Category: Pandemic

  • MIL-OSI: Lantronix Unveils SmartLV, the First AI-Enabled IoT Edge Compute Cellular Gateway, Powered by Qualcomm

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Oct. 17, 2024 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity IoT solutions, has launched SmartLV, powered by the Qualcomm® IQ-615 processor, the first AI-enabled IoT Edge Compute Cellular Gateway. This groundbreaking innovation, designed specifically for low-voltage substations and distribution automation applications in next-generation smart grids, utilities and industrial sectors, will debut at Enlit Europe, Oct. 22–24, 2024, in Milan, Italy.

    SmartLV is engineered to revolutionize real-time visibility, control and automation in the energy sector, providing Distribution System Operators (DSOs) with the ability to manage and steer energy precisely when and where it’s needed. Built with advanced cybersecurity protocols and AI capabilities, the SmartLV ensures robust, reliable and secure operations for mission-critical applications, offering unmatched control over low-voltage substations and Distributed Energy Resources (DERs).

    “The SmartLV Gateway is a leap forward in empowering utility operators with critical, real-time insights and control over their low-voltage substations,” said Mathi Gurusamy, Chief Strategy Officer at Lantronix. “By utilizing Qualcomm Technologies’ AI technology, this solution helps to address today’s most pressing challenges at the edge of the smart grid.”

    AI at the Edge: Transforming Energy Management

    With growing demand for smarter and greener energy grids, the SmartLV Gateway empowers DSOs to anticipate and respond to real-time grid conditions, optimizing energy flow and ensuring stability even during peak loads. This AI-driven platform doesn’t just monitor; it enables intelligent energy steering and dynamic decision-making at the edge.

    “SmartLV exemplifies the fusion of AI and connectivity in tackling critical challenges within smart grids. Qualcomm® and Lantronix are enabling DSOs to have enhanced control and insights into the distribution network, transforming how energy is delivered and consumed and accelerating the grid transformation in Europe,” added Sebastiano Di Filippo, Senior Director of Business Development at Qualcomm Europe Inc.

    SmartLV Gateway key features include:

    • Multi-protocol communication: Seamlessly integrates with existing infrastructure via Ethernet, Serial, I/O and Industrial Protocol conversion suites, offering flexibility across legacy and modern systems.
    • High-speed connectivity: Future-resilient with LTE and 5G-ready high-speed cellular communication for reliable, low-latency operations.
    • Edge computing for real-time decisions: AI-enabled edge computing that powers low-latency analysis, enabling split-second decision-making directly at the substation.
    • Advanced cybersecurity: Fortified with Lantronix’s InfiniShield™ security framework to defend against cyber threats, ensuring uninterrupted operations.
    • Simplified management with Lantronix’s Percepxion™ IoT Edge Platform: Offers seamless management with global cellular plans, VPN security and an easy-to-use cloud platform to monitor and control deployments.
    • Energy Steering Automation: Provides automated, real-time control of DERs based on actual grid conditions to ensure efficient energy flow.  

    Innovation Fueled by a Long-Standing Collaboration

    The SmartLV Gateway is the latest innovation in a 15-year relationship, combining Qualcomm Technologies’ industry-leading AI and connectivity with Lantronix’s expertise in IoT solutions for industrial and smart grid applications.

    Availability

    The SmartLV Gateway is scheduled to launch in CY 2025, with some trials beginning at the end of CY 2024 for selected DSOs. For more information or to schedule a demo, visit Hall 5, MR10.

    About Lantronix   

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth industries including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing. 

    For more information, visit the Lantronix website

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to the SmartLV AI-Enabled IoT Edge Compute Cellular Gateway for Qualcomm developers. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024; as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. The forward-looking statements included in this release speak only as of the date hereof, and we do not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances. 

    © 2024 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners. 

    Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries
    Qualcomm is a trademark or registered trademark of Qualcomm Incorporated 

    Lantronix Media Contact:         
    Gail Kathryn Miller 
    Corporate Marketing & 
    Communications Manager 
    media@lantronix.com 
    949-212-0960 

    Lantronix Analyst and Investor Contact:         
    investors@lantronix.com

    The MIL Network

  • MIL-OSI Submissions: WHO – Despite health gains, urgent action needed to meet health-related Sustainable Development Goals in the Western Pacific Region

    SOURCE: World Health Organization (WHO)

    Manila, Philippines, 17 October 2024 – According to a new report released today, countries in the World Health Organization (WHO) Western Pacific Region experienced the smallest decline in life expectancy during the COVID-19 pandemic compared to other WHO regions. Life expectancy in the Western Pacific fell by only 0.07 years during 2020-21, a minimal drop compared to the global average decline of 1.7 years. The Western Pacific now has the highest life expectancy among WHO’s six regions, rising from 72.0 years in 2000 to 77.4 years in 2021.

    However, despite this progress, the Region – comprising 37 countries and areas across Asia and the Pacific – is still grappling with critical challenges and is off-track in achieving the health-related Sustainable Development Goals (SDGs). The SDGs are the global goals adopted by world leaders to end poverty and inequality, protect the planet and ensure that all people enjoy health, justice and prosperity by 2030. The new WHO report, Health statistics in the Western Pacific Region 2023: Monitoring health for the SDGs, highlights advancements made across the Region while also emphasizing the urgent need for action. The report shows that while the COVID-19 pandemic may have done less damage to life expectancy in the Western Pacific than other regions, it nevertheless exacerbated health inequalities and disrupted progress in other areas.

    Noncommunicable diseases on the rise

    While infectious diseases and injuries were previously major causes of illness and death in the Western Pacific, the Region is undergoing a significant epidemiological shift. Noncommunicable diseases (NCDs) like heart disease, stroke, diabetes and cancer now account for nearly nine in 10 deaths. While the probability of premature death from NCDs has declined in the Region by over 25% since 2000, major challenges remain. Moreover, the Region is experiencing rapid population ageing. There are now more than 245 million people aged 65 and older in the Region – a number that is projected to double by 2050. And many older people are living with NCDs.

    A major risk factor for NCDs is alcohol and tobacco use. Consumption of alcohol in the Region has risen by 40% since 2000. Despite a decline from 7.2 litres per capita per year in 2015 to 6.1 litres in 2019, the overall increase highlights an ongoing concern for public health. Similarly, although tobacco use declined from 28.0% of adults smoking in 2000 to 22.5% in 2022, this was still above the global average of 20.9%.

    Mental health issues are also taking their toll on the population, with alarmingly high suicide rates in some countries of the Western Pacific Region, influenced by factors such as stigma, limited access to mental health services and socioeconomic challenges.

    Climate- and environment-related health concerns are yet another major challenge. While air pollution in urban areas of the Region was found to have decreased from 2010 to 2019, air quality levels are still much worse than the WHO-recommended levels. Populations living in urban areas are therefore continuing to breathe unhealthy air.

    Mixed progress towards universal health coverage

    Universal health coverage (UHC) is another important SDG target for which the Western Pacific Region has had mixed progress. The UHC service coverage index measures access to essential health services such as reproductive, maternal, newborn and child care, and prevention and treatment services for both NCDs and infectious diseases. Over the past 20 years, the overall UHC service coverage index in the Western Pacific increased impressively, from 49 to 79 points out of 100 between 2000 and 2021. However, people’s ability to access health-care services varies greatly across the Region. In some countries, the UHC service coverage index score is as low as 30, meaning many people struggle to access basic health care, while in others, it exceeds 80, indicating a much higher level of service availability and coverage. Despite these advancements, progress has slowed and stagnated since the adoption of the SDGs in 2015, and particularly since 2019.

    Despite the growing burden of noncommunicable diseases, access to essential health services for NCDs did not improve significantly, increasing only slightly from 52 points in 2000 to 58 points in 2010. Even more troubling, there has been no further progress since 2010, and access to services remains low, particularly in Pacific island countries and areas.

    In contrast, access to services for infectious diseases improved significantly, rising from just 18 points in 2000 to 82 points in 2021. Immunization coverage for the WHO-recommended three doses against diphtheria, tetanus and pertussis, or DTP3, showed mixed results from 2000 to 2023: coverage increased in 15 countries, while four countries experienced no change and eight saw a decrease.

    In the Western Pacific Region, average health spending has increased substantially, tripling from around US$ 383 per person in 2000 to US$ 1336 in 2021. On average, health spending accounted for 6.6% of gross domestic product (GDP) at country level in 2000, and rose to 8.2% by 2021. However, despite efforts to increase public spending for health, the proportion of people in the Western Pacific experiencing catastrophic health expenditure − defined as spending more than 10% of their income on health-care − has nevertheless doubled, rising from 9.9% in 2000 to 19.8% in 2019.

    Critical action needed to achieve SDGs

    “While we celebrate the significant health gains that the Western Pacific Region has achieved, we must also acknowledge urgent challenges in sustaining progress,” said Dr Saia Ma’u Piukala, WHO Regional Director for the Western Pacific. “We are living longer than ever, and more than any other region of the world, but this isn’t enough. We’re off-track to meet many of the SDG targets, and the COVID-19 pandemic exacerbated health disparities. Now is the time for concerted action to address these issues. We look forward to working with health leaders from across the Region next week to finalize our new vision to weave health for families, communities and societies.”

    New vision for health in the Region

    Ministers of health and other senior officials are preparing for discussions at the seventy-fifth session of the WHO Regional Committee for the Western Pacific in Manila on 21−25 October 2024. The meeting will focus on the most pressing health needs in the Region and chart a course to address them.

    Weaving health for families, communities and societies in the Western Pacific Region (2025-2029): Working together to improve health, well-being and save lives is the proposed new vision for the Region. The vision centres on the analogy of weaving a mat – a traditional activity across Asia and the Pacific – symbolizing the collaborative efforts required by WHO, governments and partners to improve population health and well-being. The vision centres on five vertical strands of action led by governments interwoven with three horizontal strands of action by WHO.

    The five vertical strands of action led by governments, working with WHO and other stakeholders include:

    Transformative primary health care for UHC
    Climate-resilient health systems
    Resilient communities, societies and systems for health security
    Healthier people throughout the life course
    Technology and innovation for future health equity.

    The three horizontal strands of action by WHO are:

    Country offices equipped with skills for scaling up and innovation
    Nimble support teams in the Regional Office
    Effective communication for public health.

    These strands reflect the reality that the Western Pacific Region faces complex health challenges that cannot be addressed by the health sector alone. Achieving the goals of SDG 3 − Good health and well-being – will require a concerted effort from multiple sectors. Social determinants of health, including education, housing, employment, social protection, gender equality and the environment, significantly impact health outcomes. Therefore, collaboration between the health, education, urban planning, agriculture and environmental sectors, to name but a few, is crucial. Collaboration can create synergies and co-benefits for all these sectors while accelerating progress towards achieving SDG 3.

    “The commitment of governments, WHO and partners to achieving the Sustainable Development Goals by 2030 is a commitment to health and well-being for all,” added Dr Piukala. “We must work together to ensure that no one is left behind as we weave a healthier future.”

    In addition to the vision, the Regional Committee will also consider new regional action frameworks on digital health and on health financing to achieve UHC and sustainable development. There will be panel discussions on climate-resilient health-care facilities, transformative primary health care and oral health, as well as a special event on the Investment Round to resource WHO’s work for 2025–2028.

    Notes:

    The seventy-fifth session of the Western Pacific Regional Committee will run from Monday, 21 October through Friday, 25 October, at the WHO Regional Office for the Western Pacific in Manila, Philippines. The Agenda and timetable are available online. A livestream of proceedings, all other official documents, as well as fact sheets and videos on the issues to be addressed can be accessed here. For real-time updates, follow @WHOWPRO on Facebook, X, Instagram and YouTube and the hashtag #RCM75.

    Working with 194 Member States across six regions, WHO is the United Nations specialized agency responsible for public health. Each WHO region has its regional committee – a governing body composed of ministers of health and senior officials from Member States. Each regional committee meets annually to agree on health actions and to chart priorities for WHO’s work.

    The WHO Western Pacific Region is home to more than 1.9 billion people across 37 countries and areas: American Samoa (United States of America), Australia, Brunei Darussalam, Cambodia, China, Cook Islands, Fiji, French Polynesia (France), Guam (United States of America), Hong Kong SAR (China), Japan, Kiribati, the Lao People’s Democratic Republic, Macao SAR (China), Malaysia, the Marshall Islands, the Federated States of Micronesia, Mongolia, Nauru, New Caledonia (France), New Zealand, Niue, the Commonwealth of the Northern Mariana Islands (United States of America), Palau, Papua New Guinea, the Philippines, Pitcairn Islands (United Kingdom of Great Britain and Northern Ireland), the Republic of Korea, Samoa, Singapore, Solomon Islands, Tokelau, Tonga, Tuvalu, Vanuatu and Viet Nam, Wallis and Futuna (France).

    Related links:

    Health statistics in the Western Pacific Region 2023: Monitoring health for the SDGs
    Draft vision Weaving health for families, communities and societies in the Western Pacific Region (2025−2029): Working together to improve health and well-being and save lives
    WHO data on progress towards universal health coverage (UHC)
    Other WHO data which can be searched by country.

    MIL OSI – Submitted News

  • MIL-OSI USA News: FACT SHEET: President  Biden Announces Over 1 Million Public Service Workers Have Received Student Debt Cancellation Under the Biden-⁠ Harris Administration

    Source: The White House

    Today, President Biden announced an additional $4.5 billion in student debt cancellation for over 60,000 borrowers through the Public Service Loan Forgiveness (PSLF) program, bringing the number of public service workers who have had their student loans cancelled to over 1 million people during the Biden-Harris Administration. Before President Biden and Vice President Harris took office, only 7,000 borrowers had ever received forgiveness through PSLF. Thanks to the Biden-Harris Administration’s significant improvements to the PSLF program, over 1 million teachers, firefighters, law enforcement officials, nurses, servicemembers, and other public service workers who have dedicated their lives to serving their communities are getting the student debt relief they are entitled to under the law. Last week, President Biden met with a kindergarten teacher who has been paying her loans for 12 years and let her know that she is one of the 1 million people approved for PSLF under his Administration, and over $46,000 of her loans are being cancelled. In total, the Biden-Harris Administration has approved $175 billion in student debt relief for nearly 5 million borrowers through various actions.

    From Day One of their Administration, President Biden and Vice President Harris vowed to fix the student loan system and make sure higher education is a ticket to the middle class – not a barrier to opportunity. Already, the Biden-Harris Administration has delivered life-changing relief to students and families. While Republican elected officials try every which way to block millions of their own constituents from receiving student debt relief – even proposing to get rid of the PSLF program altogether – President Biden and Vice President Harris are fighting to provide borrowers student debt relief and making higher education affordable.

    Delivering Life-Changing Relief to Over 1 Million Public Servants

    In 2007, Congress enacted bipartisan legislation creating PSLF to recognize the critical role public servants play in our communities and support them in their service. Under PSLF, people who dedicate at least 10 years of their careers to giving back to their communities – like teachers, firefighters, law enforcement officials, nurses, and servicemembers – can get relief on their student loans. However, the program was poorly implemented. Many public servants found out that they had spent years in the wrong student loan repayment plan or did not take out the right type of loan and were therefore ineligible for PSLF and denied forgiveness. Before the start of the Biden-Harris Administration, only 7,000 people had ever received forgiveness through PSLF and the rejection rate, in part due to administrative errors and difficult processes, was as high as 98% in some years. Public servants were also being told that, because they didn’t file the right forms years ago, there was nothing for them to do but keep paying their loans longer than the program requires.

    Thanks to President Biden and Vice President Harris’ leadership, the Biden-Harris Administration has significantly improved the PSLF program to help more borrowers than ever before. This includes establishing and implementing new regulations to help borrowers earn more credit toward PSLF, simplifying criteria to help borrowers certify employment, creating fairer eligibility criteria, and providing borrowers the opportunity to apply for reconsideration of previous denials. The Biden-Harris Administration launched the Limited PSLF Waiver, providing public service workers affected by the pandemic with the opportunity to get PSLF credit for prior payments on their federal student loans regardless of repayment plan or loan type. To simplify the application process for borrowers, the Biden-Harris Administration made it so borrowers and employers can complete the entire PSLF application and submit required forms online, made it easier for borrowers to find qualifying employers and get necessary signatures verifying employment, and recently, announced new steps to allow borrowers to manage all aspects of their PSLF journey on StudentAid.gov.

    Thanks to these improvements, as of today, over 1 million public service workers have been approved for debt cancellation through PSLF. The Department of Education today also released new state-by-state data showing how many borrowers have had their loans approved for cancellation under PSLF in each state under the Biden-Harris Administration.

    Economic Benefits of Student Debt Relief for Public Service Workers

    Today, the Council of Economic Advisers (CEA) published a new analysis underscoring that the Biden-Harris Administration’s student debt policies not only benefit borrowers, but also the entire economy.

    The CEA highlights that PSLF has the potential to deliver considerable benefits to those who receive it – including the ability to buy a home, start a business, and improve overall financial health. In addition, the CEA analysis shows how the PSLF program strengthens the public sector by making it more feasible for students with postsecondary debt to pursue and remain in public service careers that are essential to our economy and communities.

    Despite these benefits to the U.S. economy and hard-working Americans, Republican elected officials have tried to stop the Biden-Harris Administration every step of the way, and have even attempted to end PSLF altogether, which would block millions of dedicated public servants from receiving the student debt relief they have earned. President Biden and Vice President Harris will not stop fighting for our nation’s dedicated public servants.

    Encouraging Public Servants to Take Advantage of the PSLF Program

    Today, the Biden-Harris Administration is also announcing a series of new steps to encourage public servants across the nation to take advantage of the PSLF program.

    A number of public sector unions, including the American Federation of State, County, and Municipal Employees (AFSCME), American Federation of Teachers (AFT), National Education Association (NEA), and the Service Employees International Union (SEIU), are amplifying today’s announcement through member-to-member outreach, social media campaigns, and more, and are encouraging people to sign up for PSLF:

    • AFT will be encouraging its members to sign up for student debt clinics to help members get on track with PSLF, with a goal of reaching another 500 teachers and nurses by the end of the year. This is on top of the 34,000 members AFT has reached since starting their student debt clinic series.
    • NEA will continue to help its members with the NEA Student Debt Navigator, a tool that provides 1-on-1 support for NEA’s members who need additional support with their PSLF application, or any other federal program related to student loans. Since the launch of the Student Debt Navigator, over 48,000 NEA members have signed up to receive support.
    • To celebrate this milestone, AFSCME will launch a new interactive map on its website, detailing PSLF forgiveness across the country based on Department of Education data. Additionally, AFSCME will update its online resources to facilitate applications for PSLF and create a social media toolkit its members can use to promote PSLF and forgiveness on their own social media platforms.
    • To encourage people to take advantage of the PSLF program, the Department of Education will send emails from President Biden to public servants who have received PSLF, encouraging them to share their stories to raise awareness about the benefits of the program. The Biden-Harris Administration will also share information about PSLF with federal employees to encourage more people to enroll in PSLF.
    • The Department of Education is reaching out to governors and mayors across the country to encourage state and local public service workers to take advantage of the PSLF program.

    These new steps are in addition to previous actions by the Administration including working with over 15 major federal agencies to develop PSLF agency action plans. In implementing these plans, federal agencies have encouraged thousands of additional federal employees to take advantage of the PSLF program through extensive social media campaigns, principal-level engagement, engagement with stakeholder groups, press, and mass email communications.

    Building On an Unparalleled Record of Student Debt Relief

    Today’s announcement is part of the Biden-Harris Administration’s broader set of actions to reduce the burden of student debt and ensure that student loans are not a barrier to educational and economic opportunity for students and families. President Biden and Vice President Harris secured a $900 increase to the maximum Pell Grant award – the largest increase in more than a decade.  Since taking office, the Biden-Harris Administration has approved through various actions $175 billion in student debt relief for nearly 5 million Americans, each of whom have been approved for an average of roughly $35,000 in student debt cancellation. These actions have benefitted borrowers in every state, territory, and congressional district in the United States.

    This approved relief includes:

    • $74 billion for over 1 million borrowers through the PSLF program.
    • $56.5 billion for more than 1.4 million borrowers through Income-Driven Repayment, including the Saving on a Valuable Education SAVE plan. This includes administrative adjustments to income-driven repayment that brought borrowers closer to forgiveness and addressed longstanding problems due to past inaccuracies and the misuse of forbearance by loan servicers.
    • $28.7 billion for more than 1.6 million borrowers who were cheated by their schools, saw their institutions precipitously close, or are covered by related court settlements.
    • $16.2 billion for nearly 572,000 borrowers with a total and permanent disability.

    ###

    MIL OSI USA News

  • MIL-OSI: Carbon Streaming Initiates Claims in Connection With the Rimba Raya Project

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 17, 2024 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today announces that on October 16, 2024 it initiated arbitration proceedings and an Ontario court action to enforce its legal and contractual rights under the Rimba Raya PSA (as defined below). The Company had previously indicated that it would be evaluating all legal avenues to enforce its legal and contractual rights under the Rimba Raya PSA, the SAA (as defined below) and related agreements. Initiating the arbitration proceedings and the Ontario court action are an important step in preserving the Company’s legal and contractual rights.

    The Company delivered a Notice of Arbitration to Infinite-Earth Limited and PT Infinite Earth Nusantara, the operators of the Rimba Raya project (“Infinite-Earth”) in accordance with the purchase and sale agreement between the Company and Infinite-Earth dated July 30, 2021, as amended on February 28, 2023 (the “Rimba Raya PSA“); a Notice of Arbitration to the shareholders of Infinite-Earth Limited in accordance with the strategic alliance agreement between the Company and the shareholders of Infinite-Earth Limited dated July 30, 2021, as amended on November 17, 2021 (the “SAA”); and issued a Notice of Action in the Ontario Superior Court of Justice seeking declaratory relief against the principals of Infinite-Earth Limited and their related entities.

    The dispute between the Company, Infinite-Earth, and the principals of Infinite-Earth Limited arises out of acts and omissions that the Company alleges are improper and in breach of the Rimba Raya PSA, the SAA, and related agreements.

    On April 26, 2024, the Company announced that it was informed that PT Rimba Raya Conservation (“PT Rimba”), the local concession holder for the Rimba Raya project, had its Forest Utilization Business License (the “Concession License”) revoked by the Indonesian Government’s Ministry of Environment and Forestry (the “MOEF”). On May 15, 2024, the Company announced its financial results for the three months ended March 31, 2024, and determined the fair value of the Rimba Raya PSA to be nil. On July 11, 2024, the Court reached a decision on the claim filed by PT Rimba against the MOEF before the State Administrative Court of Jakarta (the “Court of Jakarta”) challenging the MOEF’s revocation of the Concession License and declared the MOEF’s revocation of the Concession License to be void. The MOEF subsequently appealed the Court of Jakarta’s decision, and on September 30, 2024, the Court of Jakarta upheld its decision. The MOEF has until Friday, October 18, 2024, to initiate an appeal to overturn the decision to the Supreme Court of Jakarta.

    For a comprehensive discussion regarding the risks, assumptions and uncertainties that could further impact the Rimba Raya project and the Rimba Raya PSA, including without limitation, concerning the legal status of the Concession License and the Rimba Raya PSA, investors are urged to review the section of the Company’s management’s discussion and analysis for the three months ended June 30, 2024 dated as of August 12, 2024 entitled “Strategy and Outlook – Indonesia Update”, the section of the Company’s Annual Information Form dated as of March 27, 2024 entitled “Risk Factors” and the press releases dated April 26, 2024, May 15, 2024 and May 21, 2024, copies of which are available on SEDAR+ at http://www.sedarplus.ca.

    About Carbon Streaming

    Carbon Streaming aims to accelerate a net-zero future. We pioneered the use of streaming transactions, a proven and flexible funding model, to scale high-integrity carbon credit projects to advance global climate action and additional United Nations Sustainable Development Goals. This approach aligns our strategic interests with those of project partners to create long-term relationships built on a shared commitment to sustainability and accountability and positions us as a trusted source for buyers seeking high-quality carbon credits.

    The Company’s focus is on projects that have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential. The Company has carbon credit streams and royalties related to over 20 projects around the world, including high-integrity removal, reduction and avoidance projects from nature-based, agricultural, engineered and community-based methodologies.

    To receive corporate updates via e-mail, please subscribe here

    ON BEHALF OF THE COMPANY:
    Christian Milau, Interim Chief Executive Officer
    Tel: 647.846.7765
    info@carbonstreaming.com
    http://www.carbonstreaming.com

    Investor Relations
    investors@carbonstreaming.com

    Media
    media@carbonstreaming.com

    Advisories

    The references to third party websites and sources contained in this news release are provided for informational purposes and are not to be considered statements of the Company.

    Cautionary Statement Regarding Forward-Looking Information

    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation: statements regarding acts and omissions of Infinite-Earth and the shareholders and principals of Infinite-Earth Limited; and statements with respect to the status of the Concession License held by PT Rimba with the MOEF.

    When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking statements. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the outcome of the final ruling with respect to the revocation of the Concession License held by PT Rimba; general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and ESG initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; limited operating history for the Company’s current strategy; risks arising from competition and future acquisition activities; concentration risk; inaccurate estimates of growth strategy; dependence upon key management; impact of corporate restructurings; reputational risk; failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 27, 2024 filed on SEDAR+ at http://www.sedarplus.ca.

    Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

    The MIL Network

  • MIL-OSI: Orezone Reports Q3-2024 Gold Production

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Oct. 17, 2024 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to announce its third quarter 2024 gold production results from its Bomboré Gold Mine:

    • Gold production of 26,581 ounces, totalling 82,244 ounces year-to-date
    • Gold sales of 27,698 ounces at an average realized price of US$2,473/oz, resulting in sales of US$68.5 million
    • Quarter-end cash balance of US$66.9 million and senior debt of US$68.1 million after a further repayment of US$5.0 million in principal during the quarter

    Patrick Downey, President & CEO stated, “Q3 marked another strong operating period at Bomboré, with a quarterly record of 1.5 million ore tonnes processed. Through the quarter, the Company was successful in accessing, pre-stripping, and commencing production in the higher-grade, free-digging Siga Zone oxides in the south. However, mill feed from this newly accessed, higher-grade zone, was lower than planned during the quarter due to delays from heavy rains and a four-day plant shutdown including a full ball mill reline in late September.

    With the conclusion of the rainy season and completion of all scheduled annual mill maintenance, we fully expect fourth quarter gold production to be the strongest quarter for the year with increased ore contribution from the Siga Zone. The Company is on track to meet the mid-point of its 2024 production guidance of 110,000 to 125,000 ounces, evidenced by the strong gold production of 6,331 ounces through the first 15 days of October, at a head grade of 0.85 g/t gold. With record gold prices and unhedged gold sales, we expect additional cash generation in the last quarter of the year.”

    Bomboré Production Results (100% Basis)

      Unit Q3-2024 Q2-2024 Q1-2024 Nine Months Ended
    September 30, 2024
    Ore processed Tonnes 1,491,740 1,428,396 1,355,619 4,275,755
    Ore grade Au g/t 0.63 0.64 0.78 0.68
    Plant recovery % 87.4 86.8 89.0 87.8
    Gold produced Au oz 26,581 25,524 30,139 82,244
    Gold sold Au oz 27,698 24,937 31,229 83,864


    About Orezone Gold Corporation

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Contact Information

    Patrick Downey
    President and Chief Executive Officer

    Vanessa Pickering
    Manager, Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / http://www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at http://www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    QUALIFIED PERSONS

    Dale Tweed, P. Eng., VP Engineering and Rob Henderson, P. Eng. VP Technical Services of Orezone, are Qualified Persons under NI 43-101 and have reviewed and approved the scientific and technical information contained in this news release.  

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur. Forward-looking statements in this press release include, but are not limited to, statements with respect to the Company being on track to meet the mid-point of its 2024 production guidance including the fourth quarter being the strongest quarter of the year, cash generation in the last quarter of the year and the hard rock expansion.  

    All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management discussion and analysis filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network

  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the urgent need to revise the Medical Devices Regulation – B10-0121/2024

    Source: European Parliament

    B10‑0121/2024

    European Parliament resolution on the urgent need to revise the Medical Devices Regulation

    (2024/2849(RSP))

    The European Parliament,

     having regard to the Treaty on the Functioning of the European Union, in particular Article 168 thereof,

     having regard to the Charter of Fundamental Rights of the European Union, in particular Article 35 thereof,

     having regard to Regulation (EU) 2017/745 of the European Parliament and of the Council of 5 April 2017 on medical devices, amending Directive 2001/83/EC, Regulation (EC) No 178/2002 and Regulation (EC) No 1223/2009 and repealing Council Directives 90/385/EEC and 93/42/EEC[1] (MDR),

     having regard to Regulation (EU) 2017/746 of the European Parliament and of the Council of 5 April 2017 on in vitro diagnostic medical devices and repealing Directive 98/79/EC and Commission Decision 2010/227/EU[2] (IVDR),

     having regard to Regulation (EU) 2020/561 of the European Parliament and of the Council of 23 April 2020 amending Regulation (EU) 2017/745 on medical devices, as regards the dates of application of certain of its provisions[3],

     having regard to Regulation (EU) 2023/607 of the European Parliament and of the Council of 15 March 2023 amending Regulations (EU) 2017/745 and (EU) 2017/746 as regards the transitional provisions for certain medical devices and in vitro diagnostic medical devices[4],

     having regard to Rule 136(2) of its Rules of Procedure,

    A. whereas medical devices play a pivotal role in the healthcare industry, facilitating the diagnosis, prevention, monitoring and treatment of various medical conditions;

    B. whereas people rely on these devices every day and expect them to be safe, available and affordable;

    C. whereas after a series of scandals, in which patient safety was jeopardised for profits, including cases of leaking breast implants, the new MDR and IVDR were agreed;

    D. whereas these regulations updated the rules on the placing on the market of medical devices for human use and their accessories, as well as the rules for making such devices and accessories available on the market and putting them into service in the EU; whereas they also contain rules on how clinical investigations concerning such devices and accessories are carried out in the EU;

    E. whereas the main aim of the regulations is to improve patient safety by introducing more stringent procedures for conformity assessment (to ensure that unsafe or non-compliant devices do not end up on the market) and post-market surveillance;

    F. whereas in 2020, amending Regulation (EU) 2020/561 was adopted to allow EU Member States and their authorities and institutions to prioritise the fight against the COVID-19 pandemic; whereas the application of certain of the MDR’s rules was deferred by one year to ensure the smooth functioning of the EU’s internal market, to maintain a high level of public health protection and patient safety, to provide legal certainty and to avoid potential market disruption during the pandemic;

    G. whereas in 2023, amending Regulation (EU) 2023/607 was adopted as regards the transitional provisions for certain medical devices and in vitro diagnostic medical devices, permitting extensions where needed;

    H. whereas some of the manufacturers of medical devices remain persistently unprepared to meet the requirements of the regulations;

    I. whereas some of the notified bodies who carry out the assessment and certification of medical devices have created an unpredictable work environment for manufacturers of medical devices;

    J. whereas there is no clarity on any actual shortages of medical devices nor on risks posed by shortages for specific therapeutic areas; whereas more factual information is needed to properly address the situation;

    K. whereas the European Database on Medical Devices (EUDAMED) is an integral part of the MDR and the IVDR;

    1. Expresses its continued support for the strong and strict protection of patient health and safety, including through the correct implementation of the MDR and the IVDR; underlines that patient safety must never be compromised;

    2. Regrets possible shortages of medical devices and risks thereof, notably in the areas of paediatric care and orphan devices, resulting mainly from a suboptimal implementation of the legal framework;

    3. Points out that the President of the European Commission has tasked the Commissioner-designate for Health and Animal Welfare with ensuring ‘the availability and competitiveness of medical devices, including by stepping up the implementation of current framework and evaluating the need for potential legislative changes’;

    4. Welcomes the Commission’s ongoing non-legislative actions to support the transition to the new regulations, including advice and guidance on the clinical evidence needed for fee-free conformity assessment, training, coaching and internship activities for notified bodies and conformity assessment bodies, and support for the development of innovative and orphan devices;

    5. Stresses that the ongoing evaluation of the MDR and IVDR will generate much needed data and should be concluded and its results fully taken into account in any future revision of the MDR and IVDR, which should be accompanied by the customary full impact assessment;

    6. Underlines that citizens, including patients in particular, as well as governments, civil society organisations and manufacturers of medical devices, have a right to information on the processes used by notified bodies for the certification of medical devices, including information on the timelines and fees;

    7. Regrets the fact that notified bodies seem to have been misusing their critical position in the value chain, and points to the fact that this endangers patient safety and treatment options;

    8. Expects all manufacturers of medical devices to be able to meet the requirements of the MDR and IVDR without any further delay;

    9. Expects all notified bodies to ensure, through their work, that safe and reliable medical devices obtain timely and affordable access to the market, in a predictable and consistent manner;

    10. Calls on the Commission to step up its efforts to ensure that the notified bodies use common and transparent working methods; invites the Commission to explore the possibility of ensuring more harmonisation, transparency and predictability of the certification processes, timelines and fees of the notified bodies, by means of implementing or delegated acts;

    11. Calls on the Commission also to investigate ways to increase the transparency of the entire certification process conducted by notified bodies, to ensure that the public, civil society, academia and governments can scrutinise the work done; stresses that this would enhance the safety of the medical devices;

    12. Calls for the full implementation of EUDAMED in accordance with the agreed timeline;

    13. Underlines that any future legislative proposal on medical devices should be patient-centred and should put patient safety first;

    14. Instructs its President to forward this resolution to the Council, the Commission and the governments and parliaments of the Member States.

    MIL OSI Europe News

  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the urgent need to revise the Medical Devices Regulation – B10-0125/2024

    Source: European Parliament

    B10‑0125/2024

    European Parliament resolution on the urgent need to revise the Medical Devices Regulation

    (2024/2849(RSP))

    The European Parliament,

      having regard to Article 168 of the Treaty on the Functioning of the European Union, which provides that ‘a high level of human health protection shall be ensured in the definition and implementation of all Union policies and activities’,

     having regard to Regulation (EU) 2017/745 of the European Parliament and of the Council of 5 April 2017 on medical devices, amending Directive 2001/83/EC, Regulation (EC) No 178/2002 and Regulation (EC) No 1223/2009 and repealing Council Directives 90/385/EEC and 93/42/EEC (MDR)[1], and Regulation (EU) 2017/746 of the European Parliament and of the Council of 5 April 2017 on in vitro diagnostic medical devices and repealing Directive 98/79/EC and Commission Decision 2010/227/EU (IVDR)[2],

     having regard to the Commission’s 2023 implementation report on the MDR/IVDR[3],

     having regard to the European Medicines Agency’s 2023 Annual Report and its review on market access and safety concerns for medical devices[4],

     having regard to Rule 136(2) of its Rules of Procedure,

    A. whereas medical devices and in vitro diagnostic medical devices play a crucial role in modern healthcare, directly affecting the health, safety and well-being of millions of patients across the EU;

    B. whereas the introduction of the MDR and the IVDR was intended to strengthen the regulatory framework for medical devices and in vitro diagnostic medical devices, ensuring higher standards of safety, transparency and clinical performance, while also fostering innovation in the sector;

    C. whereas despite these aims, significant challenges have been encountered in implementing the MDR and the IVDR, not only leading to delays but also resulting in failures to achieve certification and approval of medical devices and in vitro diagnostic medical devices, particularly impacting small- and medium-sized enterprises (SMEs), as well as resulting in shortages of medical devices and in vitro diagnostic medical devices, thus restricting patient access to innovative therapeutic and diagnostic technologies;

    D. whereas many stakeholders, especially including SMEs, notified bodies and healthcare providers, have reported difficulties in navigating the complex and costly regulatory procedures under the current MDR and IVDR framework, with potential risks posed to the continuous availability of life-saving medical devices and critical in vitro diagnostic tests in Europe as manufacturers reduce their product portfolios and withdraw from the EU;

    E. whereas recent scientific and market data point to concerns about shortages of capacity among notified bodies, leading to bottlenecks in the certification process, as well as a lack of clarity around the interpretation of several key provisions of the MDR and the IVDR;

    F. whereas the COVID-19 pandemic further exposed vulnerabilities in the EU’s supply chain for medical devices and in vitro diagnostic medical devices, highlighting the need for more flexible and efficient regulatory mechanisms to ensure timely access to essential devices during public health emergencies;

    G. whereas given the rapid pace of innovation, including advances in digital health, artificial intelligence and personalised medicine, there is an urgent need to revise the MDR and the IVDR in order to accommodate new technologies and ensure that the regulatory framework remains fit for purpose;

    H. whereas practical observations following the adoption of the MDR and the IVDR indicate that significant financial and administrative barriers for orphan and innovative devices stem from the complex procedures of conformity assessment, including obtaining scientific advice, fees required by notified bodies, the extensive and unpredictable duration of the conformity assessment process, and the associated costs;

    I. whereas the MDR and the IVDR also present challenges for maintaining equitable access to devices across all of the Member States, with patients in less economically developed regions facing additional delays in accessing new technologies;

    1. Calls on the Commission to put forward, in the first hundred days of the new mandate, a proposal for a systematic revision of Medical Devices Regulation (EU) 2017/745 (MDR) and In Vitro Diagnostic Medical Devices Regulation (EU) 2017/746 (IVDR);

    2. Recognises the significant contributions of the MDR and the IVDR to enhancing the safety and quality of medical devices, but stresses the need for an urgent review of some of its provisions to address the delays and bottlenecks that are currently hampering access to medical technologies; underlines that the review must aim to make full use of the mechanisms in Article 36(3) MDR to adopt implementing acts in order to resolve issues of divergent interpretation and of practical application to streamline the regulatory process, improve transparency and reduce the bureaucratic burden by eliminating any unnecessary administrative work for notified bodies and manufacturers, particularly SMEs, without compromising on patient safety;

    3. Stresses the importance of increasing the capacity of notified bodies in order to ensure the timely certification of medical devices and in vitro diagnostic medical devices; urges the Member States and the Commission to implement measures that significantly increase the speed and efficiency of these bodies in order to address the critical demand in the medical device sector;

    4. Advocates for the abolition of re-certification for lower-risk products, including Class IIa and certain Class IIb devices, which should continue to be valid subject to appropriate surveillance by the notified body;

    5. Asks the Commission also to consider the abolition of re-certification for implantable devices in Class IIb and devices in Class III, provided ongoing compliance with post-market surveillance and periodic safety update reports demonstrate that the devices perform as intended;

    6. Asks the Commission also to consider the abolition of repeated re-certification for in-vitro diagnostic medical devices after an initial re-certification after five years, subject to appropriate surveillance by the notified body;

    7. Advocates for the creation of transparent, harmonised, maximum durations for procedural steps in conformity assessments by notified bodies, which would create legal certainty for manufacturers regarding the market access procedure and its duration within the EU;

    8. Demands the transparency and EU-wide harmonisation of notified bodies’ fees and fee structures, published in a standardised EU dashboard to allow economic operators to compare notified bodies and make informed choices, ensuring that fees remain a fair compensation for the public service provided;

    9. Calls for a revision of the qualification criteria for persons responsible for regulatory compliance (PRRCs) in the MDR and the IVDR; recommends that the criteria be changed to allow practical experience and training as an alternative to academic qualifications, thereby ensuring that a broader range of competencies are considered for the qualification of PRRCs;

    10. Calls for the regulatory adaptation of the MDR and the IVDR to accommodate new technologies; recognises that the current framework of the MDR and the IVDR does not fully accommodate rapid advancements in medical technology, especially in fields such as digital health, AI-driven diagnostics and personalised medical devices; calls for amendments to the MDR and the IVDR to establish clear and fast-track pathways for the approval of innovative technologies, ensuring their safety and performance; proposes the introduction of a prioritisation procedure for innovative medical devices and in vitro diagnostic medical devices, including a fast-track approval process for breakthrough devices that are potentially life-saving or otherwise significantly improve the standard of care;

    11. Calls for clear definitions of ‘orphan device,’ ‘orphan population’ and ‘orphan subpopulation’, as determined by the Medical Device Coordination Group in the MDR and the IVDR, to be given in order to provide legal clarity and facilitate the adoption of harmonised measures across the EU, thereby ensuring a high level of safety, quality and transparency in the granting of market access to critical medical devices and in vitro diagnostic medical devices;

    12. Calls for the introduction of simplified rules for niche market (and orphan) medical devices analogous to those in other jurisdictions, such as the US; emphasises the need for less burdensome conformity assessment procedures tailored to medical devices and in vitro diagnostic medical devices serving relatively small markets, such as products for the treatment of children or rare diseases;

    13. Urges the creation of a register to monitor and ensure the safety and efficacy of these niche and orphan devices; suggests, further, the creation of EU-wide clinical registries, or the amalgamation of data from current national registries, in order to gather comprehensive clinical data on small patient groups that benefit from the availability of orphan devices; notes that this initiative aims to enhance the overall quality of care and support manufacturers in collecting necessary clinical data, especially in indications where multiple orphan devices are available, allowing for combined treatment data to be evaluated and published regularly; observes that the goal is to assure maximum transparency and safety while allowing a streamlined and less bureaucratic approach for niche and orphan devices;

    14. Recognises the disproportionate regulatory burden faced by SMEs, which are responsible for the majority of products in the medical device and in vitro diagnostic medical device sector; highlights that this burden threatens to stifle innovation and reduce competition; urges the Commission to develop specific measures to support SMEs, including the provision of model application documents and forms, financial assistance, regulatory guidance and tailored certification pathways that reduce costs and complexity while maintaining high standards of patient safety; proposes the reduction of conformity assessment costs for SMEs by implementing specific provisions such as a reduction in fees, deferral of the payment of fees and provision of administrative assistance through a central EU contact point;

    15. Calls for enhanced flexibility in the regulatory process during public health emergencies; stresses the need for a dynamic regulatory framework capable of a rapid response to public health crises, such as pandemics or unforeseen emergencies; urges the Commission to establish emergency provisions that allow for the temporary streamlining of certification processes for critical medical devices, ensuring that such adjustments do not compromise safety standards, thereby facilitating timely access to essential devices during times of crisis; calls for the Commission, in cooperation with the Health Emergency Preparedness and Response structure, to establish a non-exhaustive list of critical medical devices;

    16. Calls for the establishment of a central governance structure or medical device office within the Commission’s Directorate-General for Health to centralise responsibilities and powers in the designation management and surveillance of notified bodies, the harmonisation of administrative practices, the development of guidance on the implementation and application of EU regulations applicable to medical devices and in vitro diagnostic medical devices, and the coordination of the applicability of other EU regulations to medical devices and in vitro diagnostic medical devices with other directorates-general of the Commission;

    17. Calls for a stronger and more harmonised post-market surveillance system that makes use of real-world data and patient feedback to identify and address safety issues more rapidly; encourages, therefore, the establishment of a centralised EU database for post-market data as part of the module for vigilance and post-market surveillance of the European Database on Medical Devices that ensures transparency and facilitates cross-border cooperation in monitoring device performance and addressing risks;

    18. Calls on the Member States to inform the central governance structure or office of the results of notified body audits and specific instructions issued to notified bodies concerning administrative practices and conformity assessment procedures; highlights the need for this central governance structure or office to coordinate Member States’ market surveillance and vigilance activities in order to enhance the efficiency of market surveillance across the EU;

    19. Urges the Commission to strengthen international cooperation on the simplification, assimilation and mutual recognition of national certification processes, in particular with the US Food and Drug Administration;

    20. Calls for an appropriate transition period before the implementation of new rules; emphasises the need to set a transition period before the enforcement of new regulations that would allow enough time for manufacturers to prepare and for the necessary institutional infrastructure to be established; notes that this measure ensures that all stakeholders are fully equipped to meet the regulatory requirements without compromising the overarching objectives of the legislation;

    21. Instructs its President to forward this resolution to the Council, the Commission and the governments and parliaments of the Member States.

     

     

     

    MIL OSI Europe News

  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the urgent need to revise the Medical Devices Regulation – B10-0122/2024

    Source: European Parliament

    B10‑0122/2024

    European Parliament resolution on the urgent need to revise the Medical Devices Regulation

    (2024/2849(RSP))

    The European Parliament,

     having regard to Regulation (EU) 2017/745 of the European Parliament and of the Council of 5 April 2017 on medical devices, amending Directive 2001/83/EC, Regulation (EC) No 178/2002 and Regulation (EC) No 1223/2009 and repealing Council Directives 90/385/EEC and 93/42/EEC[1] (Medical Devices Regulation, MDR), and to Regulation (EU) 2017/746 of the European Parliament and of the Council of 5 April 2017 on in vitro diagnostic medical devices and repealing Directive 98/79/EC and Commission Decision 2010/227/EU[2] (IVDR),

     having regard to the Commission statement of 9 October 2024 on the urgent need to revise the Medical Devices Regulation,

     having regard to the proposal for rejection of the Recommendation for second reading on in vitro diagnostic medical devices[3],

     having regard to Rule 136(2) of its Rules of Procedure,

    A. whereas the legislation on medical devices and in vitro medical devices was revised in 2017 through the MDR and the IVDR;

    B. whereas the new legislative framework of 2017, which replaced the existing directives with regulations, was a reaction to certain events, first and foremost to a company’s marketing non-medical grade silicone gel breast implants in blatant and intentional violation of the regulatory framework; whereas there have been various violations under the new regulatory framework during the so-called pandemic;

    C. whereas the regulations have placed a considerable regulatory burden on the producers of medical devices and in vitro medical devices; whereas the MDR and the IVDR have created a considerable administrative burden for regulators; whereas the combined burden has created both a backlog of required certifications within the industry and an administrative bottleneck for issuing such certifications;

    D. whereas this backlog has affected the market for medical devices and in vitro medical devices; whereas there is a shortage of certain medical devices and in vitro medical devices; whereas producers’ innovative capacity has been impaired;

    E. whereas a prolonged waiting time for such products, shortages and a lack of innovation due to the inability to cope with bureaucratic obstacles harms patients as consumers of medical products; whereas such harm could ultimately result in an unnecessary loss of life;

    F. whereas the Commission needs to have finalised an evaluation of the directives by 27 May 2027 under Article 121 MDR and Article 111 IVDR;

    1. Considers that both the IVDR and the MDR have created very burdensome bureaucracy, which is neither in the interest of the producers nor in the interest of patients as consumers; suggests that any inappropriate or disproportionate regulatory burden be lifted as soon as possible; underlines that there is now an urgent need for revision of both the IVDR and the MDR;

    2. Recalls that as far back as in 2017 a Parliament minority moved to reject the new framework as too excessive a regulatory burden and too expensive for producers of medical devices to comply with; considers that law is good law when it can stand the test of time; recalls that perceived legislative necessity, as so often encountered in real or perceived crises, should not trump the established rules of proper lawmaking to the detriment of the smooth functioning of parliamentary democracy;

    3. Notes that proposals have been made to remedy the problems through tertiary legislation, thereby circumventing the ordinary legislative procedure; underlines that the shortcomings of Union secondary legislation cannot be corrected by tertiary-level legislation, as this would ultimately mean substituting Parliament’s lawmaking capacity with executive decrees; warns against the widespread and excessive use of delegated acts as a means of repairing flawed legislation;

    4. Calls on the Commission not to make use of the full time frame granted for evaluation of the IVDR and the MDR, but instead to speed up the process as much as possible; notes that the Commission has been called upon to come up with a proposal within a hundred days of the start of the new Commissioners’ term of office;

    5. Calls on the Commission to immediately present an amendment to address the glaring shortcomings of current legislation in the first half of 2025, so that businesses, patients as consumers and healthcare authorities can enjoy immediate relief; calls on the Commission to conduct its evaluation, and present a full legislative proposal, as swiftly as possible;

    6. Suggests including in its proposal an accelerated certification procedure for innovative medical products, abolishing the re-certification requirement for lower-risk products and abolishing the certification requirement for niche-products;

    7. Considers that, as a prerequisite, there is already a strong and functioning civil liability regime in place that protects consumers, allowing certain regulatory requirements to be relaxed;

    8. Instructs its President to forward this resolution to the Council, the Commission and the national parliaments of the Member States.

     

     

    MIL OSI Europe News

  • MIL-OSI Russia: Poland: Staff Concluding Statement of the 2024 Article IV Mission

    Source: IMF – News in Russian

    October 17, 2024

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC – October 17, 2024:

    An International Monetary Fund mission visited Warsaw during October 8-17 in the context of the 2024 Article IV consultation.

    Poland’s near-term outlook is positive and has improved relative to last year despite ongoing sluggish growth across Europe and Russia’s war in Ukraine. A consumption-led recovery is underway, and the outlook is further supported by recently unlocked NextGen EU Funds (NGEU). Inflation has declined helped by a tight monetary stance, and its descent to the target range by close to end-2025 is on track, provided prudent policies are maintained. Policy priorities for the near- and medium-term include balancing the mix of monetary and fiscal policy , preserving debt sustainability, while strengthening the economy to face longer-term challenges. Specifically:

    • Monetary policy is appropriately tight and interest rate cuts should commence only when there is clear evidence that wage growth is decelerating, and inflation is firmly on track towards the target.

    • The medium-term Fiscal Structural Plan is welcome and it targets sufficient cumulative fiscal consolidation by 2028, meeting the EU’s new fiscal rules. The full set of measures to achieve this is yet to be identified.

    • Bringing more of the authorities’ medium-term deficit reduction plans up front in 2025 would build more resilience against future shocks, reduce debt, and support more rapid interest rate reductions, which would foster private sector investment and growth while still bringing inflation to target.

    • Population ageing, diminishing cost-competitiveness, and climate transition present significant challenges to Poland’s export-driven growth model. Thus, medium-term growth is expected to decline, unless structural reforms are deepened and progress on the energy transition accelerates.

    Economic growth is accelerating in 2024 led by recovering domestic demand. Private consumption has picked up as strong nominal wage growth coupled with lower inflation led to a sharp rebound in real wages. Fixed investment also continued its gradual recovery though remaining as a share of GDP below pre-pandemic levels. Net exports, however, are imposing some drag as imports recovered on the back of higher consumption while exports are held back by weak demand from the Euro Area. As a result, growth is expected at 3 percent in 2024 up from around 0 in 2023.

    The near-term outlook is positive due to the ongoing cyclical recovery in consumption and investment, and the absorption of EU funds. Growth is expected to accelerate to 3.5 percent in 2025 and 3.4 percent in 2026. Real and nominal wage growth are expected to gradually decelerate, while profits are expected to continue declining as firms have limited capacity to pass-through increases in wage costs into prices given that the output gap remains negative. Stronger consumption, normalization of inventories, lagged impact of the appreciation of the real exchange rate, and release of EU funds are expected to support imports and with it a narrowing in the current account surplus.

    Over the medium term, growth is expected to moderate and converge to potential as the support from rebounding consumption and NGEU funds subside. Growth will decelerate to slightly below 3 percent by 2029 as EU-financed investments decline and the population ages. Productivity is expected to modestly recover from the impact of recent labor hoarding. However, productivity growth is not expected to return to pre-pandemic levels given that much of the productivity gap with advanced economies has already been closed.

