Category: Pandemic

  • MIL-OSI Security: Florida Woman Admits COVID-19 Relief Program Fraud

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    NEWARK, N.J. – A Florida woman today admitted fraudulently obtaining $465,489 in COVID-19 relief funding after submitting fraudulent applications to victim lenders, the U.S. Attorney Philip R. Sellinger announced.

    Jane Batista, 43, of Lake Worth, Florida, pleaded guilty before U.S. District Judge Evelyn Padin in Newark federal court to one count of wire fraud and one count of money laundering.

    According to documents filed in this case and statements made in court:

    From April 2020 to August 2021, Batista submitted fraudulent Paycheck Protection Program (PPP) loan applications for herself, her husband, and two businesses they owned and operated. In support of those applications, Batista lied about the number of employees the businesses employed, the income the employees earned, and the revenue Batista and her husband generated as sole proprietors. Batista also submitted forged documents, including fake tax return documents. After the victim lenders funded the loans, Batista used that money for personal expenses and made several large transfers, including one for $15,000.

    The wire fraud count carries a maximum of 20 years in prison. The money laundering count carries a maximum of 10 years in prison. Each count also carries a maximum fine of $250,000, or twice the gross gain or loss from the offense, whichever is greatest. Sentencing is scheduled for March 18, 2025.

    U.S. Attorney Sellinger credited special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan; special agents of the Social Security Administration, Office of the Inspector General, under the direction of Acting Special Agent in Charge Corwin Rattler; special agents of the FBI, under the direction of Acting Special Agent in Charge Nelson I. Delgado; and special agents of the U.S. Attorney’s Office for the District of New Jersey, under the direction of Special Agent in Charge Thomas Mahoney with the investigation.

    The government is represented by Assistant U.S. Attorneys Robert Taj Moore of the Organized Crime Drug Enforcement Task Force and Aaron L. Webman of the Economic Crimes Unit in Newark.

    The District of New Jersey COVID-19 Fraud Enforcement Strike Force is one of the five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI

  • MIL-OSI USA: Scott Statement on the September Jobs Report

    Source: United States House of Representatives – Congressman Bobby Scott (3rd District of Virginia)

    Headline: Scott Statement on the September Jobs Report

    As originally released by the Committee on Education and the Workforce, Democrats

    WASHINGTON Ranking Member Robert C. “Bobby” Scott (VA-03) released the following statement after the Bureau of Labor Statistics announced that the economy added 254,000 jobs in September, and the unemployment rate ticked down from 4.2 to 4.1 percent. Under the Biden-Harris Administration, 16.2 million jobs have been created, and workers have seen their hourly earnings grow by 18.1 percent on average.

     “Four years ago, the unemployment rate was 7.8 percent. Today, the unemployment rate is 4.1 percent. Four years ago, roughly 800,000 people filed initial unemployment insurance claims during the week.  Only 225,000 filed claims this week. Four years ago, the economy was in freefall and Americans were hoarding toilet paper; today the economy is strong, and Americans are thriving. 

    “The truth is the economy always performs better under Democratic Administrations. For example, President Trump is the first president in nearly 100 years to have lost more jobs than he created during his time in office. During President Trump’s tenure, ten months of which he spent mismanaging the COVID-19 pandemic, the economy lost 2.7 million jobs. During President Biden’s time in office, nearly two years of which were spent recovering from the COVID-19 pandemic, the economy has added 16.2 million jobs. That is more jobs than any President has created in four years. And more jobs than any Republican President has created in eight years. The only President to create more jobs is President Clinton, who added 22.9 million jobs in eight years. 

    “Despite inheriting a struggling economy and a workforce devastated by the COVID-19 pandemic, the Biden-Harris Administration successfully rebuilt the economy and delivered real, lasting results for the American people. The policies in the American Rescue Plan Act (APRA) helped to create millions of new jobs– reflecting Democrats’ commitment to build an economy from the bottom up and the middle out.

    “In ARPA and IRA, Democrats fought to put money in family bank accounts by passing stimulus payments, enacting the child tax credit, enhancing SNAP benefits, increasing unemployment insurance and saving the pensions of one million workers participating in the multi-employer pension fund. Democrat then lowered everyday costs for working families by reducing health care costs, reducing premiums on the Obamacare Marketplace and reducing drug costs, especially insulin, and reducing the costs of childcare.  These measures not only helped families afford their day-to-day needs but by the end of the first year, child poverty was cut in half, and credit card delinquency was at its lowest point in nearly 30 years. And Congressional Democrats were able to accomplish this without a single Republican vote.

    “And the Administration’s commitment to invest in workers has paid off for families across America. The Census Bureau recently reportedthat the strong labor market and falling inflation contributed to a marked increase in real median household income, as well as a decrease in the official poverty rate. These investments demonstrate that policies that prioritize workers are also great for the economy.  

    “Every worker in America should be able to come home from work each day healthy, whole, and fairly compensated. Unfortunately, we know all too well that unscrupulous employers cut corners that put workers’ lives at risk or violate their rights in the workplace. In 2023, 16.2 million Americans were able to count on their unions to help them secure higher pay, better benefits, and safer workplaces. Continuing to safeguard collective bargaining is just one of the ways this Administration and Congressional Democrats have ensured that workers have a share in the prosperity they work hard to create.

    “Moreover, the Biden-Harris Administration remains committed to raising workers’ wages. This is why in 2021, President Biden worked to raise the minimum wage for federal contractors to $15 an hour. And earlier this year, the Department of Labor finalized a rule that would guarantee overtime pay for most salaried workers earning less than $58,656 per year, extending overtime protections for roughly an additional 4 million Americans. I will continue to support the Biden-Harris Administration’s ongoing commitment to paying workers their fair share and having the security they need to provide for themselves and their families.

    “The results of these policies speak for themselves – in the past four years, Democrats ensured working people were not left behind during this country’s economic recovery. But the work is not over. Despite the resilience of the economy, there is more that can be done to lower costs, whether at the grocery store, the pharmacy counter, or when buying a home. Democrats are offering proposals to end price gouging, lower prescription drug costs, expand home ownership, increase the Pell grants, lower the cost of childcare, among many other things.

    “In stark contrast, my House Republican colleagues have spent their time in the majority complaining and blaming others but not offering Americans any solutions. And their record shows it. In the last two years, House Republicans have not passed a single piece of legislation that was signed into law that will meaningfully reduce costs for the American people. Complaining about a problem is not a solution.

     “As for me, I will continue my work in Congress, as I always have— working on policy solutions that will build on the progress we have made and create an economy where everyone can succeed.”

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    MIL OSI USA News

  • MIL-OSI USA News: Press Briefing by President  Biden, Press Secretary Karine Jean-Pierre, and National Economic Adviser Lael  Brainard

    Source: The White House

    2:06 P.M. EDT

    THE PRESIDENT:  Hey, folks.  My name is Joe Biden.  (Laughter.)

    Q    Welcome to the briefing room.

    Q    Welcome, Mr. President. 

    Q    We’ve been waiting for you. 

    THE PRESIDENT:  Welcome to the swimming pool.

    Q    Finally.  This is — this is great.

    THE PRESIDENT:  Hey, look, folks, good afternoon.  The past two days have gotten some — we’ve gotten very good news about the American economy. 

    Just yesterday, shipping carriers, after some discussion, and the International Longshoreman’s Union came to an agreement to keep their ports in the East Coast and Gulf ports open.  We averted what could have become a major crisis for the country.  And a tentative agreement, which includes record wage increases for dockworkers and shows the importance of collective bargaining and represents, I think, critical progress toward a strong contract. 

    I especially want to thank the carriers, the port operators, and the longshoreman’s union for reaching this agreement at a time when the nation has experienced such terrible devastation from Hurricane Helene.  It was truly a service to the American people for all the parties to come together and to respond to our request to keep the ports open. 

    I was determined to — to avert a crisis at this moment, because it’s a critical moment.  If we didn’t do this now, we’d have a real problem.  

    I also want to thank my White House team for the work — they worked around the clock to bring the parties together. 

    But, today, I — we got more incredible news.  Although the strength of the American economy is a — it’s about the strength of the American economy.  The new jobs report, as you all know and you’ve been reporting, created 250,000 jobs in September.  The expectation was for 150,000 jobs in September, which is — far exceeds that number.  Not only the previous two months — but not only that, the previous two months was revised up 150,000 — 75,000 jobs. 

    And from the very beginning, we were told time and again that the polices we were pursuing — we’d put forward weren’t –weren’t going to work, make things worse, including some of the other team who are still saying they’re going to make things worse.  But we’ve proven them wrong.

    You know, we were told our American — we’ve — we were told our American Rescue Plan was too big and it would crowd out private investment.  We proved them wrong.  It vaccinated a nation and got immediate economic relief to people in need. 

    When I came to office determined to end trickle-down economics and to grow the economy from the middle out and the bottom up — I know you’re tired of hearing me say that over and over again, but that was the policy; it remains the policy — because when you do that, everyone does well.  When the middle class grows, the nation is stronger.  And the nation is stronger when there is a strong union movement as well. 

    We were told it wouldn’t work, but I was also determined to do what was ignored for much too long.  Presidents have been authorized since the ‘30s to be able to spend the money given by Congress — to spend the money on hiring American workers and using American product where they were available.  And that’s what we did.  

    We were told that was going to be a big problem, but all the money we — I was authorized to spend by the Congress has gone to building a mi- — to — gone to hiring American workers and using American products.  We were told it wasn’t going to be — I — we were told that was going to be a big problem, but it’s working. 

    We were also told that our historic laws to invest in America and all Americans would crowd out private-sector investment.  Well, that was proven wrong too.

    We’ve attracted nearly $1 trillion since we’ve come to office in private-sector investment from domestic and foreign companies investing in America — in America.  And not this stuff with sh- — shipping jobs overseas for cheaper labor and bringing back a product to America.  We’re building it here and sending it overseas.  And look at the results across the board.

    Unemployment is back down 4- — to 4.1 percent.  And every month f- — that Vice President Harris and I have been in office, we’ve been — there’s been — we’ve created jobs every single month. 

    The nation has now created 16 million jobs since I’ve come to office, more jobs created in a single presidential term than at any time in American history. 

    Our GDP shows our economy grew at — at 10 percent under my administration.  Unemployment reached the lowest level in 50 years. 

    We were also told inflation couldn’t come down without massive job losses or sending the economy into economic recession. 

    Once again, the outside experts were wrong.  Inflation has come way down.  Wages have gone up, growing faster than prices.  The interest rates are down.  A record 19 million new business applications have been filed for.  The stock market continues to reach new heights. 

    We’ve got more work to do though to keep getting — keep — to keep getting prices down, like more affordable housing, extending what I’ve done for seniors and lowering prescription drug costs by letting Medicare negotiate the prices — make sure that’s available to everyone. 

    And, by the way, what we’ve done so far — just what we’ve brought down the prices for seniors under Medicare, it saved the taxpayers billions of dollars — billions of dollars.  Saved the taxpayers billions of dollars.  That’s important to note because they don’t have to pay the exorbitant and ratio- — irrational prices that these companies are charging.

    The simple fact is we’ve gone from an economy in crisis to literally having the strongest economy in the world.  And — but we got — we — we got more work to do.  We’ve got more work to do to deal the — the things I’ve just mentioned.  And we’re going to have to deal with unforeseen costs of what this — this hu- — this hurricane is going to cost.  It’s going to cost a lot of money, and I’m going to probably have to ask the Congress before we leave for more money to deal with some of those problems, but that remains to be seen. 

    I’ll take a few questions before I turn it over to —

    Q    Mr. President —

    THE PRESIDENT:  You pick out the questions.

    MS. JEAN-PIERRE:  Oh, okay.  Yes, sir.  (Laughter.)  Yes, sir. 

    Go ahead, Josh. 

    Q    Thanks again for doing this, Mr. President.  Two questions.  The first, Florida Senator Marco Rubio described today’s jobs report as having “fake numbers.”  What do you make of that?  And how worried are you that many Americans are hearing that the jobs numbers aren’t real? 

    THE PRESIDENT:  Look, I’m going to be very careful here.  If you notice anything the MAGA Republicans don’t like, they call “fake.”  Anything.  The job numbers are what the job numbers are.  They’re real.  They’re sincere.  They’re — what we are. 

    But — and, by the way, just look at how the EU talks about us, how they’d like to have an economy like ours.  Let’s talk about the rest of the world looks at us and what we’re doing. 

    So, I — well, I don’t want to get going. 

    Q    And — and then, secondly, could you clarify some of your comments yesterday with regard to strikes on Iranian oil facilities?  What did you mean by them, given some of the reactions we’re seeing in the market?

    THE PRESIDENT:  Well, look, the Israelis have not concluded how they’re — what they’re going to do in terms of a strike.  That’s under discussion.  I think there are — if I were in their shoes, I’d be thinking about other alternatives than striking oil fields. 

    MS. JEAN-PIERRE:  Go ahead, Weijia.

    Q    Thank you, Karine.  Thank you so much, Mr. President, for being here. 

    This week, Senator Chris Murphy said, “It’s certainly a possibility that the Israeli government is not going to sign any diplomatic agreement prior to the election,” which is what you have been calling for for so long, “potentially to try to influence the result.” 

    Do you agree?  Do you have any worries that Netanyahu may be trying to influence the election, and that’s why he has not agreed to a diplomatic solution?

    THE PRESIDENT:  No administration has helped Israel more than I have.  None.  None.  None.  And I think Bibi should remember that. 

    And whether he’s trying to influence the election, I don’t know, but I’m not counting on that.

    Q    You’ve said many times recently that you want to speak to him, that you plan to —

    THE PRESIDENT:  No, I didn’t say “plan to.”  I didn’t say “want to.”

    Q    You don’t want to?

    THE PRESIDENT:  No, I didn’t say that.  You’re making it sound like I’m seeking an inv- — speak- — I’m assuming when they make their judgment of how they’re going to respond, we will then have a discussion. 

    MS. JEAN-PIERRE:  Go ahead, Selina.

    Q    Thank you.

    Q    Thank you, Mr. President, for being here.  What are you advising the Israelis to do in terms of their retaliation to Iran?  And at this point, you still haven’t spoken to Netanyahu.  Is it fair to say that you have little personal influence over what he decides to do?

    THE PRESIDENT:  No.  Look, our — our teams are in contact 12 hours a day.  They’re constantly in contact.  I’ve already had my presidential daily brief.  We’ve already had interface between our military, our — the diplomats.  It’s in constant contact. 

    They are trying to figure out — this is High Holidays as well.  They’re not going to make a decision immediately.  And so, we’re going to wait to see what they — when they want to talk. 

    Q    But over the past few months, they’ve consistently defied your administration’s own advice.  So, do you believe that the Israelis are going to listen to the advice you’re giving them?

    THE PRESIDENT:  What I know is the plan that I put together received the support of the U.N. Security Council and the vast majority of our allies around the world as a way to bring this to an end. 

    One of — look, the Israelis have every right to respond to the vicious attacks on them not just from the Iranians but from the — everyone from Hezbollah to the Houthis to — anyway.  And — but the fact is that they have to be very much more careful about dealing with civilian casualties.

    Q    So, how should they respond?  You expressed concerns about attacks on Iranian oil facilities.  How should they respond?

    THE PRESIDENT:  That’s between me and them.

    MS. JEAN-PIERRE:  All right.  We got to move on.  Go ahead, Tam.

    Q    The election is a month away.  One, I’d like to know how you’re feeling about how this election is going.  And then, also, do you have confidence that it will be a free and fair election and that it will be peaceful?

    THE PRESIDENT:  Two separate questions.

    Q    Very much.

    THE PRESIDENT:  I’m confident it’ll be free and fair.  I don’t know whether it will be peaceful. 

    The things that Trump has said and the things that he said last time out when he didn’t like the outcome of the election were very dangerous. 

    If you notice — I — I noticed that the vice-presidential Republican candidate did not say he’d accept the outcome of the election.  And they haven’t even accepted the outcome of the last election.  So, I’m — I’m concerned about what they’re — what they’re going to do.

    Q    Are you making any preparations?  Getting security briefings related to domestic security?

    THE PRESIDENT:  I always get those briefings.

    MS. JEAN-PIERRE:  All right.  We got to move on.  Go ahead, Akayla.  And we have — do a couple more.

    Q    Hi.  Hi, Mr. President.  When are you considering imposing sanctions on Iran?  And would you include oil in those sanctions?

    THE PRESIDENT:  That’s som- — that’s be- — that’s under consideration right now, the whole thing.  I’m not going to discuss that out loud.

    Q    And just on your comments yesterday on the port strike.  You said by “the grace of God,” it’s going to hold.  Is there any reason you think that this —

    THE PRESIDENT:  Well, there’s more to do.

    Q    — this temporary suspension —

    THE PRESIDENT:  It’s a month from now, and there’s more to do in terms of everything from the whole notion of me- — me- — excuse me — mechanization of the ports and the like.  There’s more to more to re- — more to resolve.

    MS. JEAN-PIERRE:  Go ahead, Danny.

    Q    Thanks, Karine.  Thank you, Mr. President.  Last night, you said that there’s still a lot to do to avoid an all-out war in the Middle East.  I mean, firstly, aren’t we pretty close to that definition already?  And — and, secondly, what — what can you really do to stop that happening?

    THE PRESIDNET:  There’s a lot we are doing.  The main thing we can do is try to rally the rest of the world and our allies into participating, like the French are, in — in Lebanon and other places to tamp this down.  And — but when you have proxies as irrational as Hezbollah and the Houthis and — it’s a — it’s a hard thing to determine.

    MS. JEAN-PIERRE:  Go ahead, Toluse.

    THE PRESIDENT:  I’ve got to go, kid.

    MS. JEAN-PIERRE:  I know.  I know.  (Laughter.)  He’s telling me, “I got to go.”

    THE PRESIDENT:  I said I’d take a couple questions.  (Laughter.)

    MS. JEAN-PIERRE:  All right. 

    Q    We’ll take (inaudible) —

    MS. JEAN-PIERRE:  You’re the la- — you’re the last one, Toluse.

    THE PRESIDENT:  I think she’s decreasing her credibility.  (Laughter.)

    Q    First — first time in four years; you have to take some more.

    MS. JEAN-PIERRE:  Toluse, you’re going to be the last one.

    Q    Thank you, Mr. President.  Thank you for — for spending some time here with us.  There have obviously been a number of crises that the country has been facing over the past several days with the hurricane, with port strike, with the situation in the Middle East.  Can you talk about how your vice president, who is running for the presidency, has worked on these crises and what role she has played over the past several

    days?

    THE PRESIDENT:  Well, she’s — I’m in constant contact with her.  She’s aware of where — we all — we’re singing from the same song sheet.  We — she helped pass the l- — all the laws that are being employed now.  She was a major player in everything we’ve done, including passage of legislation, which we were told we could never pass.  And so, she’s been — and her — her staff is interlocked with mine in terms of all the things we’re doing.

    MS. JEAN-PIERRE:  All right, sir.  Thank you, sir.

    (Cross-talk.)

    MS. JEAN-PIERRE:  It’s up to you, sir.  (Laughs.)

    (Cross-talk.)

    MS. JEAN-PIERRE:  Totally up to you, sir.

    (Cross-talk.)

    MS. JEAN-PIERRE:  All right.  All right.  Go ahead.  Go ahead.  Go ahead.  Go ahead.

    (Cross-talk.)

    MS. JEAN-PIERRE:  Yeah, Nandita.  Nandita.

    Sir — sir — no.  No.  Sir — I didn’t call on you, sir.  I didn’t call on you.  Nandita.

    Q    Pope Francis is calling for a day of —

    Q    Thank you.  Thank you, Karine.

    MS. JEAN-PIERRE:  Nandita. 

    Q    — prayer —

    Q    Mr. President —

    MS. JEAN-PIERRE:  Go, Nandita.

    Q    — and fasting.  What’s —

    Q    Mr. President —

    THE PRESIDENT:  On Pope Francis —

    Q    Yeah.

    THE PRESIDENT:  — calling for a day of prayer and fasting —

    Q    A day of prayer and fasting this Monday, October 7th.  You reaction, sir?

    THE PRESIDENT:  I will prayer and fast.

    MS. JEAN-PIERRE:  All right.  That’s —

    (Cross-talk.)

    Q    Mr. President, what is acceptable to you in terms of Israel’s response?  How long are you okay with Israel bombing Lebanon?  What is acceptable to you?

    Q    Mr. President —

    (Cross-talk.)

    MS. JEAN-PIERRE:  All right, guys.  That’s it.  Thank you, everybody. 

    THE PRESIDENT:  Thank you.

    MS. JEAN-PIERRE:  Thank you, Mr. President.  Thank you, sir.

    THE PRESIDENT:  Thank you.

    (Cross-talk.)

    MS. JEAN-PIERRE:  Thank you, every- — thank you, sir.

    Q    Mr. President, on Ukraine.  Have you made a decision on long-range weapons?

    Q    Do you re- — want to reconsider dropping out of the race?

    THE PRESIDENT:  I’m back in.  (Laughter.)

    Q    What made you want to come here today, Mr. President?

    MS. JEAN-PIERRE:  All right, everybody.

    Q    Thank — thank you, Mr. President.

    Q    Thank you. 

    Q    Please come back. 

    Q    Thank you, Karine.

    Q    Karine, can we do that again?

    MS. JEAN-PIERRE:  No.  (Laughter.)

    You hear- — you heard I was already told that.  (Laughs.) 

    Q    So, that’s why we were late? 

    MS. JEAN-PIERRE:  I mean, are we always on — any — always on time?  (Laughter.)  I — I could call myself out for that.

    All right, everybody.  Thank you so much.  Thank you, Mr. President.

    Okay.  So, this week, the United States has faced a — a number of competing challenges, from tensions in the Middle East, to a port strike that threatened our nation’s supply chains, to a historic hurricane that washed away entire communities.

    Moments like these underscore the importance of American leadership and resolve, and they show what is possible when we come together.

