will no longer be discriminated from first-home buyers when applying for residential housing loans, with the minimum down payment ratio of 15 percent applying to both types of buyers. On May 17, the minimum down payment ratio for first-home buyers was lowered to 15 percent, while that for second-home buyers stayed at 25 percent, and from now onwards, the two will share the same ratio of 15 percent. I would like to specifically mention two points. Firstly, the local authorities may adopt city-specific policies, independently choosing to differentiate or not the first- and second-home buyers, thus setting the minimum down payment ratio within their jurisdictions. Since China is a large country, the real estate markets of different cities and regions vary greatly, so local governments may adopt differential policies to determine the minimum down payment ratio within their jurisdictions based on the floor set at the national level. Secondly, commercial banks may negotiate the specific down payment ratio with their clients, according to the risk profile and willingness of the clients. Since 15 percent is the floor for the down payment ratio, commercial banks may ask for a higher down payment after evaluating the risk of the clients. Or the client may be wealthy enough to offer a 30 percent down payment on the house. It depends on the market-based negotiation between commercial banks and individuals.

    The third policy is to extend the period of two policy measures on real estate financing. Previously, the PBOC and NFRA launched together the “16-Point Plan” and policies on commercial property loans, which have played positive roles in promoting the stable and healthy development of the real estate market and in defusing risks in the market. Among them, some temporary measures, such as the rollover of outstanding loans of property developers and commercial property loans should expire on December 31, 2024, according to previous policy design. We have made the decision together with the NFRA this time to extend the two policies from December 31, 2024 to December 31, 2026.

    The fourth policy is to improve the central bank lending for affordable housing. On May 17, the PBOC launched the central bank lending for affordable housing with a size of RMB300 billion. We guided financial institutions to support local state-owned enterprises to purchase those completed yet unsold housing at a reasonable price based on market principles and the rule of law. The purchased properties shall then be resold or rented as affordable housing. It was an important measure to reduce the housing inventory. To further enhance market-based incentives for banks and the acquiring entities, we have increased the proportion of funds provided by the PBOC from 60 percent to 100 percent for the facility. For example, previously the PBOC was to provide RMB6 billion for a RMB10 billion loan granted by a commercial bank, whereas now the PBOC will provide low-cost funding in full amount, to speed up sales of commodity housing stock.

    The fifth policy is to support the purchase of property developers’ land inventory. Apart from spending the proceeds of some local government special bonds on buying the land reserves, we are studying on allowing policy banks and commercial banks to lend to qualified enterprises to acquire the land inventory of property developers based on market principles. It is to activate the inventory of land and ease financial strains of the property developers. When necessary, the PBOC may provide support through central bank lending. We are studying the policy together with the NFRA.

    Thank you!

    Market News International: Does the Federal Reserve’s 50 bps rate cut this month leave more room for further monetary policy easing in China? How does the PBOC evaluate the impact of the Fed’s rate cut on China’s foreign exchange market? Thank you.

    Pan Gongsheng: Thank you for your questions. Recently, major economies have adjusted their monetary policy stance. We can see that the depreciation pressure of RMB has significantly been alleviated, and RMB has turned to appreciation. On September 18, the Federal Reserve cut rates by 50 bps, which was the first cut after its rate hike in the past couple of years. Meanwhile, other central banks also kicked off their easing cycle. For example, the European Central Bank has lowered the rates twice since June this year by 50 bps in total. The Bank of England cut the bank rate by 25 bps in August. The Bank of Canada and the Sveriges Riksbank also turned to rate cut. Except for the Bank of Japan, most major economies have started to cut rates. The momentum of US dollar appreciation has weakened, with the US dollar Index retreated on the whole. Since the beginning of August, the US dollar Index fell by 3 percent, which is now hovering at around 101. With the convergence of domestic and overseas monetary policy cycles, the external pressure for the RMB exchange rate to remain basically stable has largely been reduced. On September 23, the RMB was trading roughly at 7.05 against the US dollar, appreciating 2.4 percent since August.

    Since the exchange rate is a relative value of one currency to another, it will be influenced by various factors, such as the economic growth, monetary policy, financial markets, geopolitics, unexpected risk events. All these factors may impact the exchange rate.

    From the external point of view, the external environment and the path of US dollar movement are still uncertain because of geopolitical movements like the diverging economic development of different countries and the US presidential election, as well as the volatile global financial market.

    Given the domestic developments, we believe there is a solid foundation for the RMB exchange rate to remain stable.

    First, from a macro perspective, the momentum of economic recovery will be further consolidated and strengthened. The strong monetary policies launched by the PBOC will help support the real economy, promote consumer spending, and boost market confidence.

    Second, the balance of payments remains broadly stable. In the first half of the year, the current account surplus was 1.1 percent of GDP, which remained within a reasonable range.

    Third, the PBOC and the State Administration of Foreign Exchange (SAFE) attach great importance to the development of the foreign exchange market. Market participants have become more mature, trading behaviors have been more rational, and market resilience has significantly improved. In the first half of this year, the proportion of import and export companies hedging exchange rate risks reached 27 percent, and the proportion of cross-border trade in goods settled in RMB registered 30 percent. These two figures do not overlap. Therefore, if we add the two figures, we can conclude that around 50 percent of companies are not that vulnerable to exchange rate risks in foreign trade. As the PBOC has communicated to the market on several occasions, in the context of two-way fluctuations in the RMB exchange rate, market participants should treat exchange rate volatility rationally, adopt the philosophy of risk neutrality, and refrain from “betting on exchange rate directions” or “betting on unilateral development”. Enterprises should focus on their main businesses, and financial institutions should continue to serve the real economy well.

    The PBOC’s stance on exchange rate policy is clear and transparent. The key points are as follows: first, we adhere to the decisive role of the market in exchange rate formation and maintain the elasticity of exchange rate; second, we need to strengthen expectation management to prevent the formation of a one-sided and self-fulfilling expectation in the foreign exchange market, guard against the risk of exchange rate overshooting, and keep the RMB exchange rate basically stable at an adaptive and equilibrium level.

    Thank you!

    CNBC Reporter: Analysts believe that the decline in Chinese government bond yields is partly due to market expectations of slower economic growth and an accommodative monetary policy stance. What is the PBOC’s response to this? What measures will be taken? Thank you.

    Pan Gongsheng: The discussion on this topic has cooled down recently, though there was a lot of hype earlier. The PBOC has communicated with the market in an appropriate manner for multiple times. The earlier decline in Chinese government bond yields was due to several factors. For instance, the PBOC guided market interest rates to move down through policy rates, and the .government bond issuance was relatively slow in the early period. Besides, small and medium-sized financial institutions lacked risk awareness and swarmed to the market, creating the effect of herd flock and exacerbating the situation. Driven by the market, China’s current long-term government bond yield hovers around 2.1 percent. The PBOC respects the role of the market. Undoubtedly, this has created a favorable monetary environment for China to implement proactive fiscal policy.

    However, it should be noted that interest rate risk is an important part of risk management of financial institutions. The case of Silicon Valley Bank in the United States is highly instructive as a risk event. As we are all aware, it reminds us that central banks need to observe and assess market risks from a macro-prudential management perspective and take appropriate measures to mitigate and prevent the accumulation of risks. This is an important mandate of central banks.

    Currently, as an important price signal, the government bond yield curve still has flaws such as insufficient long-end pricing and lack of stability. The PBOC has issued risk warnings regarding long-term government bond yields and has strengthened communication with the market to prevent the potential systemic risk of a one-sided decline in long-term government bond yields incurred by the effect of herd flock.

    Maintaining trading order in the bond market is also a mandate of central banks. Recently, the PBOC has identified violations in the bond market such as price manipulation, account lending, and tunneling. We will step up efforts to crack down on violations in the interbank bond market and keep the public updated on the developments. The National Association of Financial Market Institutional Investors (NAFMII) have already informed the public of several cases under investigation. Once the investigations are completed, we will make an announcement to the public.

    In recent years, as financial markets develop rapidly in China, the bond market have gradually expanded and deepened. The conditions for the central bank to purchase and sell government bonds as a way of injecting base money through the secondary market have been basically satisfied. I elaborated on our corresponding plan at the Lujiazui Forum on June 19. Currently, the PBOC has incorporated the purchasing and selling of government bonds into the monetary policy toolkit and begun to implement the instrument. Our operations are highly transparent, the information of which are available to the public on our official websites. We are also working with the Ministry of Finance to study on improving the issuance pace, maturity structure, and custody system of government bonds. The purchase and sale of government bonds by the PBOC in the secondary market will be progressive.

    Thank you!

    Financial News reporter: What are the main considerations for launching securities fund insurance swap facility and special central bank lending for listed companies and major shareholders to buy back shares and raise holdings? How will the PBOC conduct these operations? Thank you.

    Pan Gongsheng: Thank you for your questions. In order to maintain stability of China’s capital market and boost investor confidence, the PBOC, based on the international experiences and our own practices, has aligned with the CSRC and the NFRA and launched two structural monetary policy tools to support stable development of the capital market. This is also the first time that PBOC has innovated structural monetary policy tools to support the capital market.

    The first tool is a swap facility for securities, fund, and insurance companies. This facility supports eligible securities, fund and insurance companies, as determined by the CSRC and NFRA under specific regulations, in swapping their holdings of bonds, stock ETFs, and constituent stocks of the CSI 300 Index as collateral for high-liquidity assets like government bonds and central bank bills from the PBOC. Government bonds and central bank bills differ significantly from other assets held by market institutions in terms of credit rating and liquidity. Many assets held by institutions currently suffer from poor liquidity due to prevailing market conditions. By swapping these assets with the PBOC, market institutions can obtain higher-quality, more liquid assets, which will greatly improve their ability to raise funds and increase stock holdings. We plan to launch this swap facility at an initial scale of RMB500 billion, which may be expanded in the future based on market developments. As I said with Chairman Wu Qing, as long as the initial RMB500 billion works well, a second RMB500 billion could follow, and potentially even a third RMB500 billion. I believe this is possible, and our attitude remains open. The funds obtained under this facility can only be used for investing in the stock market.

    The second tool is central bank lending to support buybacks and holdings increase. This tool directs commercial banks to provide loans to listed companies and their major shareholders, specifically for buying back and raising holdings of the shares of the listed companies. In fact, it is a common practice in international capital markets for shareholders and listed companies to buy back shares and increase holdings. The PBOC will provide central bank lending to commercial banks in full amount, at an interest rate of 1.75 percent. The interest rate on loans provided by commercial banks to their customers is around 2.25 percent, which means a 0.5 percentage points increase. Given the current conditions, the 2.25 percent interest rate is also very low. The initial quota is RMB300 billion. If the tool works well, as I have discussed with Chairman Wu Qing, another RMB300 billion or even a third RMB300 billion could be provided. However, we need to assess the market conditions and make evaluations going forward. This tool is applicable to listed companies of different ownership, including state-owned enterprises, private enterprises, and mixed-ownership enterprises. We make no distinction between different ownership. The PBOC will closely cooperate with the CSRC and the NFRA, while cooperation from market institutions is also essential to successfully carry out this work.

    Thank you all!

    Shou Xiaoli: Thanks to our three speakers, and also thanks to our friends from the media for your participation. This is the end of today’s press conference.

    Date of last update Nov. 29 2018

    MIL OSI China News –

    January 23, 2025
  • MIL-OSI China: Digital trade a new engine for growth

    Source: China State Council Information Office

    People visit the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]

    While China’s digital trade sector made significant progress in 2023, it is fast becoming a new engine in the country’s drive to strengthen its position as a strong trading nation and injecting new momentum into global economic growth, officials and experts said.