    Amidst high uncertainty, risks remain elevated and tilted towards lower growth and higher inflation. A slower-than-expected recovery in the Euro Area, delayed absorption of EU funds, and heightened geopolitical tensions could dampen the recovery. At the same time, risks to inflation remain elevated from the tight labor market against the backdrop of accelerating domestic demand and potential supply-side shocks. There are also upside risks to growth including a stronger-than-expected catalytic role from EU funds on private investment and productivity, a larger-than-expected workforce from higher immigration, and potential nearshoring as a result of geoeconomic fragmentation. Risks are well mitigated by ample foreign exchange reserves, a flexible exchange rate, modest debt levels, and robust financial sector buffers.

    Monetary policy is appropriately tight.While the policy rate was kept on hold at 5.75 percent since November 2023, the monetary stance has tightened as inflation expectations declined. This is appropriate because inflation is well above the central bank inflation target. The momentum of core inflation is elevated in the context of strong wages growth amid still-tight labor market and substantial wage increases in the public sector.

    Monetary policy should remain tight at least through 2025 with rate cuts commencing only when data and forecasts confirm that inflation is on a clear downward path towards the target. Absent surprises, both core and headline inflation should peak in year-on-year terms before mid-2025, significantly above the target, before moderating around the upper end of the target range of 2.5±1 percent by end-2025. However, uncertainty on the inflation trajectory is substantial, including due to uncertainty regarding energy prices, developments in the labor market, and the pace of economic recovery. While, monetary policy should remain both data-dependent and forward-looking, the current context warrants placing significant weight on realized inflation declining towards the target over several months on the back of decelerating wages. On this basis, there may be scope for limited and gradual policy rate cuts to start around mid-2025.

    Near-term growth acceleration presents an opportunity to rebuild buffers and help complete the disinflation process by tightening fiscal policies. The general government (GG) deficit is projected to widen from 5.1 percent of GDP in 2023 to 5.7 percent of GDP in

    2024, due to expansionary policies resulting in a fiscal impulse of 0.4 percent of GDP. The 2025 budget targets a slightly lower GG deficit of 5.5 percent of GDP largely owing to higher growth. Staff recommends a tighter fiscal stance by around 0.5 percent of GDP. This can be still achievable within the 2025 budget by saving possible revenue overperformance and limiting non-priority spending. Such a shift would lower debt, thereby rebuilding fiscal space to mitigate against future shocks. It would also lift some of the burden from tight monetary policies to rein in inflation, potentially freeing space for additional policy rate cuts.

    Fiscal consolidation should be anchored in a clear medium-term plan to stabilize debt. The recently published Fiscal Structural Plan is an important and welcome step in this regard as it targets appropriate fiscal balances by 2028 – entailing an adjustment of about 2½ percent of GDP from 2024 in terms of the structural fiscal balance – that would allow exiting the EU’s Excessive Deficit Procedure while stabilizing debt at levels close to 60 percent of GDP notwithstanding large increases in spending on defense. Fully identifying the necessary fiscal measures now and bringing more of the planned fiscal consolidation upfront into 2025 would help strengthen its credibility.

    Potential measures that would support consolidation while also further reducing inequality include: i) raising Personal Income Tax revenues by increasing progressivity to bring them more in line with EU peers , ii) addressing the preferential and regressive treatment of the self-employed, iii) better targeting of social benefits to more effectively support the vulnerable, iv) raising property tax revenues closer to EU comparators, and v) taxing more non-essential items at the standard VAT rate. In this context, raising the PIT tax-exempt threshold, which is under consideration, would require even stronger consolidation measures to offset the fiscal cost. Finally, aligning the retirement age for men and women and then adjusting it over time in line with longevity would help limit the expected shortfall in pensions’ adequacy over the longer-term.

    The authorities have made commendable progress in strengthening the fiscal framework. They have expanded the coverage of the stabilizing expenditure rule and improved oversight over extrabudgetary funds. Establishing a fiscal council as planned would further strengthen accountability and governance.

    Financial sector policies should safeguard the nascent credit recovery, building on a robust banking system. Systemic risks to the financial sector have moderated, with the banking sector being well-capitalized and liquid. Past prudential policies have focused on buttressing stability through regulatory tightening. At the same time banks had to face large costs of legal risks and regulatory burdens such as mortgage credit holidays. Together with weak credit demand and serious legal and regulatory uncertainties, this has created further headwinds for new credit resulting in one of the steepest declines in private sector credit-to-GDP in the EU. Moving forward, policy makers should: (i) take into account the impact of possible further tightening of regulations on the nascent credit recovery, while enhancing regulatory stability; (ii) proactively reduce legal risks to financial sector stability, including by exploring legislative solutions; (iii) even the playing field for private sector credit by replacing the bank asset tax in a manner that eliminates the preferential treatment of public debt` and (iv) allow the mortgage credit holiday to expire.

    After two decades of impressive income convergence, Poland’s growth model needs to adjust to new economic conditions. Exports, especially to the EU, have played a significant role in Poland’s success. However, sizable real appreciation over the past two years weighs on cost-competitiveness. Meanwhile, the regional growth outlook remains subdued, and geopolitical conflicts and geoeconomic fragmentation present headwinds to penetrating new markets. In addition, shallow domestic capital markets and low savings weigh on investment, with population ageing posing a substantial drag on the future size of the workforce. To sustain growth, policies should focus on: i) deepening capital markets (including steps towards a capital market union within the EU), ii) lowering barriers to resource reallocation (for example by strengthening re-skilling programs for adults), iii) fostering innovation capacity (including by promoting private equity and venture capital), and iv) supporting higher labor participation especially for women (by ensuring adequate child and elderly care). The new program supporting young parents’ return to the labor market aims to address this gap. Building on the successful absorption of refugees from Ukraine into the Polish labor market, ongoing efforts to enhance the integration of immigrants can further help contain labor shortages.

    The government’s new decarbonization targets are appropriate; meeting these while safeguarding competitiveness and social cohesion will require strong measures.

    Significant progress has been made on climate mitigation, but more is needed given Poland’s costly dependence on coal, which also undercuts competitiveness. The recent draft energy strategy update outlines additional policy targets and measures for bringing emissions in line with EU climate goals. Its success will be supported by EU funds, and depends on removing barriers to private investment in renewable energy, including by adopting EU legislation on faster permitting for green projects, liberalizing regulations for onshore windfarms, and prioritizing NextGen EU funds for expanding electricity grids. Extending carbon pricing to transportation and heating would also be important for reducing emissions; an early and gradual introduction would help limit adjustment costs. The authorities must address social challenges from the climate transition by cushioning the social impact on coal mining regions and reducing energy poverty.

    The mission thanks the authorities and other counterparts for the fruitful discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/17/CS-poland-2024

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI USA: $35 Million in Covid-Related Rent Relief

    Source: US State of New York

    Governor Kathy Hochul today announced that $35 million in State funding is being distributed by the New York City Housing Authority to help address COVID-related rental arrears for NYCHA residents. This funding secured by the Governor and State Legislature will provide up to 12 months of unpaid rent for NYCHA tenants and ensure these families maintain stable, affordable housing during recovery from the pandemic.

    “We’re continuing to support vulnerable New Yorkers who were hit hard by the pandemic and helping to ensure families remain in their homes,” Governor Hochul said. “This funding builds on our efforts to provide meaningful assistance to NYCHA tenants with COVID-related rental arrears, while also furthering our commitment to helping NYCHA make vital repairs and improvements.”

    New York City Housing Authority (NYCHA) is expected to use these funds to address rental arrears accrued by NYCHA tenants. Qualifying households could be covered for up to 12 months of past due rent accumulated during the period of March 2020 – May 11, 2023.

    This commitment builds on Governor Hochul’s previous efforts to help ensure that tenants throughout New York adversely affected by the pandemic could remain stably housed, including NYCHA and other public housing residents and recipients of federal Section 8 vouchers.

    Separate from the $35 million highlighted today, New York State has delivered payments totaling approximately $159 million to date on behalf of more than 27,000 NYCHA households through the Emergency Rental Assistance Program (ERAP).

    The Governor and the Legislature secured more than $1 billion in State funding to supplement federal ERAP funding in the FY 2023 and 2024 Enacted Budgets, including the $35 million targeted for NYCHA and more than $350 million in the FY 2024 budget to ensure there were sufficient funds in New York State’s ERAP for public and subsidized housing residents, including NYCHA tenants, Section 8 tenants and other subsidized housing residents across the state.

    Previously, the Governor signed legislation creating the New York Public Housing Preservation Trust, to address overdue repairs, rehabilitation, and modernization of 25,000 NYCHA apartments.

    New York State Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, “The uncertainty and instability caused by the pandemic was especially hard for those already struggling to make ends meet, including many NYCHA residents who fell behind on their rent. Thanks to Governor Hochul and the Legislature, this funding will eliminate a significant debt for some of our most vulnerable New Yorkers while enabling them to remain stably housed in their homes.”

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “All New Yorkers deserve safe and stable housing. This $35 million investment is just one example of our State’s commitment to NYCHA residents. We thank Governor Hochul for her leadership on ensuring housing stability and dedication to New Yorkers still affected by the COVID pandemic.”

    NYCHA Chief Executive Officer Lisa Bova-Hiatt said, “We have fought tirelessly for COVID-related rental relief for NYCHA residents, and I am delighted that this additional $35 million will supplement the aid that came through ERAP. We’re so thankful to Governor Hochul and the New York State Legislature for providing support that will bring both financial relief and stability to NYCHA residents.”

    Assembly Speaker Carl Heastie said, “Many of New York’s families have yet to recover from the devastating economic impact of the pandemic. By paying back up to 12 months of their past-due rent, we’re helping NYCHA families find their footing again and shift their money toward other goods necessary to support their families. The Assembly Majority remains committed to ensuring New York’s families have the resources they need to thrive and this announcement is a step towards that direction.”

    Assemblymember Linda B. Rosenthal said, “Protecting New Yorkers from eviction during an affordability crisis must be a priority for New York State. That is why I proudly advocated for the inclusion of an extra $35 million in last year’s state budget to help struggling New York City Housing Authority residents pay their rental arrears. Every NYCHA resident deserves a second chance at becoming financially whole after surviving the devastation of the COVID-19 pandemic. Equally important, all levels of government must also provide NYCHA, one of the greatest sources of affordable housing in New York, with the resources it desperately needs to keep the lights on in developments across the city. I look forward to working with partners on the federal and local levels to fund our public housing authorities next session.”

    Assemblymember Grace Lee said, “I’ve seen firsthand the severe impact the COVID-19 pandemic has had on NYCHA residents in my district. This additional funding is crucial to helping New Yorkers hardest hit by the pandemic recover and ensuring families can stay in their homes. It will provide direct relief to thousands of families across the city, including many in my district. I thank Governor Hochul for her leadership and providing much-needed support to our most vulnerable residents.”

    MIL OSI USA News

  • MIL-OSI Global: Why America is buying up the Premier League – and what it means for the future of football

    Source: The Conversation – UK – By Kieran Maguire, Senior Teacher in Accountancy and member of Football Industries Group, University of Liverpool

    When the Premier League broke away from the rest of English football in 1992, its 22 clubs generated £205 million in its debut season, and the average player earned £2,050 a week. Thirty years later, despite having two fewer clubs, the league’s revenue had increased by 2,850% to £6.1 billion and the average player earned £93,000 a week.

    At the heart of this extraordinary growth is an American revolution. In the Premier League’s inaugural season, football was still in recovery from the horrors of the stadium disasters at Hillsborough and Heysel. Owners tended to be from the local area and with a business background. The only foreign owner was Sam Hamman at Wimbledon, a Lebanese millionaire who bought the club on a whim having reportedly been much more interested in tennis. The season ended with Manchester United (under Alex Ferguson) winning the English game’s top league for the first time in 26 years.

    Now, if the bid for Everton by the Friedkin Group (TFG) is ratified, 11 of the 20 Premier League clubs will be controlled or part-owned by American investors. The US – long seen as football’s final frontier when it comes to the men’s game – suddenly can’t get enough of English “soccer”.

    Four of the Premier League’s “big six” are American-owned – Manchester United, Liverpool, Arsenal and Chelsea – while a fifth, Manchester City, has a significant US minority shareholding. Aston Villa, Fulham, Bournemouth, Crystal Palace, West Ham and Ipswich Town also have varying degrees of American ownership.

    And it’s not even just the glamour clubs at the top of the tree. American investment has also been significant lower down the football pyramid, led by the high-profile acquisition of then non-league Wrexham by Hollywood actors Ryan Reynolds and Rob McElhenny, and Birmingham City’s purchase by US investors including seven-time Super Bowl winner Tom Brady. American investment in football has reached places as geographically diverse as Carlisle and Crawley in England, and Aberdeen and Edinburgh in Scotland.

    So why the American obsession with English football? And how real are concerns that these US owners could collude to “Americanise” the traditions of the Premier League – whether by reducing the risk of relegation, introducing some form of “draft pick” system, or moving matches and even clubs to other cities?

    The Premier League’s first US owner

    Manchester United was the first Premier League club to come under American ownership – after a row about a horse.

    In 2005, United was owned by a variety of investors including Irish businessmen and racehorse owners John Magnier and J.P. McManus. Their erstwhile friend Ferguson, the United manager, thought he co-owned the champion racehorse Rock of Gibraltar with them – a stallion worth millions in stud rights. They disagreed – and their bitter dispute was such that Magnier and McManus decided to sell their shares in the football club.

    The Miami-based Glazer family – already involved in sport as owners of NFL franchise the Tampa Bay Buccaneers – had already been buying up small tranches of shares in United, but the sudden availability of the Irish shares allowed Malcolm Glazer to acquire a controlling stake for £790 million (around £1.5 billion at today’s prices).

    The fact Glazer did not actually have sufficient funds to pay for these shares was a solvable problem. In the some-might-say commercially naive world of top-flight English football before the Premier League, Manchester United was a club without debt, paying its way without leveraging its position as one of the world’s most famous football clubs. Glazer saw the opportunity this presented and arranged a leveraged buy-out (LBO), whereby the football club borrowed more than £600 million secured on its own assets to, in effect, “buy itself” in 2005.

    Despite the need to meet the high interest costs to fund the LBO, United continued winning trophies under Ferguson – including three Premier League titles in a row in 2007, 2008 and 2009, as well as a Champions League victory in 2008. Amid this success, the club felt that ticket prices were too low and set about increasing them, with matchday revenue increasing from £66 million in 2004/05 to over £101 million by 2007/08.

    Commercial income was another area the Glazers were keen to increase. United set up offices in London and adopted a global approach to finding new official branding deals ranging from snacks to tractor and tyre suppliers – doubling revenues from this income source too.

    But in this new, more aggressive world of “sweating the asset”, the debts lingered – and most United fans remained deeply suspicious of their American owners. (Following their father’s death in 2014, the club was co-owned by his six children, with brothers Avram and Joel Glazer becoming co-chairmen.)

    Today, despite its partial listing on the New York Stock Exchange and the February 2024 sale of 27.7% of the club to British billionaire Sir Jim Ratcliffe for a reputed £1.25 billion, United still has borrowings of more than £546 million, having paid cumulative interest costs of £969 million since the takeover in 2005. But with the club now valued at US$6.55 billion (around £5bn), it represents a very smart investment for the Glazer family.

    Indeed, while the prices being paid for football clubs across Europe have reached record levels, they are still seen as cheap investments compared with US sports’ leading franchises. Forbes’s annual list of the world’s most valuable sports teams has American football (NFL), baseball (MLB) and basketball (NBA) teams occupying the top ten positions, with only three Premier League clubs – Manchester United, Liverpool and Manchester City – in the top 50.

    With NFL teams having an average franchise value of US$5.1 billion and NBA $3.9 billion, many English football clubs still look like a bargain from the other side of the pond.

    The risk of relegation

    The latest to join this US bandwagon, TFG – a Texas-based portfolio of companies run by American businessman and film producer Dan Friedkin – is reported to have offered £400m to buy Everton, despite the club’s poor financial state.

    “The Toffees” have been hit by loss of sponsorships as well as two sets of points deductions for breaching the Premier League’s financial rules, leading to revenue losses from lower league positions. While the new stadium being built at Liverpool’s Bramley-Moore dock has been yet another financial constraint, it will at least increase matchday income from the start of next season.

    Everton’s new stadium at Bramley-Moore dock will open in time for the start of the 2025-26 season.
    Phil Silverman / Shutterstock

    A wider reason for the relative bargain in valuations of European football clubs is the risk of relegation – something that is not part of the closed leagues of most US sports. While the threat of relegation (and promise of promotion) has always been an integral part of English and European football, the jeopardy this brings for supporters – and a club’s finances – does not exist in the NFL, NBA, Major League Soccer and similar competitions.

    The Premier League, with its three relegation spots at the end of each season, has featured 51 different clubs since it launched in 1992. Only six clubs – Arsenal, Spurs, Chelsea, Manchester United, Liverpool and Everton – have been ever present, with Arsenal now approaching 100 years of consecutive top-flight football.

    Other Premier League clubs have experienced the dramatic cost-benefit of relegation and promotion. Oldham Athletic, who were in the Premier League for its first two seasons, now languish in the fifth tier of the game, outside the English Football League (EFL). In contrast, Luton Town, who were in the fifth tier as recently as 2014, were promoted to the Premier League in 2023 – only to be relegated at the end of last season.

    While it is difficult to compare football clubs with basketball and American football teams, the financial difference between having an open league, with relegation, and a closed league becomes apparent when you look at women’s football on both sides of the Atlantic.

    Angel City, a women’s soccer team based in Los Angeles, only entered the National Women’s Soccer League (NWSL) in 2022 and is yet to win an NWSL trophy. But last month, the club was sold for US$250 million (£188m) to Disney’s CEO Bob Iger and TV journalist Willow Bay – the most expensive takeover in the history of women’s professional sport.

    In comparison, Chelsea – seven-time winners of the English Women’s Super League and one of the most successful sides in Europe – valued its women’s team at £150 million ($US196m) earlier this summer. While there are a number of factors to this price differential, the confidence that Angel City will always be a member of the big league of US soccer clubs – and share very equally in its revenue – will have made its new owners very confident in the long-term soundness of their deal.

    The story of Angel City FC, the most expensive team in women’s sport.

    A further attraction for American investors is the potential to enter two markets – one mature (men’s football) and one effectively a start-up (the women’s game) – in a single purchase. In the US, the top men’s and women’s clubs are completely separate. But in Europe, most top-flight women’s teams are affiliated to men’s clubs – with the exception of eight-time Women’s Champions League winners Olympique Lyonnais Feminin, which split from the French men’s club when Korean-American businesswoman Michele Kang bought a majority stake in the women’s team in February 2024).

    While interest in, and hence value of, the WSL is now growing fast, the women’s game in England is dwarfed by viewer ratings for the Premier League – the most watched sporting league in the world, viewed by an estimated 1.87 billion people every week across 189 countries.

    These figures dwarf even the NFL which, while currently still the most valuable of all sporting leagues in terms of its broadcasting deals, must be looking at the growth of the Premier League with some jealousy. This may explain why some US franchise owners, such as Stan Kroenke, the Glazer family, Fenway Sports Group and Billy Foley, have subsequently purchased Premier League football clubs.

    Ironically, for many spectators around the world, it is the intensity and competitiveness of most Premier League matches – brought on in part by the threat of relegation and prize of European qualification – that makes it so captivating. However, billionaire investors like guaranteed numbers and dislike risk – especially the degree of financial risk that exists in the Premier League and English Football League.

    European not-so-Super League

    In April 2021, 12 leading European clubs (six from England plus three each from Spain and Italy) announced the creation of the European Super League (ESL). This new mid-week competition was to be a high-revenue generating, closed competition with (eventually) 15 permanent teams and five annual additions qualifying from Europe. According to one of the driving forces behind the plan, Manchester United co-chairman Joel Glazer:

    By bringing together the world’s greatest clubs and players to play each other throughout the season, the Super League will open a new chapter for European football, ensuring world-class competition and facilities, and increased financial support for the wider football pyramid.

    The problem facing the Premier League’s “big six” clubs – and their ambitious owners – is there are currently only four slots available to play in the Champions League. So, their thinking went, why not take away the risk of not qualifying? However, the proposal was swiftly condemned by fans around Europe, together with football’s governing bodies and leagues – all of whom saw the ESL proposal as a threat to the quality and integrity of their domestic leagues. Following some large fan protests, including at Chelsea’s Stamford Bridge, Manchester City was the first club to withdraw – followed, within a couple of days, by the rest of the English clubs.

    Under the terms of the ESL proposals, founding member clubs would have been guaranteed participation in the competition forever. Guaranteed participation means guaranteed revenues. The current financial gap between the “big six” and the other members of the Premier League, which in 2022/23 averaged £396 million, would have widened rapidly.

    For example, these clubs would have been able to sell the broadcast rights for some of their ESL home fixtures direct to fans, instead of via a broadcaster. All of a sudden, that database of fans who have downloaded the official club app, or are on a mailing list, becomes far more valuable. These are the people most willing to watch their favourite team on a pay-per-view basis, further increasing revenues.

    At the same time, a planned ESL wage cap would have stopped players taking all these increased revenues in the form of higher wages, allowing these clubs to become more profitable and their ownership even more lucrative.

    American-owned Manchester United and Liverpool had previously tried to enhance the value of their investments during the COVID lockdowns era via ProjectBig Picture – proposals to reduce the size of the Premier League and scrap one of the two domestic cup competitions, thus freeing up time for the bigger clubs to arrange more lucrative tours and European matches against high-profile opposition.

    Most importantly, Project Big Picture would have resulted in changing the governance of the domestic game. Under its proposals, the “big six” clubs would have enjoyed enhanced voting rights, and therefore been able to significantly influence how the domestic game was governed.

    Any attempt to increase the concentration of power raises concerns of lower competitive balance, whereby fewer teams are in the running to win the title and fewer games are meaningful. This is a problem facing some other major European football leagues including France’s Ligue 1, where interest among broadcasters has dwindled amid the perceived dominance of Paris St-Germain.

    So while to date, American-led attempts to change the structure of the Premier League have been foiled, it’s unlikely such ideas have gone away for good. The near-universal fear of fans – even those who welcome an injection of extra cash from a new billionaire owner – is that the spectacle of the league will only be diminished if such plans ever succeed.

    And there is evidence from the women’s game that the US closed league format is coming under more pressure from football’s global forces. The NWSL recently announced it is removing the draft system that is designed (as with the NFL and NBA) to build in jeopardy and competitive balance when there is no risk of relegation.

    Top US women’s football clubs are losing some of their leading players to other leagues, in part because European clubs are not bound by the same artificial rules of employment. In a truly global professional sport such as football, international competition will always tend to destabilise closed leagues.

    Why do they keep buying these clubs?

    Does this mean that American and other wealthy owners of Premier League clubs seeking to reduce their risks are ultimately fighting a losing battle? And if so, given the potential risks involved in owning a football club – both financial and even personal – why do they keep buying them?

    The motivations are part-financial, part technological and, as has always been the case with sports ownership, part-vanity.

    The American economy has grown far faster than that of the EU or UK in recent years. Consequently, there are many beneficiaries of this growth who have surplus cash, and here football becomes an attractive proposition. In fact, football clubs are more resilient to recessions than other industries, holding their value better as they are effectively monopoly suppliers for their fans who have brand loyalty that exists in few other industries.

    From 1993 to 2018, a period during which the UK economy more than doubled, the total value of Premier League clubs grew 30 times larger. And many fans are tied to supporting one club, helping to make the biggest clubs more resilient to economic changes than other industries. While football, like many parts of the entertainment industry, was hit by lockdown during Covid, no clubs went out of business, despite the challenges of matches being played in empty stadiums.

    Added to this, the exchange rates for US dollars have been very favourable until recently, making US investments in the UK and Europe cheaper for American investors.



    This article is part of Conversation Insights.

    Our co-editors commission long-form journalism, working with academics from many different backgrounds who are engaged in projects aimed at tackling societal and scientific challenges.


    So, while Manchester United fans would argue that the Glazer family have not been good for the club, United has been good for the Glazers. And Fenway Sports Group (FSG), who bought Liverpool for £300 million in 2010, have recouped almost all of that money in smaller share sales while remaining majority owners of Liverpool.

    Despite this, the £2.5 billion price paid for Chelsea by the US Clearlake-Todd Boehly consortium in May 2022 took markets by surprise.

    The sale – which came after the UK government froze the assets of the club’s Russian oligarch owner, Roman Abramovich, following the invasion of Ukraine – went through less than a year after Newcastle United had been sold by Sports Direct founder Mike Ashley to the Saudi Arabian Public Investment Fund for £305 million – approximately twice that club’s annual revenues. Yet Clearlake-Boehly were willing to pay over five times Chelsea’s annual revenues to acquire the club, even though it was in a precarious financial position.

    Clearlake is a private equity group whose main aim is to make profits for their investors. But unlike most such investors, who tend to focus on cost-cutting, the Chelsea ownership came in with a high-spending strategy using new financial structuring ideas, such as offering longer player contracts to avoid falling foul of football’s profitability and sustainability rules (although this loophole has since been closed with Uefa, European football’s governing body, limiting contract lengths for financial regulation purposes to five years).

    Chelsea’s location in the one of the most expensive areas of London, combined with its on-field success under Abramovich, all added to the attraction, of course. But there are other reasons why Clearlake, along with billionaire businessman Boehly, were willing to stump up so much for the club.

    From Hollywood to the metaverse

    While some British football fans may have viewed the Ted Lasso TV show as an enjoyable if slightly twee fictional account of American involvement in English soccer, it has enhanced the attraction of the sport in the US. So too Welcome To Wrexham – the fly-on-the-wall series covering the (to date) two promotions of Wales’s oldest football club under the unlikely Hollywood stewardship of Reynolds and McElhenney.

    Welcome To Wrexham, season one trailer.

    The growth in US interest in English football is reflected in the record-breaking Premier League media rights deal in 2022, with NBC Sports reportedly paying $2.7 billion (£2.06bn) for its latest six-year deal.