    Under the leadership of President Biden and Vice President Harris, we were able to successfully protect our allies, ensure the viability of critical supplies, stand up for good-paying union jobs, and get resources to people impacted by the storm in North Carolina and beyond.

    In the Middle East, the president showed that our ironclad support for Israelis’ security is not just a talking point; it saves lives.  Prior to Iran’s attack on Israel, the president convened his national security team in the Situation Room to monitor developments in real time, ensure we were prepared to assist in Israelis’ defense, and protect U.S. personnel in the region.

    Under the president’s leadership, the United States successfully defended Israel an- — from Iran’s missiles, standing shoulder to shoulder with the people of Israel.

    On the home front, the president and his team brought union workers, ocean carriers, and port operators to the table to — successfully to resolve a strike that threatened U.S. supply chains and the economic progress this president has made to lower prices for the American people.

    And in the Southwest United States — Southeast, pardon me, United States, the administration pre-positioned 1,500 federal personnel, along with critical resources like food, water, and fuel, to ensure that communities in the path of Hurricane Helene were prepared ahead of the storm. 

    Now, we are getting more resources into the hardest-hit communities every day, and we have provided over $45 million directly to individuals and families to help them recover.

    And a wide range of bipartisan officials, including the governors of every affected state, are working together with us and have praised the federal response. 

    These response- — responses underscore why leadership matters.  The president’s leadership in this moment helps to save lives, pra- — protect critical alliances, and ensure that our economy remains strong.  But more importantly, it proves that nothing is beyond America’s capacity when we do it together.

    And really quickly, because I know you all a- — asked for this.  This is the week ahead.  Next week, the president will travel to Milwaukee, Wisconsin, to discuss his administration’s work to replace lead pipes in the state and across the country through the Bipartisan Infrastructure Law.  This law is investing historic resources into our communities and creating good-paying jobs.

    The president will also be traveling to Philadelphia for a campaign engagement. 

    He will also travel to Germany and Angola to underscore the enduring strength and importance of two strategic bilateral relationships in addressing a comprehensive range of global stra- — challenges.  The value of strong alliances and partnerships in the defense of freedom and democracy has never resonated more in Europe, Africa, and beyond.

    President Biden has made revitalizing our international alliances and partnerships a key priority, recognizing that today’s challenges require global perspectives and shared responses.

    Those are the details I am able to share with — for now, but certainly, we will have more in the upcoming days. 

    And finally, n- — finally, we have Lael Bran- — Brai- — Brainard — (laughs) — our national economic adviser to the president.  She’s going to provide more information on how the president helped reopen our ports, as well as the strong job market economy report that we saw today, showing that more than 250,000 jobs this — this September under the president — President Biden.

    MS. BRAINARD:  Well, thanks, Karine.  And it’s good to see everybody today.

    It is a good day for American workers and families.  We saw more than 250,000 new jobs created in the month of September.  We saw unemployment back down to 4.1 percent at a time when inflation is back down to pre-pandemic levels.

    The East Coast and Gulf ports are opening back up, and dockworkers are getting back to work on the basis of a strong tentative agreement on wages and a contract extension between the International Longshoreman’s Association and the United St- — States Maritime Alliance.

    Just a week ago, the negotiation had totally stalled out.  The union and employers had not spoken to each other for months.  The last time a wage offer had been put on the table was in the middle of 2023.

    The president and the vice president directed us to get the parties back to the table to reach a good deal.  We worked around the clock to help them find common ground. 

    And the president was clear throughout that process on three things: We needed to get the union and the employers back to the table on the basis of a strong progress on wages so nothing would get in the way of hurricane recovery; Taft-Hartley was off the table because collective bargaining works; and workers should share in the large profits of the ocean carriers, particularly after those dockworkers sacrificed so much to keep goods moving for the American public during the pandemic.

    And as a result of the hard work that I undertook along with Secretary Buttigieg, [Acting] Secretary Su, a number of people in the White House.  We are seeing dockworkers get a fair share of the industry’s record returns.  We’re seeing ports opening so consumers and businesses can get what they need.  And we don’t expect to see any effects on our economy or for consumers, businesses, and farmers because we have strong supply chains that we built in the wake of the pandemic. 

    The president and the vice president have consistently supported the collective bargaining process.  When employers and workers come to the table, they find a good outcome. 

    That’s a vastly different approach from previous administrations that might have busted unions and rolled back worker protections. 

    And finally, I would simply say that the data that we’re seeing, the data we saw last week confirms that our economy is delivering for workers. 

    MS. JEAN-PIERRE:  All right.  I’m going to take a couple of questions. 

    Go ahead, Selina.

    Q    Thank you so much for being here.  Would you say at this point that the U.S. has achieved a soft landing?  And if not, at what point will we be there?

    MS. BRAINARD:  Yeah, I would say that, look, we have seen unemployment — the lowest average unemployment rate of any administration in 50 years, and we have seen inflation come back down to pre-pandemic levels. 

    That is exactly the kind of growth that you would want to see.  Growth has actually been revised up.  It’s been above 3 percent over the last year, and we’re continuing to see very resilient consumers.  So, yes, that’s exactly the kind of Goldilocks results that you would want to see.

    MS. JEAN-PIERRE:  Go ahead, Josh.

    Q    Thanks again for doing this.  If I could ask about an otherwise strong jobs report.  You still have manufacturing employment dip by 7,000.  What do you think is happening in the manufacturing sector right now?  Is this response to higher rates, or are you seeing something else going on?

    MS. BRAINARD:  Yeah, so I think if you look more broadly across the administration, you have seen manufacturing jobs growing by more than 700,000, in contrast to the previous administration that actually saw manufacturing job losses even before the pandemic. 

    And I think the right way to think about this — because we have so much new investment dollars from the Investing in America agenda, the right way to think about it is to look at construction and manufacturing jobs together.  And there, what we’ve seen is continued growth. 

    That construction workforce is hard at work with factory construction that is multiples of the previous administrations.  That construction of factories is going to turn into the manufacturing jobs of the future. 

    So, we see that investment in today’s economy, whether it be in chip manufacturing or clean energy, that is going to result in tomorrow’s manufacturing jobs.

    MS. JEAN-PIERRE:  Go ahead.

    Q    Thank you, Karine. 

    Just after the last Fed rate cut, do you think the administration has won its fight against inflation?

    MS. BRAINARD:  So, I would say, if you look at the data on inflation, it is now back down to pre-pandemic levels.  Don’t forget, nobody said that could happen with a strong labor market.  I think people just really need to go back and see some of the predictions.  Nobody thought we could have the strongest recovery in our peer economies — strongest on jobs, strongest on growth — and get inflation down as fast as we did. 

    And so, that just shows that the president’s investments and the focus on supply chains has really worked. 

    Q    And then just a follow-up on the consumer confidence

    numbers.  I mean, there was, you know, an upward revision in August, but now it’s down in September.  I’m just sort of wondering if you can comment on that.

    MS. BRAINARD:  Yeah, so I think the most recent Michigan sentiment numbers actually are showing strength.  And, you know, if you look at what consumers are talking about, they’re talking about good jobs, good job opportunities.  And we’ve seen a lot of people moving into new sectors with better wages, and there is now a lot more confidence that interest rates are coming down, inflation is down, and that’s going to enable consumers to feel more confident about investing in some of those bigger-ticket items.

    MS. JEAN-PIERRE:  All right.  Just a couple more. 

    Go ahead.

    Q    Thank you.  On the jobs report, the data also showed that the employment picture in July and August was also brighter than previously thought.  For Americans who are concerned about the rate that they may pay on their mortgage or their car that they might buy, what do you see that doing to the path of interest rates going forward?

    MS. BRAINARD:  You know, I think that we are now in a part of the recovery where inflation is back down, and that’s really what is going to determine whether interest rates continue to fall.  And market interest rates have remained low.  Mortgage rates have come all the way down close to 6 percent.  We anticipate, because inflation is back down, that that will continue to show through to market rates.

    Q    And on the hurricane that ravaged the Southeast, what are your early indications of how that could impact economic growth and the jobs picture in November, with so many in that region out of work?

    MS. BRAINARD:  Yeah, so we do think normally with a hurricane of this size, with the devastation that it has caused in many communities, that it will affect the employment statistics for that month.  But what we know is that, generally, you see the economy overall bouncing back very quickly and the growth numbers really becoming sort of strong pretty rapidly because of all that rebuilding activity that we are committed to. 

    MS. JEAN-PIERRE:  Go ahead, Jacqui.

    Q    That was my —

    MS. JEAN-PIERRE:  Oh, okay.

    Q    — on interest rates.  Yeah.  (Laughter.) 

    MS. JEAN-PIERRE:  Go ahead.

    Q    How concerned are you right now about the instability

    in the Middle East and its impact on oil prices?

    MS. BRAINARD:  Yeah, so, it is something that we track very closely.  Obviously, prices at the pump right now, $3.18 on average — not that I track it closely, but that is today’s number — (laughter) — and below $3 in many states.  We believe that global markets are well supplied, and continue to expect that in the U.S., we’ll continue to see those low gas prices. 

    And of course, we have really effective ways of addressing some of those geostrategic volatility.  We’ve used it in the past.  We have the capacity to use it again. 

    So, right now, markets are very well supplied, and we anticipate them to remain so. 

    MS. JEAN-PIERRE:  All right, last question to — oh — 

    Q    Yeah, I’ll —

    MS. JEAN-PIERRE:  No, I — I can go to Gerren too.  (Laughs.)  Go ahead. 

    Q    Thanks.  A federal judge in Missouri issued an injunction blocking the president’s student loan program hours after a judge in Georgia allowed it to advance.  What is the White House’s message to this dizzying legal battle?  And that was lifted up as an economic policy to, particularly, closing the racial wealth gap.  And what is your message to Black and brown Americans who are really relying on this relief?

    MS. BRAINARD:  Yeah.  So, student loan debt relief is so important for so many young people who are trying to build wealth, particularly for people who are first generation, to be able to invest in small businesses, to invest in starting a family, to invest in a house for the first time.  So, we are going to continue to work to deliver that debt relief to so many students who deserve it. 

    I do want to say that we have 5 million Americans who have already received debt relief.  And, you know, you can go on TikTok and other social media platforms and see their testimonials what a difference it makes in their lives.  And that is why the president, vice president going to continue working so hard to deliver.  

    MS. JEAN-PIERRE:  Awesome.  Thank you so much, Lael.

    MS. BRAINARD:  Thank you.

    Q    More Americans are food insecure.

    MS. BRAINARD:  Thank you. 

    MS. JEAN-PIERRE:  Thank you.  Thank you so much. 

    Q    Could you address food insecurity?

    MS. JEAN-PIERRE:  I appreciate it. 

    Q    The numbers are rising —

    MS. JEAN-PIERRE:  Thank you, thank you.

    Q    — according to the USDA.  Food insecurity numbers? 

    Maybe, Karine, if you could address it?

    MS. JEAN-PIERRE:  No.  Not — not right now.

    Q    Food insecurity?

    MS. JEAN-PIERRE:  I — I’m — I’m not talking to you, sir.

    Q    Okay.

    MS. JEAN-PIERRE:  I’m just not.  It would be nice if you would be less disrespectful in the room.

    Q    I’m just asking questions.

    MS. JEAN-PIERRE:  Inappropriately. 

    Okay.  Go ahead, Josh.  I don’t know if — maybe you guys are done with me.  Maybe I can walk out.  (Laughs.)  You guys got — you guys got all the best.  (Laughs.)  You guys got all the best. 

    Go ahead, Josh.

    Q    So, if we were to, like, zoom out —

    MS. JEAN-PIERRE:  Yeah.

    Q    — President Biden came in here today. 

    MS. JEAN-PIERRE:  Yeah.

    Q    He’s going to be with Pennsylvania Senator Bob Casey this week.  Then he goes to Germany and Angola.  He said he’s singing from the same song sheet as vice president Kamala Harris on the campaign.  How does he see his public role in the next few weeks as we get closer to the election?  What does — what’s he trying to achieve?

    MS. JEAN-PIERRE:  I — look —

    Q    And how’s he thinking about it?

    MS. JEAN-PIERRE:  I think he’s doing his job as president, right?  I think that’s the most important thing.  I mean, I started off at the top, at least of this — this part of the program, where I said that we’ve had three major events happen this week.  And what did the president do?  What did the vice president do?  They worked shoulder and shoulder to deal with these major events. 

    Now we see a deal with the port — a negotiated deal with the ports.  Obviously, it — it — that collective bargaining is extended until January 15th, which is incredibly important, especially in the midst of a hurricane that we saw — this historic hurricane that we just saw — Hurricane Helene. 

    We s- — we see what’s happening in the Middle East.  The president and the vice president continue to have diplomatic conversations, if you will, to deal — to de-escalate, to deal with what we’re seeing in — in that — in the region.

    And the hurricane.  You saw the — the vice president in — in Georgia; the president in North Carolina, South Carolina, Georgia, himself, and also in North — also in Florida, pardon me. 

    And so, I think what you’re going to see is him continuing to do his job, working closely with the vice president. 

    Look, before Hurricane Helene, President Biden was planning to campaign this week, and you heard — you heard me say he’s going to go to Pennsylvania.  He’s going to go to Wisconsin next week.  And so, we have — you know, we — we have — you all have covered how much of a whirlwind week this has been. 

    And so, the president is going to be president.  He’s going to be commander in chief.  And obviously, he’s going to be supporting his vice president. 

    I can’t speak specifically about the campaign because of — we do respect the Hatch Act here — at least for myself, as a federal employee, and many of us here. 

    And so, look, he’s going to continue to — to do the work that he’s doing.  We saw strong jobs numbers.  That’s one of the reasons he came out.  He came out because he wanted to talk about that.  He wanted to talk about what we have seen this week.

    And so — and so, look, we’re going to continue to doing the work, and I think that’s what the American people want to see. 

    Go ahead, Selina.

    Q    Thanks, Karine.  So, former President Donald Trump threatened to revoke the legal status of Haitian migrants.

    What is the president’s reaction to that?  This is something that the former president had tried to do during his own administration. 

    MS. JEAN-PIERRE:  Look, here’s the fact.  The fact is they are here legally, right?  That is the fact.  TPS, that’s what it gives you.  And honestly, I wouldn’t take legal advice from the former president.  I don’t know.  That’s not something I would do. 

    Go ahead.

    Q    And how concerned is the administration about the economic impact of Hurricane Helene?

    MS. JEAN-PIERRE:  Look, as you can see, we have been working around the clock.  The president directed his team very early on to work around the clock to make sure that the states who were — that were affected, the states that he’s visited and the vice president has visited over the past couple of days, got everything that they need.  And we — and we did that by pre-positioning — pre-positioning some of the personnel — about 1,500 federal personnel — to do that. 

    What we are doing: We’re going to make sure — obviously, we’re going to always monitor any of the economic impact.  But we’re going to continue to make sure that we are dealing — we are focused on lifesaving and life-sustaining efforts.  That’s the focus that we’re going to have here. 

    And we’re going to continue to monitor.  But obviously, reacting and providing the needs of the states right now, of the — of citizens who are living in those states is probably the most key and most important.  And continue to call on Congress to move forward with additional funding. 

    As you know, in the CR there was a robust ask for funding — for disaster funding, and that didn’t make it in the bipartisan CR.  And so, we got to get that done.  And we’re going to continue to have conversations with Congress.

    MS. JEAN-PIERRE:  Go ahead, Nandita.

    Q    Karine, I tried asking the president this —

    MS. JEAN-PIERRE:  Nandita, I’ve called on you, like, three times today.  (Laughter.)  I know some folks in the back are just going to be like, “Yeah.” 

    Q    I appreciate it.  I appreciate it.

    MS. JEAN-PIERRE:  So — yeah.

    Q    I tried asking President Biden —

    MS. JEAN-PIERRE:  (Laughs.)

    Q    (Inaudible.)

    MS. JEAN-PIERRE:  I hear you, Kimberly.  I hear you.

    Go ahead.

    Q    What is acceptable to the U.S. in terms of Israel’s response, right?  How long is the U.S. comfortable with Israel bombing Lebanon?

    MS. JEAN-PIERRE:  I — I know you guys are going to ask this question every which way, and I totally understand that.  We are having conversations, discussions.  We’re in contact with the Israelis on — on what’s next. 

    We have been very clear there will be consequences.  You saw the joint statement with the G7.  There’s going to be consequences.  There’s going to be sanctions.  And I’m not going to preview those sanctions from here. 

    But we have always said Israel has the right to defend itself.  And we — and you saw just on Tuesday night — and not just Tuesday night, in April — how — how much we are prepared to defend and protect Israel, because that is our ironclad commitment. 

    I’m not going to get into pu- — into diplomatic conversations in — in the public here.

    Q    And there was a report that quotes U.S. officials saying the White House wants to take advantage of the massive blow to Hezbollah’s leadership and infrastructure to push for a new Lebanese president in the coming days.  Can you comment on that?

    MS. JEAN-PIERRE:  I’m not going to comment on that.  I’m not going to comment on sources or reporting out there.  That is — that is not something I’m going to speak to, sourcing that I can’t even verify from here. 

    Go ahead.

    Q    Thank you.  On the port strike reaching a tentative agreement.  The White House and several officials were involved in — in the 90-day extension of those talks.  I’m wondering what the significance of that timeline is and whether the election being five weeks away played any role in it?

    MS. JEAN-PIERRE:  Look, this is about the right thing to do for workers.  Many of those workers put their lives at risk during the pandemic.  We have always said collective bargaining is — works.  We believe it works.  And we have seen — we have seen parties reach a fair agreement when you put — when you have — when they come in — come to the table and — in good faith and do that collective bargaining.  This is what’s important. 

    It was important to this president to get this done.  This is not about an election.  This is about what is the right thing to do for the American people.  This is the right thing to do for — for workers, again, who — who deserve higher wages, who deserve benefits. 

    And so, the president is proud to have been able to do that.  His team — obviously, with his team, in the dir- — and he directed his team to do this.  And so, now collective bargaining is going to continue, and we’ll see where we are in the next couple of — couple of months. 

    But this is not about politics for this president.  He — and you have seen that in the last three and a half years when we’ve been in these types of situation where there was negotiation, and we have been very, very clear: collective bargaining and supporting workers.

    Q    On congressional funding.  You mentioned some of the items that were lacking in the short-term funding bill that Republicans had put forth.  I’m wondering if the president has spoken with any members of the Big Four in Congress to bring those concerns to them directly. 

    MS. JEAN-PIERRE:  So, I don’t have any conversations to speak to that the president has had with members of Congress. 

    I mean, you saw him on the road.  He was able — you saw him in a bipartisan way on the road in North Carolina, South Carolina, in Georgia, and — and Florida.  And he — you saw him with Republican congressional members and governors and Republican — and Democratic congressional members and also governors.  And you saw that bipartisanship. 

    I’m certainly not going to get into any private conversations that they have had.  But we will continue to speak to congressional leadership and members about getting that extra funding.  It is important.  They need to act.  They need to act. 

    AIDE:  Karine, you (inaudible).

    MS. JEAN-PIERRE:  Go ahead.  Go ahead.

    Q    Hey, thanks, Karine.  Can you talk about how President Biden will be marking Monday’s one-year anniversary of the October 7th attack on Israel?

    MS. JEAN-PIERRE:  So, obviously, it’s going to be a painful — a painful day for — for many, including for — for all of us here.  And so, we will have more to share on how we will be commemorating that devastating day that we saw a year ago.  Don’t have anything to share at this time. 

    Q    And — and, secondly, this was President Biden’s first time — correct? — to the press briefing room —

    MS. JEAN-PIERRE:  Yeah.

    Q    — since he’s —

    MS. JEAN-PIERRE:  Yep.

    Q    What — why not —

    MS. JEAN-PIERRE:  And you’re welcome. 

    Q    Yeah.

    MS. JEAN-PIERRE:  You’re welcome.  I know you’re — I know this —

    Q    I know.  I know.

    MS. JEAN-PIERRE:  I know the way — the way this question is going to go.

    Q    We appreciate it.  I —

    MS. JEAN-PIERRE:  It’s going to be great.  It’s going to be great.  (Laughs.)

    Q    Let’s — let’s do it again.

    Q    I would have preferred a further question, but that’s all — that’s all right.  (Laughter.)  But real quick: Why not — why didn’t he come in the three and a half years before? 

    MS. JEAN-PIERRE:  I —

    Q    Why —

    MS. JEAN-PIERRE:  I mean, he came today.  And you got to see him.

    Q    Yes.  Yeah, but —

    MS. JEAN-PIERRE:  And you were here. 

    Q    — you know, I mean, he had the opportunity —

    MS. JEAN-PIERRE:  Aw, man.  Come on.

    Q    All right.  All right.

    MS. JEAN-PIERRE:  Come on.  He was here.  He took your questions.  And he —

    Q    It seemed like he wanted to stay a little bit longer.

    MS. JEAN-PIERRE:  I — (laughter) —

    Q    Every Friday?

    MS. JEAN-PIERRE:  He is — he is — every Friday?  (Laughter.)  Friday — Friday with the POTUS.  Friday with the POTUS.  We —

    Q    I’ll bring ice cream.  Bring ice cream.

    MS. JEAN-PIERRE:  Well, no, you guys got to bring the ice cream.  You guys got to bring the ice cream. 

    (Cross-talk.)

    Okay.  I’m going to do a couple more.  Go ahead.  I haven’t called on you.  Go ahead.  Go ahead.

    Q    Thank you, Karine.  I want to go back to Haitians and the TPS.  But first, you know, it was — it’s another week of misery in Haiti. 

    MS. JEAN-PIERRE:  Yeah.

    Q    There was this report from the World Food Programme describing acute hunger.  What more can the U.S. do to improve the situation in Haiti?  And conc- — if there’s no improvement, is it conceivable that the TPS for Haitians will never be lifted?

    MS. JEAN-PIERRE:  So, look, on your last question, I’ll do that first — the last part of your question, I’ll do that first.  I — we — I can’t predetermine what TPS status is going to be.  It’s not something that I can do from here.  Obviously, as you know, that is a decision with DHS and the State Department.  They decide TPS and the best way to move forward.  So, I’m not going to get into a hypothetical about that.