    China’s import and export of digitally-delivered services trade rose 8.5 percent year-on-year to 2.72 trillion yuan ($387.5 billion) in 2023, a record high, the Ministry of Commerce said on Thursday.

    The import and export scale of the country’s cross-border e-commerce reached 2.37 trillion yuan last year, up 15.3 percent year-on-year, according to a report on China’s development of digital trade released by the ministry during the ongoing third Global Digital Trade Expo in Hangzhou, Zhejiang province.

    Zhu Guangyao, an official with the ministry, said digital technologies such as big data, cloud computing, artificial intelligence and blockchain are increasingly integrating with various fields of social and economic development, and the booming digital trade sector has shown strong resilience and profoundly impacted the models, structure and rules of global trade.

    China boasts abundant data resources, a huge domestic market and rich application scenarios for digital technologies, all of which have laid a solid foundation for the development of digital trade, Zhu said.

    The scale of digital trade of all countries worldwide rose from $6.02 trillion in 2021 to $7.13 trillion in 2023, with an average annual growth rate of 8.8 percent, said a report on global digital trade development.

    The European Union, the United States and China ranked as the top three in regard to digital trade volume, maintaining a steady growth trend. The report was jointly released by the organizing committee of the Global Digital Trade Expo and the International Trade Center during the expo.

    The report also noted that the digital transformation of international trade continued to accelerate between 2021 and 2023, with the proportion of digital trade in the overall scale of international trade increasing from 19.6 percent to 22.5 percent, with an average annual growth rate of 6.2 percent.

    The scale of global digitally ordered trade exports also experienced steady growth, reaching $2.88 trillion in 2023, with the largest numbers recorded by China, the EU and the US.

    In addition, the report highlighted that China is committed to building an open, innovative and shared digital economy ecosystem and providing basic institutional guarantees for cybersecurity, data security and personal information protection rights in the digital era.

    Digital trade has become a transformative force that is reshaping the global economy, connecting the entire world and encompassing the seamless movement of goods, services and data across borders, driven by technological advancements, said Ashish Shah, director of country programs at the International Trade Center.

    Shah highlighted that AI is quickly improving all parts of digital trade from supply chains to how businesses interact with customers, while the shift toward digital platforms, e-commerce, fintech, AI and data-driven trade opens new frontiers for businesses, particularly small and medium-sized enterprises, which now have the tools to engage with international markets.

    “Governments, businesses, and international organizations must work together to create systems that encourage innovation, protect data privacy, and make sure the digital economy benefits everyone, especially SMEs in developing countries,” he added.

    It is noteworthy that Chinese cross-border e-commerce platforms are ratcheting up resources to develop digital trade and help Chinese manufacturers and brands expand their presence in overseas markets. The move is expected to give a strong boost to the transformation of traditional industries by making use of digital and flexible supply chains.

    For instance, fast-fashion online retailer Shein last year announced plans to extend its outreach to industrial belts in 500 cities in China. It hopes to facilitate the digital upgrade of more industrial chains, thereby helping them achieve on-demand supply in terms of production.

    The company is accelerating steps to build a supply chain project in Guangzhou, Guangdong province, covering operations, warehousing, stocking, order-picking, distribution, logistics and delivery.

    MIL OSI China News –

    January 23, 2025
  • MIL-OSI China: Projects worth over $52B inked at world manufacturing convention

    Source: China State Council Information Office

    A visitor takes photos of an Origin Wukong superconducting quantum computer model at the 2024 World Manufacturing Convention in Hefei, east China’s Anhui Province, Sept. 20, 2024. [Photo/Xinhua]

    A total of 718 projects with a combined investment of 369.2 billion yuan (about 52.48 billion U.S. dollars) were signed at the 2024 World Manufacturing Convention, according to a press conference on Thursday.

    Among these, 679 are manufacturing projects with an investment of 327.3 billion yuan, accounting for 95 percent of the total projects and 89 percent of the overall investment.

    The event, which concluded Monday in Hefei, the capital of east China’s Anhui Province, boasted a total exhibition area of 20,000 square meters. It attracted 451 exhibitors and showcased 2,605 products, 236 of which made their debut.

    For the first time, a large outdoor exhibition area was added, featuring intelligent connected new-energy vehicles, drones and humanoid robots.

    Notably, this year’s event marked the largest participation from countries and regions, as well as the highest number of foreign guests in its history, involving 41 countries and regions.

    MIL OSI China News –

    January 23, 2025
  • MIL-OSI China: China’s industrial profits up 0.5%

    Source: China State Council Information Office

    Vehicles are under examination at a smart factory of Seres Group in Liangjiang New Area, southwest China’s Chongqing Municipality, April 25, 2024. [Photo/Xinhua]

    Profits of China’s major industrial firms increased 0.5 percent year on year in the January-August period, official data showed Friday.

    MIL OSI China News –

    January 23, 2025
  • MIL-OSI China: China’s online smart education platform benefiting world

    Source: China State Council Information Office 2

    China’s online smart education platform has recorded over 50 billion visits to date, with over 10 million overseas users located across more than 200 countries and regions, Wang Guangyan, China’s vice minister of education, said at a press conference on Thursday.
    The national smart education platform was launched in March 2022.
    Its usage figures demonstrate the growing contributions China has made to education globally over the past three years, Wang said.
    He also cited the Global Digital Education Development Index, which was released earlier this year and ranked China in ninth place globally, up from 24th just three years ago.
    Moving forward, China will enhance its international cooperation and exchange in the field of digital education, and accelerate the construction of an international version of the platform, Wang said.

    MIL OSI China News –

    January 23, 2025
  • MIL-OSI China: Global guests taste ‘sweetness’ of ice cream exhibition

    Source: China State Council Information Office

    This photo shows ice cream products at the Ice Cream China 2024 in north China’s Tianjin Municipality, Sept. 26, 2024. [Photo/Xinhua]

    The Ice Cream China 2024 exhibition kicked off in north China’s Tianjin Municipality on Thursday, showcasing new products and technologies in the ice cream industry.

    The three-day exhibition has attracted more than 450 domestic and international companies and over 1,000 business people from over 50 countries, with activities including new product releases, professional seminars and business matchmaking.

    With an exhibition area of over 45,000 square meters, the event displays ice cream and its ingredients, as well as refrigeration facilities and other machinery.

    Zhang Xiaohong, head of the organizing committee of Ice Cream China, said the fair shows the vitality of China’s ice cream industry and the new trends in the huge market, such as rising health and environmental protection consciousness.

    Albert Vega Duran with IBK Tropic, a Spanish ice cream ingredients supplier who has exhibited in the fair for over 10 years, said that China is a big producer and consumer of ice cream and still has growth potential.

    “We visit this exhibition to meet clients and see more orders. We try to improve our product,” said Duran.

    Held since 1998, the exhibition facilitates international exchanges within the ice cream industry.

    MIL OSI China News –

    January 23, 2025
  • MIL-OSI Economics: ADB Approves $2 Million Grant to Support Viet Nam’s Typhoon Yagi Disaster Response

    Source: Asia Development Bank

    HA NOI, VIET NAM (27 September 2024) — The Asian Development Bank (ADB) has approved a $2 million grant to assist the Government of Viet Nam in providing emergency and humanitarian services to residents affected by the super Typhoon Yagi in the northern region of the country.

    “We highly commend the extraordinary efforts of the Government and people of Viet Nam in responding to the damage caused by Typhoon Yagi,” said ADB Country Director for Viet Nam Shantanu Chakraborty. “ADB’s grant will support wider government efforts to deliver immediate humanitarian relief. ADB is also committed to working with the government on post-disaster recovery in the affected provinces to build back better and improve resilience, which is critical in the face of accelerating natural hazards.”

    The grant is funded by the Asia Pacific Disaster Response Fund, which aims to provide support to ADB’s developing member countries affected by major disasters triggered by natural hazards.

    Typhoon Yagi, the strongest typhoon to hit Viet Nam in decades, made landfall on the northern coast of the country on 7 September. As of 24 September, 337 people have been killed or reported missing and another 1,935 people injured, according to the Viet Nam Disaster and Dyke Management Authority.

    The typhoon and subsequent flooding and landslides caused widespread damage in 26 provinces, with an estimated 37 million people living in the affected areas. Initial economic loss across northern part of Viet Nam is estimated at around $2.6 billion.

    ADB has been working with other development partners to support the government’s response to the disaster, including assessing assistance needs in the affected northern provinces. ADB’s emergency assistance aims to help ensure that people living in disaster areas have access to basic medical and social services and resources to rebuild their lives and livelihoods and will continue to work closely with the government and other development partners to deliver humanitarian assistance in line with United Nations Resident Coordinator Disaster Response Plan.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI Economics: Build4Skills: Practice Guide for Procurement Practitioners

    Source: Asia Development Bank

    Designed to complement the Build4Skills Handbook, it details how to select which projects could potentially incorporate trainee programs and provides templates for projects in the energy, transport, water, urban, and social sectors. Explaining how to calculate traineeship cost estimates to be included in the bill of quantities and manage related disbursements for projects, the guide shows how to monitor trainee programs and collect feedback to ensure infrastructure projects maximize their skills development potential.

    MIL OSI Economics –

    January 23, 2025
  • MIL-Evening Report: Australia’s air and tourism industries need government-backed insolvency insurance. Here’s why

    Source: The Conversation (Au and NZ) – By David Beirman, Adjunct Fellow Management & Tourism, University of Technology Sydney

    Australia has a long history of domestic airlines collapsing, often affecting thousands of travellers, yet the industry provides little or no recompense.

    Even the federal government’s recently released aviation discussion paper recognised the need for change by recommending important protections for passengers. These included making airlines honour refunds if flights were cancelled or significantly delayed.

    The 2024 Aviation White Paper included the most consumer friendly proposals in 30 years. However, there was one significant omission in the 156-page report.

    There was no mention of insolvency protection for airline passengers. To put it simply, if a domestic or international airline collapses there is little likelihood passengers who paid airfares will receive a refund.

    In most cases, passengers affected by airline collapses receive little or no compensation. Fewer than 20% of Australian domestic passengers pay for domestic travel insurance compared to the 90% of Australians who buy insurance when they fly internationally.

    A history of failed airlines

    Since 1990 we have seen the rise and fall of multiple Australian airlines. This includes Compass Mark 1, Compass Mark 2, Ansett Airlines, Impulse Air and Aussie Air.

    In May, Bonza collapsed after less than a year of operation. And more recently, services operated by REX (Regional Air Express) between capital cities stopped and its regional services are under pressure.

    Virgin and Qantas immediately volunteered to honour the inter-city bookings of some REX ticket holders. However, nearly all affected Bonza passengers lost their money because no other airlines flew the same routes.

    The risk of both domestic and international airline collapses affecting Australian travellers is real. Consumers are as entitled to be protected from that risk as they are from many other travel related risks.

    The UK and European approach

    The UK approach to insolvency insurance has worked well since 1973. The UK scheme is known as “ATOL” or Air Travel Operators Licence. It applies to package tour companies who sell air travel combined with land tours or accommodation

    This user-pays, government-guaranteed insurance cover is compulsory for all British travellers who book a package tour. It costs only A$5 per person. It guarantees a full refund and return flights to the passenger’s point of origin if the tour operator goes out of business.

    A similar scheme has operated in the European Union since 1990, its known as the European Package Travel Directive.

    As part of a 2024 book I co-edited with Bruce Prideaux, I focused on the collapse of the famous British tour operator, Thomas Cook in 2019.