    But as well as football offering one of increasingly few “live shared TV experiences” that carry lucrative advertising slots, there may also be more opportunity for more behind-the-scenes coverage of the Premier League – as has long been seen in US coverage of NBA games, for example, where players are interviewed in the locker room straight after games.

    According to Manchester United’s latest annual report, the club now has a “global community of 1.1 billion fans and followers”. Such numbers mean its owners, and many others, are bullish about the potential of the metaverse in terms of offering a matchday experience that could be similar to attending a match, without physically travelling to Manchester.

    Their neighbours Manchester City, part-owned by American private equity company Silverlake, broke new (virtual) ground by signing a metaverse deal with Sony in 2022. Virtual reality could give fans around the world the feeling of attending a live match, sitting next to their friends and singing along with the rest of the crowd (for a pay-per-view fee).

    Some investors are even confident that advancements in Abba-style avatar technology could one day allow fans to watch live 3D simulations of Premier League matches in stadiums all over the world. Having first-mover advantage by being in the elite club of owners who can make use of such technology could prove ever more rewarding.

    More immediately, there are some indications that competitive matches involving England’s top men’s football teams could soon take place in US or other venues. Boehly, Chelsea’s co-owner, has already suggested adopting some US sports staples such as an All-Star match to further boost revenues. Indeed, back in 2008, the Premier League tentatively discussed a “39th game” taking place overseas, but that idea was quickly shelved.

    The American owners of Birmingham City were keen to play this season’s EFL League One match against Wrexham in the US, but again this proposal did not get far. Liverpool’s chairman Tom Werner says he is determined to see matches take place overseas, and recent changes to world governing body Fifa’s rulebook could make it easier for this proposal to succeed.

    The potential benefits of hosting games overseas include higher matchday revenues, increased brand awareness, and enhanced broadcast rights. While there is likely to be significant opposition from local fans, at least American owners know they would not face the same hostility about rising matchday prices in the US as they have encountered in England.

    When the Argentinian legend Lionel Messi signed for new MLS franchise Inter Miami in 2023, season ticket prices nearly doubled on his account. And while there is vocal opposition to higher ticket prices in England, this is not borne out in terms of lower attendances for matches against high-calibre opposition – as evidenced by Aston Villa charging up to £97 for last week’s Champions League meeting with Bayern Munich.

    Villa’s director of operations, Chris Heck, defended the prices by saying that difficult decisions had to be made if the club was to be competitive.

    Manchester United’s matchday revenue per EPL season (£m)


    Kieran Maguire/Christina Philippou, CC BY

    For much of the 2010s, with broadcast revenues increasing rapidly, many Premier League owners made little effort to stoke hostilities with their loyal fan bases by putting up ticket prices. Indeed, Manchester United generated little more from matchday income in the 2021-22 season, as football emerged from the pandemic, than the club had in 2010-11 (see chart above).

    However, this uneasy truce between fans and owners has ceased. The relative flatlining of broadcast revenues since 2017, along with cost control rules that are starting to affect clubs’ ability to spend money on player signings and wages, has changed club appetites for dampened ticket prices. This has resulted in noticeable rises in individual ticket and season ticket prices by some clubs.

    However, season ticket and other local “legacy” fans generate little money compared with the more lucrative overseas and tourist fans. They may only watch their favourite team live once a season, but when they visit, they are far more likely not only to pay higher matchday prices, but to spend more on merchandise, catering and other offerings from the club.

    Today’s breed of commercially aware, profit-seeking US Premier League owners – pioneered by the Glazer family, who saw that “sweating the asset” meant more than watching football players sprinting hard – understand there is a lot more value to come from English football teams. The clubs’ loyal local supporters may not like it, but English football’s American-led revolution is not done yet.



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    Kieran Maguire has taught courses and presented on football finance for the Professional Footballers Association, League Managers Association, FIFA and national football associations in Europe.

    Christina Philippou is affiliated with the RAF FA, and Premier League education programs.

    ref. Why America is buying up the Premier League – and what it means for the future of football – https://theconversation.com/why-america-is-buying-up-the-premier-league-and-what-it-means-for-the-future-of-football-240695

    MIL OSI – Global Reports

  • MIL-OSI Canada: The Government of Canada supports the renovation of Le Pantoum

    Source: Government of Canada News

    News release

    QUÉBEC CITY, October 17, 2024

    Investing in cultural and creative spaces helps enrich our communities by providing them with spaces that bring people together and are accessible to everyone.

    Today, the Honourable Jean-Yves Duclos, Minister of Public Services and Procurement, Quebec Lieutenant and Member of Parliament (Québec), announced $962,105 in financial support for Création Le Pantoum. Minister Duclos made the announcement on behalf of the Honourable Pascale St-Onge, Minister of Canadian Heritage, the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec, and the Honourable Kamal Khera, Minister of Diversity, Inclusion and Persons with Disabilities.

    Canadian Heritage provided $604,960 through the Canada Cultural Spaces Fund. Part of that funding was used to acquire the building. Canada Economic Development for Quebec Regions (CED) provided a non-repayable contribution of $285,000 under the Canada Community Revitalization Fund. Finally, Employment and Social Development Canada provided $72,145 under the Small Projects Component of the Enabling Accessibility Fund. These contributions will allow Création Le Pantoum to welcome its audiences in accessible and safe spaces and improve the environment for emerging artists to create and share their work.

    Quotes

    “By supporting the development of the Canadian arts scene, our government is helping to enrich a space where creativity and talent meet. After major renovations, Création Le Pantoum now has redesigned spaces for artists and the public. Thanks to the team for showcasing local talent and promoting the next generation.”

    – The Honourable Pascale St-Onge, Minister of Canadian Heritage

    “Our government is committed to the vitality of our communities. Community organizations like Création Le Pantoum are driving initiatives that support their communities and contribute to cultural development both in Québec and across the country. Supported by CED through the Canadian Community Revitalization Fund, this project promotes social inclusion by improving accessibility in the organization’s facilities. Congratulations to everyone on this visionary project for the development of culture and diversity in Québec!”

    – The Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec

    “Music and the arts give people a sense of belonging and unity and have been bringing people together for generations. We are working to remove barriers, improve accessibility and inclusion and support Quebec artists by investing in organizations like Création Le Pantoum through programs such as the Enabling Accessibility Fund. By working together, one project at a time, we can make Canada a place that is truly accessible for everyone.”

    – The Honourable Kamal Khera, Minister of Diversity, Inclusion and Persons with Disabilities

    “We believe in supporting cultural spaces such as Le Pantoum, which is essential to the creation of music in the City of Québec. This investment will strengthen our support for emerging artists and cultural communities. Le Pantoum is managed by passionate artists and workers who will continue to innovate and showcase our city’s artistic heritage.”

    – The Honourable Jean-Yves Duclos, Minister of Public Services and Procurement, Quebec Lieutenant and Member of Parliament (Québec)

    “Over the past 12 years, Création le Pantoum has established itself as the main centre for producing and promoting emerging music in the City of Québec. With the federal government’s help, we can carry out our organization’s most ambitious project: guaranteeing its sustainability for years to come.”

    – Émilie Tremblay, Executive Director of Création Le Pantoum

    Quick facts

    • Founded in 2012, Le Pantoum is a music creation centre run by a community of cultural workers in Québec City. Le Pantoum’s mission is to strengthen the arts community and promote its work using alternative and innovative means.

    • The Canada Cultural Spaces Fund helps improve the physical conditions to support innovation in the arts, heritage and creative fields. The Fund supports renovation projects as well as the acquisition of specialized equipment and the planning, design and execution of feasibility studies for arts and heritage cultural spaces.

    • The Canadian Community Revitalization Fund was created by Canada’s regional development agencies in June 2021 to help communities across Canada carry out community infrastructure projects and improve existing infrastructure with the goal of reestablishing momentum after the COVID-19 pandemic.

    • The Enabling Accessibility Fund is a federal grants and contributions program. It supports infrastructure projects across Canada aimed at increasing accessibility, safety and inclusion for people with disabilities in communities and in the workplace. The fund has supported more than 7,700 projects since its inception, which has helped thousands of Canadians access programs, services and jobs in their communities.

    Associated links

    Contacts

    For more information (media only), please contact:

    Charles Thibault-Béland
    Press Secretary
    Office of the Minister of Canadian Heritage
    charles.thibault-beland@pch.gc.ca

    Media Relations
    Canadian Heritage
    1-819-994-9101
    1-866-569-6155
    media@pch.gc.ca

    Waleed Saleem
    Press Secretary
    Office of the Minister of Diversity, Inclusion and Persons with Disabilities
    waleed.saleem@hrsdc-rhdcc.gc.ca

    Media Relations Office
    Employment and Social Development Canada
    (819) 994-5559
    media@hrsdc-rhdcc.gc.ca

    Marie-Justine Torres
    Press Secretary
    Office of the Minister of Sport and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec
    (613) 327-5918
    marie-justine.torresames@ised-isde.gc.ca

    Media Relations
    Canada Economic Development for Quebec Regions
    media@dec-ced.gc.ca

    MIL OSI Canada News

  • MIL-OSI Russia: We Can Do Better

    Source: IMF – News in Russian

    October 17, 2024

    Thank you, Andrea, for your kind words. And thanks to all of you for coming.

    Five years ago in this hall I delivered my first curtain-raiser as head of the IMF.

    At that time my main concern was a synchronized slowdown in global growth. Only months later it paled in comparison with the sudden shock of the pandemic, followed by other dramatic events—the tragic wars in Ukraine and the Middle East, the cost-of-living crisis, and a further fracturing of the global economy.

    Next week, the world’s finance ministers and central bank governors will converge here to reflect on where we are, where we are headed, and what to do about it. Let me offer you a preview of what this conversation will look like.

    First, we will cherish the good news—and rightly so, because we haven’t had much of it lately. The big global inflation wave is in retreat. A combination of resolute monetary policy action, easing supply chain constraints, and moderating food and energy prices is guiding us back in the direction of price stability.

    And this has been done without tipping the global economy into recession and large-scale job losses—something we saw during the pandemic and after past inflation episodes, and which many feared we would see again. Both the US and euro area labor markets, to take two examples, are cooling in an orderly manner.

    This is a big achievement.

    Where did this resilience come from? Answer: from strong policy and institutional foundations built over time, and from international policy cooperation as countries learned to act fast and act together. We are benefiting from central bank independence in advanced economies and many emerging markets; years of prudential reforms in banking; progress made in building fiscal institutions; and capacity development worldwide.

    But, despite the good news, don’t expect any victory parties next week—for at least three reasons:

    • For one thing, inflation rates may be falling, but the higher price level that we feel in our wallets is here to stay. Families are hurting, people are angry. Advanced economies saw inflation rates at once-in-a-generation highs. So too did many emerging market economies. But look how bad the situation was for the low-income countries. At the country level and at the level of individuals, inflation always hits the poor the hardest.
    • Even worse, we are in a difficult geopolitical environment. We are all very worried about the expanding conflict in the Middle East and its potential to destabilize regional economies and global oil and gas markets. Its humanitarian impact, alongside the prolonged wars in Ukraine and elsewhere, is heartbreaking.
    • And on top of it all, this is happening at a time when our forecasts point to an unforgiving combination of low growth andhigh debt—a difficult future.

    Let’s take a closer look: medium-term growth is forecast to be lackluster—not sharply lower than pre-pandemic, but far from good enough. Not enough to eradicate world poverty. Nor to create the number of jobs we require. Nor to generate the tax revenues that governments need to service heavy debt loads while attending to vast investment needs, including the green transition.

    The picture is made more troubling by high and rising public debt—way higher than before the pandemic, even after the brief but significant fall in debt-to-GDP as inflation lifted nominal GDP. And do please notice the shaded area in the chart—what it shows is that, in a severe but plausible adverse scenario, debt could climb some 20 percentage points of GDP above our baseline.

    What does this mean for “fiscal space”? To answer this, let’s look at the share of government revenue consumed by interest payments. This is where high debt, high interest rates, and low growth come together—because it is growth that generates the revenues governments need to function and invest. As debt increases, fiscal space contracts disproportionately more in low-income countries—not all debt burdens are made the same.

    And fiscal space keeps shrinking. Just look at the frightening evolution of the interest-to-revenue ratio over time. We can immediately see how the tough spending choices have become tougher with higher debt payments. Schools or climate? Digital connectivity or roads and bridges? That is what it comes down to.

    To make matters worse, we live in deeply troubled times. The peace dividend from the end of the Cold War is increasingly at risk. In a world of more wars and more insecurity, defense expenditures may well keep rising while aid budgets fall further behind the growing needs of developing countries.

    Not only is development assistance too small, but major players, driven by national security concerns, are increasingly resorting to industrial policy and protectionism, creating one trade restriction after another. Going forward, trade will not be the same engine of growth as before. It is the fracturing I warned of back in 2019—but worse. It is like pouring cold water on an already-lukewarm world economy.

    My message today: we can do better.

    As Ajay Banga, President of the World Bank and my dear colleague from across the street, likes to say: forecasts are not destiny. There is plenty we can and must do to lift our growth potential, reduce debt, and build a more resilient world economy.

    Let me start with the domestic agenda. Governments must work to reduce debt and rebuild buffers for the next shock—which will surely come, and maybe sooner than we expect. Budgets need to be consolidated—credibly, yet gradually in most countries. This will involve difficult choices on how to raise revenues and make spending more efficient, while also making sure that policy actions are well-explained to earn the trust of the people.

    Here is the problem though: fiscal restraint is never popular. And, as a new paper by IMF staff shows, it’s only getting harder. Across a wide sample of countries, political discourse increasingly favors fiscal expansion. Even the traditionally fiscally conservative political parties are developing a taste for borrow-to-spend. Fiscal reforms are not easy, but they are necessary and they can enhance inclusion and opportunity. Countries have shown that it can be done.

    Ultimately, over the medium term, growth is key—to deliver jobs, tax revenues, fiscal space, and debt sustainability. Everywhere I go, I hear the same: an aspiration for higher growth and better opportunities. The question is: how?

    Answer: focus on reforms—there is no time to waste:

    • First area of reforms: make job markets work for people. We confront a world of deeply uneven demography: surging young populations in some places, aging societies elsewhere. Economic migration can help, but only up to a point given the anxieties in many countries. So too can supportive steps to help get more women into the workforce. Above all, there is a need for reforms to enhance skill sets and match the right people to the right jobs.
    • Second area: mobilize capital. There is an abundance of it globally, but often not in the right places or right types of investments—just think of all the money from all corners of the globe poured into liquid but less-productive assets in a few major financial centers. Putting savings to work for maximum economic benefit requires policymakers to focus on eliminating barriers such as weak investment environments and shallow capital markets. Financial sector oversight must not only ensure stability and resilience, but also encourage prudent risk-taking and value creation.
    • Third area: enhance productivity. This is what yields more output per unit of input, and there are many ways to raise it, from improving governance and institutions to cutting red tape to harnessing the power of AI. More and better spending on education and R&D help. Among advanced economies, those that lead on innovation show what works: venture capital industries, ecosystems that bring not only financing but knowledge, advice, and professional networks—screening new ideas, identifying winners, feeding them from birth to graduation. There are many lessons for others to learn.

    Globally, the pace of reforms has been slowing since the global financial crisis as discontent has risen.

    But progress is possible. A new IMF study shows that resistance to reforms is often driven by beliefs and misperceptions about the reforms themselves as well as the distributional effects. Reforms are best developed through two-way dialogue with the public, with measures to mitigate the impact on those who risk losing out. We have learnt how much this matters.

    As policymakers pursue reforms at home, they must also look outward.

    There is much that countries can do together as members of an integrated economic community, each benefitting from its own comparative advantage.

    The forces of technology, trade, and capital mobility have delivered a hugely valuable degree of interconnectedness.

    Yet still, we live in a mistrustful, fragmented world where national security has risen to the top of the list of concerns for many countries. This has happened before—but never in a time of such high economic co-dependence.

    My argument is that we must not allow this reality to become an excuse to do nothing to prevent a further fracturing of the global economy. Quite the opposite. My appeal during these Annual Meetings will be: let us work together, in an enlightened way, to lift our collective prospects.

    Let us not take the global tensions as given, but rather resolve to work to lower the geopolitical temperature and attend to the tasks that can only be tackled together:

    • Exhibit one: trade, which has lowered prices, improved quality, and created jobs. Thus far, trade has shown remarkable resilience in the face of new barriers, often flowing around them via third countries. But such redirection is not efficient, nor can we assume it will continue indefinitely. Countries would do well to recognize that the rules-based global trading system delivered many benefits and is worth preserving.
    • Two: climate, where we face an existential challenge, with countries that contributed the least to global emissions now first to suffer. Unexpectedly fast global warming should be ringing alarm bells. The glaciers are melting, the icecaps crumbling. Adverse weather events have telegraphed a frightening message from the future. We know what we must do: create fiscal space for the green transition, eliminate fossil-fuel subsidies, and get capital to where it is most needed. But we must do it!
    • Three: artificial intelligence, our single best shot at higher productivity. IMF research finds that AI, if managed well, has the potential to lift world growth by up to 0.8 percentage points—with that alone, we would go to a higher growth path than in the years before the pandemic. Yet AI is urgently in need of regulatory and ethical codes that are fundamentally global. Why? Because AI is borderless—it is already on smartphones everywhere. We better hurry. This technology will not wait!

    In all these areas and many more, the bottom line is that countries need to relearn how to work together. And institutions like the IMF—born from the basic idea that pooling resources together is efficient—play a vital role.

    In my first term as Managing Director—an unprecedented crisis period—we acted decisively to help our membership. We provided one trillion dollars’ worth of liquidity, and we delivered critical economic analysis and advice that helped policymakers synchronize their actions.

    Now, in the first days of my second term we have delivered again.

    Our Executive Board, in full consensus, has just approved important reforms that reinforce our strong financial position and directly benefit our membership. We are reducing charges and surcharges on our regular lending, and putting in place a comprehensive package that secures our concessional lending capacity to support low-income countries.

    And on November 1 our Board will welcome a third Director for Sub-Saharan Africa, ensuring more voice for what has been an underrepresented region.

    Combined with the fifty percent quota increase agreed at our last Annual Meetings, these actions give us the strength to continue to deliver high value-added to a membership that engages not out of charity but self-interest.

    It is the value we bring to our members that has resulted in our membership growing—and on that note, a very warm welcome to the Principality of Liechtenstein as it joins us as our 191st member!

    From our founding at Bretton Woods in the dark days of 1944 to today, the IMF has established a tradition of adapting to the changing world around it. Today, I give you my word: this will continue. We will stand with our members, always looking for the most impactful ways to serve.

    By the time I complete my second term at the helm of the IMF, I will have led it for most of this decade. And if I were granted one wish, it would simply be this: let not this decade be remembered as one where we allowed conflict to get in the way of existential tasks, storing up vast costs and potential calamity for those to follow. Let it be remembered as a time when we rose above our differences for the good of all.

    For our mutual prosperity—and ultimately for our survival—I say we can do better: let there be peace on earth and a revival of cooperation.

    Thank you!

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Mayada Ghazala

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/17/sp101724-annual-meetings-2024-curtain-raiser

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Canada: The Government of Canada has supported Grande-Rivière’s athletics track

    Source: Government of Canada News (2)

    CED has granted over $550,000 to the Ville de Grande-Rivière for its project to build an outdoor athletics track.

    CED has granted over $550,000 to the Ville de Grande-Rivière for its project to build an outdoor athletics track.

    Grande-Rivière, Quebec, October 16, 2024Canada Economic Development for Quebec Regions (CED)

    Shared public spaces such as sports facilities are at the heart of communities. They are important hubs for residents and visitors and contribute to dynamic regions. The pandemic led to a rethinking of how public spaces are organized, and the Government of Canada has a strategic vision to create living environments where everyone can thrive.

    Today, the Honourable Diane Lebouthillier, Member of Parliament for Gaspésie‒Les Îles-de-la-Madeleine and Minister of Fisheries, Oceans and the Canadian Coast Guard, took the opportunity while attending the opening of the athletics track to announce, on behalf of the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, a non‑repayable contribution of $551,163 for the municipality’s project through the Canada Community Revitalization Fund (CCRF). This support has enabled the Ville de Grande-Rivière to prepare the site and install an athletics track and lighting system.

    The Government of Canada recognizes that community spaces promote social interaction and physical activity. Providing better access to recreational programs and facilities contributes to the well-being of communities, families and individuals across the country. The economic recovery is closely linked to the vitality of local communities and their shared spaces.

    Quotes

    “CED’s support for the athletics track project in Grande-Rivière is a testament to the Government of Canada’s commitment to boost economic development in communities. This wonderful project will dynamize the community by providing sports infrastructure that is accessible to residents in the five municipalities in the MRC du Rocher-Percé. I am confident that citizens and visitors will make it their own and that their quality of life will thus improve. Congratulations on this exciting project in the development of our beautiful region!”

    The Honourable Diane Lebouthillier, Member of Parliament for Gaspésie‒Les Îles-de-la-Madeleine and Minister of Fisheries, Oceans and the Canadian Coast Guard

    “Our government takes community vitality to heart. Initiatives such as this one to build an athletics track in Grande-Rivière showcase their community, always to the benefit of those living in Canada. Like myself, residents in the MRC du Rocher-Percé can and must be proud of these very positive impacts on the region. This CED support will make it possible to improve the quality of life of citizens in Grande‑Rivière and across the regional county municipality.”

    The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED

    “In every respect, this track meets the municipality’s objectives to develop quality sports infrastructure that is accessible to everyone so that citizens of all ages can grow and surpass themselves in a welcoming, safe environment and, in addition, so that we can finally host local and regional competitions. We already see a real trend around walking and running. A walking club with over 100 seniors, high school students training over their lunch hour, and young athletes from the athletics club who are already making a name for themselves provincially are so many examples that make me proud of this investment.”

    Gino Cyr, Mayor, Ville de Grande-Rivière

    Quick facts

    • The Canada Community Revitalization Fund (CCRF) was launched in June 2021. A total of $500 million was provided over two years to Canada’s regional development agencies (RDAs), including $107 million to CED to invest in shared and inclusive public spaces in Quebec. As public health restrictions ease, the Government of Canada remains committed to investing in shared spaces to make them safer, greener and more accessible. This in turn will stimulate local economies, create jobs and improve quality of life for Canadians. This funding helps communities:
      • adapt community spaces and assets so that they may be used safely in accordance with local public-health guidelines; and
      • build or improve community spaces to encourage Canadians to re-engage in and explore their communities and regions.
    • The CCRF is being deployed under CED’s Quebec Economic Development Program (QEDP).
    • CED is the key federal partner in Quebec’s regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow’s economy.

    Associated links

    Information

    Media Relations
    Canada Economic Development for Quebec Regions
    media@dec-ced.gc.ca

    Marie-Justine Torres
    Press Secretary
    Office of the Minister of Tourism and Minister responsible for Canada Economic Development for Quebec Regions
    Cell: 613-327-5918
    marie-justine.torresames@ised-isde.gc.ca

    Stay connected

    Follow CED on social media
    Consult CED’s news

    MIL OSI Canada News

  • MIL-OSI Security: Six More Defendants Plead Guilty in Federal Pandemic Unemployment Benefit Scheme

    Source: United States Department of Justice (National Center for Disaster Fraud)

    ABINGDON, Va. – Six defendants indicted in May 2024 for conspiring to defraud the United States, to commit program fraud, and to commit mail fraud in connection to a scheme involving the filing of fraudulent claims for pandemic unemployment benefits, pled guilty yesterday in federal court.

    Josef Ludwig Brown, 43, of Tazewell, Virginia; Crystal Samantha Shaw, 39, of Raven, Virginia; Jonathan Scott Webb, 40, of Raven, Virginia; Christopher Kirk Webb, 39, of Raven, Virginia; and Stephanie Amber Barton, 30, of Cedar Bluff, Virginia, all pled guilty to one count of conspiring to defraud the United States in connection with emergency benefits, while Haleigh McKenzie Wolfe, 30, of Cedar Bluff, Virginia, entered a guilty plea to defrauding the United States in connection with emergency benefits.

    According to court documents, between March 2020 and September 2021, these co-defendants conspired with others to file fraudulent claims and recertifications for pandemic unemployment benefits via the Virginia Employment Commission website while they were incarcerated in jails throughout the Western District of Virginia. Due to their incarceration status, these defendants were ineligible for pandemic unemployment benefits. Brown, one of the lead defendants in this investigation, admitted he solicited other co-conspirators while he was incarcerated to obtain their personal identifying information to provide to Shaw, another lead defendant, for her use in filing fraudulent claims and recertifications for unemployment benefits. In total, among the 17 defendants charged in this conspiracy, the Virginia Employment Commission paid out over $340,000 in fraudulent pandemic relief benefits.

    Earlier this year, Brian Edward Addair, Clinton Michael Altizer, Cara Camille Bailey, Jeramy Blake Farmer, Joseph Frederick Hass, Daniel Wayne Horton, Jessica Dawn Lester, and Terrance Brooks Vilacha pled guilty to related fraud charges.

    United States Attorney Christopher R. Kavanaugh, Brian D. Miller, Special Inspector General for Pandemic Recovery, and Virginia Attorney General Jason Miyares made the announcement.

    As part of the Pandemic Response Accountability Committee (PRAC) Task Force, this investigation was conducted by the Special Inspector General for Pandemic Recovery. The PRAC’s 20-member Inspectors General identify major risks that cross program and agency boundaries to detect fraud, waste, abuse, and mismanagement in the more than $5 trillion in COVID-19 spending.

    Agencies that assisted with this investigation include the Dickenson County Sheriff’s Office, the Southwest Virginia Regional Jail Authority, the Federal Bureau of Investigation, the United States Department of Labor, and the Virginia Employment Commission.