    But as it relates to Haiti more broadly and to the question of instability and what’s happening, look, despite that — despite the instability that continues, the recent deployment, as you know, of MSS mission is a unique opportunity to build a foundation of security and bring hope to Haitians that deserve to live their lives free of violence. 

    And so, to that end, the United States has delivered well over $300 million to support the MSS mission, while urging the international to community — community to support that — that mission as well.  The United States will continue to hold those undermining Haiti’s institutions and committing serious human rights abuses accountable.  That is our commitment. 

    We are committed to doing our part both to address immediate security needs and invest in Haiti’s long-term successes.  We stand with the people of Haiti and will continue supporting their aspirations of more security, certainly democratic and prosperous future.  That is our commitment, and we’ll continue to support the mission. 

    Go ahead, Michael.

    Q    Thanks, Karine.  It seems as if the president has spoken with pretty much every governor in the affected —

    MS. JEAN-PIERRE:  He has.  He has.  That was affected in the region.

    Q    But has he spoken with Governor DeSantis of Florida?

    MS. JEAN-PIERRE:  Touché.  Good point.  So — (laughter).  Touché. 

    So — and I think we read out that he spoke to the governor of Tennessee on our way back from — back from our trip to Florida and Georgia yesterday. 

    I don’t have a — a conversation to read out with the Florida — the governor of Florida.  But what I can say is that we have been in touch.  Our team has been in touch with local officials on the ground.  We are committed to providing what is needed in the state, obviously, to those who were affected in the state, and are committed — our commitment is clear.  The president has always said it doesn’t matter if you’re in a red state or a blue state; he’s a president for all Americans.  And that’s — continues to be, certainly, his commitment. 

    Go ahead.

    AIDE:  Last one.

    MS. JEAN-PIERRE:  I know.  I’m getting — I’m getting pulled.  But go ahead.  Then I’ll come back to you.

    Q    Thank you, Karine.  The president seemed to suggest that he is asking — or he seems to be suggesting that Israel should consider other alternatives, rather than attacking Iranian oil facilities.  But should Israel make such an attack, how is the administration preparing for an Iranian retaliation on the Strait of Hormuz that would disrupt oil supply and disrupt oil prices globally?

    MS. JEAN-PIERRE:  So, also as the president said, we continue to have these discussions.  I’m not going to get into hypotheticals Israel — about Israel’s response to Tues- — Tuesday — Tuesday night attacks. 

    What I will say is that we understand that they are still determining what exactly they will do.  That is something that we understand. 

    I’m just not going to prejudge.  I’m not going to get ahead of anything, and the discussions to continue.

    Q    But can we say that the administration is preparing for that possibility?

    MS. JEAN-PIERRE:  I — I’m just not going to get — I’m not going to speculate.  They’re still — I’m — I’m telling you, they’re — still haven’t decided what their next steps are going to be. 

    Q    Okay.

    MS. JEAN-PIERRE:  So that’s what I’m saying to you.  That’s what we understand.  I don’t have anything else beyond that.

    Q    And on Angola — on the President’s trip, Karine.  Amnesty International is criticizing the administration’s, quote, “silence” on human rights violations in Angola ahead of the president’s visit, calling out the administration’s focus on private-sector investment to counter China.  This is obviously in reference to the Lobito Corridor.  Do you have a response?

    MS. JEAN-PIERRE:  Look, I mean, I — we get this question — this type of question about human rights violations any time he meets, he travels and if that’s going to come up.  The president, as you know, has never shied away from direct conversation about human rights and democracy in any conversation, and I could expect that he will do the same in this upcoming trip. 

    And so, I don’t have anything beyond that, but the president has never shied away from that.  Never shied away.

    Go ahead.

    Q    Thank you, Karine.  Does the administration have any concerns about how the — the aftermath of this storm could impact the vote, whether it’s talking to the Postal Service about mail-in ballots that may not be getting to people or impacting the infrastructure in these critical states?

    MS. JEAN-PIERRE:  So, look, we are go- — using every available resources to help this com- — the community respond.  That’s what we’re going to do and recover from this disaster.  That is our commitment.  That’s what you’ve heard from this president. That’s what you heard from the FEMA administrator and so many others in the president’s administration, and certainly that means ensuring that Americans’ have — voices are heard this November.  And so, that is our commitment.  We want to make sure that people’s voices are heard. 

    And so, any specifics on where the infrastructure is and what that looks like, certainly, I would have to refer you to the state election officials on — on those and — and cybersecurity and infrastructure and all of those pieces — on what that looks like for them.  But — but —

    Q    Have any of the states voiced concerns to the administration?

    MS. JEAN-PIERRE:  I — well, I cannot speak to that.  I have not heard of that. 

    But look, our commitment, again, is to make sure that the resources available so that community can respond to recovery and also get back on their feet and deal with this disaster.  We want to make sure — we want to make sure that Americans’ voices are heard this — this November. 

    That is im- — important and so — but certainly that is something that state elected officials can speak to more directly, but we’re going to try and make sure they get back on — back on that.

    And I haven’t called on you yet.  Go ahead.

    Q    Thank you. 

    Q    Former President Trump is accusing the Biden administration of using FEMA funding to support undocumented migrants.  How is the White House responding to that?

    MS. JEAN-PIERRE:   I mean, it’s just categorically fla- — false.  It is not true.  It is a false statement.  And look, the fact of the matter is — I think the Washington Post fact-checker did a piece and the headline recently, just moments ago, not too long ago, and the headline was “No, Biden didn’t take FEMA relief money to use — to use on migrants – but Trump did.”

    I’ll leave it there. 

    Q    And a quick follow-up —

    Q    Karine?  Karine? 

    Q    — on that?  A follow on — 

    MS. JEAN-PIERRE:  Yep.  Yep.  Yep.   

    Q    Secretary Mayorkas had said earlier this week that he was concerned that FEMA didn’t have enough funding until the end — for the rest of the hurricane season.  Now that President Biden has seen the damage firsthand in the Carolinas, Florida, Georgia — we heard him say at the podium he may have to call Congress back from recess — what exactly is he waiting for to be able to make that call?

    MS. JEAN-PIERRE:  I — look, here’s the thing: We put forth a pretty substantial, robust — I mentioned this moments ago — to be part of the CR.  We were disappointed that it was not part of the CR.  And if congressional Republicans were serious — if they were really, truly serious — about doing something for the communities that was impacted by Hurricane Helene, they would join us in calling for additional funding.  This is what we’ve been doing.  And so, if they’re serious, they would get to — to work and get that done. 

    Just like in the — with the border, if they were serious about the border, they wouldn’t vote against their own bipartisan proposal that they worked with us on — they’re against it now; they weren’t — they would move it forward.  It would actually start fixing the broken system that we’re seeing right now. 

    And, you know, they can — if they really want to help us in dealing what we’re seeing, whether it’s at the border or getting more funding for disaster monies that’s going to be needed to get into the communities, they should be serious.  Congressional Republicans need to get serious here, and they’re just not.

    Go ahead, Akayla.

    Q    Thanks, Karine.  Just a quick question on the port strike suspension.  Is the White House going to continue to be in touch with ILA to sort of support those negotiations as they continue?

    MS. JEAN-PIERRE:  I think, look, there’s congressional — congressional — collective bargaining continues.  I think that’s really important.  That’s what we’re seeing, and that’s what we want to continue to see.  And so, we will be in touch as necessary. 

    But I think what’s important is they came up with an agreement.  That’s because of this president’s leadership.  And the way to get this done is getting col- — is continuing that collective bargaining, and we believe that certainly works. 

    Thanks, everybody.  All right.  Have a great weekend. 

    Q    Thank you. 

    2:55 P.M. EDT

    MIL OSI USA News

  • MIL-OSI USA News: Remarks by Vice President Harris at a Campaign Event | Redford,  MI

    Source: The White House

    Redford Fire Department Station 1
    Redford, Michigan

    2:03 P.M. EDT

    THE VICE PRESIDENT:  Hi.  (Applause.) 

    Oh, good afternoon, everybody.  Good afternoon.  Good afternoon.  It is my great honor to be with everybody this afternoon.

    Matt, I want to thank you for your leadership and for all that you do for so many.

    You know, everyone here, you all have chosen to live a life of service in the most extraordinary way.  And I’m so thankful to all of you — to Matt, for your leadership — and everybody here. 

    And it is so good to be in the house of labor.  Thank you all.  (Applause.)  Thank you all.  Thank you all. 

    And, you know, yours is a profession that is more than a profession.  It really is about a calling. 

    You know, my — I was just telling Matt — my brother-in-law just retired as a firefighter in California.  So, for me, this is personal and it is professional.  I know what you guys do, and I know your character.  I know your families.  I know what it means for the whole community for you all to take on the lives that you have decided to live, and I’m so thankful to you.

    You guys work long shifts with unpredictable hours in some of the most dangerous conditions.  You do so on behalf of people you’ve never met.  Sometimes, those people will never know your name, but because of what you do with such sincerity and the highest level of skill and professionalism, their lives are forever better.  And they always know and have the comfort of going to sleep at night knowing that should any tragedy come their way that you guys are out there and would be there.

    It’s an extraordinary thing you do, and it’s a great gift that you have that you give.  And so, I am so thankful to you.  Thank you.  (Applause.)

    And, of course, I am thankful for the union that supports you and your right to all that you deserve in terms of the wages and the benefits that you so rightly have earned.  (Applause.)

    And I also want to thank the other brothers and sisters from labor who are here from UAW — (applause); IBE- — IBEW; LIUNA.  Where are your orange T-shirts?  I know you’re here somewhere.  I thank you all, all of you. 

    So, look, just yesterday, we saw another example of the power of collective bargaining — right? — when the longshoremen and the U.S. Maritime Alliance came together, ended a strike, and reached an agreement on a record wage.  Right?  (Applause.)  They did good.  They did good. 

    And I say, everywhere I go, look, collective bargaining benefits everybody.  And you know the — the term — and I’m looking at our young leaders who are here.  I’m so glad you guys are here.  (Applause.)  So, collective bargaining, it’s really — it’s just a basic logical point. 

    So, here’s what it means.  It means that in any negotiation, you want the outcome to be fair.  Right?  We all want fairness, right?  Everybody wants fairness — or should. 

    So, here’s the thing about collective bargaining.  If you want the outcome to be fair, you got to realize, if you’re requiring the one worker to negotiate against the big entity, do we really think that the outcome is going to be fair?  Probably not.  But if you let the workers together, as the collective, then negotiate against the big entity, it’s more likely that the outcome will be fair.  

    That’s the basic point of collective bargaining.  That’s the basic point of why we want our unions to be able to do their work on behalf of workers every day, because we know when union wages go up, everyone’s wages go up.  (Applause.)  Yeah. 

    And when union workplaces are safer, all workplaces are safer.  (Applause.) 

    And the bottom line is: When unions are strong, America is strong.  (Applause.)  And our unions have always fought to make our nation, then, more equal, more fair, and more free. 

    And in this election, in 32 days, everything we have fought for is on the line. 

    This election is about two very different visions for our nation: one that is focused on the past, and ours that is focused on the future. 

    We fight for a future where we protect the fundamental freedom to organize.  We fight for a future where workers, all workers, are treated with dignity and respect; a future where we tap into the ambition and the aspirations of the American people and build what I call an “opportunity economy” so that every American has an opportunity to buy a home, start a business, build wealth — intergenerational wealth for their family. 

    Over the last three and a half years, our nation has seen historic small-business creation as an example of that focus. 

    In Michigan alone, we have seen more than 500,000 new small-business applications.  And when I am president, I plan to build on that progress and that success, including by raising the start-up deduction — tax deduction for small businesses from $5,000 for — to $50,000 to help more entrepreneurs start a small business. 

    I’ll tell you guys, my sister and I were raised by our mother, who worked very hard, and we lived on an apartment above a daycare center.  And it was run by and owned by the woman that we called our second mother, who lived two houses down.  She was a small-business owner, and her name was Ms. Shelton. 

    And I grew up as a child knowing about who our small businesses are, right?  They’re leaders in the community.  They’re civic leaders.  They hire locally.  They train.  And so, that’s one of the reasons I’m focused on small businesses as part of how we lift up the middle class in America’s economy.

    We need to also build more housing in America.  Housing is too expensive. 

    My mother saved up for years, until I was a teenager, when she was able to buy our first home. 

    And right now, we have a serious housing shortage in America, and that’s part of what is driving up costs.  And so, we are going to cut red tape, we’re going to work with the private sector, and we’ll build 3 million new homes by the end of my first term — (applause) — including — including providing first-time homebuyers with a $25,000 down payment assistance so they can just get their foot literally in the door to be able to invest in the American dream — (applause) — which not everyone has access to these days.

    We need to lower the cost of living, because, look, our economy, while we’re making good progress — just this morning, in fact, we got a solid jobs report: over 250,000 jobs created last month, unemployment fell.  And just a few weeks ago, the Federal Reserve cut down interest rates, which is going to be great for a lot of folks.  But there’s still more work we need to do. 

    Prices for everyday things like groceries are still too high.  You know it, and I know it.

    And so, we have a plan to lower costs on everything from health care to groceries, including what I’ve done in my career as attorney general, which is we got to take on corporate price gouging. 

    We got to take on what we need to do to understand that if you want to grow the middle class, we need more middle-class tax cuts.  And the tax cut that is part of my plan will give a tax cut to 100 million Americans. 

    We need to expand Child Tax Credit, and I will do that to expand it to $6,000 so that for the first year of a child’s life, their parents have the resources that they need to be able to buy a crib or a car seat, and in that very critical stage of their child’s development, just be able to do more than get by but be able to get ahead. 

    And I say all this to say, I will always put the middle class and working families first.  I come from the middle class, and I will never forget where I come from.  I will never forget where I come from.  (Applause.)

    And we know we cannot have a strong middle class without American manufacturing. 

    Over the last three and a half years, we brought manufacturing back to America.  We created 730,000 manufacturing jobs and announced the opening of more than 20 new auto plants in the United States.  And we did it by investing in American industry and American workers.

    And I want to make sure that America, not China, wins the competition for the 21st century.  (Applause.)

    So, under my plan, we will invest in the industries that built America, like steel, iron, and the great American auto industry — (applause) — yeah — so we can ensure that the next generation of breakthroughs, from advanced batteries to electric vehicles, are not only invented but built right here in America by American union workers.  (Applause.)

    So, the election is in 32 days, and Americans have a big choice to make.  And I think it’s very important, then, to point out Donald Trump has a very different approach than mine. 

    And let’s be real about who Donald Trump is.  Let’s be real.  This is a time for real talk. 

    He was handed $400 million on a silver platter and filed for bankruptcy six times.  This is a man who has only ever fought for himself.  This is a man who has been a union buster his entire career, who has called union leaders, quote, “Dues Sucking” people.  And as president, he did not lift a finger to save the pensions of millions of American workers. 

    We did.  We did.  (Applause.)

    This is a man who sold promise after promise to American workers but never delivered, who said he supports so-called right-to-work laws “100 percent.”  Those are his words. 

    He who joked and laughed about firing striking workers.  You remember that? 

    AUDIENCE:  Yes.

    THE VICE PRESIDENT:  Who rolled back labor standards and made it easier for companies that break labor laws to get federal contracts. 

    And Donald Trump is a man who tried to cut funding for our first responders, including SAFER grants for firefighters. 

    So, brothers and sisters, as we stand here in a house of labor, we will not be fooled.  We will not be gaslighted.  Donald Trump’s track record is a disaster for working people, and he’s trying to gaslight people all over our country.  But we know the facts and we know the truth: He is an existential threat to America’s labor movement.  Just look at his track record to know. 

    He said he was the only one who could bring back America’s manufacturing jobs — Michigan knows what I’m about to say — then America lost nearly 200,000 manufacturing jobs when he was president, including tens of thousands of jobs in Michigan.  And those losses started before the pandemic, so we’re clear, making Donald Trump one of the biggest losers of manufacturing jobs in American history.  (Applause.)

    And recall his record — his track record for the auto industry.  He promised workers in Warren that the auto industry would, quote, “not lose one plant” during his presidency.  Then American automakers announced the closure of six auto plants when he was president, including General Motors in Warren and Stellantis in Detroit.  Thousands of Michigan autoworkers lost their jobs. 

    And now he is making the same empty promises to the people of Michigan that he did before, hoping you will forget how he let you down.  But we know, if he wins again, it will be more of the same. 

    Everything he intends to do is spelled out in Project 2025.  If reelected, he intends to launch a full-on attack on unions and the freedom to organize.  He will ban public-sector unions, roll back workplace safety protections, and appoint a union buster to run the Department of Labor.

    And on top of that, Donald Trump will give billionaires and the biggest corporations massive tax cuts like he did last time. 

    He will cut Social Security and Medicare and impose what I call a Trump sales tax, a 20 percent tax on everyday goods and necessities, which will cost — the economists have said — which will cost the average American over $4,000 a year more. 

    And if that weren’t enough, he intends to end the Affordable Care Act.  And even after he tried to repeal it time and time again when he was president, he still has no plan to replace it. 

    Did you guys see the debate?  (Laughter and applause.)  “Concepts of a plan.”  He has “concepts of a plan.”  (Laughter.)  Come on. 

    And, you know, I’ve said many times he is an unserious human — (laughter) — but the consequence of him is quite serious, because think about that: “concepts of a plan.” 

    So, he’s going to threaten the health care and health coverage of 45 million people in America based on a concept — think about that — to take us back to when insurance companies could deny people with preexisting conditions.  You remember what that was like?

    So, look, I’m here to say, and I think we all know: It’s time to turn the page.  It’s time to turn the page.  (Applause.)  We’re not going back. 

    America is ready to chart a new way forward, because we are not going back. 

    AUDIENCE MEMBER:  No, we’re not.  We’re not going back.

    THE VICE PRESIDENT:  No, we’re not.

    And so, it all comes down to this.  We are here together because we know what is at stake.  And we are here together — and I’m looking at the young leaders — because we love our country.  We love our country.  (Applause.)  Yes, we do.  We love our country.

    And I do believe it is the highest form of patriotism to then fight for the ideals of our country and to fight to realize the promise of America. 

    We have 32 days to get this done, and we know this is going to be a very tight race until the very end.  And we are the underdog, so we have some hard work ahead of us.  But I know who’s here.  We like hard work.  Hard work is good work.  Hard work is good work.  (Applause.)

    And we know what we stand for, so we know what to fight for.  We stand for opportunity, we stand for dignity, and we stand for the future.

    And so, we know when we fight —

    AUDIENCE:  We win!

    THE VICE PRESIDENT:  — we win. 

    God bless you.  God bless the United States of America.  (Applause.)

    Thank you all.  Thank you.  Thank you.  (Applause.)

    END                 2:20 P.M. EDT

    MIL OSI USA News

  • MIL-OSI USA: Under Kamalanomics, Americans Are Being Left Behind, And American Manufacturing Stifled

    Source: US House of Representatives Republicans

    The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

    Under Kamalanomics, Americans Are Being Left Behind, And American Manufacturing Stifled

    Washington, October 4, 2024

    Under Kamalanomics, Americans are getting left behind as American manufacturing is stifled. The failed economic policies of the Biden-Harris Administration have crippled a once booming economy left by President Trump. Despite attempts to cover up their failures, the American people are smart and know Kamala Harris and Joe Biden created today’s economic crisis. 
     
    The Bureau of Labor Statistics (BLS) September jobs report once again exposes the harsh reality of Kamalanomics. Just in the last two months, America has lost at least 34,000 manufacturing jobs as the failed economic policies of Kamala Harris have disincentivized the growth of America’s job market, manufacturing, and economy. 
     
    KEY POINTS FROM THE JOBS REPORT: 

    • In September, the unemployment rate remained high, at 4.1%.
    • Over the past 12 months, 825,000 native-born Americans lost employment, while 1.2 million foreign-born workers found jobs.
    • There are over 6.8 million Americans who are unemployed which is up from a year ago at 6.3 million.
      • The labor force participation rate remains well below pre-pandemic levels. 
    • In September, the labor force participation rates decreased for the following demographics:
      • Women, 16 years and over.
      • White women, 20 years and over.
      • Black or African American women, 20 years and over.
      • Asian Americans. 
      • Hispanic or Latino Americans.
      • Hispanic or Latino men, 20 years and over.
      • Hispanic or Latino women, 20 years and over.
    • Since July of 2023 versus July of 2024, there has been a net zero job growth. 
    • In August, it was announced that 818,000 jobs that the Harris-Biden Administration claimed to have created aren’t there.
      • The BLS revised down its total tally of jobs created from March 2023 through March 2024 by 818,000.
      • This included 115,000 manufacturing jobs. 
      • The revision is the largest in 15 years. 
      • In addition to these revisions, the August jobs report revealed the employment in June and July combined is 86,000 lower than previously reported.
    • The Biden-Harris Administration deserves no credit for economic growth. 
      • Republican-led states are leading the way creating jobs and leading economic growth.
      • The latest state jobs report shows that 16 of the top 20 states for  jobs recovered since the coronavirus pandemic began are led by Republican governors, and 16 of the states have Republican-controlled legislatures. 

    KAMALANOMICS BY THE NUMBERS: 

    • Nearly half of Americans consider themselves “broke.” 
    • Two-thirds of Americans report living paycheck-to-paycheck.
    • Americans need a six-figure salary to afford a typical home in nearly half of U.S. states
    • Inflation is a tax on ALL Americans. 
    • When Joe Biden and Kamala Harris took office, inflation was at just 1.4%.
    • Since Biden and Harris took office, inflation has risen by 20.3%.
    • Americans are paying more for just about everything because of inflation since Biden and Harris took office: 
    • Americans are spending $13,200 more annually to buy the basics because of Kamalaflation, compared to three years ago.
    • Real wages remain lower than when Biden-Harris first took office.
    • Inflation-adjusted average weekly earnings were $397.90 when Biden-Harris took office and are now $384.47 – the Bureau of Labor Statistics adjusts to 1982-1984 dollars – meaning Americans have seen a 3.4% decrease under Biden-Harris.
    • Kamalaflation outpaced wages for a majority of Biden’s presidency – both year-over-year real average hourly earnings and real average weekly earnings were negative for 25 months.
    • Interest rates have remained at a 23-year high.   