    I also compared insolvency consumer protection in the UK with that of Australia and New Zealand.

    The Thomas Cook experience

    When Thomas Cook collapsed in the United Kingdom and Europe, 600,000 British and European Union passengers were fully refunded the cost of their tours and flown to their port of departure under their regions’ respective schemes. And the cost of their disrupted tours was refunded.

    Funding built into the UK scheme covered full refunds to affected passengers at negligible cost to government which guaranteed the scheme.

    By contrast, a far smaller collapse of two Australian based tour operators, Tempo Holidays and Bentours in September 2019 affected fewer than 1,000 passengers.

    However not all the affected travellers were refunded due to the limitations of the insolvency scheme run by what was then the Australian Federation of Travel Agents.

    Under this scheme travellers only receive insolvency protection if they pay by credit or debit card. There is a reliance on banks to refund if a tour operator becomes insolvent. If the passenger paid for their tour by cheque or cash, no refund applied.

    What Australia needs

    There are three key categories of business insolvency which affect travellers. The collapse of an airline, the collapse of a tour operator and the collapse of a travel agent.

    If the Australian government is genuinely interested in protecting travel consumers at minimal cost to the taxpayer we should be using the UK and European schemes as a model.

    A compulsory user-pays, government guaranteed insolvency protection scheme would cost the consumer very little and would be an ideal safety net for consumers in the event that their travel company goes bust.

    David Beirman is affiliated in an honorary basis with DFAT’s Consular Consulting Group, a stakeholder group which advises DFAT on government travel advisories and broader issues of tourism safety and security.

    – ref. Australia’s air and tourism industries need government-backed insolvency insurance. Here’s why – https://theconversation.com/australias-air-and-tourism-industries-need-government-backed-insolvency-insurance-heres-why-239060

    MIL OSI Analysis – EveningReport.nz –

    January 23, 2025
  • MIL-OSI Asia-Pac: 2023 Annual Report on Justices of Peace Visits

    Source: Hong Kong Government special administrative region

    2023 Annual Report on Justices of Peace Visits
    2023 Annual Report on Justices of Peace Visits
    **********************************************

         The 2023 Annual Report on Justices of Peace (JP) Visits was published today (September 27). The report provides an account of the work of JPs in the year 2023.       The primary role of a JP is to visit various institutions, such as prisons, detention centres, hospitals and remand/probation homes under the JP visit programme. The objective of the visits is to ensure that the rights of the inmates in the institutions are safeguarded through a system of regular visits by independent visitors.       In 2023, JPs visited 114 institutions under the JP visit programme. They received and handled 71 complaints and 716 requests/enquiries during JP visits. In addition, JPs also made comments and suggestions on ways to improve the management of facilities and quality of services provided by the institutions.     The annual report on JP Visits is available on the JPs website (www.info.gov.hk/jp).

     
    Ends/Friday, September 27, 2024Issued at HKT 11:00

    NNNN

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Security: AUKUS Collaboration Advancing Capabilities in Indo-Pacific Region, Austin Says

    Source: United States INDO PACIFIC COMMAND

    The trilateral security partnership among the U.S., United Kingdom and Australia, also known as AUKUS, offers a unique opportunity for these nations to enhance their military capabilities, deepen interoperability and strengthen deterrence in the Indo-Pacific, said Secretary of Defense Lloyd J. Austin III. 

    Austin met in London today with his AUKUS counterparts: British Defense Secretary John Healey and Australian Defense Minister Richard Marles, who also serves as his country’s deputy prime minister.  

    Progress has been made toward providing Australia with a conventionally armed, nuclear-powered submarine, Austin said, noting that over the past year, the number of Australian sailors attending U.S. and U.K. nuclear reactor schools has increased and a U.S. nuclear-powered submarine visited an Australian port. 

    “This was just the first step toward ensuring that Australia has a sovereign nuclear-powered submarine capability. We’re also making progress toward having a rotational presence of U.S. submarines by as early as 2027,” Austin said.

    The United States also remains committed to supporting Australia’s efforts to recruit and train the skilled workforce needed to build, maintain, sustain and operate a nuclear-powered submarine, Austin said. 

    The AUKUS partnership has two pillars. The first is to enable Australia’s acquisition of conventionally armed, nuclear-powered submarine capability as rapidly as possible, most likely in the early 2030s, the senior defense official said. 

    The second pillar is to accelerate emerging capabilities, the official said. 

    Areas of focus within the Pillar II include uncrewed maritime systems, artificial intelligence, autonomy, electronic warfare, quantum, cyber and hypersonics, the official said.

    Japan will be working on the maritime autonomy aspect. Conversations with Canada, South Korea and New Zealand are underway on how each can contribute to Pillar II, the official said. 

    Also, as part of Pillar II, Australia, the United Kingdom and the United States have committed to reducing export control restrictions to facilitate secure trade among AUKUS partners, including the sale of U.S. Virginia-class submarines to Australia, the official said. 

    Congress amended the International Traffic in Arms Regulations as part of the 2024 National Defense Authorization Act and implemented an export licensing exemption for Australia and the United Kingdom, the official said. 

    MIL Security OSI –

    January 23, 2025
  • MIL-OSI Asia-Pac: Government announces appointments to Hong Kong Council on Smoking and Health

    Source: Hong Kong Government special administrative region

    Government announces appointments to Hong Kong Council on Smoking and Health
    Government announces appointments to Hong Kong Council on Smoking and Health
    ****************************************************************************

         ​The Government announced today (September 27) the reappointment of Mr Henry Tong Sau-chai and Dr Johnnie Casire Chan Chi-kau as the Chairman and the Vice-Chairman of the Hong Kong Council on Smoking and Health (COSH) respectively, and the reappointment of five incumbent members as well as the appointment of seven new members. All appointments will take effect from October 1 this year for a two-year tenure.     The five reappointed incumbent members are Mr Langton Cheung Yung-pong, Mr Clement Fung Cheuk-nang, Mr Terence Lau Chun-kai, Dr Haston Liu Wai-ming, and Professor Phoenix Mo Kit-han. The seven newly appointed members are Dr Celine Ho Ming-wai, Ms Lee Yi-ying, Professor Vitus Leung Wing-hang, Dr Chris Ng Chun-kong, Professor Or Ka-hang, Mr Simon Wong Hin-wing and Mr Tang Fei.     COSH is a statutory body established in 1987 to advise the Government on matters related to smoking and health. It is also tasked to advance public education concerning the effects of smoking on the community and individuals as well as to engage in smoking-related research.     The full membership of the Council with effect from October 1, 2024, is as follows: Mr Henry Tong Sau-chai (Chairman)Dr Johnnie Casire Chan Chi-kau (Vice-Chairman)Mr Langton Cheung Yung-pongMr Clement Fung Cheuk-nangMiss Ho Alice Chiu-yanDr Celine Ho Ming-waiMr Terence Lau Chun-kaiMs Lee Yi-yingDr Will Leung Lok-hangProfessor Vitus Leung Wing-hangDr Haston Liu Wai-mingProfessor Phoenix Mo Kit-hanDr Chris Ng Chun-kongProfessor Or Ka-hangMr Simon Wong Hin-wingMr Tang FeiController, Regulatory Affairs, Department of Health

     
    Ends/Friday, September 27, 2024Issued at HKT 11:00

    NNNN

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Video: Secretary Blinken meets with Kenyan President William Ruto – 3:00 PM

    Source: United States of America – Department of State (video statements)

    Secretary of State Antony J. Blinken meets with Kenyan President William Ruto in New York City, New York, on September 26, 2024.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at http://www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
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    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
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    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=hrD2fOy9GvA

    MIL OSI Video –

    January 22, 2025
  • MIL-OSI United Kingdom: Maritime and Coastguard Agency celebrates World Maritime Day 2024

    Source: United Kingdom – Executive Government & Departments

    The Red Ensign and International Maritime Organization flag have been raised at Maritime and Coastguard Agency headquarters in Southampton.

    The International Maritime Organization flag flying outside the Maritime and Coastguard headquarters in Southampton.

    To mark World Maritime Day 2024, the Maritime Coastguard Agency (MCA) is underlining its commitment to seafarer safety, environmental protection and longstanding collaboration with maritime partners.

    The MCA is also reiterating its drive to support the next generation of seafarers and maritime experts.

    This year’s World Maritime Day theme, “Navigating the future: safety first!”, looks to focus on “a collective effort to keep pace with the ongoing transformation in shipping”, and regulatory regimes that prioritise safety in the face of technological advance.

    Several legislative enhancements came into effect in the UK this year, aimed at saving lives at sea, protecting marine environments and anticipating technological change, in areas of autonomous shipping and MASS (Maritime Autonomous Surface Ships).

    World Maritime Day 2024

    Shipping Minister Mike Kane MP has written to Secretary-General Arsenio Antonio Dominguez Velasco to congratulate the International Maritime Organization (IMO) on World Maritime Day, which this year marks 50 years since the signing of the International Convention for the Safety of Life at Sea (SOLAS).

    Maritime Minister Mike Kane MP said:

    World Maritime Day offers an opportunity to renew our resolve to build a greener, more prosperous and dynamic maritime sector.

    In this new era of technology, we’ve been working tirelessly to make sure UK maritime has the best protections and practices in the world – including cracking down on fraud, strengthening the rules on autonomous vessels and looking at how we can protect ships in the Red Sea.

     We look forward to continuing this work to deliver the changes that will transform the industry for the better.

    Virginia McVea, Chief Executive of the Maritime and Coastguard Agency said:

    The theme of World Maritime Day 2024 challenges us all to consider how new and emerging technologies may be harnessed.

    As we at MCA consider our role in enabling economic growth for the UK, our core purpose of maritime safety remains.

    World Maritime Day 2024 marks 50 years since the signing of SOLAS, and we celebrate lives saved at sea and refocus our energies on the IMO’s objectives for maritime going forward.

    World Maritime Day is celebrated annually and is used to focus attention on the importance of shipping safety, security and the marine environment.  It also emphasises a particular aspect of IMO’s work each year. 

    The Red Ensign and the IMO’s flag will fly at the MCA’s headquarters in Southampton in honour of World Maritime Day.

    This year’s theme reflects the organization’s aims to protect the marine environment, enhance maritime safety and security, and anticipate technological change and innovation.

    Press office

    Email public.relations@mcga.gov.uk

    Press enquiries (Monday to Friday, 9am-5pm) 0203 817 2222

    Outside these hours or on bank holidays and weekends, for media enquiries ONLY, please send an email outlining your query and putting #Urgent in the subject title.

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    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom –

    January 22, 2025
  • MIL-OSI Africa: National Basketball Association (NBA) Africa Announces Four Prize-Winning Companies at First Startup Accelerator Demo Day

    Source: Africa Press Organisation – English (2) – Report:

    NEW YORK, United States of America, September 26, 2024/APO Group/ —

    Festival Coins (Nigeria), Salubata (Nigeria), HustleSasa (Kenya) and UBR VR (Egypt) Win Top Prizes, including Financial Support and Mentorship; Paystack Payments Ltd., Kuramo Capital Management and Nigerian University of Technology and Management Join Demo Day as NBA Africa Triple-Double Accelerator’s First Official Partners (www.NBA.com).

    NBA Deputy Commissioner and Chief Operating Officer Mark Tatum today announced the four prize-winning startup businesses from “NBA Africa Triple-Double Accelerator” (http://apo-opa.co/3ZLmNoC), which NBA Africa launched in April 2024 to support the continent’s technology ecosystem and the next generation of African entrepreneurs.  The four winning businesses – Festival Coins (Nigeria), Salubata (Nigeria), HustleSasa (Kenya) and UBR VR (Egypt) – will be awarded financial support and mentorship, including an opportunity to participate in workshops and development programs facilitated by NBA Africa or its partners. 