    Special Assistant U.S. Attorney M. Suzanne Kerney-Quillen, a Senior Assistant Attorney General with the Virginia Attorney General’s Major Crimes and Emerging Threats Section, and Assistant U.S. Attorney Danielle Stone are prosecuting the case for the United States.

    MIL Security OSI

  • MIL-OSI USA: Shapiro Administration Invests $4 Million to Grow Ag Industry, Expand Fresh, Affordable Food Access Across Pennsylvania

    Source: US State of Pennsylvania

    October 16, 2024Erie, PA

    Shapiro Administration Invests $4 Million to Grow Ag Industry, Expand Fresh, Affordable Food Access Across Pennsylvania

    Agriculture Secretary Russell Redding announced the relaunch of the Fresh Food Financing Initiative (FFFI) that will invest $4 million in businesses working to expand access to fresh food across Pennsylvania. At Erie Food Co-op, Redding toured upgrades, funded by an FFFI grant during the COVID-19 pandemic, that are helping the business to connect the community with fresh, more affordable local food.

    Governor Josh Shapiro devoted $2 million per year in each of his first two bipartisan state budgets to revive the initiative previously been funded with federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) dollars. Legislation giving the PA Department of Agriculture authority to spend the money followed in 2024.

    “Pennsylvania farmers are at the top of their game at producing fresh, healthy food, Secretary Redding said. “But too many families struggle to find – or afford — fresh food in their communities, and their health suffers. Fresh Food Financing grants help grocery stores and markets in those communities expand to meet that need. The initiative is one more way the Shapiro Administration is investing in opportunities for Pennsylvania farms, food businesses, and families to succeed.”

    Speakers Include:
    Leanna Nieratko (CEO, food co-op)
    Secretary of Agriculture Russell Redding
    Sarah Parker (farmer, Parable Farm)
    Rep. Bob Merski
    Sen. Dan Laughlin

    MIL OSI USA News

  • MIL-OSI USA: Sherrill Takes Action to Reduce Grocery Prices in New Jersey

    Source: United States House of Representatives – Congresswoman Mikie Sherrill (NJ-11)

    REDUCE FOOD PRICES ACT WOULD INCREASE COMPETITION AND LOWER COSTS FOR NJ FAMILIES AT THE GROCERY STORE

    MERCER COUNTY – Yesterday, Rep. Mikie Sherrill (NJ-11) introduced the REDUCE Food Prices Act, which will expand competition in the supermarket and grocery industries and lower costs for New Jersey families. Standing alongside Mercer County Executive Dan Benson, Deputy County Administrator Taraun Tice McKnight, and Hamilton Mayor Jeff Martin at Compare Fresh in Trenton, Rep. Sherrill spoke about how her legislation – introduced with Rep. Jahana Hayes (CT-05) – would give tax incentives for small grocers to start businesses, hire workers, and increase competition in areas with high corporate consolidation. 

    “All across the Garden State, I’ve heard from families who have struggled to keep up with rising prices at the grocery store – making it harder to put food on the table and make ends meet. That’s why I’m taking action by introducing the REDUCE Food Prices Act, which will increase competition, expand tax credits for small grocery stores to open their doors, and drive down prices for families,” said Rep. Sherrill. “But we can’t stop there. I’m also working to crack down on price gouging and the deceptive practice of ‘shrinkflation’ – when a corporation reduces the size of a product without lowering their prices.”

    “Congresswoman Sherrill is right on the money with her legislation to expand independent grocery stores through tax credit incentives,” said Mercer County Executive Dan Benson. “Growing up we got all our food from independent grocery stores, who were invested in our community. By providing tax credits through Congresswoman Sherrill’s legislation we can lower food prices for families in Mercer County.”

    “As we see here in Mercer County, when food costs increase, so do food insecurity rates. Consequently, families are left to choose between paying for food versus paying their rent or mortgage, or paying for food rather than paying childcare. When this happens, lives are disrupted. The REDUCE Food Prices Act introduced by Congresswoman Sherrill is a critical step towards relieving families of these stressors.” said Taraun Tice McKnight, Deputy County Administrator & Director, Department of Human Services, Mercer County.

    The REDUCE Food Prices Act has also been endorsed by a number of consumer advocacy organizations, including Consumer Federation of America, Consumer Action, and Public Citizen.

    “Monopoly power in the food retail sector has raised prices and reduced choices for consumers,” said Thomas Gremillion, Director of Food Policy at Consumer Federation of America. “By creating incentives for small businesses to compete in areas where the big retailers have cornered the market, the REDUCE Food Prices Act will help to level the playing field and build a more resilient, healthier food system that benefits not just consumers but also workers, farmers and ranchers, rural communities, and the environment.”

    Food prices have increased significantly for families since the COVID-19 pandemic, with grocery prices rising by over 25 percent from January 2020 to July 2024. Additionally, in 2024, the four largest food retailers account for more than 50 percent of national grocery store sales – a marked increase over the past two decades. That has resulted in higher prices for consumers. 

    One study found that increased food retail concentration at the local level is associated with large increases in food prices, while another found both that market concentration among food retailers is strongly linked to higher prices and that food price inflation declines when new businesses enter a concentrated market dominated by traditional supermarkets. 

    The REDUCE Food Prices Act would provide tax incentives for the establishment and operation of small food retail businesses in areas with high food retail concentration and low levels of competition. Specifically, it would create and expand tax incentives for small businesses in the food retail industry that operate in counties where the Herfindahl-Hirschman Index – a measure of industry consolidation by the Economic Research Service of the U.S. Department of Agriculture – is at or above 1,400, indicating that there is moderate to high market concentration in that county’s retail food sector.

    For these businesses, the legislation increases the Rehabilitation Tax Credit for investments in the restoration and re-use of historic buildings, the Work Opportunity Tax Credit for the hiring and employment of certain workers, Bonus Depreciation for the purchase of certain investments in new or upgraded equipment or property, and the Qualified Business Income Deduction for certain businesses’ pass-through income. 

    Also for these businesses, the bill creates a New Food Retail Business Tax Credit equal to 15 percent of a small food retailer’s capital investment in its first three years of operation.

    Earlier this year, Rep. Sherrill signed onto the Shrinkflation Prevention Act – legislation that will prevent corporations from deceptively selling less of a product without lowering the price accordingly. 

    ###

    MIL OSI USA News

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Commend Canada’s Childcare Programme, Ask about Women’s Representation on Boards of Private Sector Companies and Gender-Based Violence against Indigenous Women

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today concluded its consideration of the tenth periodic report of Canada, with Committee Experts praising Canada’s childcare programme, and raising questions about the lack of representation of women on the boards of private sector companies and gender-based violence against indigenous women by extractive industry workers.

    One Committee Expert said the State’s childcare programme was very effective in increasing women’s labour participation.  However, the Expert noted that there were shortages in places and staff in some childcare centres.  How was the Government addressing this?

    Another Committee Expert asked if there were mandatory reporting mechanisms for gender representation in large private organizations, where women occupied just one-fifth of board positions.  Just six per cent of management roles were held by women of colour.  How was the Government addressing these issues?

    A Committee Expert noted an increased level of gender-based violence against indigenous women caused by influxes of male extractive industry workers in indigenous communities.  How was the State party ensuring that the free, prior and informed consent of indigenous women was sought regarding extractive activities?

    Introducing the report, Gail Mitchell, Assistant Deputy Minister, Departmental Programmes and Operations, Department of Women and Gender Equality of Canada and head of the delegation, said that in 2018, Canada implemented several measures that strengthened its national machinery to advance women’s equality, including the establishment of the Department for Women and Gender Equality Canada.  The Canadian Gender Budgeting Act of 2018 incorporated gender-responsive budgeting into legislation.

    In the 2021 federal budget, the delegation reported, the Government had devoted 9.2 billion Canadian dollars into ongoing investment in early learning and childcare.  This funding promoted access, affordability and inclusion in childcare.  Fees had already been reduced by around 50 per cent on average across the country. Work was ongoing to address shortcomings in places and staff.

    On women’s representation in the private sector, the delegation said that in 2024, legal amendments were made to require private employers to disclose statistics on the representation of women and equity-deserving groups.  The Canadian Apprenticeship Strategy was supporting women to obtain careers in fields that were traditionally male dominated.

    The Government had developed a plan of action to address violence related to the influx of extractive industry workers in indigenous communities, the delegation said. It provided funding for training for workers on respecting women’s rights, activities to identify risks, and capacity building activities to prepare communities for the arrival of workers. This work had also been expanded to the shipping industry.

    In closing remarks, Ms. Mitchell said the dialogue had been rich, with important contributions from Committee Experts and civil society. The Committee had asked many questions that the State party would do its best to follow up on.

    Marion Bethel, Committee Rapporteur and Acting Chair, in her concluding remarks, said that the dialogue had provided insight on the situation of women and girls in Canada.  The Committee would develop recommendations that would aim to strengthen implementation of the Convention for the benefit of all women and girls in the State.

    The delegation of Canada consisted of representatives from the Department of Justice; Department of Women and Gender Equality; Federal Secretariat on Early Learning and Child Care Employment and Social Development; Department of Public Safety; Statistics Canada; Department of Environment and Climate Change; Department of Global Affairs; Department of Canadian Heritage; Department of Crown-Indigenous Relations and Northern Affairs; Quebec Ministry of International Relations and la Francophonie; and the Permanent Mission of Canada to the United Nations Office at Geneva.

    The Committee will issue concluding observations on the report of Canada at the end of its eighty-ninth session on 25 October.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 10 a.m. on Thursday, 17 October to consider the ninth periodic report of Japan (CEDAW/C/JPN/9).

    Report

    The Committee has before it the tenth periodic report of Canada (CEDAW/C/CAN/10).

    Presentation of Report

    GAIL MITCHELL, Assistant Deputy Minister, Departmental Programmes and Operations, Department of Women and Gender Equality of Canada and head of the delegation, said that since its last appearance before the Committee, Canada had made progress in advancing gender equality, but recognised that there was still work to be done.  Canada remained committed to eliminating all forms of discrimination against women and girls.  The State was advancing key priorities regarding respect for the rights of indigenous women and girls, the elimination of gender-based violence, and the empowerment of women and gender-diverse people in the economy and leadership. Canada was also deeply committed to accelerating reconciliation and renewing its relationship with First Nations, Inuit and Métis peoples.

    Following a 2016 recommendation from the Committee, Canada’s federal, provincial and territorial governments endorsed a ten-year National Action Plan to End Gender-Based Violence in 2022.  Combined funding from federal, provincial and territorial governments to address and prevent gender-based violence was more than one billion Canadian dollars over four years, starting in 2022-2023.  This funding contributed to measures such as building capacity to prevent violence through educational resources and other prevention initiatives.  The first annual report on implementation of this funding would be published this year.

    In 2018, Canada implemented several measures that strengthened its national machinery to advance women’s equality, including the establishment of the Department for Women and Gender Equality Canada.  The Canadian Gender Budgeting Act of 2018 incorporated gender-responsive budgeting into legislation and required the Government to consider the impact of policies on all Canadians, particularly women and marginalised groups.  The Gender Results Framework, the Government’s vision for gender equality, was also put in place.

    In 2021, Canada passed the United Nations Declaration on the Rights of Indigenous Peoples Act to advance the implementation of the Declaration, and in 2023, the State released a detailed action plan to implement the Act.  This action plan included 181 measures to advance transformative change and reconciliation with indigenous peoples over the next five years, including measures to address violence against indigenous women, girls and gender-diverse people.  Following a recommendation from the Committee, the State established an independent national inquiry into missing and murdered indigenous women and girls, and in response to the inquiry’s findings, a national action plan was launched. The Federal Government had also developed an indigenous justice strategy and made investments to provide safe spaces and transitional housing for indigenous women, children and gender-diverse people experiencing and fleeing violence.

    In 2017, Parliament adopted a bill that added “gender identity or expression” to the list of prohibited grounds of discrimination in the Canadian Human Rights Act and to the list of characteristics of identifiable groups protected from hate propaganda in the Criminal Code.  In 2022, the first “Federal 2SLGBTQI+ Action Plan” was launched.  It aimed to advance rights and equality for this community, prioritising community work and establishing a Partnership Committee between this community and the Government.  Canada had also developed the Gender, Diversity and Inclusion Statistics Hub, and invested 170 million dollars in 2021 in advancing the Disaggregated Data Action Plan.  Data collection on sex and gender at birth had been standardised.

    Since 2019, the Government had also launched two anti-racism strategies that represented an investment of over 200 million dollars.  Last month, Canada’s Action Plan on Combatting Hate was also unveiled. It provided more support to victims of hate and at-risk communities, investing 273.6 million dollars over six years. 

    In 2021, the Government made investments up to 30 billion dollars over five years to build a Canada-wide early learning and childcare system with provinces, territories, and indigenous partners.  Over 750,000 children were already benefitting from the system; eight provinces and territories were delivering regulated childcare for an average of 10 dollars or less.  In 2023, Canada’s labour force participation rate among core-aged mothers with young children was at a record 79.7 per cent, nearly four percentage points higher than pre-pandemic levels, and the overall labour force participation rate of women aged 25 to 54 reached an all-time high of 85.5 per cent. 

    The women entrepreneurship strategy aimed to increase women-owned businesses’ access to the financing, networks, and expertise they needed to start up, scale up, and access new markets.  In January 2023, Canada ratified the International Labour Organization Violence and Harassment Convention, which came into force in January 2024.

    Canada had been pursuing a feminist foreign policy since 2016 through the Feminist International Assistance Policy; the Trade Diversification Strategy, with its inclusive approach to trade; and the National Action Plan on Women, Peace and Security.  Canada ranked as a top Organization for Economic Co-operation and Development bilateral donor for the share of aid supporting gender equality for the past five years.  It continued to rank among the top donors investing in women’s rights organizations and ending violence against women and girls, as well as in sexual and reproductive health and rights.

    Questions by a Committee Expert 

    DAPHNA HACKER, Committee Expert and Rapporteur for Canada, said Canada had made many efforts to address gender equality, including the commendable federal strategy for gender equality.  Canada had closed 76.5 per cent of the gender gap.  There had been an almost overwhelming number of reforms aiming to promote gender equality over the reporting period.  How did the State party ensure that the substantial funds invested and the various programmes created to promote gender equality were effective?  Did the State party have plans to improve disaggregated data on gender, ethnicity, race and other characteristics? 

    The current framework for responding to treaty body recommendations reportedly did not engage sufficiently with civil society.  How would the framework be improved?  There had been few programmes targeting men and promoting positive masculinity.  What was the State party doing to address masculinised stereotypes and to encourage men to take up care roles?

    Responses by the Delegation

    The delegation said the national action plan to end gender-based violence included multi-level actions to engage men and boys, including educational programmes.  The federal “It’s Not Just” campaign aimed to raise men and boys’ awareness about various forms of violence, including technology-assisted violence.

    For years, Statistics Canada had collected statistics through the national census.  In 2021, data on gender was collected in the census for the first time. A disaggregated data action plan was also launched in 2021, which aimed to improve data on marginalised groups. There were plans to add questions on gender identity and ethnicity in future surveys.  Funding was also being provided to regional partners to improve their disaggregated data.

    In Quebec, childcare aimed to develop the potential of children and support women’s labour participation. Daily costs for childcare users were around 10 dollars, thanks to Government subsidies.  This had helped to increase the regional employment rate to over 90 per cent.

    The federal body providing follow-up to recommendations from United Nations human rights mechanisms planned to launch more formalised and frequent engagement with indigenous peoples and other stakeholders regarding the implementation of these recommendations. A national database tracking the implementation of these recommendations was being piloted.  Women and Gender Equality Canada was working to implement the Committee’s recommendations and reported on efforts to promote gender equality annually.

    Questions by Committee Experts 

    DAPHNA HACKER, Committee Expert and Rapporteur for Canada, asked if there was a protocol for integrating inputs from civil society into policy planning and if there was media coverage of the Government’s interaction with stakeholders.

    Another Committee Expert said the childcare programme was very effective in increasing women’s labour participation, but there were shortages in places and staff in some childcare centres.  How was the Government addressing this?

    Responses by the Delegation

    The delegation said the Government engaged broadly with civil society when conducting surveys.  Depending on the topic, there was more or less engagement with the media.

    In the 2021 federal budget, the Government had devoted 9.2 billion dollars into ongoing investment into early learning and childcare.  This funding promoted access, affordability and inclusion in childcare.  A national advisory council on early learning was also established.  The Government aimed to create 22,000 new places in childcare by 2026.  Fees had already been reduced by around 50 per cent on average across the country.  Work was ongoing to address shortcomings in places and staff, and the Government was monitoring the situation in collaboration with civil society.

    Questions by Committee Experts 

    One Committee Expert asked how the work of Canada’s various bodies promoting gender equality was coordinated? Did these bodies have a sufficient budget and a national presence?  What communication did they have with women’s organizations?

    Another Committee Expert noted the State party’s efforts to achieve gender equality.  Significant challenges remained, however.  Marginalised women continued to experience significant barriers to public participation.  In 2024, temporary special measures were issued to increase women’s representation in politics and science, technology, engineering and maths fields.  Were these measures effective?  Was their implementation being independently reviewed? How had the State party modernised the Employment Equity Act?  How did the State party ensure that temporary special measures were inclusive of marginalised women?

    The Committee appreciated the State party’s ratification of the United Nations Declaration on the Rights of Indigenous Peoples.  To what extent were indigenous peoples involved in deciding their future?

    DAPHNA HACKER, Committee Expert and Rapporteur for Canada, said that the Gender-Based Analysis Plus Initiative reportedly remained insufficient.  Were there plans to improve it?  What were the barriers to engaging with civil society?

    Responses by the Delegation

    The delegation said the Gender Results Framework included key actions to end gender-based violence, reduce poverty and promote gender equality.  It was underpinned by data collection.  The Government was engaging regularly with stakeholders, including civil society organizations, which it supported with funding to implement projects as part of the framework.

    Over 30 per cent of representatives in Canada’s Government were women.  Women held prominent positions in the Government, including Deputy Prime Minister.  The Supreme Court had five women judges and four male judges.  Around 47 per cent of judges in the judiciary were women, and women represented 47 per cent of Canada’s heads of missions in its foreign service.

    A taskforce had been set up to review the Employment Equity Act, which had produced a report with recommendations to modernise the Act in 2023.  The recommendations included measures to make terminology and definitions in the Act more inclusive.  Consultations were currently being held on proposed revisions.

    The Government had several mechanisms to engage with indigenous partners.  There were legally established mechanisms for engagement with these partners on specific topics, such as missing and murdered indigenous women and girls.  The Government had met with over 100 civil society organizations to discuss this topic. There were multiple sources of funding for building indigenous capacity.

    The Government had been working with various stakeholders to strengthen the Gender-Based Analysis Plus Initiative. Engagement with civil society on different issues was ongoing at all levels of Government; the Government was working to address gaps in this engagement.

    Questions by Committee Experts 

    One Committee Expert said Canada had implemented several positive measures to address gender-based violence. However, the media continued to portray women in stereotyped manners.  Was the State party considering mechanisms for holding media accountable for harmful stereotypes?  There had been an alarming increase in hate speech against indigenous and lesbian, gay, bisexual, transgender and intersex persons.  There was also reportedly a culture of misogyny within the mounted police. Were there plans to address these issues? 

    Women continued to experience intimate partner violence at rates three times higher than men.  Did the State party plan to expand the Criminal Code’s definition of domestic violence to include psychological abuse and coercive control?  What measures were in place to ensure that survivors received effective remedies? The national action plan on missing and murdered indigenous women and girls was commendable, but more than 50 per cent of the plan’s measures were yet to be fully implemented.  How would the Government speed up these efforts? How would the Government tackle the continued practice of female genital cutting and ensure that medical practitioners were aware of regulations concerning free, prior and informed consent?

    Another Committee Expert said that between 2018 and 2022, the majority of trafficking victims in Canada were young women.  Disaggregated data on trafficking for all regions of Canada was still not available. In some regions, police did not have sufficient resources to address trafficking.  How did the national action plan on trafficking address these challenges? How did the Government ensure compensation for victims, including by seizing traffickers’ assets? 

    Legislation from 2014 prohibited the purchase of sex and defined prostitution as a form of exploitation. The act was in line with the Committee’s general recommendation 36.  The Government needed to continue with the implementation of the act.  What had been done to protect women in prostitution and ensure that marginalised women had means of obtaining livelihood other than prostitution?

    Responses by the Delegation

    The delegation said Canada had implemented initiatives to make it easier for women to participate in the workforce, including measures supporting access to childcare, parental benefits, and legislation ensuring equal pay for equal work.  The Media Code prevented the broadcasting of material that was stigmatising on the basis of gender.  Data collected under the Gender Equality Framework included indicators on efforts to address gender stereotypes.

    Several institutional reforms had been made to the Royal Canadian Mounted Police, including the establishment of a harassment resolution body.  Work was underway to ensure a safe workplace for employees.  The police had also taken steps to enhance the Gender-Based Analysis Plus Initiative.

    Hate crimes had increased dramatically over the past few years, disproportionately targeting marginalised groups.  The Government had launched an anti-hate action plan recently, which aimed to empower communities to identify and prevent violence, promote a sense of trust within communities, provide support for victims of hate-motivated crimes, and improve the availability of data on hate crimes.

    Canada was committed to addressing gaps in the Criminal Code related to gender-based violence.  The Government supported a bill proposing the creation of a new offence of coercive control.  The bill was currently before the Senate and would facilitate investigation and prosecution of the offence.  The Government had implemented reforms to the Criminal Code to better protect women and girls from gender-based violence.  Victims and survivors of crime now had the right to information and to seek restitution.  Canada had also made funding available to support victims to access the justice system. Free legal advice was provided to survivors of sexual assault.

    The Government of Quebec had made considerable efforts to address gender-based violence.  In 2021, it established a specialised tribunal for gender-based violence and established training for members of the judiciary on the subject.  An electronic bracelet was used to ensure that perpetrators of violence could not approach their victims.

    Annual reports were being produced on the implementation of the federal pathway on missing and murdered indigenous women and girls.  Most of the goals of the pathway were being advanced and two of them had been completed. A ministerial representative had engaged with over 600 civil society organizations and with governments on the proposal to establish an indigenous rights ombudsperson, and consideration of this proposal was ongoing.

    Canada’s foreign assistance included measures to address sexual and gender-based violence and harmful practices such as female genital mutilation and cutting.  Informed consent policies were administered at the local level.

    The national strategy to combat human trafficking was funded by an investment of over 52 million dollars over five years.  Federal and provincial tables were in place to assess the implementation of the plan. A national awareness raising campaign on trafficking was also in place.  The Government was working on the next iteration of the strategy, which would be informed by recent evaluations and consultations with domestic and international stakeholders, including victims.

    Canada was very concerned about the safety of persons engaged in the sex trade.  New offences were added in 2019 that criminalised the procurement of others to provide sexual services.  The Government continued to protect persons who provided sexual services, providing them with services suited to their diverse needs.  It was providing funding to prevent gender-based violence against women in the sex trade and to end stigmatisation of these women.  Canada’s model aimed to reduce demand for the sex trade while ensuring protection for women involved in sex work. 

    Questions by Committee Experts 

    A Committee Expert said the most recent federal budget did not commit specific funding to improve indigenous women’s safety; would this be addressed?  There was a lack of research on femicide, which was not recognised as a distinct crime.  Were there plans to do this?

    DAPHNA HACKER, Committee Expert and Rapporteur for Canada, asked if the Government ensured that persons who fled domestic violence and gender-based violence had access to shelter. How many journalists and media workers had been trained related to gender stereotyping?  Had there been a decline in gender stereotyping in the media?

    Another Committee Expert said the Education Act referenced online bullying, but more than four in five students had reported experiencing online violence.  How was the State party responding to this growing pandemic?

    Responses by the Delegation

    The delegation said the Justice Victims Fund provided support for victims of gender-based violence and domestic violence.  The national action plan to end gender-based violence provided funding to over 100 indigenous groups.

    There was no single definition of femicide in domestic legislation, but the conduct that it referred to was covered by the Criminal Code, which took into account aggravating factors, including evidence that the crime was motivated by hate related to gender. Gender-related homicide offenders received longer sentences overall than other homicide offenders.  The rate of gender-related homicides had generally declined since 2001.  A disproportionate percentage of victims were indigenous.

    Nova Scotia provided assistance to victims fleeing violent family situations.  Funding was provided for nine transition houses, crisis lines and housing support payments. 

    Questions by Committee Experts 

    A Committee Expert commended the State party for its strong representation of women in its foreign service, with women making up 53 per cent of this service.  However, women’s representation in other areas remained a concern.  Were there mandatory reporting mechanisms for large private organizations, where women occupied just one-fifth of board positions?  Were there policies for increasing women’s representation in politics? Just six per cent of management roles were held by women of colour.  How was the Government addressing these issues?

    What progress had been made to adopt draft legislation on hate speech?  Would the State party consider adopting legislation that allowed for the removal of online hate speech against women?

    Another Committee Expert congratulated Canada on its numerous legislative reforms and investments related to nationality rights for indigenous women, and its extensive efforts to overcome the legacy of the colonial period.  When would the State’s additional report on the Optional Protocol be submitted?  How had State investments helped to better protect indigenous women and girls from violence and address the root causes of this violence?

    How was the Government working to inform indigenous women and girls on their rights to nationality and indigenous status?  How many indigenous women and girls had benefitted from legal reforms related to this? What measures were in place to eliminate discrimination against women in their ability to transfer indigenous status? How accessible and affordable was the registration process?

    Responses by the Delegation

    The delegation said that in 2024, legal amendments were made to require financial institutions and other private employers to disclose statistics on the representation of women and equity-deserving groups.

    The Online Harms Act was currently in its second reading.  This was a priority bill for the Government.  The bill included a duty for social media services to remove sexualised content involving children, and would amend the Human Rights Act to recognise online hate speech as a human rights violation, allowing individuals to file complaints with the Human Rights Commission related to online hate speech.