    MIL OSI USA News

  • MIL-OSI Russia: Financial news: On 10/07/2024, the deposit auction of the PPC “TERRITORIAL DEVELOPMENT FUND” will take place

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

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

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

    https://www.moex.com/n73776

    Category24-7, MIL-AXIS, Moscow, Moskov Stotsk Exchange, Russians Savings, Russian Federation, Russians Language, Russian economy

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    Parameters
    Date of the deposit auction 10/07/2024
    Placement currency RUB
    Maximum amount of funds placed (in placement currency) 1,050,000,000.00
    Placement period, days 55
    Date of deposit 10/08/2024
    Refund date 02.12.2024
    Minimum placement interest rate, % per annum 19.00
    Conditions of imprisonment, urgent or special Urgent
    Minimum amount of funds placed for one application (in placement currency) 1,050,000,000.00
    Maximum number of applications from one Participant, pcs. 1
    Auction form, open or closed Open
    Basis of the Agreement General Agreement
     
    Schedule (Moscow time)
    Preliminary applications from 11:00 to 11:10
    Applications in competition mode from 11:10 to 11:15
    Setting a cut-off percentage or declaring the auction invalid until 11:25
       
    Additional terms With the right of early withdrawal of the deposit at a rate of 0.01% per annum

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

    MIL OSI Russia News

  • MIL-OSI China: Lu Chuan’s sci-fi gamble ‘Bureau 749’ debuts after 8-year struggle

    Source: China State Council Information Office 3

    Among the many ambitious projects in Chinese cinema, few stories rival that of director Lu Chuan’s epic undertaking, “Bureau 749.” The film, conceived as early as 2016, aimed to be a cutting-edge sci-fi spectacle with Hollywood-caliber visual effects. However, its path to completion became a tumultuous saga marked by financial hurdles, production challenges and a relentless pursuit of artistic vision.

    The Sept. 29 premiere in Beijing was charged with emotion as cast, crew and audience members were moved upon finally seeing the film on the big screen. During the eight-year journey, more than 6,000 people contributed to the project, experiencing hardship, despair and joy along the way.

    “It’s been really hard for us these past few years, and now it’s time for us to present it to the audience and let them enjoy it and judge,” Lu said.

    “Bureau 749” draws inspiration from a real but enigmatic Chinese government agency that has become an urban legend. It’s known only for conducting research and expeditions to study unusual phenomena, including reportedly supernatural individuals and events. Lu has mentioned that he worked in that government organ for some time after graduating from the People’s Liberation Army Institute of International Relations. To reassure viewers, Lu invited former colleagues to the premiere.

    Regardless of what he saw in that secretive agency, Lu gained imaginative ideas for filmmaking. He first showcased these concepts in his 2015 sci-fi monster and tomb raider blockbuster “Chronicles of the Ghostly Tribe,” before embarking on a new feature film dedicated entirely to the bureau in 2016. Lu also infused the project with personal meaning, making it a tribute to his youth.

    “Bureau 749” stars young pop idol Karry Wang, actors Zheng Kai and Miao Miao — who met on set, married, and now have three children — along with Ren Min, Xin Baiqing and Li Chen. As they stood on stage at the premiere, they reflected on the passage of time and how their lives had evolved during the film’s production.

    The film follows the agents of Bureau 749 as they attempt to use a mutant child’s superpowers to combat a massive alien monster threatening a Chinese city. It features more than 1,700 visual effects shots and presents epic-scale disaster and action sequences that are designed to wow viewers.

    Lu envisioned and initiated the grand project with a budget of 350 million yuan ($50 million) during the golden era of Chinese cinema. The cameras started rolling in Chongqing in 2018, despite only 30% of the promised investment materializing. The situation soon changed dramatically as Chinese tax authorities tightened regulations on the film industry’s financial practices, causing some capital to retreat from movie businesses. The COVID-19 pandemic followed, further dimming the prospects for “Bureau 749.”

    Initially, the director hired Hollywood’s top talents to realize his vision, including renowned cinematographer David Tattersall, who worked on classics like “Star Wars: Episode III – Revenge of the Sith” and “The Green Mile.” Lu also brought in professionals who had worked on blockbusters such as “Avatar” and “Mad Max: Fury Road.” However, he soon discovered these experts were costly assets and had to let them go when financial crises arose. Lu was forced to cut spending in all aspects until the initial filming wrap in July 2019.

    The post-production of a visual effects-heavy blockbuster at this level proved even more costly. At one point, Lu faced debts exceeding 25 million yuan, five lawsuits triggered by production and release delays, and contractual obligations to investors. Desperate to find funding, the director enrolled in an MBA program to learn about finance and took on various jobs. These included making a dozen commercials and creating online series. Every bit of money he earned went toward funding “Bureau 749.”

    With unwavering persistence and support from industry peers, mentors and convinced investors, including Huayi Brothers Media, Huawen Picture and Beijing Culture, Lu overcame the darkest days and ultimately completed the film. After additional filming concluded on April 22, Lu posted on social media, “I have no regrets. After eight years of dragging this ship, we can finally reach the shore.”

    At the premiere’s conclusion, when asked if he had anything else to say to the audience, Lu paused emotionally. After a moment’s reflection, he simply said, “Thank you.”

    “Bureau 749” hit Chinese theaters during the seven-day National Day holiday starting Oct. 1, attracting flocks of viewers and grossing more than 300 million yuan within the first four days of the holiday. However, the various financial setbacks and production challenges have clearly impacted the film, resulting in inconsistent visual effects, plot issues and dated elements. Since its release, the film has garnered mixed reviews and sparked controversy.

    MIL OSI China News

  • MIL-OSI Australia: New strategy to tackle the rise in eating disorders

    Source: Government of Victoria 2

    Eating disorders have been on the rise, particularly since the COVID-19 pandemic, where changes in work and study, plus limited social connections, created highly stressful environments.

    Eating disorders, when combined with disordered eating, are estimated to affect 16.3% of the Australian population.

    That’s why the Victorian Government has released the Victorian eating disorders strategy 2024–2031.

    The strategy aims to reverse this trend, and to enable a person, family and supporter-centred care which is accessible, interconnected and evidence-informed to promote prevention and early intervention.

    It will shift the focus from acute services to a stepped system of care while fostering a new understanding of the roles families, carers, supporters, communities, and services play in advocating for and supporting people who are affected or at risk of eating disorders.

    Importantly, it’s been developed through consultation with people who have lived and living experience of eating disorders, as well as with people who know what it is like to care for and support someone who does.

    We’ve also relied on the expertise of sector partners, eating disorder researchers, clinicians, and experts from across the sector to ensure that our way forward is supported in a strong evidence base.

    This strategy is an important part of rebuilding Victoria’s mental health and wellbeing system and addresses key recommendations from the Royal Commission into Victoria’s Mental Health System and through it, it is our vision that all Victorians have a safe and empowered relationship with body, food and movement, free of stigma or weight discrimination.

    MIL OSI News

  • MIL-Evening Report: Getting antivirals for COVID too often depends on where you live and how wealthy you are

    Source: The Conversation (Au and NZ) – By Peter Breadon, Program Director, Health and Aged Care, Grattan Institute

    CGN089/Shutterstock

    Medical experts recommend antivirals for people aged 70 and older who get COVID, and for other groups at risk of severe illness and hospitalisation from COVID.

    But many older Australians have missed out on antivirals after getting sick with COVID. It is yet another way the health system is failing the most vulnerable.

    Who missed out?

    We analysed COVID antiviral uptake between March 2022 and September 2023. We found some groups were more likely to miss out on antivirals including Indigenous people, people from disadvantaged areas, and people from culturally and linguistically diverse backgrounds.

    Some of the differences will be due to different rates of infection. But across this 18-month period, many older Australians were infected at least once, and rates of infection were higher in some disadvantaged communities.

    How stark are the differences?

    Compared to the national average, Indigenous Australians were nearly 25% less likely to get antivirals, older people living in disadvantaged areas were 20% less likely to get them, and people with a culturally or linguistically diverse background were 13% less likely to get a script.

    People in remote areas were 37% less likely to get antivirals than people living in major cities. People in outer regional areas were 25% less likely.

    Dispensing rates by group.
    Grattan Institute

    Even within the same city, the differences are stark. In Sydney, people older than 70 in the affluent eastern suburbs (including Vaucluse, Point Piper and Bondi) were nearly twice as likely to have had an antiviral as those in Fairfield, in Sydney’s south-west.

    Older people in leafy inner-eastern Melbourne (including Canterbury, Hawthorn and Kew) were 1.8 times more likely to have had an antiviral as those in Brimbank (which includes Sunshine) in the city’s west.

    Why are people missing out?

    COVID antivirals should be taken when symptoms first appear. While awareness of COVID antivirals is generally strong, people often don’t realise they would benefit from the medication. They wait until symptoms get worse and it is too late.

    Frequent GP visits make a big difference. Our analysis found people 70 and older who see a GP more frequently were much more likely to be dispensed a COVID antiviral.

    Regular visits give an opportunity for preventive care and patient education. For example, GPs can provide high-risk patients with “COVID treatment plans” as a reminder to get tested and seek treatment as soon as they are unwell.

    Difficulty seeing a GP could help explain low antiviral use in rural areas. Compared to people in major cities, people in small rural towns have about 35% fewer GPs, see their GP about half as often, and are 30% more likely to report waiting too long for an appointment.

    Just like for vaccination, a GP’s focus on antivirals probably matters, as does providing care that is accessible to people from different cultural backgrounds.

    Care should go those who need it

    Since the period we looked at, evidence has emerged that raises doubts about how effective antivirals are, particularly for people at lower risk of severe illness. That means getting vaccinated is more important than getting antivirals.

    But all Australians who are eligible for antivirals should have the same chance of getting them.

    These drugs have cost more than A$1.7 billion, with the vast majority of that money coming from the federal government. While dispensing rates have fallen, more than 30,000 packs of COVID antivirals were dispensed in August, costing about $35 million.

    Such a huge investment shouldn’t be leaving so many people behind. Getting treatment shouldn’t depend on your income, cultural background or where you live. Instead, care should go to those who need it the most.

    Getting antivirals shouldn’t depend on who your GP is.
    National Cancer Institute/Unsplash

    People born overseas have been 40% more likely to die from COVID than those born here. Indigenous Australians have been 60% more likely to die from COVID than non-Indigenous people. And the most disadvantaged people have been 2.8 times more likely to die from COVID than those in the wealthiest areas.

    All those at-risk groups have been more likely to miss out on antivirals.

    It’s not just a problem with antivirals. The same groups are also disproportionately missing out on COVID vaccination, compounding their risk of severe illness. The pattern is repeated for other important preventive health care, such as cancer screening.

    A 3-step plan to meet patients’ needs

    The federal government should do three things to close these gaps in preventive care.

    First, the government should make Primary Health Networks (PHNs) responsible for reducing them. PHNs, the regional bodies responsible for improving primary care, should share data with GPs and step in to boost uptake in communities that are missing out.

    Second, the government should extend its MyMedicare reforms. MyMedicare gives general practices flexible funding to care for patients who live in residential aged care or who visit hospital frequently. That approach should be expanded to all patients, with more funding for poorer and sicker patients. That will give GP clinics time to advise patients about preventive health, including COVID vaccines and antivirals, before they get sick.

    Third, team-based pharmacist prescribing should be introduced. Then pharmacists could quickly dispense antivirals for patients if they have a prior agreement with the patient’s GP. It’s an approach that would also work for medications for chronic diseases, such as cardiovascular disease.

    COVID antivirals, unlike vaccines, have been keeping up with new variants without the need for updates. If a new and more harmful variant emerges, or when a new pandemic hits, governments should have these systems in place to make sure everyone who needs treatment can get it fast.

    In the meantime, fairer access to care will help close the big and persistent gaps in health between different groups of Australians.

    Grattan Institute has been supported in its work by government, corporates, and philanthropic gifts.

    A full list of supporting organisations is published at http://www.grattan.edu.au.

    ref. Getting antivirals for COVID too often depends on where you live and how wealthy you are – https://theconversation.com/getting-antivirals-for-covid-too-often-depends-on-where-you-live-and-how-wealthy-you-are-239497

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Translation: Official ceremony held in Bridgetown to mark 48th anniversary of Barbados crime

    THOUSAND OSI Translation. Region: Spanish/Latin America/UN –

    Source: Republic of Cuba

    Official ceremony celebrated in Bridgetown for the 48th anniversary of the Barbados crimeBRIDGETOWN, Barbados – (October 6, 2024). This morning the official ceremony took place in Bridgetown for the 48th anniversary of the mid-flight explosion of Cubana de Aviación aircraft 455, which fell into the territorial waters of Barbados on October 6, 1976 and where 73 people were lost. life because of this terrorist act.  The Monument erected to the victims was also the scene to commemorate the 2nd anniversary of the CARICOM-Cuba Anti-Terrorism Day, as a result of the agreement adopted by the CARICOM countries and Cuba at the Summit held in December 2022. Government figures attended, members of the diplomatic corps accredited to the Island, members of the Cuba Barbados Friendship Association and the Pan-Africanist Movement, representatives of Barbadian social institutions and youth organizations, Cuban residents and members of the Barbados state mission, to pay posthumous tribute to the victims of such a horrendous crime. The Honorable Sandra Husbands, Acting Minister of the Ministry of Foreign Affairs and Foreign Trade of Barbados, began the oratory at this solemn event, remembering the tragedy that occurred almost five decades ago, shortly after the nations that members of CARICOM had initiated diplomatic relations with the Republic of Cuba. Although this terrorist action was designed to create terror in the Caribbean community, it instead strengthened the commitment to establish lasting bilateral and regional relations with Cuba, our brother country. “During these almost 50 years, relations between Cuba and Barbados have witnessed of the good relations that we maintain, which have been consolidated because we defend honor and integrity in an international context full of hardships, obstacles and challenges and only united can we overcome the fear that terrorist acts like this instill, “said the dignitary. She mentioned the multiple examples of Cuba’s solidarity with Barbados, with the CARICOM countries and with the rest of the world and ratified the commitment to continue strengthening the fraternal relations between the CARICOM countries and the Republic of Cuba. Emotional and heartfelt were the words of the Ambassador of Cuba in Barbados, Yanet Stable Cárdenas when she expressed: “Tears came to our eyes every time we listened to the recording of the black box, the only survivor of the explosion and witness to the barbarism in mid-flight. «Stick to the water, Felo, stick to the water! “We put ourselves in the families’ shoes when they were confirmed that unfortunately the plane in which their loved ones were traveling had suffered a terrorist attack, and we felt their pain as our own. The imprint of terror marks us when we imagine the orphanhood that shadowed the days of those children whose father or mother were taken away by terror; when parents, after losing their only daughter in that criminal act, gave up living; when a young man lost his only sister, when a bride was left waiting; when a life that had just germinated in the womb of a woman never saw the light; when many families were left with open arms waiting eternally for the return of their loved ones.” “…the hatred, intolerance and fanaticism that fueled that act continue to run rampant. The children of Palestine and other Middle Eastern countries today suffer the prejudices of terror and darkness. “The threats to the Cuban Revolution and the acts of aggression under the blockade and the inclusion of Cuba on the list of alleged countries sponsoring terrorism remain in force, without valid arguments and without reasons that support such genocidal acts against a people that defends its independence, fights for its dreams of justice for Cuba and for the world.” “The Cuban Institute of Friendship with the Peoples has called the Day for Peace, against the blockade and Terrorism, For a Free Palestine!; For a Cuba without blockade!; For a future of peace and sovereignty! The defense of peace is urgent.” “Today the Memorial erected to the martyrs of the Cubana de Aviación plane is a witness to the commemoration of the Second Anniversary of the “CARICOM-Cuba Day against Terrorism,” declared during the VIII CARICOM-Cuba Summit. , held in Barbados in December 2022. This represents the reason and the voice of condemnation of terrorism in any of its manifestations, to never forget the victims of these acts and maintain the commitment of Caribbean people to Peace. Cuban President, Miguel Díaz-Canel Bermúdez, said in his speech before this Monument on December 6, 2022 and I quote: «Cuba does not forget either. We denounce, in all open forums, that the same hatred of those who guaranteed impunity to terrorists moves those who, in unacceptable offenses to the victims, continue to cause pain to Cuba, by inscribing their names on a spurious list of sponsors of terrorism. This site, this memorial, confirms that Cuba can only be on the list, if it existed, of the victims of terrorism” and paraphrasing the eternal Commander in Chief Fidel Castro Ruz, when he gave his historic speech on October 15, 1976, we would say today : When energetic and virile peoples cry, injustice trembles!” Mrs. Geneva Ross-Tyndall, Consul General (ag) of Guyana in Barbados, for her part, also gave a speech condemning terrorism, reflected on what fragile and fleeting that is life when in each of those 73 victims, including the eleven Guyanese, who were mostly young students, full of promise, who aspired to become doctors and engineers. In all of them, a dream, a hope, a future was broken. The youngest victim was only nine years old. This profound loss that occurred near Payne’s Bay brought the harsh reality of terrorism to the shores of Barbados. He said that “decisive measures are urgently needed to protect our region and guarantee that the Caribbean remains a sanctuary of peace. The far-reaching effects of terrorism are being felt in many nations and remind us of our common vulnerability, shared vulnerability.” He also expressed that “we live in a world plagued by divisions, but we must draw strength from our collective unity. Together we can foster a spirit of solidarity that drives us to take crucial action. We must challenge the forces of hatred and violence that seek to disrupt our harmony and cultivate environments of understanding and tolerance.” “Peace is the highest aspiration of human civilization, and world peace is based on respect and human dignity, on the rights of each individual to create a just, equitable and peaceful world. Through solidarity, vigilance and open dialogue, we can confront this global threat and work towards a safer future for all.” Ambassador Wayne McCook, Deputy Secretary-General, CARICOM Single Market and Trade, thanked the Government of Barbados, on behalf of the Caribbean Community, the possibility of “gathering once again in this serene place of remembrance, the Memorial erected to the 73 victims, to commemorate and reflect, while reaffirming the declaration to maintain our commitment to preserve the Caribbean as a Zone of Peace.” The closing words of the solemn ceremony were pronounced by His Excellency. Mr. David Comissiong, Ambassador of Barbados to CARICOM,   who said that “the event was horrific, it traumatized the nation of Barbados, and the people had to fulfill the sad duty of trying to recover the bodies of the territorial sea from the waters of the territorial sea. destroyed of the seventy-three victims. The painful and unforgettable tragedy forever united Cuba, Guyana, North Korea, Venezuela and Barbados. He expressed that “this solemn and sacred occasion is conducive to highlighting our mutual solidarity and sending a strong message on a global scale that we must strive to achieve a world in which mutual respect and peace prevail and the seeds of hatred, intolerance and terrorism are eliminated.”“This horrible Cuban tragedy turned out to be a catalyst that motivated our Caribbean Community to establish one of the fundamental pillars of our collective Foreign Policy: proclaiming that the Caribbean must be a Zone of Peace.” “CARICOM/Cuba Against Terrorism Day is, therefore, a day in which it is expected that the Republic of Cuba, the 15 full Member States of CARICOM and the 5 Associate Member States of CARICOM, participate in activities to highlight the importance of the fight against terrorism. In his speech he alluded to the multiple terrorist and genocidal acts that have been perpetrated against the peoples of the Middle East and exclaimed that once again, we raise our Caribbean voices and demand that the international institutions that have been established to intervene when excessive and illegal acts of national and international terrorism are perpetrated, act now to put an end to the barbarity “It merits the occasion to denounce the oldest case of terrorism in our own Caribbean region, State terrorism against the Republic of Cuba.” “The ridiculous inclusion of Cuba as a State sponsor of terrorism has only served to reinforce the effects of “illegal US blockade by increasing Cuba’s difficulties in participating in international trade, carrying out financial operations and acquiring basic products of first necessity for its people.” “It is this terrible and undeserved situation that led Prime Minister Mia Amor Mottley to make the following statement about Cuba during her speech on September 27, 2024 before the United Nations General Assembly”:-.«And, Mr. President , you cannot come to this platform, unfortunately, (…) and not have to ask for a pardon for the people of Cuba. It is unacceptable, it is inconceivable. And that it continues today is a mark on our international conscience. The Cuban people continue to face the most dire economic circumstances, and this is a direct consequence of their exclusion and their designation as a State sponsor of terrorism. And I have stated that our only knowledge of terrorism and Cuba is, in fact, the downing of the Cubana plane off the waters of Barbados, where Cubans, Guyanese and Koreans died. My friends, Cuba has been a valuable partner, helping us when we needed it most, providing nurses and doctors in pandemics and other essential workers when the world community needed it, and also when towns in southern Africa had to be liberated! The reality is that we must continue to call resolutely for the embargo to be lifted, and we will condemn it year after year because, quite simply, it is wrong!’ Mr Comissiong concluded his emotional speech by demanding on behalf of the Government and people of Barbados and In fact, on behalf of the entire Caribbean Community, that the Government of the United States of America end its illegal blockade against Cuba and remove Cuba from the list of State sponsors of terrorism of the United States Department of State The event concluded when the speakers, all together, placed wreaths, not only to pay tribute to the victims of Cubana de Aviación Flight 455, but also to evoke the urgent need to join forces to put an end to terrorism together. Cubaminrex – EmbaCuba Barbados)

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

    MIL Translation OSI

  • MIL-Evening Report: People don’t like a ‘white saviour’, but does it affect how they donate to charity?

    Source: The Conversation (Au and NZ) – By Robert Hoffmann, Professor of Economics, Tasmanian Behavioural Lab, University of Tasmania

    Shutterstock

    Efforts to redress global inequality are facing an unexpected adversary: the white saviour. It’s the idea that people of colour, whether in the Global South or North, need “saving” by a white Western person or aid worker.