    The 10 finalists, shortlisted from more than 700 early-stage African startup businesses that applied to participate, pitched their products to a panel of international industry leaders at a Demo Day at the NBA headquarters in New York City yesterday. The judges included Accelerate Africa Co-Founder and CEO Iyinoluwa Aboyeji; NBA Assistant General Counsel, Technology, Software Licensing and Digital Platforms Franciscus Diaba; Managing Director, Centre for the Fourth Industrial Revolution Rwanda Crystal Rugege; Chegg Inc. Executive Chairman Dan Rosensweig; and Partner at Development Partners International Joanne Yoo.  NBA Commissioner Adam Silver also delivered opening remarks and met the 10 finalists.

    Below are the four winning businesses:

    1. Festival Coins (Nigeria), an event technology company that offers a customizable, no-code event registration and ticketing platform called Tix Africa for events in Nigeria and Ghana, won the first-place prize and $50,000. 
    2. Salubata (Nigeria), a company that creates modular shoes repurposed from plastic waste to reduce the global carbon footprint through its environmentally friendly products, won the second-place prize and $40,000. 
    3. HustleSasa (Kenya), which provides live event services that support payment processing, attendee check-in, merchandise sales, customer data management, influencer tracking, and more, won the third-place prize and $30,000.
    4. UBR VR (Egypt), which delivers state-of-the-art, fully immersive, in-person virtual reality (VR) experiences across Egypt, won the fourth-place prize and $20,000.

    The six other finalists each received a $10,000 prize. 

    The Demo Day was supported by three official partners: Paystack Payment Ltd. (http://apo-opa.co/3XHn75j), Kuramo Capital Management (http://apo-opa.co/3ZGroJ2) and Nigerian University of Technology and Management (NUTM) (http://apo-opa.co/3XHn1dX).  

    “Congratulations to all of the incredibly talented entrepreneurs who participated in this year’s program, with special recognition to the 10 finalists and four distinguished winners,” said NBA Africa CEO Clare Akamanzi.  “These outstanding companies have demonstrated the creativity, drive and determination to shape the future of sport in Africa and will help the continent take its rightful place on the world stage.  We look forward to following their successes for many years to come.”

    “NBA Africa Triple-Double Accelerator” is open to early-stage startups in Africa that develop solutions in event management and ticketing, youth development, AI, and digital marketing. 

    MIL OSI Africa –

    January 22, 2025
  • MIL-OSI Video: Secretary Blinken meets with Bangladeshi Chief Advisor Muhammad Yunus – 11:30 AM

    Source: United States of America – Department of State (video statements)

    Secretary of State Antony J. Binken meets with Bangladeshi Chief Advisor and Head of the Interim Government Muhammad Yunus in New York City, New York, on September 26, 2024.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at http://www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    Twitter: https://twitter.com/StateDept
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    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
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    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=WyQDWpAoU0U

    MIL OSI Video –

    January 22, 2025
  • MIL-OSI: Dryden Gold Presents at the Battery and Precious Metals Virtual Investor Conference

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Sept. 26, 2024 (GLOBE NEWSWIRE) — Dryden Gold Corp. [TSXV: DRY, OTCQB: DRYGF] (“Dryden Gold” or the “Company”) is pleased to announce that it will be presenting at the Battery and Precious Metals Virtual Investor Conference, hosted by Virtual Investor Conferences on October 2nd, 2024.

    CEO, Trey Wasser will be giving a 20-minute corporate presentation followed by a short Q&A on October 2nd at 10:30am ET.

    The Battery and Precious Metals Virtual Investor Conference is designed to provide investors a live, interactive platform to ask participating companies questions in real-time. A replay of the live webcast will be available for follow-up. Investors are encouraged to pre-register https://bit.ly/3z584tW.

    Date: Wednesday, October 2, 2024
    Time: 10:30am – 11am ET
    Presenter: Trey Wasser, CEO and Director

    Dryden Gold Corp. Highlights:

    • Dryden Gold’s fall drill program was designed to follow-up on the high-grade shoots discovered on the Elora and Big Master Gold Systems.
    • In the Phase 5 drill program, the Company drilled nine holes totalling approximately 1,600 meters. Visible gold was present in several holes. Assays are pending.
    • The property has excellent infrastructure, enjoys collaborative relationships with First Nations communication and benefits from proximity to an experienced mining workforce.
    • Dryden Gold just upsized its current financing because of increased demand for its shares so their fall drill program is now fully funded.

    ABOUT VIRTUAL INVESTOR CONFERENCES®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    ABOUT DRYDEN GOLD CORP.
    Dryden Gold Corp. is an exploration company focused on the discovery of high-grade gold mineralization listed on the TSX Venture Exchange (“DRY”) and on the OTCQB marketplace (“DRYGF”). The Company has a strong management team and Board of Directors comprised of experienced individuals with a track record of building shareholder value through property acquisition and consolidation, exploration success, and mergers and acquisitions. Dryden Gold controls a 100% interest in a dominant strategic land position in the Dryden District of Northwestern Ontario. Dryden Gold’s property package includes historic gold mines but has seen limited modern exploration. The property hosts high-grade gold mineralization over 50km of potential strike length along the Manitou-Dinorwic deformation zone. The property has excellent infrastructure, enjoys collaborative relationships with First Nations communities and benefits from proximity to an experienced mining workforce.

    For more information go to our website http://www.drydengold.com.

    CONTACT INFORMATION

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Cautionary Note Regarding Forward-Looking Statements
    The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements include, but are not limited to, statements with respect to : the acquisition of the Property, receipt of corporate and regulatory approvals, issuance of common shares; future development plans; future acquisitions; exploration programs; and the business and operations of Dryden Gold. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings including receipt of TSX Venture Exchange approval for the acquisition of the Property; risks related to environmental regulation and liability; the potential for delays in exploration or development activities; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in Dryden Gold’s and the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward–looking statements. These forward-looking statements are made as of the date hereof and Dryden Gold and the Company do not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Dryden Gold’s and the Company’s expectations or projections.

    The MIL Network –

    January 22, 2025
  • MIL-OSI NGOs: Cameroon: Civil society members arbitrarily detained in Garoua must be immediately released

    Source: Amnesty International –

    The Cameroonian authorities must immediately release three supporters of the association Pouvoir au Peuple Camerounais (Power to the People of Cameroon – PPC) and their relatives arbitrarily arrested and detained for a fortnight and put an end to arbitrary arrests and detention in the country, Amnesty International said today.

    On 9 September, three supporters of the PPC, Moustapha Tizi, Mohamadou Ballo and Ibrahim Oumarou were arrested allegedly for wearing t-shirts bearing the name of the organization in the town of Figuil, in the Mayo-Louti department in the North region. Hapsatou Issa, the sister of a PPC spokesperson, was also arrested on the same day. The PPC, a youth organization founded in August 2024, calls for a regime change.

    “A year ahead of the presidential election in which President Paul Biya, who has been in power since 1982, plans to run, arbitrary arrests and detention of people perceived as critical against the regime are multiplying. The visit to Cameroon at the beginning of August by the United Nations High Commissioner for Human Rights, who cited ‘serious concerns over restrictions on the freedom of expression and association and the right to peaceful assembly’, has not altered this trend,” said Fabien Offner, researcher at Amnesty International’s regional office for West and Central Africa.

    MIL OSI NGO –

    January 22, 2025
  • MIL-OSI: EXL launches specialized Insurance Large Language Model (LLM) leveraging NVIDIA AI Enterprise

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Sept. 26, 2024 (GLOBE NEWSWIRE) — EXL [NASDAQ: EXLS], a leading data analytics and digital operations and solutions company, announced the launch of the EXL Insurance LLM, an industry-specific LLM. Building on EXL’s recently announced initiative with NVIDIA AI Enterprise, the EXL Insurance LLM is the first industry-specific LLM created to support critical claims and underwriting-related tasks, such as claims reconciliation, data extraction and interpretation, question-answering, anomaly detection and chronology summarization.

    The EXL Insurance LLM was developed to address the highly specialized needs of the insurance industry, which has struggled to leverage off-the-shelf, general LLMs that lack fine-tuning of private insurance data and domain-specific understanding of business process operations. Generic LLMs also fail to address the nuanced challenges faced by insurance companies during claim adjudication, leading to inefficiencies, high indemnity costs, claims leakage, longer settlement timelines, and increased compliance risks. By focusing exclusively on insurance-related tasks, EXL has incorporated its deep knowledge of the insurance industry and highly tailored proprietary data to create the industry’s most accurate LLM.

    This level of specialization has become critical for ensuring accuracy, reducing cost and improving consistency in industry-specific AI applications. According to Gartner, more than 50% of the GenAI models that enterprises use will be specific to either an industry or business function by 2027 — up from approximately 1% in 2023. In internal studies, the EXL Insurance LLM achieved a 30% improvement in accuracy on insurance tasks, surpassing top pre-trained models, such as OpenAI GPT4, Claude and Gemini. It was built by EXL AI Labs using the full-stack NVIDIA AI platform.

    EXL customized the LLM using the NVIDIA NeMo™ end-to-end platform, part of the NVIDIA AI Enterprise Software Platform, for training, customization, and deployment, and to handle question-and-answer tasks and summarization. The training process involved special adapters and was done through low-rank adaptation (LoRA) and supervised fine-tuning (SFT). It was tested on single and multi-node setups to optimize performance, utilizing advanced parallel processing methods using the NeMo framework on H100 GPUs. This approach was crucial for handling this extensive dataset.

    EXL used NVIDIA Triton Inference Server™ to maximize GPU power for single and multi-node setups. The system also includes retrieval-augmented generation (RAG) with NIVDIA NeMo Retriever microservices to handle long documents for questions and answers. The EXL Insurance LLM utilizes NVIDIA Nemo Guardrails to better manage input and output, creating a smoother user experience.

    “With 25 years of expertise in processing medical records data for bodily injury, workers’ compensation, and general liability claims, EXL has developed curated data sets with domain-specific tagging, labeling, and question and answer pair creation for claims adjudication to fine-tune our models,” said Anand “Andy” Logani, EXL’s executive vice president and chief digital officer. “The EXL Insurance LLM offers 30% greater accuracy and 30% lower costs than generic LLMs while ensuring full regulatory compliance.”

    Specific tasks supported by the EXL Insurance LLM include the following:

    • Structured and Unstructured Data Ingestion: EXL Insurance LLM is able to aggregate and reconcile hundreds of thousands of de-identified medical records, claims histories, hand-written notes, call logs, and other claims and underwriting-related information.
    • Contextual Classification and Triaging: Data and insights extracted using the LLM are automatically categorized and fed into a wide range of core functions, ranging from claims adjudication to provider engagement to payment integrity to customer service functions.
    • Conversations and Insights from Data: Insights, question-answering and summary data drawn from the LLM empower faster, more accurate negotiations with providers, more robust assessment of anomalies and inaccurate payments and more personalized, real-time conversations with customers.

    The EXL Insurance LLM was developed by the EXL AI Labs, a dedicated team of AI and engineering specialists working across EXL’s Analytics and Digital and industry business units to accelerate the development of enterprise AI solutions. The EXL Insurance LLM will continue to evolve, expanding use cases across the insurance value chain, including underwriting, premium audit, subrogation, and finance. The comprehensive domain expertise within the LLM will integrate insights from all value chain components, further enhancing its precision and applicability.