    The Government hoped to draft a report on the implementation of the murdered and missing indigenous women and girls action plan by December this year.  Indigenous services had launched a collaborative project to assess the second-generation cut-off for indigenous status.  The Government was engaging regularly with indigenous persons who were affected by this cut-off.

    Questions by Committee Experts 

    DAPHNA HACKER, Committee Expert and Rapporteur for Canada, asked about efforts to promote the representation of indigenous women in all areas of public life.  What funding was provided to indigenous organizations? 

    Another Committee Expert praised the ambition of the State party’s third women, peace and security action plan. How was the State party addressing lethal autonomous weapons systems from the perspective of the women, peace and security agenda?  Canada had commendably joined other States to launch action in the International Court of Justice against the Taliban for restricting access to education for women and girls in Afghanistan.  What measures would the State party take to promote gender parity in educational programmes on artificial intelligence?  How would indigenous knowledge be included in policies related to data sovereignty?

    There was a crisis-level gap in education outcomes between indigenous and non-indigenous children; how was this being addressed?  How was the State party supporting access to education for indigenous girls?  There were calls to revise textbooks to strengthen education on indigenous heritage, culture and knowledge.  How would the State party respond to these calls?

    Responses by the Delegation

    The delegation said Canada was considering amendments to the Elections Act that would require political parties to make diversity regulations public.  The Forum of Ministers on the Status of Women had discussed the importance of supporting women politicians.  The Canadian Apprenticeship Strategy was supporting women to obtain careers in fields that were traditionally male dominated.

    Canada had been actively engaged in discussions at the United Nations considering lethal autonomous weapons systems. States needed to consider algorithmic bias against women in these systems.

    Canada did not recognise the Taliban as a legitimate Government.  It had formally warned the Taliban about its treatment of women and girls.  The Government had offered to resolve this issue through dialogue but would take legal action if necessary.

    There had been a significant increase in Government engagement with partners representing indigenous two spirit, lesbian, gay, bisexual, transgender and intersex peoples.  Canada recognised the impacts of historical sex-based inequities in the registration of indigenous women.  Reparations related to this were currently not being considered.

    The 2021 budget included measures on indigenous data strategies.  There were plans to transfer digital data assets on indigenous peoples to indigenous communities, and efforts were ongoing to advance indigenous data sovereignty.

    Education in Canada was administered by provinces and territories, which had made varied degrees of progress in educational outcomes for indigenous peoples.

    Questions by Committee Experts 

    DAPHNA HACKER, Committee Expert and Rapporteur for Canada, asked about steps taken to encourage men to become teachers.  Was gender equity mainstreamed in schools?  Was the Federal Government holding provinces to account regarding the quality of education they were providing?  What steps had been taken to prevent discrimination of refugee mothers in the provision of places in childcare?

    Another Committee Expert asked about the percentage of indigenous women in academic faculties and the support provided to indigenous women in academia.

    One Committee Expert said there was a 17 per cent difference in annual earnings between women and men employed full-time.  What achievements had the Pay Equity Act made, including for marginalised women? Were there plans to extend the Act to provincially regulated workplaces?  Women spent more time doing unpaid work than men.  What measures were in place to address the care burden and support women to find employment in non-traditional fields? 

    How was Canada addressing employment challenges for indigenous women and women with disabilities?  Was the State party working to ratify International Labour Organization Convention 189 and the International Convention on the Protection of the Rights of All Migrant Workers and Members of their Families? How had reporting of workplace harassment incidents changed since the ratification of International Labour Organization Convention 190?

    Responses by the Delegation

    The delegation said Canada was committed to reducing the gender pay gap and had implemented many measures toward this aim.  The Pay Equity Act sought to provide equal pay for work of equal value.  It required employers with more than 100 employees to publicise data on pay levels for male and female employees.  The Government was also encouraging more men to take paternity leave to support mothers to return to the workplace.  It was further supporting civil society’s work to advance women’s economic participation.  Provincial governments had their own legislation on pay equity.  The amount of time women spent on unpaid work was decreasing. Canadian men contributed more to unpaid work than the Organization for Economic Co-operation and Development average.

    Questions by Committee Experts 

    A Committee Expert asked whether progress to address the gender pay gap differed between provinces.

    DAPHNA HACKER, Committee Expert and Rapporteur for Canada, asked how the State party planned to address the care deficit.  How many fathers took paternity leave and for how many weeks on average?  Were there still employer-specific work permits?

    Another Committee Expert asked about workplace segregation and how it contributed to the pay gap. 

    Responses by the Delegation

    The delegation said the pay gap was closing across all provinces.

    The care benefit helped Canadian families to provide care for loved ones.  Measures had been taken to help caregivers to balance their responsibilities and to promote more equitable sharing of care responsibilities between men and women.  Around 1.7 billion dollars had been invested in expanding the recruitment of caregivers to alleviate the burden of unpaid care.

    Questions by Committee Experts 

    A Committee Expert said the United Nations Committee against Torture had called on Canada to implement legislation on free, prior and informed consent related to sterilisation procedures.  Was this being done?  Indigenous women continued to distrust State-sponsored health care facilities and geographic and financial barriers to health care remained for indigenous communities.  How was the State party addressing this?  Was the State’s legislation on health data gender sensitive?  How was the State party promoting access to menstrual products domestically and abroad?

    DAPHNA HACKER, Committee Expert and Rapporteur for Canada, asked about safeguards to support the right to life for women with disabilities who applied for medical assistance in dying. Did the State party plan to expand health coverage for asylum seekers?  How did the State party ensure that health policies that supported access to health for trans women did not threaten safe spaces for cis women?

    Another Committee Expert said Canada’s support of Israeli military forces had indirectly facilitated various violations of the rights of women and children in Gaza.  How did Canada regulate domestic corporations whose actions were contributing to human rights violations in Gaza?  Would the State party stop providing arms to Israel?

    One Committee Expert asked whether migrant women and girls had access to safe abortions in Canada.  What steps had been taken to end forced and involuntary sterilisation of women with disabilities?

    Responses by the Delegation

    The delegation said the Criminal Code stipulated that any procedures performed without the consent of the patient constituted aggravated assault.  The Government was working to address harms caused by forced sterilisation procedures to indigenous women.

    Canada had invested large sums in addressing anti-indigenous racism within the health care system. Indigenous women and girls had the right to access high-quality health care no matter where they lived.  The Federal Government was working with provinces and territories to improve the quality of health care for indigenous women and girls.  It had expanded support for indigenous midwives and prenatal and postpartum care for indigenous mothers, and was funding grassroots organizations that provided culturally safe health services for indigenous peoples.

    In 2023, the Government launched an initiative with a civil society organization to support access to menstrual products.  It planned to expand this initiative in future.

    Canada supported the right to choose regarding abortions.  No one should be forced to carry an unwanted baby.  Federal and provincial governments were providing health care providers with training to ensure access to safe abortions.  Safe abortion medication had been approved for use.

    There was ongoing debate about circumstances in which medical assistance in dying should be available.  For medical assistance in dying requests where there was no immediate risk of death, patients needed to be informed to alternative treatments such as palliative care.  Assessments needed to be carried out for at least 90 days.  A report on this topic would soon be published.

    Canada had one of the strongest export control regimes in the world.  All exports were assessed against arms trade regulations.  Trade of arms was not permitted if there were suspicions that they would be used in human rights violations.  Since January this year, no arms exports to Israel had been permitted.

    Questions by Committee Experts 

    A Committee Expert said that Canada had implemented several initiatives to address poverty and homelessness. Women often survived on lower incomes, and marginalised women in particular experienced greater levels of income inequality.  How was the State party developing a mechanism to eliminate housing insecurity among women in Canada?  What measures were in place to raise social assistance rates for women and girls? Would disability benefits be raised so women with disabilities could get out of poverty?  Had the Government considered the unpaid care work of women in its analysis of gross domestic product?

    There was an increased level of gender-based violence against indigenous women caused by influxes of male extractive industry workers in indigenous communities.  How was the State party ensuring that the free, prior and informed consent of indigenous women was sought regarding extractive activities?

    Canada reportedly engaged in indirect military exports to Israeli operations in Gaza by transferring arms to the United States.  How was it ensuring that arms exports to the United States were not transferred to Israel?

    Another Committee Expert asked about actions being taken by the Government to ensure that disappearances and murders of indigenous women no longer occurred.  Around 42 per cent of imprisoned women in Canada were indigenous, and this population continued to grow.  What were the causes of this phenomenon?

    What was the Government doing to overcome barriers that women with disabilities faced in employment?  What programmes had the State party implemented to support migrant women?

    Responses by the Delegation

    The delegation said Canada was committed to poverty reduction.  It had launched a poverty reduction strategy in 2018 that established a poverty line. A national advisory council on poverty publicly reported annually on progress toward reaching poverty reduction targets.  The child benefit had been introduced to support families with children under 18 years of age.  Public pensions had helped to reduce poverty amongst senior women.  Employment insurance provided three types of benefits for workers who needed to provide care to critically ill or injured family members.

    Through the National Housing Act and its 2024 “Reaching Homes” strategy, the Government had provided a wide variety of housing supports and services.  There were projects established under the strategy for women leaving domestic violence and for women with disabilities.

    The Government had developed a plan of action to address violence related to the influx of extractive industry workers in indigenous communities.  It provided funding for training for workers on respecting women’s rights, activities to identify risks, and capacity building activities to prepare communities for the arrival of workers.  This work had also been expanded to the shipping industry.

    Canada was providing access to non-judicial dispute resolution and remedy mechanisms related to alleged human rights violations occurring in the context of business activities.  Canadian companies involved in this procedure were expected to participate in good faith; they could be denied trade permits if they did not.

    Compensation was not currently being offered to families of persons who had gone missing or been murdered, but mental health support was being provided.

    Questions by a Committee Expert 

    DAPHNA HACKER, Committee Expert and Rapporteur for Canada, said cuts in legal aid had affected women’s access to justice.  How was the State party addressing this issue?  How was it supporting female prisoners to access justice?  What training was provided to members of the judiciary on responding to domestic violence and respecting children’s rights in custody decisions?  Were remedies provided to women and children whose rights were harmed by custody decisions?

    Responses by the Delegation

    The delegation said the Federal Government had increased funding in 2024 for criminal and immigration legal aid, which was expected to increase access to justice in these fields.  A number of provinces had also implemented measures that had improved access to civil legal aid.

    The Government continued to study the effects of family law legislation.  Changes to the Divorce Act ensured that the best interests of the child were the key consideration in custody matters.  Judges had access to contemporary training on intimate partner violence and family violence.

    Concluding Remarks 

    GAIL MITCHELL, Assistant Deputy Minister, Departmental Programmes and Operations, Department of Women and Gender Equality of Canada and head of the delegation, said the dialogue had been rich, with important contributions from Committee Experts and civil society. The Committee had asked many questions that the delegation would do its best to follow up on.

    MARION BETHEL, Committee Rapporteur and Acting Chair, said that the dialogue had provided insight on the situation of women and girls in Canada.  The Committee would develop recommendations that would aim to strengthen the implementation of the Convention for the benefit of all women and girls in the State.

     

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    MIL OSI United Nations News

  • MIL-OSI Global: Canada’s agricultural policies are falling short of health and sustainability goals

    Source: The Conversation – Canada – By Kathleen Kevany, Professor, Sustainable Food Systems, Dalhousie University

    Oct. 16 marks World Food Day, a global initiative drawing attention to the “right to foods for a better life and a better future.” However, Canada’s food and agricultural policies are falling short of this objective.

    Canada’s current agricultural policies are not serving the well-being of the public. Canada’s agricultural program payments and subsidies are not aligned with the government’s dietary guidelines and health goals.

    Very few agriculture investments go to the production of fruits and vegetables, even though Canadians under-consume them. Instead, financial support overwhelmingly goes to feed crops, agricultural export crops and foods high in saturated fat. This is particularly troubling, given the rise of food and lifestyle diseases in Canada, such as diabetes, obesity, coronary heart disease and high cholesterol.

    The health-care costs of diet-related diseases from not meeting the dietary guidelines are at least two per cent of all health-care costs in Canada, with some estimates putting it as high as 19 per cent. Agricultural policy is not just about food; it influences health, the economy and the environment.

    Climate change and agriculture

    Trying to address greenhouse gas emissions without paying attention to agriculture is like heating your home while not ensuring doors and windows are closed. Agriculture is a big contributor to Canada’s greenhouse gas emissions.

    As climate change intensifies, bringing more frequent and severe wildfires, droughts, floods, and heat domes , agriculture is being impacted. Instability in weather patterns threatens regional and global social stability and may require Canada to rethink the dominant role of international trade in shaping its current agricultural policies.




    Read more:
    How to fight climate change in agriculture while protecting jobs


    Government policies that largely support input-intensive crops and animal agriculture contribute significantly to methane and nitrous oxide emissions and global warming.

    Despite these concerns, Canada is not investing strategically or sufficiently in agriculture. Despite $12.5 billion dollars in annual agricultural supports, a surprising portion of Canadian farmers continue to financially struggle to survive. According to the National Farmers Union:

    “Over the last three decades, the agribusiness corporations that supply fertilizers, chemicals, machinery, fuels, technologies, services, credit, and other materials and services have captured 95 per cent of all farm revenues, leaving farmers just five per cent.”

    In 2016, 66 per cent of all farms in Canada were in the revenue class of $10,000 to $249,999. On average, these farms had expenses exceeding their revenue by a large margin.

    While Canada spends a large share of its budget on addressing the negative outcomes of how we produce and consume food, there remain greater opportunities for investing in preventive measures that promote a healthier, more sustainable food system. Canada’s 20th century agriculture policy regime is woefully insufficient for the challenges of the 21st century.

    Solutions to the crisis

    Transforming our food systems will help to avert devastating climate change and ecological devastation. Many Canadian farmers are already leading the way by incorporating principles of sustainability into their practices. And the good news is that healthy diets are also environmentally sustainable.

    Food outlets and school cafeterias can play a role in reducing inefficiencies in the food system, like food waste, and improving sustainability by promoting healthy eating. To make this happen, schools need more resources and autonomy to counter misinformation about food and position Canadians for success by making healthy choices attractive.




    Read more:
    How schools and families can take climate action by learning about food systems


    Many Canadians support local, bioregional food systems as an alternative to anonymous, transnational food systems. However, these local initiatives are not enough on their own to meet our health, community vitality and environmental goals.

    To truly make an impact, local food movements must be part of a larger, co-ordinated effort supported by policies that align agricultural production with healthy diets.
    A new approach to food policies that considers them from a holistic perspective, beyond GDP, and respects farmers while creating food systems based on the One Planet and One Health frameworks is needed.

    It’s important to recognize that farmers are not only just business operators; they are our neighbours, and are integral to our communities. Supporting them with better policies and giving everyone equitable access to nourishing and sustainable foods will ensure a healthier, more resilient future for all Canadians.

    Canada needs to provide stronger support for family farms practising agroecologically sound production methods. Government programs that support greater production and purchasing of grains, fruits and vegetables for direct human consumption are also needed. These initiatives would reduce Canada’s reliance on imports of these critical foods.

    In addition, federal and municipal governments should strengthen and broaden Canada’s bioregional food systems while also fostering the growth of small- and medium-sized food businesses. It’s also important to reduce the political and market power of oligopolies in Canada’s food system.

    A call for change

    None of these changes can happen without moving beyond the current, outdated productionist model that views agriculture in isolation and relies on the belief that only global-industrial food systems can feed the world.

    In fact, smaller-scale agroecological farmers operating in bioregional food systems are key. Achieving our broader societal goals means thinking of food through agriculture, human health and environmental sustainability lenses.

    Canada needs a new vision of agriculture that connects health and environment goals with sustainable diets and prosperous family farming. This vision must prioritize nutritious diets, human and environmental health, and the overall well-being of society beyond profits, market share and food exports. Also it must be formed collectively by decision-makers, farmers, food processors, community groups and the public.

    In Canada, governments, organizations and citizens must work together to create a food system vision for Canada, much like Food Secure Canada’s Resetting the Table process previously did.

    Further collaboration among agriculture, environment and health professionals can arise from these efforts, as can be seen with Canada’s National School Food program, which is aligning local farmers and suppliers of local options to meet Canada’s Food Guide. This is also an opportunity for Canada’s Food Policy Advisory Council to gain greater influence in shaping policy.

    Just as calls for health-care reform often focus on improving services, Canadians have the right to expect better outcomes from agricultural subsidies. By prioritizing economic, environmental and public health sustainability, Canada can ensure its agricultural policy is fit for its 21st-century food system.

    Kathleen Kevany received funding from Protein Industries Canada. She is an advisor to Farm to Cafeteria Canada.

    Howard Nye receives funding from the Social Sciences and Humanities Research Council of Canada. He is a board member and research lead for Canadians for Responsible Food Policy.

    Mark Kent Mullinix receives funding from Social Sciences and Humanities Research Council, Agriculture and Agri-Food Canada. Government of British Columbia, various foundations

    Talan B. Iscan is a project lead and receives funding from MacEachen Institute for Public Policy and Governance at Dalhousie University. He is a board member with the Halifax Cycling Coalition, a non-profit.

    ref. Canada’s agricultural policies are falling short of health and sustainability goals – https://theconversation.com/canadas-agricultural-policies-are-falling-short-of-health-and-sustainability-goals-239560

    MIL OSI – Global Reports

  • MIL-OSI: Farmers & Merchants Bancorp (FMCB) Reports Record Third Quarter 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter 2024 Highlights

    • Record net income of $22.1 million, or $29.96 per share; up 2.50% on a per share basis from third quarter 2023;
    • Achieved a return on average assets of 1.65% and a return on average equity of 15.03%;
    • Solid liquidity position with $1.5 billion in cash and investment securities and a borrowing capacity of $2.1 billion with no outstanding borrowings as of September 30, 2024;
    • Continued growth in capital with a total risk-based capital ratio of 14.95%, common equity tier 1 ratio of 13.47%, tier 1 capital ratio of 13.70% and a tangible common equity ratio of 10.91%;
    • Credit quality remains strong with a total allowance for credit losses of 2.11%.

    LODI, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), reported record third quarter net income of $22.1 million, or $29.96 per diluted common share for the third quarter of 2024 compared with $22.0 million, or $29.23 per diluted common share for the third quarter of 2023 an increase of 2.50% on a per share basis. Annualized return on average assets was 1.65% and return on average equity was 15.03% for the third quarter of 2024 compared with 1.65% and 16.80% for the same period the prior year. The decrease in return on average equity was primarily the result of a $72.1 million or 13.58% increase in total shareholder’s equity even after paying record common stock cash dividends of $13.1 million to shareholders and repurchasing and retiring $14.0 million of the Company’s common stock during the last twelve months.

    Net income over the trailing twelve months was $88.0 million compared with $86.9 million for the same trailing period a year earlier. Earnings per share over the trailing twelve months totaled $118.46, up 3.79% compared with $114.13 for the same trailing period a year ago and up from $90.70 for the same period two years ago.

    CEO Commentary

    Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are pleased with the Company’s strong ongoing financial performance including the results in the first nine months of 2024 highlighted by net income of $66.6 million, return on average assets of 1.65%, and a return on average equity of 15.55%. Our earnings per share over the trailing twelve months ended September 30, 2024 totaled $118.46, up 3.79% compared with $114.13 per share for the same trailing period a year ago. We achieved these strong results while continuing to maintain a solid liquidity position and balance sheet at quarter end with $1.5 billion of cash and investments, access to $2.1 billion in borrowing capacity and total shareholders’ equity of $602.7 million up $72.1 million or 13.58% from September 30, 2023. Capital levels continued to strengthen and are significantly above the regulatory thresholds for “well-capitalized” banks. Our longstanding established client relationships have contributed to our resilient and stable deposit balances of $4.7 billion as of September 30, 2024 and 2023. The loan portfolio continues to grow both during the third quarter and year over year as we continue to serve the needs of our customers and local communities. Consistent with the last several years, credit quality remains a strength of the Bank with a total allowance for credit losses of 2.11% and only $677,000 in non-accrual loans as of quarter-end. Our Company remains in excellent financial condition and is well positioned to meet any challenges ahead as we have for the past 108 years. We are also pleased to be recognized by others for our performance as Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. This follows our #1 ranking in the prior year of the top performing banks for 2022. The recognition over the last two years can be traced to our strong client relationships and the focus of our employees on serving our clients.”

    Earnings

    Net interest income for the quarter ended September 30, 2024 was $52.0 million, an increase from $50.8 million in the second quarter of 2024. For the third quarter of 2024 the net interest margin increased to 4.07% compared to 3.91% in the second quarter of 2024 driven by a decrease in the average cost of total deposits from 1.51% in the second quarter of 2024 to 1.39% in the third quarter of 2024. Net interest income for the nine-months ended September 30, 2024 was $154.5 million, a decrease of $7.1 million, or 4.39%, when compared with the $161.6 million for the same period in 2023 as the increase in deposit costs outpaced the increase in loan yields. Loan yields increased to 6.11% for the first nine-months of 2024 compared to 5.77% for the same period in 2023 while the average cost of total deposits increased to 1.39% for the first nine-months of 2024 compared to 0.70% in the first nine-months of 2023. The net interest margin of 4.04% and average cost of total deposits of 1.39% for the nine-months ended September 30, 2024 continue to outperform industry averages.

    For the nine-months ended September 30, 2024, net income was $66.6 million, a slight decrease from the nine-months ended September 30, 2023 of $66.9 million. The nine-months ended September 30, 2023 benefited from cash proceeds from non-taxable death benefits on bank-owned life insurance (BOLI) of $4.3 million. Annualized return on average assets was 1.65% and return on average equity was 15.55% for the nine-months ended September 30, 2024 compared with 1.70% and 17.43% for the same period a year earlier.

    Balance Sheet

    Total assets were $5.4 billion as of September 30, 2024 consistent with September 30, 2023. Total loans and leases outstanding were $3.7 billion, an increase of $146.9 million or 4.13% from September 30, 2023. As of September 30, 2024 our total investment securities portfolio was $1.2 billion, an increase of $249.6 million from September 30, 2023. Over the last year, the portfolio mix has shifted as available-for-sale securities have increased from $106.5 million as of September 30, 2023 to $401.6 million as of September 30, 2024 while the held-to-maturity securities have decreased from $826.0 million as of September 30, 2023 to $780.5 million as of September 30, 2024. The increase in available-for-sale securities is due to purchases of $326.3 million in 2024. Accumulated other comprehensive losses on the available-for-sale securities portfolio decreased to $8.8 million as of September 30, 2024 compared to $20.2 million as of September 30, 2023. Total deposits remained consistent totaling $4.7 billion as of September 30, 2024 and September 30, 2023. Total deposits, at September 30, 2024, increased $111.6 million or 2.4% compared to June 30, 2024. Our loan to deposit ratio was 78.9% as of September 30, 2024 compared to 75.1% as of September 30, 2023.

    Credit Quality

    The Company’s credit quality remained resilient with only $677,000 in non-accrual loans as of September 30, 2024 and a minimal delinquency ratio of only 0.21% of total loans. Net charge-offs were $216,000 in the third quarter of 2024 compared to net recoveries of $47,000 in the third quarter of 2023. Net charge-offs were $149,000 for the first nine-months of 2024 compared to net recoveries of $274,000 for the first nine-months of 2023. Net charge-offs over the trailing twelve months were $93,000. Based on the credit performance of the loan and lease portfolio, no provision for credit losses has been necessary in the first nine-months of 2024. The Company’s allowance for credit losses on loans and leases and unfunded commitments was $78.5 million or 2.11% as of September 30, 2024 compared to $78.7 million or 2.13% as of June 30, 2024. We believe our allowance for credit losses is appropriate given the current economic environment including some stress in the agricultural sector. A few agricultural commodity prices have softened over the past two years due to the strong US Dollar impeding export competitiveness. This coupled with the higher short term interest rates and the effects of high inflation has created financial stress for some agriculture producers. We are diligently working with all borrowers affected by these market conditions in an effort to optimize performance during the current cycle.

    Capital

    The Company’s and Bank’s regulatory capital ratios remain strong while increasing from June 30, 2024. At September 30, 2024, the Company’s preliminary total risk-based capital ratio was 14.95%, the common equity tier 1 capital ratio was 13.47% and the tier 1 capital ratio was 13.70% an increase from 14.58%, 13.09% and 13.32% as of June 30, 2024, respectively. At September 30, 2024, all F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized”. At September 30, 2024, the tangible common equity ratio was 10.91% an increase of 127 basis points from the 9.64% as of September 30, 2023. Tangible book value per share increased to $799.04 at September 30, 2024, up 16.21% compared with $687.57 a year ago. During the third quarter, the Company repurchased 1,313 shares bringing the total to 9,976 shares for the nine-months ended September 30, 2024. The Company has repurchased a total of 10,400 shares or $10.5 million under the $25.0 million share repurchase program authorized in November 2023 which was cancelled on September 10, 2024. On September 10, 2024, the Company authorized a new share repurchase program for $55.0 million and has purchased 40 shares or $38,404 as of September 30, 2024. On October 3, 2024 the Company entered into and executed a Stock Purchase Agreement with the trust of one of our largest shareholders who passed away in January 2024. As a result, the Company repurchased 37,990 shares or $34.8 million under the Stock Purchase Agreement on October 3, 2024 leaving approximately $20.2 million remaining under the current share repurchase program which expires on December 31, 2026. After this transaction our total risk-based capital ratio was approximately 14.18% on a pro-forma basis.

    About Farmers & Merchants Bancorp

    Farmers & Merchants Bancorp, trades on the OTCQX under the symbol FMCB, is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 32 convenient locations. F&M Bank is financially strong, with $5.4 billion in assets, and is consistently recognized as one of the nation’s safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 34 consecutive years, longer than any other commercial bank in the State of California.