    An eclectic mix of white activists have been publicly accused of being white saviours for trying to help different causes in the Global South. They include celebrities who adopted orphaned children, organised benefit concerts such as Live Aid, or called out rights abuses.

    Others include professional and volunteer charity workers and journalists reporting on poverty in Africa. Even activism at home can earn the white saviour label, like efforts to refine the proposal for the Indigenous Voice to Parliament in Australia.

    We conducted a series of studies with 1,991 representative Australians to find out what people thought made a white saviour, how charity appeal photographs create this impression, and how it affected donations.

    White saviourism and charities

    The concern is that white people’s overseas charity, even when well-meaning, can inadvertently hurt rather than help the cause. It could perpetuate harmful stereotypes of white superiority, disempower local people, or misdirect resources to make helpers feel good rather than alleviating genuine need.

    The fear of being labelled a white saviour could make people think twice about giving time or money to worthy causes. It might stop aid organisations using proven appeals to raise donations they need.

    Médecins Sans Frontières (MSF), for instance, released a video apologising for using photos depicting white people in aid settings and which aren’t representative of the majority local staff they employ.

    Therein lies the dilemma: white donors can relate to photos of white helpers, but this is easily interpreted as white savourism.

    What makes someone a white saviour?

    Very little research exists into exactly what white saviourism means. Broadly, it seems to describe people in the Global North who support international causes for selfish reasons, to satisfy their own sentimentality and need for a positive image. We wanted to go deeper.

    In the first of our studies, we showed our participants 26 photographs depicting different Global South aid settings with a white helper.

    The helpers that participants thought of as highly “white saviour” typically had these characteristics:

    • they appeared to be privileged and superior

    • they gave help sentimentally and tokenistically

    • they conformed to the colonial stereotype of the helpless local and powerful foreigner.

    Further analysis showed these characteristics boil down to two essential features: ineffectiveness of the help and entitlement of the helpers.

    These two perceptions of the white saviour explain the problem for charity. Behavioural economics research has identified two main reasons for donating, and these perceptions undermine both.

    Why do people donate at all?

    So to see how much white saviourism affects charities, we need to know why people donate in the first place.

    One reason for giving is pure altruism, the desire to help others with no direct benefit to oneself. The effective altruism movement encourages people to make every donated dollar count – getting the maximum bang for the buck in terms of measurable outcomes for those in need.

    The difficulty for effective altruists is in assessing the impact of different charities vying for their donations. There are now websites that list charities by lives saved per dollar donated.




    Read more:
    How white saviourism harms international development


    Alternatively, donors might look at a charity’s appeal images for clues of how effectively it will use their dollars.

    Depicting white people as saviours can create the impression of tokenistic aid that only serves the helper’s sentimental needs. Evidence shows people resent impure motives in others (including organisations) and might try to penalise them.

    Behavioural economics research also shows, as you might expect, that some people are more concerned about themselves than others when giving. This is known as “warm glow” giving.

    Warm glow givers have several self-serving motivations. They include giving to gain self-respect or social status.

    People also have a desire to meet their social obligations. For richer folks this could include charitable giving. And giving can reduce guilt they might feel about their privilege.

    Just like the effective altruist, the warm glow giver could be put off by any sign of white saviourism. They don’t want to be seen to be endorsing it.

    Do people still donate?

    All this suggests that seeing a white saviour depiction in a charitable appeal will make people donate less.

    We examined this in another study, in which participants were shown each of the previous photos. This time they were asked, for every photo, if they were willing to donate to a charity that uses it.

    And as we thought, the photos previously rated as high in white saviourism had low intentions to donate.

    Participants were shown photos of white aid workers in the Global South.
    Shutterstock

    But intentions do not always equal actions, as psychologist have demonstrated for many years.

    To overcome this, we measured real donations in another study. Again participants saw the same photos, but this time they had the chance to donate part of their participation fee to a real charity when seeing them.

    What we found surprised us: the white saviour effect disappeared. How high a photo was on the white saviour scale had no impact on how much participants donated when seeing it.

    Does the end justify the motivation?

    Our results summarise the dilemma. Donors might object to white saviourism by charities, but in the end feel that it’s the help that counts, not the motivation behind it.

    We found some evidence for this when we asked participants about their general views of white saviourism.

    Almost 70% agreed that white saviour motives are common in Western help and that this was problematic for recipients. But interestingly, only 42% thought helpers with these motives deserved criticism.

    Together, this might suggest that people feel white saviour help is better than no help. There are voices in the charity community who echo this sentiment: imposing conditions on charitable giving will serve to reduce it.

    In an interview with the Wall Street Journal, Elise Westhoff, president of the Philanthropy Roundtable in the United States, said “by imposing those ‘musts’ and ‘shoulds’, you really limit human generosity”.

    But this doesn’t mean there are no legitimate concerns. There are, but it’s not hard for charities to address them.

    Our results show that white saviour perceptions do not affect actual donations, so read another way, suggests charities can safely replace highly white saviour images without losing donations for their causes.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. People don’t like a ‘white saviour’, but does it affect how they donate to charity? – https://theconversation.com/people-dont-like-a-white-saviour-but-does-it-affect-how-they-donate-to-charity-239307

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Economics: Members underline need for services trade to be inclusive

    Source: World Trade Organization

    Follow-up to outcomes of ministerial conferences

    At the 13th Ministerial Conference (MC13) held in February 2024, ministers stressed that services generate more than two-thirds of global economic output and account for over half of all jobs. They also emphasized the importance of advancing work on trade in services at the WTO. Stemming from this, the Council agreed to hold an informal discussion on the WTO-World Bank report entitled “Trade in Services for Development“. The ministerial mandate on the WTO’s work on trade in services can be found in paragraph 18 of the MC13 Declaration.

    Several members also expressed an interest in exploring the interplay between services trade and the green transition. The WTO’s Organisation of African, Caribbean and Pacific States announced that it is working on updating the note entitled “Vulnerable ACP State services sectors impacted in the context of the COVID-19 Pandemic” submitted in 2021. A suggestion was made to hold a workshop on crisis preparedness in response to the MC13 mandate.

    Participation of LDCs in services trade

    The WTO LDC Group presented to the Council a new questionnaire that aims to assess how LDC services suppliers are working with consumers and enterprises, particularly in the member economies that have notified preferences for LDCs, with the aim of identifying the challenges they may face.

    Members reaffirmed their commitment to increasing the participation of LDCs in global services trade in line with the MC12 Outcome Document and the MC13 Declaration. They reiterated their continued support for putting the Services Waiver into practice as a means of reaching this goal. The waiver was formalized by a decision adopted at the 2011 Ministerial Conference. Preferences for LDC services and service suppliers have been notified by 51 WTO members under the waiver. Members’ notifications can be found here.

    A total of 35 WTO members are classified as LDCs.

    Work Programme on E-commerce

    Some members proposed that the Council complement the work done in the General Council’s dedicated discussions on e-commerce in light of its services-trade focus. Some of the issues suggested for discussion include trade in digitally delivered services, artificial intelligence, cloud computing and financial inclusion.

    The importance of making digital trade more inclusive and of boosting the participation of developing economies in e-commerce was also highlighted.

    Services trade concerns

    Members discussed three previously addressed specific trade concerns involving cybersecurity measures and mobile applications, among other services-related topics.

    Japan and the United States, supported by several other members, reiterated concerns about the cybersecurity measures of China and Viet Nam. China repeated concerns with certain services measures of the United States. China also reiterated its concerns regarding India’s measures in relation to mobile applications.

    Trade in financial services

    Crisis preparedness

    In the Committee on Trade and Financial Services, Pakistan underscored the important role played by financial services in supporting crisis management frameworks. It stressed that the capacities of developing economies in this area should be reinforced, as mandated by ministers at MC13 (see paragraph 21 of the Ministerial Declaration). Members expressed readiness to look into ways of discussing this.

    The Committee is one of the Services Council’s subsidiary bodies.

    Facilitating electronic payments

    Introducing a new proposal, China said that developing economies lack an effective infrastructure and regulatory framework to keep up with international organizations and governments in terms of making online payments more secure. Given that emerging technologies are heavily impacting international economic activities, China suggested a discussion on the WTO’s role in facilitating the expansion of electronic payments across economies.

    The proposal will be discussed at the next Committee meeting in December.

    Reducing the cost of remittance services

    Members were unable to reach consensus on establishing a work programme on reducing the cost of remittance services in the Committee – as proposed by India in a communication dated 8 March – but there was support among members for exploring how the WTO can complement discussions in other international fora.

    Share

    MIL OSI Economics

  • MIL-OSI USA: A Proclamation on National Manufacturing Day,  2024

    US Senate News:

    Source: The White House
        American workers and the unions who fight for them represent the best of our country.  They help power our economy and strengthen our middle class.  On National Manufacturing Day, we celebrate the ingenuity, grit, drive, and determination of the American worker.  We thank them for their contributions, and we recommit to investing in their productivity and success.
         There have always been competing visions for the future of America.  Some envision a future in which the failed trickle-down policies that hurt working families for more than 40 years are continued.  When I think about our future, I see an America where we grow the economy from the middle out and the bottom up — not the top down.  I see an America where working people finally have a fair shot.  Above all, I see a future that is made right here in America. 
         That is why my Administration has invested in American manufacturing to restore the backbone of our Nation:  the middle class.  Together, we are doing what has always worked best in this country — investing in all of America and in all Americans.  My Investing in America agenda — including my Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act — is revitalizing American manufacturing.  So far, we have attracted over $910 billion in private sector investment in manufacturing and clean energy nationwide and seen spending on factory construction soar to new records, roughly triple the pre-pandemic average.  These investments are helping create hundreds of thousands of jobs — including over 700,000 manufacturing jobs — building new semiconductor fabs, electric vehicle and battery factories, and so much more, here in America.  And we are working with employers, unions, community colleges, high schools, and other partners to ensure American workers are trained for the good manufacturing jobs we are generating.
         We have also made sure that Federal funds support American manufacturing.  “Buy American” has been the law of the land since the 1930s.  Past administrations said a lot but did not do a lot.  On my watch, Federal projects have been made with American products and built by American workers.  I fought for the passage of the “Build America, Buy America Act,” which established domestic content preferences in Federal infrastructure spending, as part of the Bipartisan Infrastructure Law.  I signed the “Federal Research and Development in Support of Domestic Manufacturing and United States Jobs” Executive Order, directing Federal agencies to prioritize domestic manufacturing when it comes to research, development, innovation, and bringing inventions to market.  My Administration also made the strongest changes to Buy American rules in nearly seven decades by increasing the domestic content threshold for Federal procurement from 55 percent to 65 percent in 2024.  I also announced new requirements for lumber, glass, fiber optic cables, and other construction materials used in Federal infrastructure projects to be made in America.  And we will keep working to ensure that American taxpayer dollars are invested in American workers.
         Growing up in Scranton, Pennsylvania, I learned a basic value set — money does not determine your worth, and all anyone wants is a fair shot.  When I look at the economy, I see it through the eyes of Scranton.  That is why I came into office determined to write a new chapter in our American comeback story — one where we can take pride in knowing that we can still get big things done in this great Nation. 
         During National Manufacturing Day, may we rededicate ourselves to writing that story by making the phrase “Made in America” not just a slogan but a reality.
         NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim October 4, 2024, as National Manufacturing Day.  I thank our manufacturing workers for all that they do to strengthen our Nation, encourage all Americans to look for ways to get involved in their communities, and call on everyone to join me in participating in National Manufacturing Day and, most importantly, buying American.
         IN WITNESS WHEREOF, I have hereunto set my hand this third day of October, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-ninth.
                                  JOSEPH R. BIDEN JR.

    MIL OSI USA News

  • MIL-Evening Report: XEC is now in Australia. Here’s what we know about this hybrid COVID variant

    Source: The Conversation (Au and NZ) – By Lara Herrero, Research Leader in Virology and Infectious Disease, Griffith University

    Kateryna Kon/Shutterstock

    Over the nearly five years since COVID first emerged, you’d be forgiven if you’ve lost track of the number of new variants we’ve seen. Some have had a bigger impact than others, but virologists have documented thousands.

    The latest variant to make headlines is called XEC. This omicron subvariant has been reported predominantly in the northern hemisphere, but it has now been detected in Australia too.

    So what do we know about XEC?

    Is COVID still a thing?

    People are now testing for COVID less and reporting it less. Enthusiasm to track the virus is generally waning.

    Nonetheless, Australia is still collecting and reporting COVID data. Although the number of cases is likely to be much higher than the number documented (around 275,000 so far this year), we can still get some idea of when we’re seeing significant waves, compared to periods of lower activity.

    Australia saw its last COVID peak in June 2024. Since then cases have been on the decline.

    But SARS-CoV-2, the virus that causes COVID, is definitely still around.

    Which variants are circulating now?

    The main COVID variants circulating currently around the world include BA.2.86, JN.1, KP.2, KP.3 and XEC. These are all descendants of omicron.

    The XEC variant was first detected in Italy in May 2024. The World Health Organization (WHO) designated it as a variant “under monitoring” in September.

    Since its detection, XEC has spread to more than 27 countries across Europe, North America and Asia. As of mid-September, the highest numbers of cases have been identified in countries including the United States, Germany, France, the United Kingdom and Denmark.

    XEC is currently making up around 20% of cases in Germany, 12% in the UK and around 6% in the US.

    The virus behind COVID continues to evolve.
    Photo by Centre for Ageing Better/Pexels

    Although XEC remains a minority variant globally, it appears to have a growth advantage over other circulating variants. We don’t know why yet, but reports suggest it may be able to spread more easily than other variants.

    For this reason, it’s predicted XEC could become the dominant variant worldwide in the coming months.

    How about in Australia?

    The most recent Australian Respiratory Surveillance Report noted there has been an increasing proportion of XEC sequenced recently.

    In Australia, 329 SARS-CoV-2 sequences collected from August 26 to September 22 have been uploaded to AusTrakka, Australia’s national genomics surveillance platform for COVID.

    The majority of sequences (301 out of 329, or 91.5%) were sub-lineages of JN.1, including KP.2 (17 out of 301) and KP.3 (236 out of 301). The remaining 8.5% (28 out of 329) were recombinants consisting of one or more omicron sub-lineages, including XEC.

    Estimates based on data from GISAID, an international repository of viral sequences, suggests XEC is making up around 5% of cases in Australia, or 16 of 314 samples sequenced.

    Queensland reported the highest rates in the past 30 days (8%, or eight of 96 sequences), followed by South Australia (5%, or five out of 93), Victoria (5%, or one of 20) and New South Wales (3%, or two of 71). WA recorded zero sequences out of 34. No data were available for other states and territories.

    What do we know about XEC? What is a recombinant?

    The XEC variant is believed to be a recombinant descendant of two previously identified omicron subvariants, KS.1.1 and KP.3.3. Recombinant variants form when two different variants infect a host at the same time, which allows the viruses to switch genetic information. This leads to the emergence of a new variant with characteristics from both “parent” lineages.

    KS.1.1 is one of the group commonly known as “FLiRTvariants, while, KP.3.3 is one of the “FLuQE” variants. Both of these variant groups have contributed to recent surges in COVID infections around the world.

    The WHO’s naming conventions for new COVID variants often use a combination of letters to denote new variants, particularly those that arise from recombination events among existing lineages. The “X” typically indicates a recombinant variant (as with XBB, for example), while the letters following it identify specific lineages.

    We know very little so far about XEC’s characteristics specifically, and how it differs from other variants. But there’s no evidence to suggest symptoms will be more severe than with earlier versions of the virus.

    What we do know is what mutations this variant has. In the S gene that encodes for the spike protein we can find a T22N mutation (inherited from KS.1.1) as well as Q493E (from KP.3.3) and other mutations
    known to the omicron lineage.

    Will vaccines still work well against XEC?

    The most recent surveillance data doesn’t show any significant increase in COVID hospitalisations. This suggests the current vaccines still provide effective protection against severe outcomes from circulating variants.

    As the virus continues to mutate, vaccine companies will continue to update their vaccines. Both Pfizer and Moderna have updated vaccines to target the JN.1 variant, which is a parent strain of the FLiRT variants and therefore should protect against XEC.

    However, Australia is still waiting to hear which vaccines may become available to the public and when.

    In the meantime, omicron-based vaccines such as the the current XBB.1.5 spikevax (Moderna) or COMIRNATY (Pfizer) are still likely to provide good protection from XEC.

    It’s hard to predict how XEC will behave in Australia as we head into summer. We’ll need more research to understand more about this variant as it spreads. But given XEC was first detected in Europe during the northern hemisphere’s summer months, this suggests XEC might be well suited to spreading in warmer weather.

    Lara Herrero receives funding from NHMRC.

    ref. XEC is now in Australia. Here’s what we know about this hybrid COVID variant – https://theconversation.com/xec-is-now-in-australia-heres-what-we-know-about-this-hybrid-covid-variant-239292

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Warren Demands John Deere Explain “Disgraceful” Attempts to Prevent Farmers from Repairing Their Own Equipment

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    October 03, 2024
    Raises Concern about Company Undermining Right-to-Repair Agreements, Violating Clean Air Act
    Repair restrictions like John Deere’s hurt farmers and consumers across the country; cost American farmers $4.2 billion per year
    “John Deere has repeatedly interfered with farmers’ ability to repair the equipment they own, including by blocking independent repairs to maximize profit, negotiating an MOU in bad faith, and failing to inform farmers of their rights in potential violation of the Clean Air Act.”
    Text of Letter (PDF)
    Boston, MA – U.S. Senator Elizabeth Warren (D-Mass.) wrote to Deere & Company (John Deere) accusing the company of undermining its own “right-to-repair” agreements and evading its responsibilities under the Clean Air Act by failing to grant its customers the right to repair their own agricultural equipment. 
    John Deere restricts farmers from repairing broken equipment themselves, even when they have the knowledge and tools to do so, instead forcing them to wait for weeks until a John Deere technician is available, and risking missed crop windows on which farmers’ livelihoods rely. In Massachusetts, there are just three John Deere dealerships for 470,000 acres of farm operations, or 2,400 farms per dealership. Farmers nationwide lose an average of $3,348 per year “directly tied to downtime and repair restrictions imposed by equipment manufacturers.” Repair restrictions cost U.S. farmers $4.2 billion per year.
    “While John Deere’s profits spike thanks to this strategy, farmers suffer,” wrote Senator Warren.
    In fact, by overcharging for repair services, John Deere has seen its profits streaming in. Since 2020 the company has seen a 270% increase in profits, despite labor strikes, supply disruptions, a drop in sales, and a global pandemic. 
    After years of legal battles, in January 2023, John Deere signed a Memorandum of Understanding (MOU) promising to provide farmers and independent repair shops with the diagnostic tools and information they need to make repairs to their machines. But the MOU appeared to be a veiled attempt to hold off the passage of “right-to-repair” legislation. In exchange for pledges to provide the information and tools needed for farmers to make repairs, John Deere secured a politically valuable promise from the American Farm Bureau Federation to encourage American farmers not to introduce, promote, or support federal or state right-to-repair legislation that imposed obligations beyond the MOU’s commitments. 
    John Deere is not upholding its side of the bargain, and appears to have negotiated the MOU in bad faith. Rather than allow farmers meaningful opportunity to repair their equipment, John Deere has provided inadequate tools and disclosures.
    The software tool offered to farmers redacts or obfuscates functions and information required to complete repairs. Further, earlier this year, John Deere admitted to omitting a legally required addendum about repair rights from its manuals. 
    The exclusion of this information may violate the Clean Air Act, which requires manufacturers to “provide in boldface type on the first page of the written maintenance instructions notice that maintenance, replacement, or repair … may be performed by any automotive repair establishment or individual.” The EPA warned John Deere that its manuals were not in compliance with EPA regulations.
    “John Deere has repeatedly interfered with farmers’ ability to repair the equipment they own, including by blocking independent repairs to maximize profit, negotiating an MOU in bad faith, and failing to inform farmers of their rights in potential violation of the Clean Air Act,” wrote Senator Warren. “Deere’s attempts to stave off right-to-repair reforms that would save American farmers $4.2 billion per year are disgraceful.”
    Senator Warren asked John Deere to respond to questions related to the company’s repair restrictions and apparent failure to comply with the law by October 17, 2024. 
    Senator Warren has repeatedly sought to bolster competition and fight back against costly restrictions on repairs for cars, military equipment, and other goods: 
    In September 2024, Senator Elizabeth Warren sent two letters regarding the costly restrictions imposed on the Department of Defense that bar the military from repairing its own military equipment and instead force it to pay billions of dollars extra to military contractors.
    In July 2024, Senator Elizabeth Warren included a provision in the Senate Fiscal Year 2025 NDAA that would require contractors to provide DoD with “fair and reasonable” access to repair materials.
    In August 2023, Senator Elizabeth Warren and Ed Markey (D-Mass.), celebrated the U.S. Department of Transportation’s National Highway Traffic Safety Administration reversing course and allowing enforcement of Massachusetts’ pro-consumer Right to Repair law. 
    In June 2023, Senator Elizabeth Warren and Ed Markey (D-Mass.) called on the National Highway Traffic Safety Administration to reverse its course after it sent a recent letter to auto manufacturers, advising them not to comply with Massachusetts’ Right to Repair law. 
    In February 2022, Senators Elizabeth Warren and Angus King (I-Maine), and Congressman Lloyd Doggett (D-Texas) urged the Department of Health and Human Services to move forward with the march-in petition submitted for the prostate cancer drug Xtandi.
    In July 2021, Senator Warren and Representative Doggett (D-Texas) sent a letter to the Department of Defense requesting information about steps taken to reduce costs of DoD-funded prescription drugs and medical products.