    For more information about the EXL LLM for Insurance, please visit here. To learn more about EXL’s NVIDIA partnership, please visit here.

    About EXL

    EXL (Nasdaq: EXLS) is a leading data analytics and digital operations and solutions company. We partner with clients using a data and AI-led approach to reinvent business models, drive better business outcomes and unlock growth with speed. EXL harnesses the power of data, analytics, AI, and deep industry knowledge to transform operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 55,000 employees spanning six continents. For more information, visit  http://www.exlservice.com.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

    © 2024 ExlService Holdings, Inc.  All rights reserved. For more information go to http://www.exlservice.com/legal-disclaimer

    Contacts
    Media
    Keith Little
    +1 703-598-0980
    media.relations@exlservice.com

    Investor Relations
    John Kristoff
    +1 212 209 4613
    IR@exlservice.com

    The MIL Network –

    January 22, 2025
  • MIL-OSI: Phenom Resources Corp. to Present at the Battery and Precious Metals Virtual Investor Conference October 2nd

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Sept. 26, 2024 (GLOBE NEWSWIRE) — Phenom Resources Corp. (TSX-V: PHNM) (OTCQX®: PHNMF) (FSE: 1PY0) (“Phenom” or the “Company”), focused on gold and vanadium in Nevada, today announced that Paul Cowley, President & CEO, will present live at the Battery and Precious Metals Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on October 2nd, 2024.

    DATE: October 2nd
    TIME: 10:30am EST
    LINK: https://bit.ly/3z584tW
    Available for 1×1 meetings

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Learn more about the event at http://www.virtualinvestorconferences.com

    Recent Company Highlights

    • Phenom to Drill Crescent Valley Gold Project in October
    • Phenom Reports Strong Gold Results from its Dobbin Gold Project, Nevada
    • Phenom Shares Historic Drill Results from its King Solomon Gold Project, Nevada

    About Phenom Resources Corp.
    Phenom has 100% interest in the Carlin Gold-Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada and Highway I-80 which hosts the Carlin Vanadium deposit, North America’s largest highest grade primary vanadium resource. The Project lies within the prolific Carlin Gold Trend. Approximately 9 million ounces comprised of multiple gold deposits, including past producing mines, are present near the Phenom property (5-15km). The Company has options on three gold projects in Nevada, the King Solomon and Dobbin Properties which are Carlin Gold-type targets and the Crescent Valley Property, a Bonanza high grade gold vein-type target.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    Phenom Resources Corp.
    Paul Cowley
    CEO & President
    (604) 340-7711
    pcowley@phenomresources.com         http://www.phenomresources.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

    January 22, 2025
  • MIL-OSI: Serabi Gold Plc to Present at the Battery and Precious Metals Virtual Investor Conference October 1st

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Sept. 26, 2024 (GLOBE NEWSWIRE) — Serabi Gold Plc (AIM: SRB, TSX:SBI, OTCQX:SRBIF), based in London with Brazilian operations, focused on gold mining and development, today announced that Mike Hodgson, Chief Executive Officer, will present live at the Battery and Precious Metals Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on October 1st 2024.

    DATE: October 1st
    TIME: 12:00 PM ET
    LINK: https://bit.ly/3z584tW
    Available for 1×1 meetings: October 1, 2, 3

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at http://www.virtualinvestorconferences.com.

    About Serabi Gold Plc

    Serabi Gold plc is a gold exploration and production company involved in the evaluation and development of gold deposits in Brazil. The company’s primary interests are its 100% owned Palito Mining Complex and the Coringa Gold Project, both located in the Tapajos region of northern Brazil. The Company has been producing gold since continuously since 2013 and planned production of 38,000-40,000 ounces for 2024 is projected to be expanded to an annual rate of over 60,000 ounces over the coming two years. The Tapajos region, which encompasses an area of about 100,000 square kilometres (350 km by 300 km) in southwest Para State, Brazil, is located approximately 1,300 km southwest from the state capital, Belem. Artisanal miners (“garimpeiros”) are understood to have extracted up to 30 million ounces of gold there since the 1970s, mostly from alluvial and surface weathered bedrock deposits representing generally only the top 20 to 30 metres. It is reported to be the world’s third largest alluvial gold field and the Company believes that the region, with significant mineral potential below the artisanal operation, is a major, under-explored mineral province.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    Serabi Gold
    Jonathan Paterson
    IR
    +1 475 477 9401
    Jonathan.Paterson@Harbor-Access.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

    January 22, 2025
  • MIL-OSI: ConnectM Eliminates $13.7 Million Debt

    Source: GlobeNewswire (MIL-OSI)

    ~ Completed Conversions of $6.2 Million Debt-to-Equity in Second Tranche ~

    MARLBOROUGH, Mass., Sept. 26, 2024 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, today announced the Company has completed its second tranche of a debt-to-equity swap by converting an additional $6.2 million of the Company’s outstanding debt to common equity at $2.00 per share, bringing the current total to $13.7 million. This debt-to-equity swap is part of a series of actions to deleverage the balance sheet.

    With the total conversions the Company has:

    • achieved 90% of $15 million target within 30 days of the Board approved plan;
    • prioritized balance sheet optimization in immediate action following public listing;
    • deleveraged its balance sheet, removing $13.7 million in debt;
    • reduced annual interest expense by more than $2 million, thereby increasing Free Cash Flow to invest in operations to grow revenue and profitability; and
    • improved its credit profile.

    Today’s announcement follows the previously announced approval from the Company’s Board of Directors and follows the previously announced initial tranche of $7.5 million debt-to-equity conversion.

    About ConnectM Technology Solutions, Inc.

    ConnectM is at the forefront of advancing the electrification economy, integrating electrified energy assets with its AI-driven technology solutions platform. Serving residential and light commercial buildings, as well as all-electric original equipment manufacturers (OEMs), ConnectM’s proprietary platform accelerates the transition to solar and all-electric heating, cooling, and transportation. By leveraging technology, data, artificial intelligence, contemporary design, and behavioral economics, ConnectM aims to make electrification more user-friendly, affordable, precise, and socially impactful. The company’s vertically integrated approach includes wholly-owned service networks and a comprehensive technology stack, enabling customers to reduce their reliance on fossil fuels, lower energy costs, and minimize their carbon footprint. ConnectM is headquartered in Marlborough, Massachusetts.

    For more information, please visit: https://www.connectm.com/

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control.

    In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact:

    MZ North America

    (203) 741-8811

    ConnectM@mzgroup.us

    The MIL Network –

    January 22, 2025
  • MIL-OSI: Western Investment Company Announces Upsize in Private Placement to $25 Million

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Sept. 26, 2024 (GLOBE NEWSWIRE) — The Western Investment Company of Canada Limited (TSXV: WI) (“Western” or the “Corporation“), today announced that, further to Western’s August 30, 2024 news release, the Corporation has decided to increase the maximum offering for its proposed private placement of Units (the “Private Placement“) to $25 million, with an additional $5 million over-allotment at Western’s option, for potential aggregate gross proceeds of up to $30 million. The Private Placement will close at the conclusion of the rights offering that was outlined in Western’s August 30, 2024 news release, which is expected to occur in late November.

    “We have received substantially more interest than we expected and that we are able to allocate,” said Scott Tannas, President and CEO of Western. “As a result, we have decided to upsize the private placement from $10 million to $20 million ($25 million including Tevir’s $5 million commitment), with a potential additional $5 million over-allotment, to bring as many long-term shareholders into this opportunity as possible.”

    The Private Placement
    Western plans to raise up to $25 million through a private placement financing to accredited investors of up to 62,500,000 units (each a “Unit“) at a price of $0.40 per Unit. Each Unit will consist of one common share of the Corporation (“Common Share“) and one warrant to purchase a Common Share (“Warrant“), with each Warrant exercisable to purchase one additional Common Share for a period of five (5) years from the date of closing at an exercise price of $0.47. The Private Placement will also contain an over-allotment option for up to additional 12,500,000 Units issuable at $0.40 per Unit upon the same terms. Western may engage one or more brokers to act as agent for the Private Placement. The Private Placement is subject to approval of the TSXV.

    Use of Proceeds
    Further to Western’s August 30, 2024 news release, the Corporation plans to use the proceeds from the Private Placement to fund working capital and provide funds for acquisitions. A portion of the proceeds may be used to pay the cash portion for the purchase of additional shares in Fortress Insurance Company.

    Other Transactions
    Readers should refer to Western’s August 30, 2024 news release for details regarding additional transactions of Western, including a planned rights offering by Western to its shareholders.

    About The Western Investment Company of Canada Limited
    Western is a unique publicly traded, private equity company founded by a group of successful Western Canadian businesspeople, and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. Western’s shares are traded on the Exchange under the symbol WI.

    For more information on Western, please visit its website at http://www.winv.ca.

    To add yourself to our email news alert subscription please visit this link.

    CONTACT INFORMATION – The Western Investment Company of Canada Limited

    Scott Tannas President and Chief Executive Officer (403) 652-0408 or stannas@winv.ca  

    Advisories

    The TSXV has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this news release.

    This document contains forward-looking statements. More particularly, this document contains statements concerning: the completion of and the use of proceeds from the Private Placement. Readers are cautioned that the foregoing list of factors should not be construed as exhaustive.

    The forward-looking statements are based on certain key expectations and assumptions made by Western, including expectations and assumptions concerning the ability of Western to successfully implement its strategic plans and initiatives, the timing of receipt of required regulatory approvals (including TSXV approval) and third party consents and the satisfaction of other conditions to the completion of the Private Placement.

    Readers should also refer to the forward-looking statements and associated assumptions and risk factors contained in Western’s August 30, 2024 news release regarding the Private Placement and the other transactions referred to therein. The transactions referred to in Western’s August 30, 2024 news release (including the planned rights offering) remain subject to TSXV approval.

    Although Western believes that the expectations and assumptions on which the forward-looking statements made by Western are reasonable, undue reliance should not be placed on the forward-looking statements because no assurance can be provided that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks that required TSXV, regulatory and third party approvals and consents are not obtained on terms satisfactory to the parties within the timelines provided for, or at all, and risks that other conditions to the completion of the Private Placement are not satisfied on the required timelines or at all, the ability of management to execute its business strategy, and the impact of general economic conditions in Canada and the United States. A description of additional assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Western’s disclosure documents on the SEDAR+ website at http://www.sedarplus.ca.

    The forward-looking statements contained in this news release are made as of the date hereof and Western undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

    This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Warrants and underlying Common Shares and the Common Shares being offered have not been, nor will they be, registered under the 1933 Act or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, as amended, and applicable state securities laws.

    “Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.“

    The MIL Network –

    January 22, 2025
  • MIL-OSI: Top Electrical Distributor Expands License with Bridgeline’s AI-Powered HawkSearch

    Source: GlobeNewswire (MIL-OSI)

    WOBURN, Mass., Sept. 26, 2024 (GLOBE NEWSWIRE) — Bridgeline Digital, Inc. (NASDAQ: BLIN), a leader in AI-powered marketing technology, today announced that a top 10 U.S. electrical distributor has expanded its license with Bridgeline’s HawkSearch to enhance its Salesforce B2B Commerce experience.

    HawkSearch will support over 740 profit centers, improving the distributor’s product discovery with the Unit of Measure Conversion feature, while providing additional hosting services to address growing traffic demands. With Unit of Measure Conversion, a customer searching for cable sold in feet or meters will receive consistent results no matter which unit is used, streamlining the product search and purchase process. In addition, due to the rapid growth the distributor has experienced, they have invested in additional hosting services to handle the increased traffic demand. With our innovative solutions, the distributor can manage its expanding network of profit centers and increased traffic.