    Farmers & Merchants Bancorp has paid dividends for 89 consecutive years and has increased dividends for 59 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 56 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increase.

    In August 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. Last year the Bank was named by Bank Director’s Magazine as the #1 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022.

    In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of “America’s Best Banks” in 2023. Forbes’ annual “America’s Best Banks” list looks at ten metrics measuring growth, credit quality, profitability, and capital for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024.

    In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence’s “Top 50 List of Best-Performing Community Banks” in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile.

    In October, 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to its clients.

    F&M Bank is the 15th largest bank lender to agriculture in the United States. F&M Bank operates in the mid-Central Valley of California including, Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties.

    F&M Bank was inducted into the National Agriculture Science Center’s “Ag Hall of Fame” at the end of 2021 for providing resources, financial advice, guidance, and support to the agribusiness communities as well as to students in the next generation of agribusiness workforce. F&M Bank is dedicated to helping California remain the premier agricultural region in the world and will continue to work with the next generation of farmers, ranchers, and processors. F&M Bank remains committed to servicing the needs of agribusiness in California as has been the case since its founding over 108 years ago.

    F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of “Outstanding” in their last Community Reinvestment Act (“CRA”) evaluation.

    Forward-Looking Statements

    This press release may contain certain forward-looking statements that are based on management’s current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding loan and deposit production (including any growth representations), balance sheet management, levels of net interest margin, the ability to control costs and expenses, the competitive environment, financial and regulatory policies of the United States government, water management issues in California and general economic conditions, inflation, recessions, natural disasters, pandemics, geopolitical risks, economic uncertainty in the United States, changes in interest rates, deposit flows, real estate values, costs or effects of acquisitions, competition, changes in accounting principles, policies or guidelines, legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors (including external fraud and cybersecurity threats) affecting the Company’s operations, pricing, products and services. These and other important factors are detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

    For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.

    Investor Relations Contact

    Farmers & Merchants Bancorp
    Bart R. Olson
    Executive Vice President and Chief Financial Officer
    Phone: 209-367-2485
    bolson@fmbonline.com

                           
    FINANCIAL HIGHLIGHTS                      
        Three-Months Ended     Nine-Months Ended
    (dollars in thousands, except share and per share amounts) September 30,
    2024
      June 30, 2024   September 30,
    2023
        September 30,
    2024
      September 30,
    2023
    Earnings and Profitability:                      
    Interest income   $ 68,635     $ 69,831     $ 65,713       $ 205,107     $ 186,362  
    Interest expense     16,642       19,050       12,272         50,620       24,777  
    Net interest income     51,993       50,781       53,441         154,487       161,585  
    Provision for credit losses                 3,000               7,057  
    Noninterest income     6,280       4,767       3,606         16,122       12,513  
    Noninterest expense     27,755       25,422       24,468         78,698       79,473  
    Income before taxes     30,518       30,126       29,579         91,911       87,568  
    Income tax expense     8,397       8,359       7,545         25,300       20,679  
    Net income   $ 22,121     $ 21,767     $ 22,034       $ 66,611     $ 66,889  
                           
    Diluted earnings per share   $ 29.96     $ 29.39     $ 29.23       $ 89.91     $ 88.06  
    Return on average assets     1.65 %     1.58 %     1.65 %       1.65 %     1.70 %
    Return on average equity     15.03 %     15.33 %     16.80 %       15.55 %     17.43 %
                           
    Loan yield     6.13 %     6.13 %     5.87 %       6.11 %     5.77 %
    Cost of average total deposits     1.39 %     1.51 %     1.01 %       1.39 %     0.70 %
    Net interest margin – tax equivalent     4.07 %     3.91 %     4.17 %       4.04 %     4.33 %
    Effective tax rate     27.51 %     27.75 %     25.51 %       27.53 %     23.61 %
    Efficiency ratio     47.63 %     45.77 %     42.89 %       46.13 %     45.65 %
    Book value per share   $ 816.67     $ 779.40     $ 705.60       $ 816.67     $ 705.60  
                           
    Balance Sheet:                      
    Total assets   $ 5,418,132     $ 5,267,485     $ 5,375,375       $ 5,418,132     $ 5,375,375  
    Cash and cash equivalents     293,250       295,936       668,361         293,250       668,361  
    of which held at Fed     198,637       225,676       597,739         198,637       597,739  
    Total securities     1,182,073       1,046,210       932,508         1,182,073       932,508  
       of which available-for-sale     401,563       251,413       106,493         401,563       106,493  
       of which held-to-maturity     780,510       794,797       826,015         780,510       826,015  
    Gross Loans     3,713,735       3,692,237       3,567,807         3,713,735       3,567,807  
    Allowance for credit losses – loans and leases     75,816       75,032       74,159         75,816       74,159  
    Total deposits     4,708,682       4,597,055       4,748,767         4,708,682       4,748,767  
    Borrowings                                
    Subordinated debentures     10,310       10,310       10,310         10,310       10,310  
    Total shareholders’ equity   $ 602,696     $ 576,220     $ 530,623       $ 602,696     $ 530,623  
                           
    Loan-to-deposit ratio     78.87 %     80.32 %     75.13 %       78.87 %     75.13 %
    Percentage of checking deposits to total deposits     50.01 %     48.60 %     51.72 %       50.01 %     51.72 %
                           
    Capital ratios (Bancorp) (1)                      
    Common equity tier 1 capital to risk-weighted assets     13.47 %     13.09 %     12.48 %       13.47 %     12.48 %
    Tier 1 capital to risk-weighted assets     13.70 %     13.32 %     12.72 %       13.70 %     12.72 %
    Risk-based capital to risk-weighted assets     14.95 %     14.58 %     13.97 %       14.95 %     13.97 %
    Tier 1 leverage capital ratio     11.32 %     10.66 %     10.22 %       11.32 %     10.22 %
    Tangible common equity ratio (2)     10.91 %     10.72 %     9.64 %       10.91 %     9.64 %
                           
    (1) Capital information is preliminary for September 30, 2024                    
    (2) Non-GAAP measurement                      
                           
    Non-GAAP measurement reconciliation:                      
    (Dollars in thousands)   September 30,
    2024
      June 30, 2024   September 30,
    2023
             
                           
    Shareholders’ equity   $ 602,696     $ 576,220     $ 530,623            
    Less: Intangible assets     13,007       13,145       13,563            
    Tangible common equity   $ 589,689     $ 563,075     $ 517,060            
                           
    Total assets   $ 5,418,132     $ 5,267,485     $ 5,375,375            
    Less: Intangible assets     13,007       13,145       13,563            
    Tangible assets   $ 5,405,125     $ 5,254,340     $ 5,361,812            
                           
    Tangible common equity ratio (1)     10.91 %     10.72 %     9.64 %          
                           
    (1) Tangible common equity divided by tangible assets                      
                           

    The MIL Network

  • MIL-OSI Global: Canada’s medical cannabis system changed but didn’t disappear after recreational legalization

    Source: The Conversation – Canada – By Michael J. Armstrong, Associate Professor, Operations Research, Brock University

    When Canada legalized recreational cannabis use on Oct. 17, 2018, there were concerns about the potential impacts. Would it trigger greater cannabis use, boost economic growth or otherwise affect the country’s health, safety and finances?

    Patients already using cannabis legally for medical purposes were especially concerned. They worried that recreational legalization might prompt physicians to stop authorizing cannabis treatments. Or that cannabis producers would abandon the small medical market to pursue the larger recreational one.

    After recreational legalization, the medical cannabis system did see declines. Between June 2018 and December 2022, the number of registered patients fell 32 per cent, while product sales fell 29 per cent. Some people thought the medical cannabis system had failed or become obsolete.

    As someone who studies the business aspects of cannabis legalization, I wondered about these issues, too. It wasn’t clear how patients, producers or health-care providers would react to recreational legalization. Legal medical use itself had only become accessible a few years earlier.

    Accessing medical cannabis

    Canada began allowing medical use of cannabis in 1999. But it remained difficult to get until regulations changed during 2014-15.

    The new rules allowed any physician to authorize patients to use cannabis. Those patients could then register to buy products online from licensed cannabis producers. Online orders could not exceed a 30-day supply.

    (Instead of buying cannabis products, some patients grew their own plants instead. My research hasn’t examined that.)

    Under this new procedure, the number of patients registering to buy cannabis soared. They grew from 7,914 in June 2014 to 330,344 in June 2018, nearly one per cent of Canada’s population.

    However, registration levels differed greatly between provinces. In June 2018, registrations represented almost three per cent of Alberta’s population, versus only 0.1 per cent of Québec’s.

    Interestingly, less than half of registrants bought medical cannabis in any given month. Perhaps they simply didn’t need the full dose. Or maybe they found it too expensive, inconvenient or ineffective.

    June 2018 was also when the federal government passed its new cannabis legislation. The law took effect in October 2018, when recreational sales of dried cannabis and cannabis oils began. After initial product shortages were overcome, recreational cannabis sales grew rapidly as more stores opened, even during the COVID-19 pandemic. Consumer choice expanded in December 2019 when edibles and vapes became available.

    This is where my new study came in. I analyzed government data on patients’ use of Canada’s medical cannabis system between 2017 and 2022. This included how many patients registered, how often they placed orders, and how much cannabis they bought.

    Evolving system usage

    I found that as soon as parliament passed the new cannabis law, medical registrations began slowing down, despite recreational legalization still being four months away.

    But the response differed noticeably between provinces. For example, registrations kept growing steadily in Québec but plummeted rapidly in Alberta. Other provinces were in between.

    My data doesn’t say why those changes occurred. Perhaps Alberta, with its copious cannabis clinics, had many patients only mildly interested in using cannabis medically. Conversely, maybe Québec was still catching up with other provinces on medical use.

    When recreational sales started in October 2018, patient registrations seemed unaffected. Their average purchase sizes didn’t change either. But they bought medical cannabis slightly less often.

    This might have been due to retail convenience. At that time, medical producers and recreational stores were selling similar products: dried cannabis and cannabis oils. So, perhaps some patients started topping up their supplies occasionally at recreational stores but saw no reason to leave the online medical system completely.

    When edibles and other processed products began selling in December 2019, registrations dropped further. But the patients who remained bought medical cannabis slightly more often and in increasingly larger quantities.

    Product selections might explain this patient split. Perhaps producers with good edible products retained their customers and received larger orders from them. Conversely, maybe medical producers offering few edibles lost their patients to the recreational shops and their vast product assortments.

    In summary, Canada’s medical cannabis system experienced big changes after recreational legalization. But it didn’t disappear.

    Will other countries see similar outcomes if they allow recreational cannabis?

    A changing world

    In Europe, for example, The Netherlands is experimenting with recreational sales. Meanwhile, Germany has legalized recreational use but not retail sales. Will those countries experience medical cannabis changes like Canada did?

    Conversely, some countries barely tolerate even medical use. It is very difficult to legally obtain medical cannabis in the United Kingdom, for example, much like in Canada 20 years ago. And France has only conducted a few medical cannabis trials.

    Other countries, like Australia and New Zealand, are somewhere in between. They’re seeing rapid growth in legal medical use and illegal recreational use, but haven’t legalized recreationally. That’s roughly where Canada was 10 years ago.

    Will Canada’s medical and recreational cannabis experiences make these other countries more interested in legalization, or less? Either way, I hope they can learn from our experiences as they chart their own cannabis paths.

    Michael J. Armstrong does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Canada’s medical cannabis system changed but didn’t disappear after recreational legalization – https://theconversation.com/canadas-medical-cannabis-system-changed-but-didnt-disappear-after-recreational-legalization-240796

    MIL OSI – Global Reports

  • MIL-OSI: Targa Resources Corp. Releases Sustainability Report

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 16, 2024 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“Targa” or the “Company”) announced today that its Sustainability Report for 2023 is now available on the Company’s website at https://www.targaresources.com/sustainability. The report advances Targa’s sustainability disclosures and provides a review of Targa’s performance for calendar year 2023 against various environmental, social, and governance topics that we believe are important to our industry and our business.

    Highlights of Targa’s Sustainability Report for the 2023 calendar year include the following:

    • Decreased Gathering & Boosting (G&B) sector methane intensity by 19%;
    • Exceeded the original methane intensity goals established through the ONE Future participation;
    • Conducted aerial methane surveys at all gathering and processing assets;
    • Increased handheld camera methane monitoring to quarterly at all compressor stations and bi-monthly to all gas plants;
    • Exported approximately 5.6 billion gallons of liquefied petroleum gas (“LPG”) globally that can displace higher GHG-emitting fuels;
    • Realized continued safety performance with a 25% decrease in Employee Total Recordable Incident Rate since 2021;
    • Received nine (9) midstream safety recognition awards for exceptional safety records;
    • 95% of our new hires resided in the communities in which we operate;
    • 91% of Board of Directors are independent; 100% independent Audit, Compensation, Nominating and Governance, Risk Management, and Sustainability Committees;(1)
    • 36% of Board of Directors are women;(1) and
    • Board-level Sustainability Committee continues to oversee management’s implementation of strategy to integrate sustainability into various business activities to create long-term stakeholder benefits.

    Please refer to the full sustainability report for additional context regarding these highlights as well as other sustainability matters. The report references the Global Reporting Initiative (“GRI”) Standards, International Financial Reporting Standards’ (“IFRS”), Sustainability Accounting Standards Board’s (“SASB”) Oil & Gas Midstream Standard, and the Task Force on Climate-Related Financial Disclosures (“TCFD”). In addition, Targa engaged an external third party to perform an attest review engagement for certain greenhouse gas emissions and employee safety data metrics disclosed in Targa’s 2023 Sustainability Report for the year ended December 31, 2023.

    (1) As of May 17, 2024.

    About Targa Resources Corp.

    Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic midstream infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

    Targa is a FORTUNE 500 company and is included in the S&P 500.

    For more information, please visit the Company’s website at http://www.targaresources.com.

    Forward-Looking Statements

    Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding our projected financial performance and capital spending. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics or any other public health crises, commodity price volatility due to ongoing or new global conflicts, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the impact of disruptions in the bank and capital markets, including those resulting from lack of access to liquidity for banking and financial services firms, the timing and success of business development efforts and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s Sustainability Report for 2023 and its filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    Targa Investor Relations
    InvestorRelations@targaresources.com
    (713) 584-1133

    The MIL Network

  • MIL-OSI New Zealand: Employment – Workers call on bosses to cut the workplace chaos in 2025 if they want to get the best out of them – Survey

    Source: Qualtrics XM Institute

    New Qualtrics study reveals top employee experience trends in New Zealand for 2025

    Qualtrics today released the sixth annual Employee Experience Trends report, revealing critical insights into the state of employee experience and the modern workplace to help businesses and people leaders improve employee experience, boost productivity, and drive wellbeing in 2025.

    Drawing on 35,000 responses across 23 countries – including 1,065 from New Zealand – the study reveals employees are being held back by chaotic workplaces, dispels common workplace stereotypes of younger workers, a concerning level of employee trust in leaders, the importance of first and last impressions to employee success and brand image, and how AI inertia is creating organisational and operational risk.

    The 2025 Employee Experience Trends from Qualtrics:

    1. 2025’s best employers will make work less chaotic
    2. Young employees ARE optimistic
    3. Employee experiences are being ruined by entry and exit 
    4. Prioritising short-term gains costs long-term trust
    5. Employees outpace companies on AI adoption

     

    2025’s best employers will make work less chaotic

    As many companies have continued to change working models, systems, and processes for the modern workplace in the years since the pandemic, a disparity has emerged between business focuses and employee needs. Workers in New Zealand are more engaged when their employer’s culture and processes empower them to adapt to customer needs, and when there is a focus on having a positive impact in the world. However, more often than not organisations are failing to meet their employees’ expectations in these areas with workers rating these attributes as some of the lowest scoring areas. Growing pressure to increase productivity could also be having the opposite effect. Employees who feel under the pump are less engaged, have lower levels of well-being, and more likely to leave.

    “Over the past few years workers in New Zealand and across the globe have been dealing with relentless change. It’s no surprise many have reached their breaking point,” said Dr. Cecelia Herbert, Workplace Behavioural Scientist, Qualtrics XM Institute.

    “Work has somehow become even more chaotic since the pandemic as employers pursue short-term wins and try to adapt ways of working for modern realities. Yet for a number of years now the best employee experiences are about how and why work gets done – and these two aspects are the most impactful pathway to sustainable productivity and positive people outcomes.”

     

    Top 5 drivers of employee engagement

    % of employees favourable to driver

    I am proud of this organisation’s efforts to have a positive impact on the world

    66%

    This organisation’s processes enable me to effectively meet my customers’ needs

    72%

    I am encouraged to develop new and better ways of serving customers

    69%

    Senior leadership responds to feedback from employees

    60%

    Overall, I feel that my career goals can be met at this organisation

    65%

     

    Young employees ARE often the most optimistic and driven

    Contrary to popular belief, young employees are often a businesses’ most engaged, motivated, and optimistic. In fact, the only employee experience indicator where younger generations lag, unsurprisingly, is their intent to stay.

    “It’s time to end the scapegoating of young employees for workplace woes. These mindsets are crushing the optimism and fresh thinking younger workers bring to the workplace, creating a scenario that benefits no-one,” adds Dr. Herbert. “Younger workers live in and will inherit a very different world than generations of the past. Rather than bemoan their low intent to stay, leaders should focus on ways to nurture their growth and creativity, stretch their skills, and ultimately capture the enthusiasm to set the workforce up for success for generations to come.”

     

    Age

    Engagement

    Can challenge the traditional way of doing things

    Believe the organisation has an outstanding future

    Would recommend this organisation’s products / services

    Feel they can meet their career goals

    Feel paid fairly 

    Intent to stay 3+ years

    18-24 

    70%

    67%

    81%

    77%

    68%

    68%

    49%

    25-34

    67%

    64%

    71%

    73%

    69%

    62%

    46%

    35-44

    70%

    65%

    73%

    77%

    65%

    64%

    52%

    45-54

    62%

    55%

    66%

    74%

    55%

    58%

    59%

    55+

    61%

    48%

    70%

    75%

    61%

    63%

    53%

     

    Substandard first and last impressions hinder success

    The candidate and entry experience is one of the lowest rated employee journeys, which sets us up for engagement, wellbeing, and intent-to-stay issues further down the line. For instance, just 28% of employees with less than one-year tenure with their current employer plan to stay for 3+ years, compared to 46% of workers with 1-5 years and 67% of those with 5+ years. Employees often report a similar poor employee experience at the exit stage, meaning they are leaving with a negative perception.

    “Every organisation’s brand and reputation is heavily influenced by the stories people tell about applying for a job and what it was like working there. Getting these first and final impressions right are key strategic levers, but right now they are being overlooked, meaning employees are negatively impacted before they have even worked their first day,” said Dr. Herbert.

     

    Applying or interviewing for a job

    Starting a new job

    Changing roles within the organisation

    Leaving a job

    Exceeds expectations

    16%

    53%

    42%

    27%

    Below or greatly below expectations

    39%

    16%

    13%

    26%

     

    Short-term productivity pressure costs businesses long-term gains

    Slightly more than half of local workers (56%) believe their bosses will prioritise employee wellbeing over short-term business gains. This finding suggests a lack of trust in leaders by their employees, which needs critical attention if organisations are to positively influence employee experience indicators in 2025.

    “The relationship between employees and their leaders is getting more and more tense, fuelled by decisions to roll-back investments in DEI or sustainability, poorly managed workplace change, and more.  While trust is hard to earn and maintain during times of disruption and uncertainty, our study shows its impact is huge on both business and people-focused outcomes, which is why leaders need to know how to cultivate it in 2025,” said Dr. Herbert.

     

    Agree 2025

    Global

    Senior leaders in my organisation prioritise people’s wellbeing above immediate profit or gains (benevolence)

    56%

    56%

    Senior leaders in my organisation have the skills and knowledge needed to do their job well (competence)

    67%

    68%

    The behaviour of senior leadership is consistent with this organisation’s values (integrity)

    65%

    67%

     

    AI inertia creates risk as employees outpace companies on AI adoption

    Despite touting AI as the solution to lifting productivity, only 44% of employees in New Zealand say their organisation is providing AI enablement and training. A similar number (49%) say their company has AI guidelines, ethics or principles. Compounding the issue, 63% of workers believe decision makers understand new technologies well enough to manage them effectively. This lack of AI enablement and trust to deliver the change creates significant operational and organisational risk, with more than half of employees opting to use AI tools they’ve found themselves, and 41% using them daily or weekly.

    “It is not employee resistance holding back workplace progress with AI. The real inertia stems from the lack of the tools, training, and guidance employees need in the modern workplace. AI training and enablement must be a key strategic priority as its impact is exponential – from addressing security and operational risks, driving improved business outcomes, and ultimately creating an environment where employees and employers co-create the future of work,” said Dr. Herbert.

     

    Agree

    Global average

    My organisation provides training and enablement on the use of AI tools

    44%

    52%

    My organisation has clear principles, ethics or guidelines on the use of AI tools

    49%

    52%

    I am involved in deciding how my job will be done in the future

    54%

    59%

     

    For the full report and methodology, visit here: https://www.qualtrics.com/en-au/ebooks-guides/employee-experience-trends/

    About Qualtrics

    Qualtrics, the leader of the experience management category, is a cloud-native software platform that empowers organizations to deliver exceptional experiences and build deep relationships with their customers and employees. With insights from Qualtrics, organizations can identify and resolve the greatest friction points in their business, retain and engage top talent, and bring the right products and services to market. Nearly 20,000 organizations around the world use Qualtrics’ advanced AI to listen, understand, and take action. Qualtrics uses its vast universe of experience data to form the largest database of human sentiment in the world. Qualtrics is co-headquartered in Provo, Utah and Seattle. To learn more, please visit qualtrics.com.

    MIL OSI New Zealand News

  • MIL-OSI Australia: Australia-Vietnam Foreign Ministers’ Meeting and Economic Partnership Meeting

    Source: Minister for Trade

    This week the Australian Government welcomes Deputy Prime Minister and Minister of Foreign Affairs of Vietnam, His Excellency Bui Thanh Son, and Minister of Planning and Investment of Vietnam, His Excellency Dr Nguyen Chi Dung to Adelaide.

    On Thursday, Minister Farrell and Minister Dung will hold the fourth Australia-Vietnam Economic Partnership Meeting to advance our shared goal of increasing two-way trade, tourism and investment, and deepening economic cooperation across Southeast Asia.

    On Friday, Minister Wong and Deputy Prime Minister Son will hold the sixth annual Australia-Vietnam Foreign Ministers’ Meeting to advance cooperation under our Comprehensive Strategic Partnership and address key regional challenges.

    Minister Farrell will also give a keynote address at the inaugural Australia Vietnam Policy Institute Conference on trade diversification opportunities in Southeast Asia.

    The meetings this week will deepen our partnership as we work together to implement our shared vision for a peaceful, stable, and prosperous region.

    Quotes attributable to Minister for Foreign Affairs, Senator the Hon Penny Wong:

    “The Australia-Vietnam relationship has never been stronger.

    “Our Comprehensive Strategic Partnership reflects the depth of cooperation and the ambition we hold for our future.

    “This meeting will build upon my visit to Hanoi last year, where we marked 50 years of diplomatic relations, underscoring the deep friendship and strategic trust between our countries.”

    Quotes attributable to the Trade & Tourism Minister, Don Farrell:

    “Trade between Australia and Vietnam is booming, which means more opportunities for our exporters, businesses, and workers.

    “Over the last three years, our two-way trade with Vietnam hit record highs of $79 billion, and Vietnam has become one of the fastest growing sources of international visitors to Australia since the pandemic.

    “Our Southeast Asia Economic Strategy is supporting Australian businesses to seize new opportunities in the region, and Vietnam is one of the many places right on our doorstep which holds a wealth of potential for our exporters.”

    MIL OSI News

  • MIL-OSI New Zealand: Economy – Transmission of monetary policy to financial conditions: A speech by RBNZ Assistant Governor Karen Silk

    Source: Reserve Bank of New Zealand

    16 October 2024 – A speech will be delivered by Assistant Governor Karen Silk at the Citi Australia and New Zealand Investment Conference in Sydney, Australia.

    Financial conditions are significantly influenced by monetary policy settings and are therefore something that we monitor closely. The banking system is a key channel through which monetary policy settings influence financial conditions in New Zealand.

    Specifically, monetary policy affects bank funding costs and, in turn, the lending rates banks offer. This impacts the amount of money that households and businesses have to spend and shapes their inclination to save and invest.

    During the post-COVID period, tight monetary policy settings implemented to reduce inflation have made financial conditions more restrictive. This has contributed to a weakening of aggregate demand in the economy and increased our confidence that consumer price inflation is moving sustainably back to its target mid-point of 2%.

    However, the ongoing effects from the monetary and fiscal policy response to the COVID-19 pandemic, which significantly increased liquidity in the banking system, have supported lower bank funding costs. This has impacted the extent to which banks have increased their lending rates.

    The upshot of this is that financial conditions were less restrictive during the recent tightening cycle for the same level of the Official Cash Rate (OCR) when compared with previous cycles. However, through ongoing monitoring we have been able to identify and factor this into our decision-making to ensure that financial conditions have been where we needed them to be to achieve our monetary policy objectives.  

    As liquidity is being drained from the banking system, bank funding conditions have been normalising towards their pre-COVID state. Over time, this is likely to influence the amount of decline in bank lending rates, even as wholesale rates fall, as banks seek to maintain their net interest margins.

    The factors discussed in this speech are important for understanding the effectiveness of monetary policy transmission, but there are many others that are considered in monetary policy decision-making. While we remain confident that inflation will converge back to the 2% target midpoint in the medium term, we will continue to assess and respond to the risks arising from broader economic conditions to manage inflation back to this level.
     