    MIL OSI USA News

  • MIL-OSI USA: White  House Appoints 2024-2025 Class of White  House  Fellows

    US Senate News:

    Source: The White House
    The President’s Commission on White House Fellows is pleased to announce the appointment of the 2024-2025 class of White House Fellows. Founded in 1964, the White House Fellows program offers exceptional young leaders first-hand experience working at the highest levels of the Federal government. Fellows spend a year working with senior White House Staff, Cabinet Secretaries, and other top-ranking Administration officials, and leave the Administration equipped to serve as better leaders in their communities. Fellowships are awarded on a non-partisan basis.
    This year’s Fellows advanced through a highly competitive selection process, and they are a remarkably gifted, passionate, and accomplished group. These Fellows bring experience from across the country and from a broad cross-section of professions, including from the private sector, state government, academia, non-profits, medicine, and the armed forces.
    Applications for the 2025-2026 Fellowship year will be accepted starting November 1, 2024. The application link and additional information is available at: https://www.whitehouse.gov/get-involved/fellows/.
    Class of 2024-2025 White House Fellows
    Patrick Branco is from Kailua, Hawai‘i, and is placed at the Department of the Navy. He has been the Director of External Affairs with Hawai‘i Green Growth, a United Nations (UN) hub catalyzing action on the UN Sustainable Development Goals for the Asia-Pacific region. Branco is the first from Hawai‘i to receive the Congressman Rangel International Affairs Fellowship, funding his master’s degree at Johns Hopkins School of Advanced International Studies. He served at the State Department in Colombia, Pakistan, Venezuela and the Secretary of State’s Operations Center. In 2020, he was elected to the Hawai‘i State House of Representatives. Branco currently serves as a U.S. Navy officer reservist and is proficient in Spanish, Korean, and Hawaiian.
    Nicholas Dockery is from Indianapolis, Indiana, and is placed at the Office of the First Lady: Joining Forces Initiative. With a distinguished career in the Infantry and Special Operations Community, Nick has deployed to numerous combat zones and operational areas worldwide. For bravery and wounds in combat, Nick was awarded two Silver Stars and two Purple Hearts. His military experience is complemented by his academic and advisory roles; he served as a research fellow at the Modern War Institute and as an advisor to the Military Times Charitable Foundation. Nick has received the West Point Nininger Award for Valor at Arms, the General Douglas MacArthur Leadership Award, and the title of 2022 Soldier of the Year. An advocate for equine therapy, Nick passionately supports its use in helping veterans cope with PTSD. Nick holds a Master of Public Policy from Yale University and a Bachelor of Science from the United States Military Academy at West Point.
    Tawny Holmes Hlibok, Esq. is from West Palm Beach, Florida, and is placed at the Domestic Policy Council. As a third-generation Deaf person and attorney, she is a dedicated advocate for deaf children’s education rights and language equity including access to sign languages. Tawny is a tenured associate professor in Deaf Studies at the world’s only university for the Deaf, Gallaudet University, where she recently won $3.75 million funding to lead a national implementation and change center for early intervention with deaf babies and their families in partnership with HRSA and NICHQ. She also serves as the executive director of the Conference of Educational Administrators of Schools and Programs for the Deaf.
    DeAnna Hoskins is from Cincinnati, Ohio, and is placed at the Department of the Army. She has served as President/CEO of JustLeadershipUSA (JLUSA), a national nonprofit that empowers people directly impacted by the criminal justice system. DeAnna is a nationally- recognized advocate and policy expert who has shifted the national narrative on the disparities and limitations of having a criminal background. She has served as Senior Policy Advisor and as Deputy Director of the Federal Interagency Reentry Council at the U.S. Department of Justice. DeAnna was also the founding Director of Reentry for Hamilton County Board of County Commissioners in Ohio.
    Michael Kennedy is from Morehead City, North Carolina, and is placed at the United States Coast Guard. As a nurse practitioner, her career involves direct patient care while leading process improvement in rural and underserved settings. Michael attended Lenoir Community College to become a Registered Nurse and later earned a B.S. Nursing from Barton College. Witnessing disparities in practice led Michael to East Carolina University for an M.S. Adult Nurse Practitioner, Post-M.S. Nursing Leadership, Doctorate of Nursing Practice, and Post-DNP Nursing Education. To better serve her community, Michael completed a Post-M.S. Adult-Gerontological Acute Care NP and Post-DNP Psychiatric-Mental Health NP at Duke University. Michael is a Great 100 Nurse and Bonnie Jones Friedman Humanitarian Award recipient.
    Hoa Nguyen is from Silver Spring, Maryland, and is placed at the National Economic Council and the United States Coast Guard. At Montgomery College, she is an associate professor and chair of the business department, where she helped implement a zero-textbook-cost Business degree, saving students thousands of dollars in education costs. Under her leadership, faculty and students have won multiple local, state and national awards and recognitions. Hoa also co-led numerous initiatives that led to the launch of the Asian American Native American Pacific Islander Taskforce at the college. Hoa received a Ph.D. in economics from the University of Arizona.
    Amnahir Peña-Alcántara is from Bronx, New York, and is placed at the Department of Commerce: National Institute of Standards and Technology. She is pursuing a Ph.D. in Materials Science and Engineering at Stanford University funded by the NSF’s Graduate Research Fellowship Program and the Knight-Hennessy Scholarship. Her research focuses on polymer blends for stretchable electronics. She graduated from MIT with a bachelor’s degree in materials science and engineering, and was a researcher at Northwestern University, Oxford University, and MIT. She has interned in wearable technology and textile fabrication companies in the U.S., Canada, Puerto Rico, and India.
    Padmini Pillai is from Newton, Massachusetts, and is placed at the Social Security Administration. Padmini is an immunoengineer bridging the gap between discoveries in immunology and advances in biomaterial design to treat human disease. She has led a team at MIT developing a tumor-selective nanotherapy to eliminate hard-to-treat cancers. During the COVID-19 pandemic, Padmini was featured in several media outlets including CNBC, The Atlantic, and The New York Times to discuss vaccination, immunity, and the disproportionate impact of the pandemic on vulnerable communities. Padmini received her Ph.D. in immunobiology from Yale University and a B.A. in biochemistry from Regis College.
    Maddy Sharp is from San Diego, California, and is placed at the Office of the Second Gentleman. She is a physician leader committed to securing a healthier and more equitable future for all Americans. She has served as a health policy fellow for Senator Amy Klobuchar and a policy research fellow for Secretary John Kerry. Madison has performed clinical work and research in Nicaragua, Jordan, and the Navajo Nation to reduce health disparities and championed policies to enhance healthcare delivery. She completed her obstetrics and gynecology residency at the Hospital of the University of Pennsylvania. Madison holds an M.D. from the Yale School of Medicine and B.A. from Yale University, where she captained the NCAA Division I field hockey team.
    Jason Spencer is from Medford, New York, and is placed at the Department of Commerce. Jason is a Lieutenant Commander in the U.S. Navy serving as an Information Warfare and Intelligence Officer. At sea, he was assigned to aircraft carriers and destroyers deployed to the Middle East and Europe. Ashore, Jason served as Targeting Officer and Aide-de-Camp to the Commander of U.S. Fifth Fleet in Bahrain and later as Aide-de-Camp to the Commander of U.S. Pacific Fleet in Hawaii. At the Pentagon, he served as Senior Intelligence Briefer for the Chief of Naval Operations – Intelligence Plot and as an Executive Officer to the Joint Staff’s Director for Intelligence. Jason earned a B.A. in international studies and political science from Virginia Military Institute, an M.A. from the Department of War Studies at King’s College London, and an M.P.A. from the Kennedy School of Government at Harvard University.
    Nalini Tata is from New York City, New York, and is placed at the White House Office of Cabinet Affairs. She is a neurosurgery resident at New York-Presbyterian Weill Cornell Medical Center/Memorial Sloan Kettering Cancer Center, where she helps treat the spectrum of emergency and elective neurosurgical conditions between a level I trauma center and a world-renowned cancer institute. Her published work spans clinical and non-scientific journals with a focus on advancing equity in access to care. Her career in neurosurgery and long-standing interest in public policy are closely bound by a deep-rooted dedication to public service. She received her BSc in neurobiology from Brown University, MPhil from the University of Cambridge, M.D. from Northwestern Feinberg School of Medicine, and MPP in Democracy, Politics, and Institutions from the Harvard Kennedy School of Government.
    Alexander Tenorio is from Los Angeles, California, and is placed at the Department of Veterans Affairs. He is a neurological surgery resident at the University of California, San Diego. He is the proud son of Mexican immigrants and dedicated to improving health disparities. He has led a research team investigating neurological traumatic injuries at the U.S.-Mexico border with his published work featured in the Los Angeles Times and New York Times. In his commitment for health equity, he partnered with Hospital General de Tijuana in Mexico to improve their neurosurgical care. He earned an M.D. from the University of California, San Francisco and B.A. from the University of California, Berkeley.
    Zachary White II is from Birmingham, Alabama, and is placed at the Department of Veterans Affairs. He is a Radiation Oncology resident physician and cancer researcher at Stanford University. Passionate about health equity, Zach co-chairs Stanford Medicine’s GME Diversity Committee, promoting diverse medical trainees’ recruitment and development, and provides health education to communities to improve health literacy. Zach graduated summa cum laude from Tuskegee University with a B.S. in biology and earned an M.S. in biomedical and health sciences from the University of Alabama at Birmingham. He received his M.D. from the University of South Alabama, where he served as class president.
    Ryan Wisz is from Aiken, South Carolina, and is placed at the Central Intelligence Agency. He is a Lieutenant Commander in the United States Navy serving as a Submarine Warfare officer. At sea, he has served aboard Attack and Ballistic Missile submarines and has deployed seven times, including missions vital to national security. Ashore, he has served as aide-de-camp to the Commander Submarine Force, U.S. Pacific Fleet, and as the Submarine Squadron Engineer in San Diego, California. Prior to military service, he was a Page in the South Carolina House of Representatives and Senate. He received his B.S. in economics from the University of South Carolina and is a Distinguished Graduate from the Naval Postgraduate School with his MBA and published master’s thesis. He has received numerous personal and unit awards during his Navy service, is active in local tutoring, and passionate about financial education and physical fitness.
    Mark York is a seventh-generation farmer from Lake Wilson, Minnesota, and is placed at the Department of Defense Office of Strategic Capital. He is a Ph.D. candidate in computer science at Harvard, where he researches crowdsourcing and reinforcement learning algorithms in collaboration with MIT. He is the co-founder and President of Farm Yield Africa, a non-profit providing tractor services and microcredit to 1,500 farmers in Ghana since 2016. Mark has worked as a consultant, and before that he led a data science team at a startup building agricultural risk models. He began his career at Cargill as a commodity trader and data scientist. Mark studied agronomy and mathematics at South Dakota State University, where as Student Body President he introduced legislation at the state and local level.

    MIL OSI USA News

  • MIL-OSI: HomeTrust Bank Committed to Serving Local Communities Following Hurricane Helene

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C., Oct. 03, 2024 (GLOBE NEWSWIRE) — While the full impact of Hurricane Helene and its aftermath, including catastrophic rain and flooding, is still unknown, relief efforts continue, and HomeTrust Bank is committed and prepared to serve its employees and customers who were affected.

    “Our thoughts and prayers are with the many families and businesses impacted by the devastating flooding,” said C. Hunter Westbrook, President & Chief Executive Officer. “We want to assure everyone affected of our firm commitment to work with you to provide the banking support needed for your home, your business and our great communities. In addition, the teamwork and dedication of our employees has been tremendous as they restored bank operations while tending to their personal and familial responsibilities. We are also humbled by the support, supplies and outreach from other banks throughout the Southeast.”

    As we emerge from the devastation our communities have suffered, our top priority is the safety of our customers and our team members. We have now communicated with and confirmed the safety of all our employees, as well as assessed all our banking locations noting only minimal damage from the storm. We remained functionally operational throughout the storm, including electronic banking services and online operations, and currently all but three of our 36 locations have at least drive-thru banking available. With utilities and communications still impaired and unstable, particularly in our home base of Western North Carolina, please refer to our website at http://www.htb.com/hurricane-helene for the most recent updates and service availabilities.

    About HomeTrust Bancshares, Inc.
    HomeTrust Bancshares, Inc. (NASDAQ: HTBI) is the holding company for HomeTrust Bank. As of June 30, 2024, the Company had assets of $4.7 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking with over 30 locations as well as online/mobile channels. Locations include: North Carolina (the Asheville metropolitan area, the “Piedmont” region, Charlotte and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (Kingsport/Johnson City, Knoxville and Morristown), Southwest Virginia (the Roanoke Valley) and Georgia (Greater Atlanta).

    Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to the impact of bank failures or adverse developments involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effects of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company’s market areas; natural disasters, including the effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at http://www.htb.com and on the SEC’s website at http://www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    http://www.htb.com

    The MIL Network

  • MIL-OSI Security: Sixty-Eight Defendants Charged in Indictment of Dozens of Members and Associates of San Fernando Valley White Supremacist Gang

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    LOS ANGELES – Federal and local law enforcement have arrested 42 members and associates of the SFV Peckerwoods, a San Fernando Valley-based white supremacist street gang, on a 76-count federal grand jury indictment alleging they engaged in a years-long pattern of racketeering activity that included trafficking of drugs – including fentanyl – illegal firearms possession, and COVID-19 benefits and loan fraud, the Justice Department announced today. 

    The indictment unsealed today charges a total of 68 defendants with a score of federal crimes: conspiracy to violate the Racketeer Influenced and Corrupt Organizations (RICO) Act, conspiracy to distribute controlled substances, distribution of controlled substances, bank fraud, conspiracy to commit bank fraud, aggravated identity theft, possession of a firearm in furtherance of a drug trafficking crime, unlawful possession of a firearm and ammunition by a felon, and possession of 15 or more unauthorized access devices.

    The 29 defendants arrested today are expected to be arraigned this afternoon in United States District Court in downtown Los Angeles. Prior to today’s takedown, 13 defendants were already in custody.

    During the investigation, law enforcement seized large quantities of illegal firearms, and dozens of pounds of fentanyl, methamphetamine, and heroin, according to the indictment. 

    “The Peckerwoods’ violent white-supremacist ideology and wide-ranging criminal activity pose a grave menace to our community,” said United States Attorney Martin Estrada. “By allegedly engaging in everything from drug-trafficking to firearms offenses to identity theft to COVID fraud, and through their alliance with a neo-Nazi prison gang, the Peckerwoods are a destructive force. In prosecuting the members of the Peckerwoods criminal organization, our office is carrying out its mission to protect the public from the most dangerous threats.”

    “The Justice Department has dealt a decisive blow to the San Fernando Valley (SFV) Peckerwoods, a violent white supremacist gang that we charge is responsible for trafficking deadly fentanyl and other drugs, committing robberies, and perpetrating financial fraud to fund both their criminal enterprise and that of the Aryan Brotherhood,” said Attorney General Merrick B. Garland. “With today’s charges and arrests, the Justice Department, together with our state, local, and federal partners has targeted the heart of this gang’s operations, and we will continue to zero in on the criminal enterprises that endanger our communities.”

    “This operation, led by our Joint Terrorism Task Force, disrupted a racially motivated violent extremist group who engaged in a wide range of criminal activity,” said Akil Davis, Assistant Director in Charge of the FBI Los Angeles Field Office. “This case strikes at the heart of our collective mission to rid our communities of the corrosive elements that fuel violence and extremism that greatly impact our way of life. The FBI, along with our federal, state, and local partners, remains strongly committed to working every day to make sure the people of the Southland remain safe.”

    “The San Fernando Valley Peckerwoods, the Aryan Brotherhood and their associates are fused by one thing: hatred,” Matthew Allen, Special Agent in Charge, DEA Los Angeles Field Division. “It appears, however, that the business of hate was not enough for them. Driven by greed, they engaged in other crimes, including drug distribution, pushing out deadly fentanyl onto our streets. Operating from corners of the San Fernando Valley, they conducted their crimes within and beyond the 8-1-8 community. Today’s large-scale indictments and arrests reflect our relentless commitment to dismantling criminal organizations that continue to harm our communities.”         

    According to the indictment that a grand jury returned on September 26, the Peckerwoods is a street gang based in communities in the San Fernando Valley whose members engage in a wide variety of criminal activity, including drug trafficking, violent crime, and fraud. As a white supremacist gang, the Peckerwoods at times takes orders from the Aryan Brotherhood, California’s dominant prison-based white supremacist gang, and maintains an alliance with the Mexican Mafia prison gang, which controls most Latino street gangs in California. The Peckerwoods use Nazi tattoos, graffiti, and iconography to indicate their violent white supremacy extremist ideology. These tattoos and iconography include swastikas, the symbol “88”, used by violent white supremacy extremists as code for “Heil Hitler,” and images of Nazi aircraft.

    Members and associates of the gang used social media to share information with each other about their criminal activities and gang rules, to identify gang members in good standing, and to target people who broke the gang’s rules. The social media use included a members-only Facebook group and private, direct messages between the gang’s members and associates. 

    From at least December 2016 to September 2024, Peckerwoods members conducted and participated in the affairs of their criminal enterprise by engaging in violence and threats of violence to preserve and expand the gang’s criminal operations, which promoted a climate of fear. Members and associates of the gang illegally maintained firearms and ammunition in furtherance of these aims.

    To generate revenue for the gang, its members trafficked narcotics, including fentanyl, heroin, and methamphetamine. Specifically, lead defendant Claire Patricia Haviland, 62, of Chatsworth, and co-defendants Brian Glenn Ekelund, 53, of Chatsworth, and Brianne Brewer, 38, of North Hollywood, maintained and oversaw drug stash houses where large quantities of fentanyl, heroin, methamphetamine, and other drugs were stored prior to distribution. Haviland and Ekelund allegedly mailed illegal drugs to customers and used applications such as Zelle and CashApp to receive money from drug buyers and send money to their drug sources.

    They also generated revenue via robberies and financial fraud and participated in identity theft schemes. For example, from at least March 2021 to July 2023, defendants Sean Craig Gluckman, 35, of Encino, Maria Anna James, 30, of Canyon Country, and others submitted false and fraudulent applications for the Paycheck Protection Program (PPP), which was designed to aid businesses harmed by the economic fallout from the COVID-19 pandemic. The defendants – posing as sole proprietors – signed fraudulent PPP loan applications on behalf of individuals incarcerated in California state prisons and collected a portion of the fraudulently obtained proceeds from co-conspirators as payment for their assistance.

    Gluckman in April 2021 submitted an application that falsely stated he was a self-employed “artist/writer” with a gross income of nearly $250,000. Later that month, he obtained a PPP loan in the amount of $20,833. In a separate scheme, Gluckman submitted fraudulent unemployment insurance (UI) applications in the names of other people to the California Employment Development Department (EDD) to fraudulently obtain jobless benefits.

    “The proliferation of gang related organized crime deteriorates the core of our society,” said Los Angeles Police Chief Dominic Choi. “Taking guns out of the hands of gang members and drugs from our streets is just one more step towards reducing this deterioration. Today is yet another example of how local, regional, and federal law enforcement, with a matched dedication, are working together to investigate, apprehend and prosecute criminals.”     

    “When criminal organizations cross jurisdictional lines, it makes conducting investigations and subsequent prosecutions much more difficult,” said Ventura County Sheriff Jim Fryhoff. “Having our federal law enforcement partners involvement in such cases greatly enhances our ability to protect not only the citizens of our county, but also those of our region of the state.”

    “The DOL-OIG will continue to allocate investigative resources to support our local, state, and federal law enforcement partners in the fight against organized crime, particularly when it involves matters within our jurisdiction,” said Quentin Heiden, Special Agent in Charge of the United States Department of Labor Office of Inspector General’s Western Region. “This investigation reinforces our commitment to protecting the integrity of the nation’s unemployment system.” 

    An indictment contains allegations that a defendant has committed a crime. Every defendant is presumed to be innocent until and unless proven guilty in court.

    If convicted, the defendants would face a statutory maximum sentence of life in federal prison.

    The FBI, the Drug Enforcement Administration, the Los Angeles Police Department, and the Ventura County Sheriff’s Office are investigating this matter. Other law enforcement agencies that assisted in today’s takedown are the Simi Valley Police Department; California Highway Patrol; the Glendale Police Department; the Burbank Police Department; the Redondo Beach Police Department; the Beverly Hills Police Department; the Los Angeles County Sheriff’s Department; the United States Marshals Service; the Bureau of Alcohol, Tobacco, Firearms and Explosives; the United States Department of Veterans Affairs Police; the United States Department of Labor; the Federal Bureau of Prisons; the Los Angeles County Probation Department; the Los Angeles County Department of Children and Family Services; the Pasadena Fire Department; United States Customs and Border Protection; and IRS Criminal Investigation.

    Assistant United States Attorneys Reema M. El-Amamy of the Terrorism and Export Crimes Section, Jeremiah M. Levine of the Violent and Organized Crime Section, and Alexander Su of the Asset Forfeiture and Recovery Section are prosecuting this case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus

    On September 15, 2022, the Attorney General selected the U.S. Attorney’s Offices for the Central and Eastern Districts of California to jointly head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. The Strike Force combines law enforcement and prosecutorial resources and focuses on large-scale, multistate pandemic relief fraud perpetrated by criminal organizations and transnational actors, as well as those who committed multiple instances of pandemic relief fraud. The Strike Force uses prosecutor-led and data analyst-driven teams to identify and bring to justice those who stole pandemic relief funds. Additional information regarding the Strike Force may be found at https://www.justice.gov/opa/pr/justice-department-announces-covid-19-fraud-strike-force-teams

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at (866) 720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form

    MIL Security OSI

  • MIL-OSI USA: Congressman Carter Statement on End of ILA Strike

    Source: United States House of Representatives – Congressman Troy A. Carter Sr. (LA-02)

    WASHINGTON, D.C. – Today, Congressman Troy A. Carter Sr. (D-LA) released the following statement in response to a tentative agreement reached by the International Longshoremen’s Association (ILA) to return to work tomorrow, Friday, October 4, 2024:

     “During the pandemic, Longshoremen put themselves at risk to keep ports open. I’m glad this strike was short, and everyone can go back to work. Following recent natural disasters, dockworkers will play an essential role in getting communities the resources they need. I’m hopeful that a final agreement can be reached quickly and glad that these workers will receive the compensation and working conditions they deserve.”