    HawkSearch has developed these Unit of Measure features, along with other B2B-focused solutions, to specifically meet the complex needs of industries like manufacturing and distribution, demonstrating its commitment to driving growth for customers such as Trident Enterprises, Filters Fast, and Grizzly Industrial.

    “Our solutions help businesses overcome challenges like managing dimensional products and scaling infrastructure for growth,” said Ari Kahn, CEO of Bridgeline. “With HawkSearch’s advanced features and scalable hosting, this distributor is positioned for continued operational efficiency and sales growth.”

    About Bridgeline Digital

    Bridgeline helps companies grow revenue by increasing traffic, conversion rates, and average order value through AI-powered solutions. To learn more, visit http://www.bridgeline.com.

    Contact:

    Danielle Colvin

    SVP of Marketing

    Bridgeline Digital

    press@bridgeline.com

    The MIL Network –

    January 22, 2025
  • MIL-OSI Translation: National roads are generally in good condition

    MIL OSI Translation. Government of the Republic of France statements from French to English –

    Source: Switzerland – Department of Foreign Affairs in French

    Federal Roads Office OFROU

    Bern, 26.09.2024 – As the latest edition of the report on the condition of the national road network published by the Federal Roads Office (FEDRO) shows, the national road network remains in good condition. In 2023, FEDRO invested around CHF 1.2 billion in the maintenance of national roads.

    National roads are of major importance for the entire transport network: while they represent around 3% of the total length of the road network, they absorb more than 45% of all Swiss road traffic. They are also essential for road freight traffic: more than 70% of this travels on national roads. The replacement value of the national road network amounts to 141 billion francs. Last year, FEDRO invested almost 1.2 billion francs in maintaining this infrastructure to ensure that it remains in good condition. This contribution, the amount of which is in line with the average for the last ten years, demonstrates that FEDRO attaches great importance to the safe and sustainable use of existing infrastructure.

    97% of roads are in good condition

    The national roads are maintained regularly and are generally in good condition, as shown by the 2023 figures published by FEDRO in its report on the condition of the national road network. Around 88% of all facilities are in a condition deemed to be good or acceptable (condition classes 1 and 2 out of a total of five classes). As regards carriageways and surfaces, 97% are in a condition deemed to be good or average (condition classes 1 and 2) and around 3% in a satisfactory condition (condition class 3).

    As regards engineering structures (e.g. bridges, wildlife crossings, galleries), 91% are in a condition considered good or acceptable. Almost 9% of them have damage of average severity (condition class 3), which however has no impact on structural safety or road safety. Some 0.7% of the structures are in poor condition (condition class 4). These will have to be repaired or replaced in the coming years, but structural safety and road safety remain guaranteed.

    Safety is guaranteed

    78% of the tunnels inspected are in a condition deemed to be good or acceptable (condition classes 1 and 2). 19% have moderate damage and therefore require increased monitoring (condition class 3). Six structures are in poor condition and will therefore need to be renovated in the medium term. No tunnel is in an alarming condition, in other words in a condition that no longer allows it to be operated.

    The operating and safety equipment (OSE), such as cables, lighting systems or signalling, are mostly well preserved: 85% of them are in a condition considered good or acceptable (condition classes 1 and 2). 14% of the installations have damage of average severity. In 5% of the tunnels, the OSEs are in poor condition and will need to be renovated in the coming years. At the end of 2023, the OSEs in the Neuenhof and Baregg tunnels (A1, AG) were in an alarming condition. They are currently undergoing a complete renovation in both tunnels.

    Survey of the state of national roads

    Every five years, the works are subject to a complete inspection and assessment, which consists of examining not only their various elements and installations, but also their general appearance. The results thus obtained serve as a basis for planning maintenance work on the national road network.

    The new report on the state of the network presents the situation at the end of 2023. It therefore does not take into account the repair work launched or carried out in 2024.

    Safety is not compromised for structures categorised in condition classes 1 to 4. Depending on the situation, those in class 4 may require medium-term measures. For structures in class 5, shorter-term measures are required, such as replacing individual elements, installing temporary supports or introducing a weight limit on bridges.

    Address for sending questions

    Press Service of the Federal Roads Office (FEDRO)Tel.: 058 464 14 91; email: media@astra.admin.ch

    Author

    Federal Roads Office OFROUhttp://www.astra.admin.ch

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

    MIL Translation OSI

    January 22, 2025
  • MIL-OSI USA: ICYMI: Commissioner LaTourette Marks Climate Week by Announcing Exhibits Spotlighting Major Impacts of Climate Change on New Jersey’s State Parks and Forests

    Source: US State of New Jersey

    A display with information about how sea-level rise in New Jersey is about twice the global average will be at coastal locations in Cape May Point State Park in Cape May County, Liberty State Park in Hudson County, Leonardo Marina and Twin Lights Historic Site in Monmouth County, and at Barnegat Lighthouse State Park and Island Beach State Park in Ocean County.

    Information about how climate change is extending wildfire seasons will be displayed at locations in the Pine Barrens, at Brendan T. Byrne State Forest in Burlington County, the Forest Resource Education Center and Double Trouble State Park in Ocean County, and Belleplain State Forest in Cape May County.

    The harmful algal blooms display will be at parks with water bodies that have been affected by blooms, namely the Round Valley and Spruce Run recreation areas in Hunterdon County, Hopatcong State Park in Morris County, Parvin State Park in Salem County and Swartswood State Park in Sussex County.

    Displays with information about extended wildfire seasons and ghost forests, large expanses of dead and dying trees caused by rising sea levels, will be at Wharton State Forest in Atlantic/Burlington/Camden counties, and at Bass River State Forest in Burlington/Ocean counties. The ghost forest display will also be at Cheesequake State Park in Middlesex County. The DEP plans to expand the exhibits to other state parks and forests and to include additional climate change impacts.

    In addition to the interactive exhibits, visitors may also take part in the MyCoast Photo Station Challenge through the end of October at six locations: two at Island Beach State Park and one each at Liberty State Park, Cheesequake State Park, Cape May Point State Park and the Margate City Fishing Pier. More information about the challenge may be found here. DEP launched climate change learning stations in four state parks a year ago at diverse locations along New Jersey’s coast, where shorelines are changing due to higher tides, more intense and frequent storms, and resulting erosion. Each station has a MyCoast photo station that encourages the public to document impacts to the shoreline over time. DEP is hosting the challenge in partnership with the Rutgers University Jacques Cousteau National Estuarine Research Reserve.

    To view a video about the exhibits, visit https://youtu.be/wgYzKwOOBTw

    For more information about New Jersey’s Parks, Forests & Historic Sites, visit njparksandforests.org

    Like New Jersey’s State Parks, Forests & Historic Sites page on Facebook at facebook.com/newjerseystateparks

    Follow the New Jersey State Park Service on Instagram @newjerseystateparks

    MIL OSI USA News –

    January 22, 2025
  • MIL-OSI USA: Mendez v. Westminster: How a Young Girl’s Courage Transformed Schools

    Source: United States Courts

    Main content

    Sylvia Mendez was just eight when she became part of a landmark school desegregation case that helped pave the way for the famous Brown v. Board ruling a decade later. The story of Mendez v. Westminster is told in a new Moments in History video.

    “You have to work hard for it, and you don’t let anybody stand in your way. You will live that American dream,” said Mendez. “I’m living that American dream, because I know that it’s true.”

    Mendez’s family moved to a farm in Orange County, California, in 1943, only to learn that Westminster schools would not admit Mexican American students into white schools, and that she would have to attend a school for Hispanic students. Her parents organized and paid for a class-action lawsuit. Five families, including Mendez’s, were plaintiffs.

    A federal court ruled in their favor, and that decision was upheld by the Ninth Circuit U.S. Court of Appeals in 1947. However, Mendez v. Westminster never reached the U.S. Supreme Court, because then-Gov. Earl Warren signed legislation that outlawed school segregation in California.

    Many of the arguments in Mendez were later used by Thurgood Marshall in Brown v. Board, but the Mendez case lapsed into obscurity for many years. At her mother’s urging, Mendez began speaking about the case, and in 2011, she received the presidential Medal of Freedom. In 2019, the city of Westminster opened a sculpture park honoring Mendez, her family, and the case they brought.

    An educational page and reenactment activity provide additional information about the historic case.

    Related Topics: Judicial History, Public Education

    MIL OSI USA News –

    January 22, 2025
  • MIL-OSI USA: Deputy Pentagon Press Secretary Sabrina Singh Holds a News Briefing

    Source: United States Department of Defense

    SABRINA SINGH:  All right. Good afternoon, everyone. Okay. Just a few things at the top and then happy to take your questions. This morning, Secretary Austin departed for London to attend the AUKUS defense ministerial meeting. The AUKUS DMM is the third of its kind, marking three years of enhanced security partnership and provides an opportunity for Secretary Austin to meet with his UK and Australian counterparts to review progress and outline steps for continued work under pillar one and pillar two of AUKUS.

    We’ll have more to share in the coming days, but under pillar one, you can expect the secretary to reaffirm the United States’ commitment to supporting Australia’s acquisition of a conventionally armed nuclear powered submarine capability. Under pillar two, Secretary Austin and his counterparts will discuss plans to further enhance collaboration and harmonize acquisition processes over the next two years to accelerate the delivery of advanced capabilities to our defense forces.

    AUKUS presents a unique opportunity for our nations to collectively enhance our military capabilities, improve interoperability and advance a shared vision for a free and open Indo-Pacific. The department looks forward to continuing to work with our UK and Australian partners to implement this important work. Earlier this week, the navy announced that USS Harry S. Truman carrier strike group departed naval station Norfolk, Virginia for a regularly scheduled deployment to the US naval forces Europe Africa US six fleet area of operations, demonstrating the commitment and power projection capability of the navy’s globally deployed force.

    The strike group will operate in the US European command area of responsibility in support of our maritime partners and NATO allies. Switching gears, the department continues to monitor tropical storm Helene, as it is forecasted to intensify into a hurricane as it approaches the northeastern Gulf coast on Thursday. Florida and Georgia have both declared states of emergency and the governor of Florida has activated more than 3,300 national guardsmen and 12 rotary wing aviation assets in state active duty status.

    These guardsmen are prepositioned around the state to provide responsive sustained support including high wheeled vehicle rescues, aerial support, route clearance and commodities distribution. Additionally, in the next 24 to 48 hours, the States of Georgia, Alabama and North Carolina are expected to activate the National Guard as well. For more information, I would encourage you to reach out to National Guard Bureau of Public Affairs.

    And to close, last night, the Senate confirmed more than 6000 of our highly qualified military nominees in the Air Force, Army Marine Corps, Navy and Space Force. These confirmations include Lieutenant General Nordhaus to be Chief of the National Guard Bureau, Vice Admiral Halsey to be Commander of US Southern Command. Lieutenant General Reed to be Commander of US Transportation Command and Lieutenant General Brunson to be Commander of US Forces Korea. We’re very glad that the Senate has confirmed these officers for critical positions during this time and for our national security and with that, I’d be happy to take your questions.

    Tara?

    Q:  Thanks, Sabrina. So later this week, we’re possibly expecting an agreement on the withdrawal or transition of US troops in Iraq. What still needs to be done in that agreement? It seems from the Iraqi perspective that this decision has been made and the details are set.