    More information

    Read the related Bulletin here: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=b1b3bdc72d&e=f3c68946f8

    MIL OSI New Zealand News

  • MIL-OSI Global: Socially distanced layout of the world’s oldest cities helped early civilization evade diseases

    Source: The Conversation – USA – By R. Alexander Bentley, Professor of Anthropology, University of Tennessee

    Excavations at Çatalhöyük show how closely people lived before the settlement collapsed. Mark Nesbitt/Wikimedia Commons, CC BY

    In my research focused on early farmers of Europe, I have often wondered about a curious pattern through time: Farmers lived in large dense villages, then dispersed for centuries, then later formed cities again, only to abandon those as well. Why?

    Archaeologists often explain what we call urban collapse in terms of climate change, overpopulation, social pressures or some combination of these. Each likely has been true at different points in time.

    But scientists have added a new hypothesis to the mix: disease. Living closely with animals led to zoonotic diseases that came to also infect humans. Outbreaks could have led dense settlements to be abandoned, at least until later generations found a way to organize their settlement layout to be more resilient to disease. In a new study, my colleagues and I analyzed the intriguing layouts of later settlements to see how they might have interacted with disease transmission.

    Modern excavations at what was once Çatalhöyük, where inhabitants lived in mud-brick houses that weren’t separated by paths or streets.
    Murat Özsoy 1958/Wikimedia Commons, CC BY-SA

    Earliest cities: Dense with people and animals

    Çatalhöyük, in present-day Turkey, is the world’s oldest farming village, from over 9,000 years ago. Many thousands of people lived in mud-brick houses jammed so tightly together that residents entered via a ladder through a trapdoor on the roof. They even buried selected ancestors underneath the house floor. Despite plenty of space out there on the Anatolian Plateau, people packed in closely.

    Homes at Çatalhöyük were so tightly packed that people entered through the roof and even buried some ancestors beneath the floor.
    Illustration by Kathryn Killackey and The Çatalhöyük Research Project

    For centuries, people at Çatalhöyük herded sheep and cattle, cultivated barley and made cheese. Evocative paintings of bulls, dancing figures and a volcanic eruption suggest their folk traditions. They kept their well-organized houses tidy, sweeping floors and maintaining storage bins near the kitchen, located under the trapdoor to allow oven smoke to escape. Keeping clean meant they even replastered their interior house walls several times a year.

    These rich traditions ended by 6000 BCE, when Çatalhöyük was mysteriously abandoned. The population dispersed into smaller settlements out in the surrounding flood plain and beyond. Other large farming populations of the region had also dispersed, and nomadic livestock herding became more widespread. For those populations that persisted, the mud-brick houses were now separate, in contrast with the agglomerated houses of Çatalhöyük.

    Was disease a factor in the abandonment of dense settlements by 6000 BCE?

    At Çatalhöyük, archaeologists have found human bones intermingled with cattle bones in burials and refuse heaps. Crowding of people and animals likely bred zoonotic diseases at Çatalhöyük. Ancient DNA identifies tuberculosis from cattle in the region as far back as 8500 BCE and TB in human infant bones not long after. DNA in ancient human remains dates salmonella to as early as 4500 BCE. Assuming the contagiousness and virulence of Neolithic diseases increased through time, dense settlements such as Çatalhöyük may have reached a tipping point where the effects of disease outweighed the benefits of living closely together.

    A new layout 2,000 years later

    By about 4000 BCE, large urban populations had reappeared, at the mega-settlements of the ancient Trypillia culture, west of the Black Sea. Thousands of people lived at Trypillia mega-settlements such as Nebelivka and Maidanetske in what’s now Ukraine.

    If disease was a factor in dispersal millennia before, how were these mega-settlements possible?

    Geophysical plot of Nebelivka settlement shows its circular layout, divided into neighborhoods.
    Duncan Hale and Nebelivka Project, CC BY-NC

    This time, the layout was different than at jam-packed Çatalhöyük: The hundreds of wooden, two-story houses were regularly spaced in concentric ovals. They were also clustered in pie-shaped neighborhoods, each with its own large assembly house. The pottery excavated in the neighborhood assembly houses has many different compositions, suggesting these pots were brought there by different families coming together to share food.

    This layout suggests a theory. Whether the people of Nebelivka knew it or not, this lower-density, clustered layout could have helped prevent any disease outbreaks from consuming the entire settlement.

    Archaeologist Simon Carrignon and I set out to test this possibility by adapting computer models from a previous epidemiology project that modeled how social-distancing behaviors affect the spread of pandemics. To study how a Trypillian settlement layout would disrupt disease spread, we teamed up with cultural evolution scholar Mike O’Brien and with the archaeologists of Nebelivka: John Chapman, Bisserka Gaydarska and Brian Buchanan.

    Simulating socially distanced neighborhoods

    To simulate disease spread at Nebelivka, we had to make a few assumptions. First, we assumed that early diseases were spread through foods, such as milk or meat. Second, we assumed people visited other houses within their neighborhood more often than those outside of it.

    Would this neighborhood clustering be enough to suppress disease outbreaks? To test the effects of different possible rates of interaction, we ran millions of simulations, first on a network to represent clustered neighborhoods. We then ran the simulations again, this time on a virtual layout modeled after actual site plans, where houses in each neighborhood were given a higher chance of making contact with each other.

    Based on our simulations, we found that if people visited other neighborhoods infrequently – like a fifth to a tenth as often as visiting other houses within their own neighborhood – then the clustering layout of houses at Nebelivka would have significantly reduced outbreaks of early foodborne diseases. This is reasonable given that each neighborhood had its own assembly house. Overall, the results show how the Trypillian layout could help early farmers live together in low-density urban populations, at a time when zoonotic diseases were increasing.

    The residents of Nebilevka didn’t need to have consciously planned for their neighborhood layout to help their population survive. But they may well have, as human instinct is to avoid signs of contagious disease. Like at Çatalhöyük, residents kept their houses clean. And about two-thirds of the houses at Nebelivka were deliberately burned at different times. These intentional periodic burns may have been a pest extermination tactic.

    Re-creation of a Trypillian house-burning, with additional straw and wood necessary to burn hot enough to match archaeological evidence.
    Arheoinvest/Wikimedia Commons, CC BY

    New cities and innovations

    Some of the early diseases eventually evolved to spread by means other than bad foods. Tuberculosis, for instance, became airborne at some point. When the bacterium that causes plague, Yersinia pestis, became adapted to fleas, it could be spread by rats, which would not care about neighborhood boundaries.

    Were new disease vectors too much for these ancient cities? The mega-settlements of Trypillia were abandoned by 3000 BCE. As at Çatalhöyük thousands of years before, people dispersed into smaller settlements. Some geneticists speculate that Trypillia settlements were abandoned due to the origins of plague in the region, about 5,000 years ago.

    The first cities in Mesopotamia developed around 3500 BCE, with others soon developing in Egypt, the Indus Valley and China. These cities of tens of thousands were filled with specialized craftspeople in distinct neighborhoods.

    This time around, people in the city centers weren’t living cheek by jowl with cattle or sheep. Cities were the centers of regional trade. Food was imported into the city and stored in large grain silos like the one at the Hittite capital of Hattusa, which could hold enough cereal grain to feed 20,000 people for a year. Sanitation was helped by public water works, such as canals in Uruk or water wells and a large public bath at the Indus city of Mohenjo Daro.

    These early cities, along with those in China, Africa and the Americas, were the foundations of civilization. Arguably, their form and function were shaped by millennia of diseases and human responses to them, all the way back to the world’s earliest farming villages.

    R. Alexander Bentley does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Socially distanced layout of the world’s oldest cities helped early civilization evade diseases – https://theconversation.com/socially-distanced-layout-of-the-worlds-oldest-cities-helped-early-civilization-evade-diseases-239586

    MIL OSI – Global Reports

  • MIL-OSI China: Large-scale debt swap eyed to boost economy

    Source: China State Council Information Office

    A worker counts Chinese currency renminbi at a bank in Linyi, East China’s Shandong province. [Photo/Xinhua]

    China is likely to approve a debt swap program worth trillions of yuan as the beginning of a broader plan to decisively forestall any downward economic spiral, economists and policy advisers said.

    The debt resolution program — set to be the biggest of its kind in recent years — reflects policymakers’ priority not only to stimulate short-term growth, but also to proactively tackle major structural challenges, opening the door to further substantive policy support, they said.

    The policy focus for the coming quarters should include further addressing local governments’ delayed payments to businesses, acquiring idle housing and helping struggling real estate developers overcome difficulties, they said.

    The economists and advisers added that by alleviating debt pressures facing local governments, the debt swap plan will improve corporate performance, reinvigorate business expectations and serve as an important stepping stone to economic stabilization.

    Noting that this approach is as essential as direct demand stimulus, Robin Xing, chief China economist at Morgan Stanley, said, “Resolving the debt issue is a critical step in stopping a key deflationary downward spiral.”

    Xing added that the debt swap program would go beyond merely reducing interest payments. “It can improve the liquidity and balance sheets of local businesses (as local governments honor payables), but more fundamentally, restore stability in the regulatory environment and thus business expectations.”

    He estimated that the debt swap program will be no less than 6 trillion yuan ($843 billion) over multiple years, with the central government taking over some local debt burdens, and added that this year may see a 2 trillion yuan supplementary fiscal package for local debt resolution and bank recapitalization.

    Finance Minister Lan Fo’an said on Saturday that the Finance Ministry plans to increase the debt limit by a large scale at once and replace the hidden debt of local governments, without disclosing the specific size of the plan.

    The market is waiting for the Standing Committee of the National People’s Congress, the country’s top legislature, to convene in late October or early November to approve the specifics of the plan.

    Sheng Zhongming, a research fellow at the CF40 Institute, which is affiliated with the China Finance 40 Forum think tank, said that a debt swap would convert high-cost and structurally complex implicit debt into more sustainable low-cost and standardized government bonds, reflecting a policy orientation of securing this year’s growth target while tackling persistent structural problems.

    China must confront the key structural issues of local debt risks, outstanding government payments to businesses, real estate concerns and the recapitalization needs of banks, Sheng said, which will require at least 10 trillion yuan in additional public funds over several years in order to be effectively addressed.

    Wang Yiming, vice-chairman of the China Center for International Economic Exchanges, suggested leveraging central government funding to address local governments’ overdue payments to businesses that accumulated during the COVID-19 pandemic.

    To further address the real estate downturn, a feasible solution could be establishing a special fund, financed by fiscal funds, to acquire housing stock and convert it into government-subsidized rental housing for new urban residents, said Wang, who also serves as a monetary policy committee member of the nation’s central bank.

    Li Daokui, director of Tsinghua University’s Academic Center for Chinese Economic Practice and Thinking, said it is imperative to address the situation in which local governments face extremely tight cash flows while banks are flush with liquidity.

    Li suggested that local debt at least equivalent to 20 percent of the country’s GDP, or around 30 trillion yuan, should be replaced with longer-term treasury bonds.

    MIL OSI China News

  • MIL-OSI NGOs: Up to 21,000 people are dying each day from conflict-fuelled hunger around the world

    Source: Oxfam –

    On World Food Day, hunger has reached an all-time high exposing the flaws in global peacebuilding and conflict recovery efforts 

    Between 7,000 to as many as 21,000 people are likely dying each day from hunger in countries impacted by conflict, according to a new Oxfam report published on World Food Day.

    The report, Food Wars, examined 54 conflict-affected countries and found that they account for almost all of the 281.6 million people facing acute hunger today. Conflict has also been one of the main causes of forced displacement in these countries, which has globally reached a record level today of more than 117 million people.

    It argues that conflict is not only a primary driver of hunger, but that warring parties are also actively weaponizing food itself by deliberately targeting food, water and energy infrastructure and by blocking food aid. 

    “As conflict rages around the world, starvation has become a lethal weapon wielded by warring parties against international laws, causing an alarming rise in human deaths and suffering. That civilians continue to be subjected to such slow death in the 21st century, is a collective failure”.

    Emily Farr, Oxfam’s Food and Economic Security Lead

    Oxfam

    “As conflict rages around the world, starvation has become a lethal weapon wielded by warring parties against international laws, causing an alarming rise in human deaths and suffering. That civilians continue to be subjected to such slow death in the 21st century, is a collective failure”, says Emily Farr, Oxfam’s Food and Economic Security Lead. 

    “Today’s food crises are largely manufactured. Nearly half a million people in Gaza – where 83% of food aid needed is currently not reaching them – and over three quarters of a million in Sudan, are currently starving as the deadly impact of wars on food will likely be felt for generations.”

    The report also found that the majority of the countries studied (34 out of 54) are rich in natural resources, relying heavily on exporting raw products. For example, 95% of Sudan’s export earnings come from gold and livestock, 87% of South Sudan’s come from petroleum products, and nearly 70% of Burundi’s come from coffee.

    In Central America, meanwhile, mining operations have led to violent conflicts, uprooting people from their homes as they no longer become able to live in degraded and polluted environments.

    Oxfam argues that current peacebuilding and post-conflict reconstruction efforts are too often based on encouraging more foreign investment and export-related economies. However, this focus on economic liberalization can instead create more inequality, suffering and the potential for conflict to resume.

    “It is no coincidence that the lethal combination of war, displacement and hunger has often occurred in countries rich in natural resources. The exploitation of these raw commodities often means more violence, inequality, instability, and renewed conflict. Too often, large-scale private investment—both foreign and domestic —has also added to political and economic instabilities in these countries, where investors seize control over land and water resources forcing people out of their homes,” said Farr.

    Conflict often compounds other factors like climate shocks, economic instability and inequalities to devastate people’s livelihoods. For example, climate shocks like droughts and floods, coupled with the surge in global food prices associated with pandemic shut-downs and additional food-chain disruptions connected to the Russia-Ukraine war, have fueled the hunger crises in East and Southern Africa.

    Many of those fleeing are women and children. Aisha Ibrahim, age 37, told Oxfam that she had to walk four days with her four children, leaving their home in Sudan for Joda, across the border in South Sudan. She left her husband behind to protect their home. “I used to live in a proper home. I could never imagine myself in this situation,” she said.

    The international community’s pledge of “zero hunger” by 2030 remains out of touch. Oxfam says that states and institutions globally, including the UN Security Council, must hold to account those committing “starvation crimes” in accordance with international law.

    “To break the vicious cycle of food insecurity and conflict, global leaders must tackle head-on the conditions that breed conflict: the colonial legacies, injustices, human rights violations, and inequalities – rather than offering quick band-aid solutions.” 

    “We cannot end conflict by simply injecting foreign investments in conflict-torn countries, without uprooting the deep inequalities, generational grievances, and human rights violations that fuel those conflicts. Peace efforts must be coupled with investment in social protection, and social cohesion building. Economic solutions must prioritize fair trade and sustainable food systems,” said Farr.

    MIL OSI NGO

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (2)

    Source: Hong Kong Government special administrative region

    II. Steadfastly and Successfully Implement “One Country, Two Systems” and Strengthening Our Governance Systems (A) Fully and Faithfully Implement the Principle of “One Country, Two Systems”Optimise the Institutional Strengths of “One Country, Two Systems”12. The institutional advantages of “One Country, Two Systems” are numerous. Whether Hong Kong was fighting against the pandemic, tackling economic challenges, or seeking development opportunities, the Central Government always stands by Hong Kong and supports Hong Kong through a multitude of facilitation measures, ensuring our long-term prosperity and stability.13. Under the principle of “One Country, Two Systems”, Hong Kong is rooted in “One Country” and enjoys the benefits of “Two Systems”, enabling Hong Kong to serve the country’s needs with its own strengths. Hong Kong boasts both national and international advantages, enjoying the benefits of policies, guarantees and opportunities of our country. Hong Kong is an international city fully open to the world, underpinned by a capitalist system, with free flow of capital, people and information. It adopts a common law system, maintains its own legislative and judicial systems, laws, tax regime, currency and financial system, and is a separate customs territory. Hong Kong is a global metropolis.14. We will continue to fully, faithfully and resolutely implement the principles of “One Country, Two Systems”, “Hong Kong people administering Hong Kong” and a high degree of autonomy. We will continue to fully leverage the institutional strengths of “One Country, Two Systems” for sustaining the prosperity and stability of Hong Kong, contributing to China’s building into a great country and realising the great rejuvenation of the Chinese nation.Safeguard National Security15. Security and development work together like the two wings of a bird. Development requires a safe social environment. In March 2024, the Hong Kong Special Administrative Region (HKSAR) fulfilled the constitutional responsibility and historic mission of enacting local legislation for Article 23 of the Basic Law. The newly enacted Safeguarding National Security Ordinance (SNSO) achieves convergence, compatibility and complementarity with the Hong Kong National Security Law (HKNSL). Together they form a comprehensive legal system and enforcement mechanism for safeguarding national security. But threats to national security may spring up any time. We must stay vigilant and put up our guard.16. Public officers are duty bound to safeguard national security. Section 8(3)(a) of the SNSO stipulates that if the law of the HKSAR confers any function on any person, the function is to be read as including a duty to safeguard national security. Section 114 stipulates that public servants must provide assistance for the work on safeguarding national security. All bureaux and departments must review their codes, guidelines and procedures to ensure compliance with these provisions.17. It is of utmost importance that our people safeguard national security of their own accord. Since opening in August, the National Security Exhibition Gallery has been well-received by the public. We will train up tutors at district level for promotion of national security education in the community. Thematic exhibitions will be rolled out by the gallery to dovetail with the 10th National Security Education Day next year. The Education Bureau (EDB) will also update the Curriculum Framework of National Security Education.Foster Patriotic Education18. The Working Group on Patriotic Education has formulated promotion strategies and measures for supporting the organisation of more activities such that the spirit of patriotism can take root in society. Next year marks the 80th anniversary of victory in the War of Resistance. The Government will host commemorative activities to strengthen the sense of patriotism. The EDB will organise a range of joint school and cross-sectoral activities under the “Love Our Home, Treasure Our Country 3.0” series, continue to enhance Chinese History and national geography education in primary and secondary schools, and enrich patriotism and history elements in Mainland exchange programmes.Promote Chinese Culture19. Established in April, the Chinese Culture Promotion Office earnestly promotes Chinese culture, including planning for the construction of a museum to showcase the development and achievements of our country, and a new Chinese Culture Experience Centre. It also continues to organise the Chinese Culture Festival and exhibitions of the General History of China series.(B) Strengthen Our Governance Systems20. Since taking office, the current-term Government has taken forward various reforms on cross-disciplinary co-ordination and governance culture so as to strengthen our governance systems. Apart from introducing three Deputy Secretaries of Department to strengthen leadership and cross-bureau co-ordination, I have set indicators for specified tasks and monitored their progress and outcomes, creating a government culture focusing on actions and delivery of results. Moreover, we have updated the Civil Service Code to spell out the core values and standards of conduct that civil servants should uphold, and introduced a mechanism to mobilise the Government at all levels to enhance emergency response. The Government will deepen the reforms and continue to strengthen our governance systems.Enhance the Cross-bureau Co-ordination Mechanism21. We will enhance the leadership and cross-bureau co-ordination mechanisms, and fully leverage the leading and co-ordinating functions of Secretaries and Deputy Secretaries of Department. We will establish the following committee and working groups:(i) The Committee on Education, Technology and Talents, chaired by the Chief Secretary for Administration with the Secretary for Education, Secretary for Innovation, Technology and Industry, and Secretary for Labour and Welfare, as members, will co-ordinate and promote the integrated development of education, technology and talents. It will also expand connections, attract and cultivate talents, foster the development of technologies, and promote Hong Kong as an international hub for high-calibre talents; (ii) The Working Group on Developing Low-altitude Economy, led by the Deputy Financial Secretary, will kick-start projects with application prospects, formulate development strategies and action plans on the low-altitude economy, as well as take forward regulatory reform and plans for related infrastructural facilities;(iii) The Working Group on Developing Tourist Hotspots, led by the Deputy Chief Secretary for Administration, will strengthen cross-departmental co-ordination and leverage community efforts, identifying and developing tourist hotspots of high popularity and with strong appeal in various districts; and(iv) The Working Group on Promoting Silver Economy, led by the Deputy Chief Secretary for Administration, will formulate measures to expedite the development of the silver industry in line with the daily needs of the elderly.Strengthen Governance Capabilities of the Civil ServiceStrengthen Civil Service Management22. Efforts in strengthening the reward and punishment system in the past two years include launching the Chief Executive’s Award for Exemplary Performance, streamlining the mechanism of directing officers with persistent sub-standard performance to retire, improving the efficiency and effectiveness of handling disciplinary cases. We will review the Public Service (Administration) Order and Public Service (Disciplinary) Regulation to enhance the civil service disciplinary mechanism, and will consult with the Public Service Commission on the preliminary proposals next year.National Studies and International Training23. The civil service must have a full grasp of the policy objectives and strategies of our nation. The Government will organise seminars and learning activities on the important policies, reports and so on delivered by the Central People’s Government (CPG).  We will also arrange for the middle, senior and directorate level officers to receive training at renowned institutions in the Mainland and overseas to help foster their sense of national identity and develop global perspectives.24. With the support of the CPG, the HKSAR Government will continue to send officers to work in various offices of the United Nations through a dedicated programme.Civil Service Exchange Programme between Hong Kong and the Mainland25. The Government will collaborate with the Mainland cities in the GBA, as well as Beijing, Shanghai, Chongqing, Wuhan and Hangzhou to launch mutual civil service exchange programmes.Launch the Governance Talents Development Programme26. The Civil Service College will launch a Governance Talents Development Programme to further develop governance capabilities of officers at leadership ranks. The college will also enhance its internal research and training capability building.Digital Transformation of Public Services27. The Digital Policy Office (DPO) will endeavour to fortify information systems of the Government and public organisations. The DPO will also spearhead the pilot use of a locally developed generative artificial intelligence (AI) document processing copilot application in government departments. About 20 digital government and smart city initiatives will also be launched this year, including using blockchain technology for issuing electronic certificates for designated civil service examinations and electronic licensing by the Fire Services Department, as well as the use of AI for handling public enquiries.Bolster Security of Computer Systems of Critical Infrastructure28. The Government will require critical infrastructure operators to undertake obligations to protect their computer systems, so as to reinforce their resilience against cybersecurity challenges. A bill will be introduced later this year.(To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Qantas and Jetstar increase capacity at Sydney Airport

    Source: Sydney Airport

    Wednesday 16 October 2024

    Qantas has revealed that it will resume the A380 service on its Sydney to Dallas route for the first time since COVID, providing passengers with greater options to this sought-after destination.

    Commencing 11 August 2025, the flights will enhance capacity on the route and are due to be operate on Qantas’ A380 configured with 70 Business Class seats and 341 Economy Class seats and 787 aircraft configured with 42 Business Class seats and 166 Economy Class seats.

    At the same time, Jetstar has announced it will increase flights between Sydney and the South Korean capital, Seoul from four per week to daily from 17 June 2025, adding 100,000 seats a year on the route to better serve strong leisure demand.

    With daily flights from Sydney, Jetstar will operate a total of 10 return flights between Australia and Seoul each week, making it the largest carrier between the two countries.

    Once the new flights begin in mid-2025, Jetstar will offer more than 240,000 low fares seats a year between Sydney and Seoul.

    Greg Botham, Group Executive, Aviation Growth & Group Strategy, Sydney Airport, stated, “The A380 has always been a passenger favourite so it’s great news that Qantas are returning it to their Sydney to Dallas route, and the increased capacity will provide more choice for passengers travelling to and from the USA.

    “We’re equally excited to announce that Jetstar is enhancing its services to Seoul, increasing its flights from four to a daily schedule, making it the largest carrier to Korea from Australia.

    “Korean travellers ranked as the fifth largest group passing through Sydney Airport in Q3, a 54 per cent increase compared to 2019 figures, so we know this will be welcome news for passengers.

    “These developments highlight our commitment to supporting airline growth and options for passengers at Australia’s global gateway.”

    Cam Wallace Qantas International CEO stated, “As part of our historic fleet renewal program, these changes are about having the right aircraft on the right route and responding to growing customer demand. 

    “One of the benefits of our dual brand strategy is the flexibility we have with our combined Qantas and Jetstar fleets. 

    “Qantas launched flights to Seoul after the pandemic, and now that demand has normalised, it’s grown substantially as a leisure market, opening up a great opportunity for Jetstar to increase its frequencies and allow Qantas to redeploy its aircraft to other routes where we are seeing strong demand.”

    Jetstar Executive Manager, Customer Jenn Armor stated, “We were the first low-cost carrier to launch direct flights between Australia and South Korea’s capital Seoul from Sydney in November 2022.

    “Demand has grown significantly since then, and with the launch of daily flights from Sydney adding 100,000 seats a year, we’ll become the largest carrier between the two countries.

    “It’s no wonder Seoul is becoming increasingly popular. Its vibrant nightlife and food scene, combined with rich history, famous K-pop culture and shopping, means there’s something for every traveller to enjoy.

    “We’d like to thank Sydney Airport for supporting the additional flights.”

    Notes to Editor

    To celebrate the expansion of its Sydney to Seoul service, Jetstar is offering fares from $309^ one-way for selected travel dates on its Deals page at jetstar.com.

    Jetstar flight schedule between Australia and South Korea (from 17 June 2025)

    Frequency From To Depart Arrive
    JQ47 Mon, Tue*, Wed, Thu*, Fri, Sat*, Sun Sydney Seoul (ICN) 10:45 20:15
    JQ48 Mon, Tue*, Wed, Thu*, Fri, Sat*, Sun Seoul (ICN) Sydney 21:50 10:05 +day
    JQ53 Tue, Thu, Sat Brisbane Seoul (ICN) 11:30 20:15
    JQ54 Tue, Thu, Sat Seoul (ICN) Brisbane 21:50 08:20 +day

    MIL OSI News