    ###

    MIL OSI USA News

  • MIL-OSI Economics: San Marino: Staff Concluding Statement of the 2024 Article IV Mission

    Source: International Monetary Fund

    October 4, 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 4, 2024:

    San Marino’s economy remains resilient, supported by a more diversified growth model with manufacturing and the nonfinancial service exporting sectors as key drivers. Prudent fiscal policy and access to international capital markets helped weather the pandemic and energy crises. However, additional fiscal consolidation is warranted given the still high debt level and contingent liabilities from the financial sector. Notwithstanding important progress in resolving legacy issues, further efforts are needed to improve asset quality and strengthen banks’ capitalization and profitability. With the recently negotiated European Union (EU) association agreement, San Marino has a unique opportunity to accelerate much-needed public and financial sector reforms and to further the integration with the EU’s single market to boost confidence in the economy and lift potential growth.

    San Marino’s economic growth remained positive despite adverse external shocks, including a regional slowdown and higher interest rates. After an exceptionally strong post-pandemic recovery in 2021-22, growth slowed in 2023 to 0.4 percent following a decline in external demand. Manufacturing, which has been operating at high levels, has decelerated as export orders declined, in part due to the phase-out of fiscal incentives in Italy and a related slowdown in the construction sector. The strong service sector performance, benefiting from the tourism boom and healthy domestic demand, kept employment growing at a robust pace.

    Growth is projected to edge up in 2024, strengthening further in 2025, as external demand improves. Stronger consumption on the back of rising real wages and higher investment, facilitated by easing financial conditions, will support domestic and external demand next year. However, there are risks ahead. Downside risks are related to the weakening of external demand while remaining vulnerabilities in the financial sector constitute one of the key domestic risks. The underlying strength of the manufacturing sector, the healthy private sector balance sheets, and prompt implementation of the EU association agreement constitute upside risks to the baseline.

    The fiscal position was stronger than expectedlast year but further efforts are needed to ensure sustainability.The government has saved the cyclical tax revenues, kept expenditures in check and primary balance stable in 2023. However, moderate government spending pressures arose in 2024 ―as real spending compression reached its limits and the cost of interest subsidies for the private sector expanded. The public debt-to-GDP ratio continued declining, but its level remains high.

    Additionalfiscal consolidation is needed to mitigate financing risks, build fiscal buffers, and reduce the debt-to-GDP ratio below 60 percent.San Marino is an euroized small open economy with a vulnerable financial sector and limited fiscal buffers. The government’s goal of reducing public debt below 60 percent of GDP over the medium term is an important anchor to guide fiscal policy. To achieve this target a moderate additional fiscal effort totaling 1 percent of GDP over the next three years is recommended through:

    • Designing and implementing a tax reform package introducing a value-added tax (VAT) and broadening the income tax base. With a low tax-to-GDP ratio, introducing a VAT in San Marino can simultaneously enhance fiscal revenues and tax efficiency while minimizing related distortions, increasing fairness and progressivity, and aligning indirect tax procedures with international standards, benefitting the ease of exports. Redesigning tax rebates to avoid overlaps with other exemptions—such as San Marino Card (SMaC) discounts and income tax deductions—can further rationalize the system. The authorities should leverage the technology used for the SMaC in combination with electronic invoicing to mitigate tax avoidance in the new VAT system. Equallyimportant, income tax revenues can be significantly enhanced by rationalizing income tax deductions.
    • Improving the efficiency of public spending.San Marino should shift from real expenditure compression across all spending areas to prioritizing consolidation of spending with low social return. In this context, it will be important to review transfers to the private sector―including interest subsidy programs―to ensure that transfers are more targeted. Reviewing extra-budgetary funds is also needed to rationalize spending. Large investment plans require sound prioritization based on rigorous cost-benefit analyses.
    • Keeping public wages and pensions growth in check. Moderate public wage and pension growth was key to improving the primary balance. Looking forward, given the limited fiscal space, it is critical to avoid public wage and pension growth above domestic inflation.

    Long-term demographic challenges will require additional parametric pension recalibration. The 2022 pension reform has increased contributions, delaying the depletion of the pension fund for a decade. However, ensuring the long-term sustainability of the pension system will require further parametric calibrations to address generous benefits. In addition, there is a need to continue the gradual diversification of the investments of the pension fund towards international markets to mitigate concentration of risks and increase returns.

    The debt management strategy needs strengthening to minimize refinancing risks. The recently published fiscal strategy marks an important advancement in the predictability of fiscal policy and communication with investors, but further efforts are needed to upgrade San Marino’s debt management capacity, including more autonomy to implement the financing plan approved in the budget. To smooth the debt amortization of the Eurobond in 2027, the authorities should consider liability management operations, including smaller international issuances with longer maturities.

    Banks’ liquidity and reported profits improved in 2023, but declining interest margins, high personnel costs, and remaining legacy non-performing loans (NPLs) pose risks going forward. Higher interest rates last year have improved banks’ cyclical profits without deteriorating the quality of loan portfolios, but structural profitability remains low. The safeguarding of profits to increase capital, as requested by the Central Bank, is welcome. However, with limited income-generating assets, high operating costs, and tight reported capitalization in some banks, the financial sector remains vulnerable.

    A speedy adjustment of banks’ costs is a priority to improve long-term viability and capital positions. Most banks’ profitability remains significantly lower than regional peers. The continuing reduction of income-generating assets in recent years has not been followed by a scale-down of banking sector employment. San Marino’s banking system also has the largest number of branches per capita in Europe. With the EU association agreement, the opening of the banking sector will bring new opportunities, but San Marino banks need to improve efficiency to be competitive.

    Important progress has been made in implementing the authorities’ strategy to reduce nonperforming loans (NPLs) through an Asset Management Company (AMC) and calendar provisioning. The write-off of a large NPL position and AMC securitization have reduced the NPL ratio from 53 to 21 percent. The asset recovery of the AMC has progressed better than expected, with the principal of state-guaranteed senior securities declining from 70 to 44½ million euros in the first half of 2024. Meanwhile, calendar provisioning has prompted banks to expedite the recovery and write-offs of NPLs. However, it will be important to improve dissemination of the information about the AMC asset recovery to anticipate and address any bottlenecks. The risk weights for junior securities should be increased faster to reflect the difference between the net book value and the real economic value of NPLs on banks’ balance sheets. Any undercapitalization that could arise from the securitization process and the implementation of calendar provisioning should be promptly addressed with credible capitalization plans. To strengthen CBSM supervisory powers and to help attract external capital, legal limits on banks’ shareholding structure should be lifted.

    The bank resolution framework needs to be updated to widen burden-sharing. The bank resolution law should be updated to gradually complete the alignment with EU standards. The process needs to be coordinated with addressing existing issues in the banking system.

    San Marino should continue to make progress to strengthen its AML/CFT framework. The domestic legal framework was amended in 2023 to incorporate the 5th EU AML Directive and improve technical compliance with the FATF standards. This resulted in an upgrade by MONEYVAL on technical compliance for AML/CFT sanctions regime. The National ML/TF Risk Assessment will be updated next year. San Marino should continue working to enhance the adequacy, accuracy, and up-to-dateness of its central beneficial ownership registry.

    The EU association agreement sets an ambitious financial sector reform agenda. The agreement requires the central bank of San Marino (CBSM) to complete the alignment of the regulatory framework with the EU. To that end, the CBSM will need additional staff and financial resources. The CBSM financial position should be strengthened to safeguard its independence and support financial sector stability through an effective lender of last resort capacity. To comply with EU standards, legacy issues should be addressed, including through a gradual conversion of the perpetual bond owned by the state-owned bank into liquid instruments. Overall, while the banking sector has 15 years to meet the requirements, earlier implementation, as envisaged by the authorities, will boost confidence.

    The conclusion of the EU association negotiations signals strong commitment to deeper integration with the EU and could lift potential growth by accelerating structural reforms. The successful implementation of the agreement is a priority and will support the competitiveness of the manufacturing sector and help consolidate gains in tourism. The authorities should ensure sufficient resources and staff are available to support implementation without undermining the fiscal consolidation path. In addition, further labor market flexibility is needed to improve labor reallocation, including in the banking sector. Real estate market reforms to facilitate price and market information dissemination and foreign ownership, will be key to support NPL resolution. Finaly, the authorities should foster energy safety and green transition, including by allowing households to sell back excess solar generated electricity.

    The mission would like to thank the authorities and other counterparts for their warm hospitality as well as candid and productive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

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

    @IMFSpokesperson

    MIL OSI Economics

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

    Source: IMF – News in Russian

    October 4, 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 4, 2024:

    San Marino’s economy remains resilient, supported by a more diversified growth model with manufacturing and the nonfinancial service exporting sectors as key drivers. Prudent fiscal policy and access to international capital markets helped weather the pandemic and energy crises. However, additional fiscal consolidation is warranted given the still high debt level and contingent liabilities from the financial sector. Notwithstanding important progress in resolving legacy issues, further efforts are needed to improve asset quality and strengthen banks’ capitalization and profitability. With the recently negotiated European Union (EU) association agreement, San Marino has a unique opportunity to accelerate much-needed public and financial sector reforms and to further the integration with the EU’s single market to boost confidence in the economy and lift potential growth.

    San Marino’s economic growth remained positive despite adverse external shocks, including a regional slowdown and higher interest rates. After an exceptionally strong post-pandemic recovery in 2021-22, growth slowed in 2023 to 0.4 percent following a decline in external demand. Manufacturing, which has been operating at high levels, has decelerated as export orders declined, in part due to the phase-out of fiscal incentives in Italy and a related slowdown in the construction sector. The strong service sector performance, benefiting from the tourism boom and healthy domestic demand, kept employment growing at a robust pace.

    Growth is projected to edge up in 2024, strengthening further in 2025, as external demand improves. Stronger consumption on the back of rising real wages and higher investment, facilitated by easing financial conditions, will support domestic and external demand next year. However, there are risks ahead. Downside risks are related to the weakening of external demand while remaining vulnerabilities in the financial sector constitute one of the key domestic risks. The underlying strength of the manufacturing sector, the healthy private sector balance sheets, and prompt implementation of the EU association agreement constitute upside risks to the baseline.

    The fiscal position was stronger than expectedlast year but further efforts are needed to ensure sustainability.The government has saved the cyclical tax revenues, kept expenditures in check and primary balance stable in 2023. However, moderate government spending pressures arose in 2024 ―as real spending compression reached its limits and the cost of interest subsidies for the private sector expanded. The public debt-to-GDP ratio continued declining, but its level remains high.

    Additionalfiscal consolidation is needed to mitigate financing risks, build fiscal buffers, and reduce the debt-to-GDP ratio below 60 percent.San Marino is an euroized small open economy with a vulnerable financial sector and limited fiscal buffers. The government’s goal of reducing public debt below 60 percent of GDP over the medium term is an important anchor to guide fiscal policy. To achieve this target a moderate additional fiscal effort totaling 1 percent of GDP over the next three years is recommended through:

    • Designing and implementing a tax reform package introducing a value-added tax (VAT) and broadening the income tax base. With a low tax-to-GDP ratio, introducing a VAT in San Marino can simultaneously enhance fiscal revenues and tax efficiency while minimizing related distortions, increasing fairness and progressivity, and aligning indirect tax procedures with international standards, benefitting the ease of exports. Redesigning tax rebates to avoid overlaps with other exemptions—such as San Marino Card (SMaC) discounts and income tax deductions—can further rationalize the system. The authorities should leverage the technology used for the SMaC in combination with electronic invoicing to mitigate tax avoidance in the new VAT system. Equallyimportant, income tax revenues can be significantly enhanced by rationalizing income tax deductions.
    • Improving the efficiency of public spending.San Marino should shift from real expenditure compression across all spending areas to prioritizing consolidation of spending with low social return. In this context, it will be important to review transfers to the private sector―including interest subsidy programs―to ensure that transfers are more targeted. Reviewing extra-budgetary funds is also needed to rationalize spending. Large investment plans require sound prioritization based on rigorous cost-benefit analyses.
    • Keeping public wages and pensions growth in check. Moderate public wage and pension growth was key to improving the primary balance. Looking forward, given the limited fiscal space, it is critical to avoid public wage and pension growth above domestic inflation.

    Long-term demographic challenges will require additional parametric pension recalibration. The 2022 pension reform has increased contributions, delaying the depletion of the pension fund for a decade. However, ensuring the long-term sustainability of the pension system will require further parametric calibrations to address generous benefits. In addition, there is a need to continue the gradual diversification of the investments of the pension fund towards international markets to mitigate concentration of risks and increase returns.

    The debt management strategy needs strengthening to minimize refinancing risks. The recently published fiscal strategy marks an important advancement in the predictability of fiscal policy and communication with investors, but further efforts are needed to upgrade San Marino’s debt management capacity, including more autonomy to implement the financing plan approved in the budget. To smooth the debt amortization of the Eurobond in 2027, the authorities should consider liability management operations, including smaller international issuances with longer maturities.

    Banks’ liquidity and reported profits improved in 2023, but declining interest margins, high personnel costs, and remaining legacy non-performing loans (NPLs) pose risks going forward. Higher interest rates last year have improved banks’ cyclical profits without deteriorating the quality of loan portfolios, but structural profitability remains low. The safeguarding of profits to increase capital, as requested by the Central Bank, is welcome. However, with limited income-generating assets, high operating costs, and tight reported capitalization in some banks, the financial sector remains vulnerable.

    A speedy adjustment of banks’ costs is a priority to improve long-term viability and capital positions. Most banks’ profitability remains significantly lower than regional peers. The continuing reduction of income-generating assets in recent years has not been followed by a scale-down of banking sector employment. San Marino’s banking system also has the largest number of branches per capita in Europe. With the EU association agreement, the opening of the banking sector will bring new opportunities, but San Marino banks need to improve efficiency to be competitive.

    Important progress has been made in implementing the authorities’ strategy to reduce nonperforming loans (NPLs) through an Asset Management Company (AMC) and calendar provisioning. The write-off of a large NPL position and AMC securitization have reduced the NPL ratio from 53 to 21 percent. The asset recovery of the AMC has progressed better than expected, with the principal of state-guaranteed senior securities declining from 70 to 44½ million euros in the first half of 2024. Meanwhile, calendar provisioning has prompted banks to expedite the recovery and write-offs of NPLs. However, it will be important to improve dissemination of the information about the AMC asset recovery to anticipate and address any bottlenecks. The risk weights for junior securities should be increased faster to reflect the difference between the net book value and the real economic value of NPLs on banks’ balance sheets. Any undercapitalization that could arise from the securitization process and the implementation of calendar provisioning should be promptly addressed with credible capitalization plans. To strengthen CBSM supervisory powers and to help attract external capital, legal limits on banks’ shareholding structure should be lifted.

    The bank resolution framework needs to be updated to widen burden-sharing. The bank resolution law should be updated to gradually complete the alignment with EU standards. The process needs to be coordinated with addressing existing issues in the banking system.

    San Marino should continue to make progress to strengthen its AML/CFT framework. The domestic legal framework was amended in 2023 to incorporate the 5th EU AML Directive and improve technical compliance with the FATF standards. This resulted in an upgrade by MONEYVAL on technical compliance for AML/CFT sanctions regime. The National ML/TF Risk Assessment will be updated next year. San Marino should continue working to enhance the adequacy, accuracy, and up-to-dateness of its central beneficial ownership registry.

    The EU association agreement sets an ambitious financial sector reform agenda. The agreement requires the central bank of San Marino (CBSM) to complete the alignment of the regulatory framework with the EU. To that end, the CBSM will need additional staff and financial resources. The CBSM financial position should be strengthened to safeguard its independence and support financial sector stability through an effective lender of last resort capacity. To comply with EU standards, legacy issues should be addressed, including through a gradual conversion of the perpetual bond owned by the state-owned bank into liquid instruments. Overall, while the banking sector has 15 years to meet the requirements, earlier implementation, as envisaged by the authorities, will boost confidence.

    The conclusion of the EU association negotiations signals strong commitment to deeper integration with the EU and could lift potential growth by accelerating structural reforms. The successful implementation of the agreement is a priority and will support the competitiveness of the manufacturing sector and help consolidate gains in tourism. The authorities should ensure sufficient resources and staff are available to support implementation without undermining the fiscal consolidation path. In addition, further labor market flexibility is needed to improve labor reallocation, including in the banking sector. Real estate market reforms to facilitate price and market information dissemination and foreign ownership, will be key to support NPL resolution. Finaly, the authorities should foster energy safety and green transition, including by allowing households to sell back excess solar generated electricity.

    The mission would like to thank the authorities and other counterparts for their warm hospitality as well as candid and productive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/04/cs-san-marino-2024

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI: Shell plc Announces Final Results of Exchange Offers

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    October 4, 2024

    Shell plc Announces Final Results of Exchange Offers

    Shell plc (“Shell”) (LSE: SHEL) (NYSE: SHEL) (EAX: SHELL) today announced the final results of its previously announced offers to exchange (the “Exchange Offers” and each, an “Exchange Offer”) up to a maximum aggregate principal amount of $12 billion (the “Maximum Amount”) of any and all validly tendered (and not validly withdrawn) and accepted notes of twelve series issued by Shell International Finance B.V. (“Shell International Finance” and such notes, the “Old Notes”) for a combination of cash and a corresponding series of new notes to be issued by Shell Finance US Inc. (“Shell Finance US”) and fully and unconditionally guaranteed by Shell plc (the “New Notes”). A Registration Statement on Form F-4 (File Nos. 333-281941 and 333-281941-01) (the “Registration Statement”), including a prospectus, dated September 19, 2024 (the “Prospectus”), relating to the issuance of the New Notes was filed with the Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on September 30, 2024.

    As announced on September 5, 2024, Shell is conducting the Exchange Offers to migrate the existing Old Notes from Shell International Finance B.V. to Shell Finance US Inc. in order to optimize the Shell Group’s capital structure and align indebtedness with its U.S. business.

    The total aggregate principal amount of Old Notes that were validly tendered (and not validly withdrawn) and accepted for exchange in the Exchange Offers was $11,462,980,000.   The aggregate principal amount of each series of Old Notes that was accepted for exchange was based on the order of acceptance priority for such series as set forth in the table below (the “Acceptance Priority Levels”), with Acceptance Priority Level 1 being the highest and Acceptance Priority Level 12 being the lowest, subject to the applicable Minimum Size Condition and the Maximum Amount Condition (each as described in the Prospectus). Because the total aggregate principal amount of Old Notes that were validly tendered (and not validly withdrawn) as of 5:00 p.m., New York City time, on October 3, 2024 (the “Expiration Time”) exceeded the Maximum Amount, we did not accept for exchange all such Old Notes and only accepted for exchange those Old Notes as set forth in the table below under the heading “Aggregate Principal Amount Accepted.” All Old Notes validly tendered (and not validly withdrawn) as of the Expiration Time in Acceptance Priority Levels 1 through 8 satisfied the applicable Minimum Size Condition and the Maximum Amount Condition and were accepted for exchange. No Old Notes tendered in Acceptance Priority Levels 9 through 12 were accepted for exchange.

    The following table, based on information provided by D.F. King & Co. Inc., the exchange agent and information agent for the Exchange Offers, indicates, among other things, the total aggregate principal amount of Old Notes and the aggregate principal amount of each series of Old Notes validly tendered (and not validly withdrawn) and accepted for exchange in the Exchange Offers.

    Series of Old Notes Offered for Exchange Old CUSIP/ISIN
    No.
    Acceptance Priority Level  

    Aggregate Principal Amount Outstanding ($MM)

    Aggregate Principal Amount Tendered Aggregate Principal Amount Accepted  

    New CUSIP/ISIN No.

    4.375% Guaranteed Notes due 2045 822582BF8/

    US822582BF88

    1 $3,000 $2,446,755,000   $2,446,755,000 822905AA3 / US822905AA35  
    2.750% Guaranteed Notes due 2030 822582CG5/

    US822582CG52

    2 $1,750 $1,355,391,000   $1,355,391,000 822905AB1 / US822905AB18  
    4.125% Guaranteed Notes due 2035 822582BE1/

    US822582BE14

    3 $1,500 $1,192,346,000   $1,192,346,000 822905AC9 / US822905AC90  
    4.550% Guaranteed Notes due 2043 822582AY8/

    US822582AY86

    4 $1,250 $960,281,000   $960,281,000 822905AD7 / US822905AD73  
    4.000% Guaranteed Notes due 2046 822582BQ4/

    US822582BQ44

    5 $2,250 $1,764,084,000   $1,764,084,000 822905AE5 / US822905AE56  
    2.375% Guaranteed Notes due 2029 822582CD2/

    US822582CD22

    6 $1,500 $1,075,279,000   $1,075,279,000 822905AF2 / US822905AF22  
    3.250% Guaranteed Notes due 2050 822582CH3/

    US822582CH36

    7 $2,000 $1,664,464,000   $1,664,464,000 822905AG0 / US822905AG05  
    3.750% Guaranteed Notes due 2046 822582BY7/

    US822582BY77

    8 $1,250 $1,004,380,000   $1,004,380,000 822905AH8 / US822905AH87  
    3.125% Guaranteed Notes due 2049 822582CE0/

    US822582CE05

    9 $1,250 $1,037,100,000   $0  
    3.000% Guaranteed Notes due 2051 822582CL4/

    US822582CL48

    10 $1,000 $888,919,000   $0  
    2.875% Guaranteed Notes due 2026 822582BT8/

    US822582BT82

    11 $1,750 $987,472,000   $0  
    2.500% Guaranteed Notes due 2026 822582BX9/

    US822582BX94

    12 $1,000 $622,831,000   $0  
                     
    Total amount tendered and accepted in the Exchange Offers       $11,462,980,000    

    Settlement and issuance of the New Notes to be issued in exchange for Old Notes validly tendered (and not validly withdrawn) and accepted for exchange is expected to occur on October 8, 2024.

    The dealer managers for the Exchange Offers were:

    Deutsche Bank Securities Inc.