    SABRINA SINGH:  So thanks Tara, I appreciate the question. I think as you alluded to, we’ll probably have more details to share later this week. What we’ve said from the beginning is that we know that the global coalition and that international coalition is going to transition into a bilateral security relationship with the Iraqis. And this has been worked through the US Iraq Higher Military Commission working groups.

    So again, we should have more to share later this week, but at this time, I don’t want to get ahead of that process.

    Q:  Is it safe to assume that this means a reduction in the forces that are there from the 2,500?

    SABRINA SINGH:  I think we’ll have more to share this week.

    Q:  OK. Secondly, the status of the refueler that’s been damaged, and do you know anything else about what caused it to either run aground or run into something?

    SABRINA SINGH:  Sorry, I was just trying to find some more for you on that. The ship that you’re referring to was damaged when it was, I believe, in the fifth fleet AOR. Currently under investigation to what exactly caused that damage, but that oil tanker refueler has been towed to a port and there was no leakage from the ship. But in terms of impacts to operations, no impacts there. But for more information, I’d have to refer you to the navy.

    Q:  And so you don’t know what caused the damaged?

    SABRINA SINGH:  That’s right, we’re investigating the incident. Great. OK. Idrees and welcome back.

    Q:  Israel’s military chief, I think earlier today said that strikes in Lebanon would continue in order to not only destroy Hezbollah’s infrastructure but also prepare for a possible ground invasion. Just a general comment and do you see a ground invasion as likely or even imminent?

    SABRINA SINGH:  So in terms of a ground incursion or a ground invasion, that’s really for the Israelis to speak to. We certainly don’t want to see any action taken that could lead to further escalation in the region. We still believe that there is time and space for diplomacy. We want to see a diplomatic resolution and a solution to prevent an all-out war. But in terms of the Israeli operations, I’d have to refer to them to speak to that.

    Q:  And just to follow up, last week, I think the secretary had near daily calls with his Israeli counterpart, he hasn’t spoken with them since the 22nd. Is there any reason for that? And should we expect any conversations between the two of them in the coming days?

    SABRINA SINGH:  I think you can expect them to continue to engage. Just because they haven’t spoken every day, doesn’t mean that our teams haven’t been in communication. Again, he engages with Minister Gallant on a pretty regular basis and when we have more to share on when the next call happens, we’ll certainly read it out. But just because he hasn’t had one every single day this week doesn’t mean that we’re not engaging with the Israelis.

    You’ve seen, maybe not from this building, but other agencies part of this administration engaging their Israeli counterparts, so we’re continuing that dialogue. Fadi?

    Q:  Thank you, Sabrina. Is there any support that the Pentagon is providing to the Israeli military in the current situation in Lebanon?

    SABRINA SINGH: In terms of any like ground support or air support?

    Q:  Any support, even in terms of intelligence?

    SABRINA SINGH:  No, no support.

    Q:  Not even intelligence sharing?

    SABRINA SINGH:  No.

    Q:  So up until, I guess unless there’s some changes, you’ve been describing what’s happening as defensive operations. I believe in the first day, almost 500 civilians were killed, including women and Children in Lebanon. Civilian infrastructure has been damaged severely, almost 1,300 airstrikes. Today, up until 3:00 pm Beirut time, more than 50,000 villages have been hit by Israelis.

    International organizations are describing what happened the first day as the highest death toll in Lebanon since the end of the Civil War. So I’m just curious, what criteria are you using to describe what’s happening as defensive operations?

    SABRINA SINGH: 

    Well, Fadi, I think I’d have to point you back to October 8th when Lebanese Hezbollah attacked Israel following the brutal attack that Hamas launched on October 7th. So these are still defensive operations. We understand the threat that Israel faces.

    We are not supporting their operations when it comes to Lebanon. The support that you’re seeing or what you’re seeing when it comes to US forces in the region is for our own force protection. And should we need to come to the defense of Israel like saw from that large scale attack from Iran, we’ve positioned forces to do that. But when it comes to Lebanon, the US military has no involvement in Israel’s operation. So I just want to lay that flat.

    In terms of some of what you just referenced, this is exactly why we’re pushing for a diplomatic solution. We don’t want to see innocent civilians lose their lives. We want to see a deescalating happen. And you’re seeing engagement from all parts of this administration, including at UNGA right now. We’re calling for a deescalated and we believe that a diplomatic off ramp is the best way to resolve what’s happening on that northern border.

    Q:  And last question, did any official in the Pentagon communicate any concerns about the high death toll among Lebanese civilians? I mean, I know, and we know in Gaza that was a constant conversation. Has anyone raised that issue in relation to Lebanon?

    SABRINA SINGH:  Without getting into more details of the secretary’s calls with Minister Gallant, we are of course always concerned of civilian casualties. We’re seeing some of these strikes take place in areas where there are civilians. We’re also seeing Israel notify populations to clear those areas. Our focus, and you’re seeing a full court press here from the United States government and this administration, we want to see a diplomatic solution and we want to see it urgently.

    And that’s why you’re seeing engagement, whether it be at UNGA, or in calls that the secretary is doing with Minister Gallant, and not just at his level, but at other levels as well, we don’t want to see any action taken on either side that would lead to further escalation. We want to see this deescalate and the best off ramp for that to prevent an all-out war is through diplomatic means.

    Q:  Thank you.

    SABRINA SINGH:  Tom?

    Q:  Thanks, Sabrina.

    SABRINA SINGH:  Yeah.

    Q:  How confident are you that you can achieve a diplomatic offramp, especially given the past nearly 12 months where the US has been unable to broker any kind of sustained ceasefire in Gaza. So, for the situation with Hezbollah and Israel, how confident are you that we’re not going to see a full scale conflict?

    SABRINA SINGH:  Well, I’d, you know, push back on that respectfully. You know, we have seen periods where there has been a ceasefire put in place, and we have seen, you know, the ability to get — we were talking, you know, months earlier about humanitarian aid being able to get in. That was something that this administration brokered to make sure that we could get humanitarian aid and supplies in.

    So, look, you’re — and not to reiterate just what I said to Fadi, but you’re seeing a full court press from this administration at all levels for a diplomatic solution. Nothing is off the table. We don’t assess that either side wants a larger scale, wider regional conflict, but we’re doing everything that we can to prevent that from happening. And that’s why you’re seeing the engagements that the president is doing, from the secretary, and then on down in the building.

    Q:  And while I appreciate that you don’t want to speak for Israel, are you able to share anything in terms of what you’ve seen along the Lebanon-Israel border in terms of movement either side of it? Does it look like there’s a ramp up towards some kind of a incursion?

    SABRINA SINGH:  Right now it doesn’t. You know, well, you know, without characterizing Israeli operations and letting them speak to them for themselves, you know, it doesn’t look like anything is imminent. What we’re seeing on that northern border is an increase in, you know, the tit for tat, going back and forth strikes between Israel and Lebanese Hezbollah, and that is our concern.

    We — you know, we are concerned about a miscalculation. We don’t want to see a wider regional conflict. And that’s why, in every conversation that we have, in the conversations that are happening in New York, we’re — we are continuing to press for a diplomatic resolve.

    Jesse?

    Q:  Thank you so much.

    SABRINA SINGH:  Yeah.

    Q:  We all know that Secretary Austin is always in contact with his Israeli counterpart. Does the secretary have any objections to the way Israel is conducting its operations inside Lebanon?

    SABRINA SINGH: 

    In terms of?

    Q:  In terms of, as you may know, targeting civilians, maybe carpet bombing to the villages along the border.

    SABRINA SINGH:  Well, I mean, something that we’ve raised is we don’t want to see this escalate. And any time that there is a — actions taken that could further escalate the war that’s — or, like, a broader conflict, that we want to avoid a regional war. The secretary, in all of his conversations, urges restraint and urges, you know, the Israelis to consider civilian casualties. And that’s something that we’ve said from the very beginning.

    Look, I’m not going to get into more details on their private conversations. But of course, it’s something that the secretary discusses with his counterpart and will continue to raise.

    Q:  I mean, could you confirm if the secretary told Gallant that they need to avoid the infrastructure in Lebanon?

    SABRINA SINGH:  I think what I can tell you is what I was — what I reiterated earlier, is that of course we are always concerned where there are strikes in areas where there are — is a — is a concentrated civilian population. That’s something that the secretary raises on his calls with Minister Gallant. It’s something that, you know, at different levels in this building we also raise with our Israeli counterparts. But I’m just not going to be able to go beyond that.

    Liz?

    SABRINA SINGH:  Thanks, Sabrina. On China’s ICBM test launch, a US defense official said earlier today that China gave the US warning it was going to do this launch. Was that through military channels or diplomatic channels?

    I don’t have more specifics to provide on the channels. But we were given some advance notice, but I’m just not going to get into more specifics of that. I will say that that is a good thing and that is moving in the right direction in terms of, you know, getting that advanced notification, and that further reduces the risks of any misperception and miscalculation. So, we certainly welcome that.

    Q:  Were any US citizens, like, at harm by this test in any way, during it or following it?

    SABRINA SINGH:  Not to my knowledge.

    Yeah, Oren?

    Q:  Just a quick question. Israeli officials have said their strategy with Lebanon is escalate to deescalate. Does the Pentagon think that’s a viable strategy for how to conduct operations with Lebanon?

    SABRINA SINGH:  So, I’m not going to, you know, characterize the Israelis’ operations. What I can tell you is only, you know, our view. And our perception is that any type of escalation that — that could lead to a miscalculation we don’t want to see We want to see steps that lead to de-escalation and, frankly, steps that lead to a diplomatic offramp, which we believe is the best solution here.

    That’s what we’re pushing for. That’s what you’re seeing happen at UNGA. That’s also what you’re seeing the secretary, you know continue to emphasize in his calls with Minister Gallant. And when he has the next call, you know, that will be something that, you know, I’m sure he would reiterate as well.

    Ok.

    Q:  Just more clarity [Off mic].

    SABRINA SINGH:  Uh-huh. Sure.

    Q:  In response to Tom’s question, you said it doesn’t look like anything is imminent. Was that in reference to a Israeli incursion into Lebanon?

    SABRINA SINGH:  I believe the context was in terms of a ground incursion. So, I was saying, in that context, it doesn’t look like something is imminent. But again, I’d refer you to the Israelis to speak to their own operations.

    Q:  Thank you. I have a follow up question on Chinese ICBM launch.

    SABRINA SINGH:  Of course.

    Q:  So, what’s your assessment of this unusual ICBM launch into the Pacific Ocean? And do you think this is a provocative action? And especially, do you think they want to send a message to the US?

    SABRINA SINGH:  In terms of, you know, the whys, I’d refer you to the PRC to speak to that. You know, we monitored the ICBM test, to Liz’s question. You know, again, we did receive some advance notification of this ICBM test, and we believe that that was a good thing. That was a step in the right direction. And it does lead, you know, to preventing any misperception or miscalculation.

    What we can do here from the department is continue to press for a more regularized notification arrangement when it comes to ballistic missile and space launches. And this is something that we’ve proposed with the PRC. And it represents, you know, a common sense confidence building measure. So, we want to see these types of notifications continue.

    Yes?

    Q:  A question about presidential drawdown authority with regard to Ukraine Could you tell us what the department’s plan is to keep using that after September 30th? We’ve seen reports that there is, like, a workaround that the department can notify Congress and then that is legal. Could you tell us what that workaround is? But also, could you tell us why that workaround is needed? You got some criticism today from Senator Wicker, saying that the department should have spent this money already — or used this authority, I should say, since April.

    SABRINA SINGH:  Sure. So, on your — on your first question on how we’re going to use the authority, I don’t have anything to announce right now. But what I can tell you is that we’re committed to making sure Ukraine gets the resources Congress approved by the end of the president’s term.

    Again, I don’t have more to announce right now, but we’re committed to making sure that Ukraine gets what it — what it has been allotted by Congress. And we are working with the interagency to do just that. So, you know, bear with us and we’ll have more to share soon.

    Q:  And —

    SABRINA SINGH:  —In terms of your follow on question on the criticism, look, I’d have to point you back to the fact that for six months we didn’t have a supplemental so we weren’t able to refill our own shelves. So, therefore, when you’re not able to backfill and refill our own stocks, we’re not able to send out PDA’s.

    So, you have to remember during that time we still had some existing authority, but we weren’t able to send equipment, capability, systems out to Ukraine because we didn’t have it on our stocks. During that time, during that six months lag, because we weren’t able to do that, that also impacts packages going down the road.

    So, we’re going to find — we’re going to make sure Ukraine gets what it needs, you know, in the future. But to push back on that criticism, I would say that, when you don’t have what you need on your shelves, it makes it hard to send out that equipment, you know, in the timetable that Congress gave us when it — when it was authorized.

    Q:  So, is the plan now to move at a more — at a faster rate than you’ve been moving so you can get it done before President Biden ends his term?

    SABRINA SINGH:  I think we’ll have more to share in the coming days. I just don’t have more for you right now.

    Noah?

    Q:  Just to ask a follow up on that —

    SABRINA SINGH:  Sure.

    Q:  Because of the issues in getting the supplemental approved and certainly the issues in replenishing stocks because of that, all of that was known when the supplemental was passed in April. Is there a reason that the funding or the authority wasn’t extended beyond the fiscal year?

    SABRINA SINGH:  Well, I think also, Noah, you have to remember that we’re talking about also working with the defense industrial base that has to backfill our own shelves. So, there — you know, there’s a lot of coordination and timing here. We did ask Congress for that authority to extend, and, you know, that did not happen so now we are in a different place.

    So, I can’t, you know, go back and answer questions of, like, what if this happened and when. All I can tell you is that we’re committed to making sure Ukraine has what it needs, and we’re going to do it. And that’s a commitment that this president has made. And when we have more to share, we will.

    Jared?

    Q:  Sabrina, how comfortable is the department with the — with the department’s understanding of what the Israeli military’s intentions and near, midterm plans are in Lebanon operationally? Has — have the Israelis briefed you on what they intend to do?

    SABRINA SINGH:  So, I’m not going to go into more details of the conversations between the secretary and Minister Gallant, but it’s something that the — that, you know, has — and discussed and it’s something that the Secretary continues to, you know, in all of his conversations, I think you’ve seen the readouts, it’s something that he asked about and that they discussed, but I’m just not going to go beyond the readout. Yeah, in the back.

    Q:  It’s been reported that 60 additional US troops are being deployed to Cyprus to help with potential mass evacuations of US citizens from Lebanon. Can you confirm that?

    SABRINA SINGH:  I cannot confirm the number, but what I can tell you is that we are sending a small number of additional US military personnel forward to augment forces that are already in the region. I’m just not going to be able to provide you more specifics. I know I’ve seen the reporting. I know it’s frustrating, but I’m just not going to be able to confirm more.

    Q:  And just to follow up on a story from last week, is it the Pentagon’s view that it is an acceptable — it’s acceptable under the laws of war to booby trap civilian objects and place them amongst civilian populations? Is that — is that acceptable for any nation to do?

    SABRINA SINGH:  That’s something that — well, one without commenting on an operation that the US military had no involvement in, it’s hard for me to get into the hypotheticals. I’m not a lawyer. I’m not going to try and go down and explain, you know, legalese from here, so. I just can’t comment further on that operation for us. Yeah.

    Q:  [inaudible] US, the affecting supply chains or intercepting supply chains in order to place explosive items within normal consumer objects, right?

    SABRINA SINGH:  Yeah, I’m not going to comment on a hypothetical or an operation that we had no part of. Yeah?

    Q:  Thank you, Sabrina. Secretary Austin on Sunday told his Israeli counterpart to give time for diplomacy to work. And on Monday, we saw that Israel started to bomb Lebanon. And today, the Israel Defense Force has announced that they call up and deployment of two reserve brigades to the border with Lebanon. So where is the time that that Secretary Austin asked Israel for diplomacy? And do you still believe that Israel listening to you? Thank you.

    SABRINA SINGH:  We do believe that we have — that Israel is listening. I mean, just the fact that they’re listening by the amount of calls that the secretary has had with Minister Galant. I think that shows their willingness to hear our views, our concerns and our — you know, to hear from the secretary. So I think that’s important to note.

    In terms of, you know, I think your question was getting to — are we writing off, you know, diplomatic measures, and we’re not. Diplomacy is still the best path forward. There’s always a way for diplomacy. There’s always a way for both sides to, you know, to come to the table and — to have this resolved in diplomatic measures.

    From the very beginning, I mean since October 7th and then, you know, October 8th when we’ve moved additional assets to the region, the whole focus of this administration has been to not only deescalate, but you know to send a message of deterrence. I think we have been successful in that.

    You know, this — we know tensions are high, but we also don’t — we also see that there is a path forward for diplomacy. And that’s why you’re seeing this administration push so hard to get this done. And you’re going to continue to. We’re not going to give up on that. So we’re going to continue to engage.

    Q:  There is some media reports out saying that the US is now working with the France about a ceasefire, maybe a deal or a plan for Lebanon. Does anyone from the DOD have evolved or involved in this negotiation that — that’s happening right now in the United Nations during the UN Summit in New York.

    SABRINA SINGH:  I don’t have anything on those reports. I mean, I’ve been pretty public in telling you that we’re pushing for, you know, diplomatic measures to resolve what’s happening on that northern border. But I just don’t have more to add on that report. I’m sorry I haven’t seen it. Louis?

    Q:  Hi, Sabrina. Is the shipment of 2,000 pound bombs for Israel, is that still on hold?

    SABRINA SINGH:  Still paused.

    Q:  So, the rationale behind that from what I understand was when Israel was preparing to go into Rafah, you know, to protect civilian lives, limited operations. Are there any concerns given the current ongoing air operations that Israel has been conducting striking in civilian neighborhoods?

    And you know, I know that we’re seeing secondary effects, so it appears that there are — they are striking the targets they’re hitting, but are there concerns that the use of these bombs again presumably American bombs could be putting civilians at risk?

    SABRINA SINGH:  So, you first asked about the 2,000 pound bomb shipment, so that is still paused. So I don’t — you know, I don’t know what they’re using in their operations, so I’d refer you to them to speak to that. There is always a concern about civilian casualties and that is something that the secretary has addressed, you know, really from the beginning whether it be in Gaza or elsewhere.

    That’s a conversation that we continue to have. I think, you know, in that same vein we’re also concerned about escalation. And that’s why we don’t want to see any action taken by, you know, either side that could lead to further escalation. And that’s what the secretary continues to emphasize along with always talking about the need to protect civilians.

    And you are seeing, I mean, you know, I’m citing public sourcing here, but you know, the Israelis, notifying communities and towns on that northern border to clear that area because they will be conducting operations. You know, we have to protect civilians in the battle space. That’s something the secretary has said. I know you’ve heard him say that before as well.

    Our focus, of course, is that. But the best way to protect civilians is, of course, through diplomatic means and for this to be resolved through diplomacy. And that’s why we continue to push for that.

    Q:  Is the secretary in the future planning to meet or travel to Israel in the future?

    SABRINA SINGH:  Yeah, you know, I’m not — I don’t have any announcements to make in terms of travel, but when we do, I’m — you’ll be the first to know. Yes, in the back.

    Q:  Thanks, Sabrina. You emphasized that the?

    SABRINA SINGH:  I just — I’m sorry. I just committed to giving Louis an exclusive on the secretary’s travel. So yeah, yeah, sorry. And you know, we’ll discuss — we’ll discuss later — sorry, go ahead.

    Q:  Thanks. You emphasized that the administration’s position is that you don’t want to see further escalation and you don’t want to see an all-out war. Where do you draw the line, you know, especially with regards to a possible ground operation that may be imminent?

    SABRINA SINGH:  Well, like I said, I mean, I don’t know that it is imminent. And what we continue to push for and I’m not trying to use a tired talking point here. It’s actually just, you know, the fact is that we do continue to push for a diplomatic resolution here. From the secretary to, you know, the interagency, that’s something that we continue to engage on.

    And you know, in terms of the conflict itself, we still believe — like right now, the conflict has been contained to Gaza. There’s no question that there are higher tensions in the region. There’s no question that there’s been an increase in border clashes on that northern border.

    But we believe that in order to avert an all-out regional war, it’s through diplomatic means. And so, we’re going to continue to push for that. And you’re seeing that happen in New York and you’re seeing that happen here as well. Last one.

    Q:  Just to follow though, how has the conflict been contained to Gaza? You have civilians being killed in Lebanon.

    SABRINA SINGH:  Sure. But what I would tell you is that it’s not how we would characterize, you know, an all-out full scale regional war. What you’re seeing is a trade of fires back and forth on that northern border. I’d point you to October 8th when Hezbollah started launching those. We’re not seeing this widen out to a regional conflict. And that’s what we are concerned about.

    And that’s why, you know, the secretary from the beginning, whether it be the Ford, the IHC, you know, the 26 MEU that was in the region. And now you have the Lincoln there. You know, we continue to position assets in the region to send a message of deterrence because we don’t want it to scale out. Yes, we acknowledge that, you know, there have been, you know, innocent people that have been killed and we don’t want to see that happen. And that’s why we continue to press for diplomatic means.

    Q:  Can you take one more?

    SABRINA SINGH:  Sure, one more and then I’ve got one in the back and then we’ll —

    Q:  I know this is a planning organization, that’s not the answer I’m looking for.

    SABRINA SINGH:  That’s the answer you’re getting.

    Q:  Yeah. In — in regards to Lebanon, did the Pentagon put together any NIO plans in case there’s the need for it?

    SABRINA SINGH:  You’re so going to hate my answer, but we are a planning organization. We plan for a wide range of contingencies. I will point you back though to, you know, early on last year — or sorry, late last year, but early on after October 7th when I think I was up here, General Ryder was up here getting a lot of questions about NIO. I will say we are always a planning organization prepared for any contingency and we never had to use those plans.

    We will always have plans on the shelves that we can dust off at any time. And that is the amazing thing of our military is we are able to search capabilities to the region. And the secretary did just that. And we have, you know, incredible firepower in the region right now. So again, I’m not going to get ahead of anything. That’s also a State Department decision to make. But Fadi, to answer your own question, we are planning organization. All right, Mike, and then I’ll wrap up.

    Q:  Yeah, you — the Pentagon always talk or often talks about deterrence and giving Israel enough to defend themselves. Does this administration, would they like Israel to actually win their battle, win their war against Hamas, win their war against Hezbollah? Is it — do you have a position on that one way or the other?

    SABRINA SINGH:  Well, I think we’ve said time and again that we support Israel’s right to self-defense. You know, what a — what a win looks like is really for Israel to define, but we are supporting them and their right to self-defense. And of course, you know, we understand and, you know, know the threats that they’re facing from these terrorist organizations and that’s why we are supporting them in their fight against, you know, what, you know the threats that they face on their borders. But beyond that I just don’t have more to add. OK, thanks, everyone.

    MIL OSI USA News –

    January 22, 2025
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