    1 Columbus Circle

    New York, New York 10019

    Attention: Liability Management Group

    Telephone: (U.S. Toll-Free): +1 (866) 627-0391

    Telephone (U.S. Collect): +1 (212) 250-2955

    Telephone (London): +44 207 545 8011

    Goldman Sachs & Co. LLC

    200 West Street

    New York, New York 10282

    Attention: Liability Management Group

    Telephone (U.S. Toll-Free): +1 (800) 828-3182

    Telephone (U.S. Collect): +1 (212) 902-6351

    Telephone (London): +44 207 774 4836

    Email: gs-lm-nyc@ny.email.gs.com

    Wells Fargo Securities, LLC

    550 South Tryon Street, 5th Floor

    Charlotte, North Carolina 28202

    Attention: Liability Management Group

    Telephone (U.S. Toll-Free): +1 (866) 309-6316

    Telephone (U.S. Collect): +1 (704) 410-4235

    Telephone (Europe): +33 1 85 14 06 62

    Email: liabilitymanagement@wellsfargo.com

    The exchange agent and information agent for the Exchange Offers was:

    D.F. King & Co., Inc.

    48 Wall Street, 22nd Floor
    New York, NY 10005
    Banks and Brokers call: +1 (212) 269-5550
    Toll-free (U.S. only): +1 (877) 783-5524
    Email: Shell@dfking.com
    By Facsimile (for eligible institutions only): +1 (212) 709-3328
    Confirmation: +1 (212) 269-5552
    Attention: Michael Horthman
    Website: http://www.dfking.com/shell

    This press release is not an offer to sell or a solicitation of an offer to buy any of the securities described herein. The Exchange Offers were made solely pursuant to the terms and conditions of the Prospectus, which forms a part of the Registration Statement.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

    Non-U.S. Distribution Restrictions

    European Economic Area

    The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive 2002/92/EC (as amended, the “Insurance Mediation Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC (as amended, the “Prospectus Directive”). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the New Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. The Prospectus has been prepared on the basis that any offer of New Notes in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of New Notes. The Prospectus is not a prospectus for the purposes of the Prospectus Directive.

    MiFID II product governance / Professional investors and ECPs only target market—In the EEA and solely for the purposes of the product approval process conducted by any Dealer Manager who is a manufacturer with respect to the New Notes for the purposes of the MiFID II product governance rule under EU Delegated Directive 2017/593 (each, a “manufacturer”), the manufacturers’ target market assessment in respect of the New Notes has led to the conclusion that: (i) the target market for the New Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the New Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the New Notes (a “distributor”) should take into consideration the manufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the New Notes (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels.

    Belgium

    Neither the Prospectus nor any other documents or materials relating to the Exchange Offers have been submitted to or will be submitted for approval or recognition to the Belgian Financial Services and Markets Authority (“Autorité des services et marchés financiers”/”Autoriteit voor Financiële Diensten en Markten”). The Exchange Offers are not being, and may not be, made in Belgium by way of a public offering, as defined in Articles 3, §1, 1° and 6, §1 of the Belgian Law of April 1, 2007 on public takeover bids (“loi relative aux offres publiques d’acquisition”/”wet op de openbare overnamebiedingen”) (the “Belgian Takeover Law”) or as defined in Article 3, §1 of the Belgian Law of June 16, 2006 on the public offer of investment instruments and the admission to trading of investment instruments on a regulated market (“loi relative aux offres publiques d’instruments de placement et aux admissions d’instruments de placement à la négociation sur des marchés réglementés”/”wet op de openbare aanbieding van beleggingsinstrumenten en de toelating van beleggingsinstrumenten tot de verhandeling op een gereglementeerde markt”) (the “Belgian Prospectus Law”), both as amended or replaced from time to time. Accordingly, the Exchange Offers may not be, and are not being, advertised and the Exchange Offers will not be extended, and neither the Prospectus nor any other documents or materials relating to the Exchange Offers (including any memorandum, information circular, brochure or any similar documents) has been or shall be distributed or made available, directly or indirectly, to any person in Belgium other than (i) to persons which are “qualified investors” (“investisseurs qualifiés”/”gekwalificeerde beleggers”) as defined in Article 10, §1 of the Belgian Prospectus Law, acting on their own account, as referred to in Article 6, §3 of the Belgian Takeover Law or (ii) in any other circumstances set out in Article 6, §4 of the Belgian Takeover Law and Article 3, §4 of the Belgian Prospectus Law. The Prospectus has been issued only for the personal use of the above qualified investors and exclusively for the purpose of the Exchange Offers. Accordingly, the information contained in the Prospectus or in any other documents or materials relating to the Exchange Offers may not be used for any other purpose or disclosed or distributed to any other person in Belgium.

    France

    The Exchange Offers are not being made, directly or indirectly, to the public in the Republic of France. Neither the Prospectus nor any other documents or materials relating to the Exchange Offers have been or shall be distributed to the public in France and only (i) providers of investment services relating to portfolio management for the account of third parties (“personnes fournissant le service d’investissement de gestion de portefeuille pour compte de tiers”) and/or (ii) qualified investors (“investisseurs qualifiés”) other than individuals, in each case acting on their own account and all as defined in, and in accordance with, Articles L.411-1, L.411-2, D.321-1 and D.411-1 of the French Code Monétaire et Financier, are eligible to participate in the Exchange Offers. The Prospectus and any other document or material relating to the Exchange Offers have not been and will not be submitted for clearance to nor approved by the Autorité des marchés financiers.

    Italy

    None of the Exchange Offers, the Prospectus or any other documents or materials relating to the Exchange Offers or the New Notes have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa (“CONSOB”). The Exchange Offers are being carried out in the Republic of Italy as exempted offers pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the “Financial Services Act”) and article 35-bis, paragraph 3, of CONSOB Regulation No. 11971 of 14 May 1999, as amended (the “Issuers’ Regulation”) and, therefore, are intended for, and directed only at, qualified investors (investitori qualificati) (the “Italian Qualified Investors”), as defined pursuant to Article 100, paragraph 1, letter (a) of the Financial Services Act and Article 34-ter, paragraph 1, letter (b) of the Issuers’ Regulation. Accordingly, the Exchange Offers cannot be promoted, nor may copies of any document related thereto or to the New Notes be distributed, mailed or otherwise forwarded, or sent, to the public in Italy, whether by mail or by any means or other instrument (including, without limitation, telephonically or electronically) or any facility of a national securities exchange available in Italy, other than to Italian Qualified Investors. Persons receiving the Prospectus must not forward, distribute or send it in or into or from Italy. Noteholders or beneficial owners of the Old Notes that are resident or located in Italy can offer to exchange the notes pursuant to the Exchange Offers through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007, as amended from time to time, and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority. Each intermediary must comply with the applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the Old Notes, the New Notes, the Exchange Offers or the Prospectus.

    United Kingdom

    Each dealer manager has further represented and agreed that:

    • it has complied and will comply with all the applicable provisions of the Financial Services and Markets Act 2000 (the “FSMA”) with respect to anything done by it in relation to the New Notes in, from or otherwise involving the United Kingdom (the “U.K.”); and it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any New Notes in circumstances in which Section 21(1) of the FSMA does not apply to Shell Finance US or Shell.

    The Prospectus is only being distributed to and is only directed at (i) persons who are outside the U.K. or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The New Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the New Notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

    Hong Kong

    The New Notes may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), or (ii) to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a “prospectus” within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the New Notes may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to New Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

    Japan

    The New Notes have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (the “Financial Instruments and Exchange Law”) and each underwriter has agreed that it will not offer or sell any New Notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Law and any other applicable laws, regulations and ministerial guidelines of Japan.

    Singapore

    The Prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, and if the Issuer has not notified the dealer(s) on the classification of the New Notes under and pursuant to Section 309(B)(1) of the Securities and Futures Act, Chapter 289 Singapore (the “SFA”), the Prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the New Notes may not be circulated or distributed, nor may the New Notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of Chapter 289 of the SFA, (ii) to a relevant person, or any person pursuant to Section 275(1A), and in accordance with the conditions, specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

    Where the New Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a) a corporation (which is not an accredited investor) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is an accredited investor, shares, debentures and units of shares and debentures of that corporation or the beneficiaries’ rights and interest in that trust shall not be transferable for six months after that corporation or that trust has acquired the New Notes under Section 275 except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person, or any person pursuant to Section 275(1A), and in accordance with the conditions, specified in Section 275 of the SFA; (2) where no consideration is given for the transfer; or (3) by operation of law.

    Singapore Securities and Futures Act Product Classification—Solely for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the SFA, the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the New Notes are “prescribed capital markets products” (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

    Contacts:

    Media: International +44 (0) 207 934 5550; USA +1 832 337 4355

    Cautionary Statement

    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this press release, “Shell” refers to Shell plc; “Shell Group” refers to Shell and its subsidiaries; “Shell Finance US” or “Issuer” refers to Shell Finance US Inc.; “Shell International Finance” refers to Shell International Finance B.V.; the terms “we,” “us,” and “our” refer to Shell or the Shell Group, as the context may require.

    This press release contains certain forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of the Shell Group to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of the Shell Group and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release (without limitation):

    • price fluctuations in crude oil and natural gas;
    • changes in demand for the Shell Group’s products;
    • currency fluctuations;
    • drilling and production results;
    • reserves estimates;
    • loss of market share and industry competition;
    • environmental and physical risks;
    • risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions;
    • the risk of doing business in developing countries and countries subject to international sanctions;
    • legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change;
    • economic and financial market conditions in various countries and regions;
    • political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs;
    • risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and
    • changes in trading conditions.

    All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell’s Form 20-F for the year ended December 31, 2023 (available at http://www.shell.com/investors/news-and-filings/sec-filings.html and 

    http://www.sec.gov).

    These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, October 4, 2024. Neither Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.

    The contents of websites referred to in this press release do not form part of this content.

    Readers are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

    The MIL Network

  • MIL-OSI Europe: Written question – Shortages of critical medicines in Europe – P-001924/2024

    Source: European Parliament

    Priority question for written answer  P-001924/2024
    to the Commission
    Rule 144
    Bartosz Arłukowicz (PPE)

    The shortage of critical medicines in the European market is a serious problem with implications for patient health and safety. Medicines used to treat chronic conditions, rare diseases and emergencies, such as oncological medicines and painkillers, are particularly hard to get hold of. This crisis was exacerbated by the COVID-19 pandemic, which revealed supply gaps and a dependency on global production chains. The repercussions of a shortfall in key medicines could be catastrophic, ranging from treatment delays to a rise in patient deaths. In December 2023, the Commission published a list of 200 medicines that are critical in the EU. In view of the above:

    • 1.After publishing the critical medicines list, what specific measures did the Commission take to combat the shortage of these medicines?
    • 2.Since December 2023, in the case of which medicines and which Member States has the Commission noted shortfalls, and what measures have been taken to overcome them?
    • 3.What action is it planning on taking in future to prevent any shortfalls in these medicines?

    Submitted: 2.10.2024

    Last updated: 4 October 2024

    MIL OSI Europe News

  • MIL-OSI Russia: “I dream that all universities in Russia would have the same conditions for scientists as HSE”

    MILES AXLE Translation. Region: Russian Federation –

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

    Anastasia Sherubneva studies spatial economics and is writing a dissertation on the crises of 2020 and 2022. In an interview with the Young Scientists of HSE project, she spoke about the influence of agglomeration effects on enterprises, the Novosibirsk Akademgorodok, and a meeting with Nobel laureate Paul Krugman in Portugal.

    How I got started in science

    Since childhood, I liked creativity. I always came up with something new, tried to find non-standard solutions to problems. In the 10th grade, I took a six-month course in economics, and I liked that real processes are described by clear mathematical models.

    After school, I entered NSU to major in business informatics, where they study, on the one hand, economics, and on the other, programming. My favorite course in the first year of study was microeconomics. Our seminars on it were taught by Elizaveta Andreyevna Gaivoronskaya. She was then about the same age as I am now, and was passionate about science. She explained things in an interesting way, and I inherited her desire to do economic research.

    From my first year, I started thinking about how I could apply what we were taught in lectures and seminars, what I would do after graduating. I started planning a scientific career.

    NSU is located in Akademgorodok, where several dozen research institutes are located. In my third year, I was invited to work in the Department of Territorial Systems of the Institute of Economics and Industrial Engineering of the Siberian Branch of the Russian Academy of Sciences. I began to study regional economics under the supervision of Evgeniya Anatolyevna Kolomak. At the same time, my programming skills helped me work with real data. The institute had a great team, the seniors always supported the juniors. There was a Council of Young Scientists, we came up with activities, organized conferences, and could just go for a walk together.

    After working there for two years, I entered the Higher School of Economics and got into a single track “master’s degree – postgraduate study”. My academic supervisor was Olga Anatolyevna DemidovaShe works in spatial econometrics, and our research interests coincided.

    When I was in my second year of master’s degree, Olga Anatolyevna created the Scientific and Educational Laboratory of Spatial-Econometric Modeling of Socioeconomic Processes in Russia. I ended up in this laboratory. Now I am a postgraduate student, working under the supervision of Olga Anatolyevna on my PhD dissertation. Here, too, a wonderful scientific team has formed, and I am very glad that I went into science.

    What I am researching

    My area of research is spatial economics. Globally, this section of economics studies how the economic position of an entity depends on its geographical location.

    In my dissertation, I study the impact of macroeconomic shocks on the performance of Russian enterprises using the 2020 and 2022 crises as examples. I examine whether the impact of these shocks differed across enterprises located in different locations, both in different regions and within one, for example, in the capital and on the periphery.

    And while many researchers conduct interregional comparisons, few study spatial differences at the intraregional level. This is the main novelty of my research.

    I am currently finishing my research on the 2020 crisis and will be working on the 2022 crisis in graduate school.

    What business data do I use?

    I work with micro data, and I have the ability to build models at the enterprise level. I am currently using data from the SPARK database: financial statements of enterprises, their geographic location, individual characteristics.

    What I wanted to know

    I asked the question this way: how did the influence of various factors, in particular geographic location, on the efficiency of enterprises change during the crises of 2020 and 2022?

    Existing studies have shown that the differentiation of the COVID-19 crisis was mainly not regional, but sectoral. The sectors that suffered were those related to offline interaction: tourism, transport, hotels, and catering. This primarily concerned the regions where they are more represented. Another important factor was the state of medicine. In poor regions, quarantine measures were stricter because the medical system could not cope, and the economy began to decline. And regions where digitalization is developed, everyone has smartphones, experience using deliveries, good healthcare, survived the crisis easier.

    However, within a region, the effects of crises can also vary, and this is precisely the aspect I am exploring.

    My conclusions

    I studied how the financial performance of enterprises depends on similar performance of neighboring enterprises. Let’s say there is an enterprise, its neighbor has gone bad, the company closes or goes into the red. What happens to it? It is assumed that nearby enterprises interact with each other. I came to the conclusion that before the 2020 crisis, the financial condition of the enterprise had a positive impact on neighboring ones and during the crisis too, but this impact became weaker. The explanation here is obvious: offline interaction decreased during the pandemic, and this was confirmed by microdata using mathematical methods.

    Another interesting result describes the influence of agglomeration effects on the performance of enterprises depending on their location – in the city center, where there are many other enterprises and a high population density, or on the outskirts, where there is nothing.

    In general, agglomeration effects are beneficial for enterprises in Russia. But if we approach large agglomerations such as Moscow, St. Petersburg, Kazan, the influence of agglomeration effects becomes negative. This is true both during and outside of a crisis. Big city effects (traffic jams, inflated prices, etc.) hinder the work of enterprises. These results indicate that large Russian agglomerations are heavily overloaded.

    What I am proud of

    In July, I published my independent article in the American journal Regional Science Policy

    I recently attended a conference of the European Regional Science Association in Portugal and gave a talk there. I mentioned that I used the HSE supercomputer in my research. And the discussant in my section said that it was great that I was able to use the supercomputer for such purposes and get new results.

    What is the HSE supercomputer?

    A supercomputer is a system of clusters between which computational processes can be distributed. It has a huge operational memory, which is measured in terabytes, and if calculations are parallelized between cores, it is possible to make cumbersome calculations.

    Using the HSE supercomputer allowed me to work with data from enterprises all over Russia, my sample included 300 thousand enterprises. I used a geographically weighted regression model, and for this you need to calculate pairwise distances between all enterprises, which requires enormous computing power.

    What I dream about

    I want to conduct a study on how enterprises in different industries influence each other geographically. For example, if a cinema and a cafe are located nearby, then most likely they will influence each other positively. But if it is a chemical plant and an eco-farm, it is clear that the mutual influence will be negative. This study requires certain data that is not yet available.

    For me, science is a way to learn something globally new and share it with others, to understand how this result relates to the results of other studies.

    I dream that all universities and research institutes in Russia would have the same comfortable conditions for scientists as HSE. If we talk about young scientists, there is a single track “Master’s degree – postgraduate study” with a large stipend. Postgraduate students are not forced, as happens in other organizations, to look for part-time jobs and can focus on writing a dissertation. HSE offers bonuses for publications, and there is an additional incentive to publish in high-level journals. Here, scientists receive a decent salary and are motivated to work for the benefit of science.

    If I hadn’t become a scientist

    I would become a human rights activist because justice has always been the highest value for me. Even at school I was interested in law, in any unclear situation I read the laws and in the 11th grade I became a prize winner of the regional stage of the All-Russian School Olympiad.

    Which scientist would I like to meet?

    If we talk about living scientists, it is Paul Krugman, the 2008 Nobel laureate in economics. He also studies regional economics, we are in the same field. I like his concept of new economic geography – it is a pool of theoretical models that explains the emergence of agglomerations from an economic point of view. This year at the congress in Portugal I met him, I even have a photo with Paul.

    If we talk about those who are no longer alive, it would be Marie Sklodowska-Curie. A great scientist, the first woman to win the Nobel Prize, the first person to have two Nobel Prizes, and the only one to have these prizes in different sciences.

    I admire her for being so enthusiastic about her work, for overcoming obstacles all her life for the sake of science. The University of Warsaw in her native Poland did not accept women at the time, so she went to study in Paris. She was not accepted as a teacher or in a laboratory simply because she was a woman. Her colleagues did not recognize her achievements, even when she received her first Nobel Prize. At the same time, she worked with radioactive substances that were dangerous to health, and was one of the inventors of the X-ray machine, which saved many lives. I would like to ask her where she found the strength for this daily struggle.

    I often think about her now, when they are trying to return women to the kitchen again and deputies are talking about how women do not need an education, but rather need to give birth to five children.

    What my typical day looks like

    Basically, different combinations of work tasks. A significant part of my work consists of doing calculations, programming, writing articles, texts. In addition, I recently became a teacher, conducting seminars in English on the course “Mathematics for Economists” in my own master’s program, which I completed this year.

    Do I get burnout?

    I have not encountered burnout yet. My total scientific and pedagogical experience is about four years. And it is probably too early to talk about burnout, especially since I love my job. It is clear that there are more productive days, less productive days, but I try not to allow burnout. I arrange rest days when I do not think about work, walk in the fresh air, listen to music, read books, watch movies. I also like to ride a bike and swim.

    What am I interested in besides science?

    I like making memes. It helps me cope with life stress, because turning something into a joke is a kind of psychotherapy. The Institute of Economics has a group of the Council of Young Scientists on VKontakte. When I was a 4th-year undergraduate, I became one of the admins of this group, ran a section and published memes about our work and the institute.

    Now I have a Telegram channel “Nastya Sherubneva in …”, but I have become less likely to make memes. It is more dedicated to trips to conferences. I started it when I went to the European Regional Science Association (ERSA) conference in Spain a year ago. It was my first trip abroad, not counting Belarus, I was happy and wanted to document every second. At first, the channel was planned only for friends, but I thought that someone else might be interested, so I made it open access. Every time I go to a new place, I rename it.

    What was the last thing I read and watched?

    From books – “1984” by George Orwell. And from films – “Don’t Worry, Darling” by Olivia Wilde. A married couple lives in a small closed town, they have an ideal life, they are rich, they love each other. But at some point the wife notices that something is wrong, people are disappearing, and as a result she finds out that their whole life is a simulation. She got there thanks to her husband, who himself wanted to get rid of unbearable experiences and save her. The film raises the question of whether such a simulation is a way out, whether it is possible to pretend that everything is wonderful, to invent an imaginary world. And even more so to be a victim of someone else’s decision. I believe that a person should decide for himself, I am against lies and restrictions for the good.

    Advice to young scientists

    Start writing your own articles as early as possible. You don’t need to become a teaching assistant or do technical work, because later it will be hard to start writing articles, working with texts, and creating literature reviews. You also need to try to decide on a scientific direction as early as possible, to understand what undeveloped problems exist in this area. A good scientific supervisor who is interested in the student and sees the trajectory of his development can help you do this.

    Favorite place in Moscow

    Museum-Reserve “Tsaritsyno”. This place has a great history, but I also like it because it is a park-estate. Akademgorodok, where I used to live, is in the forest, and in Moscow I miss forest walks. But in Tsaritsyno it is green and you can walk.

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

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

    http://vvv.hse.ru/jung-scientists/sherubneva

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

    MIL OSI Russia News

  • MIL-OSI: Hut 8 Operations Update for September 2024

    Source: GlobeNewswire (MIL-OSI)

    19.5 EH/s and 762 MW under management in mining with path to 33.5 EH/s

    Announced partnership with BITMAIN to host next-generation ASIC miner with purchase option to reach 20 EH/s of self-mining

    GPU-as-a-service subsidiary generating revenue with first cluster fully online

    Outstanding balance of Anchorage Digital loan equitized at price of $16.395 per share

    MIAMI, Oct. 04, 2024 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today released its operations update for September 2024.

    “We made significant strides in scaling our compute layer across Bitcoin mining and AI this month,” said Asher Genoot, CEO of Hut 8. “In partnership with Bitmain, we launched a next-generation, DLC-cooled ASIC miner. We are targeting a 15 EH/s hosting deployment at our Vega site in the Texas Panhandle by H1 2025, which is expected to generate ~$135 million in annualized hosting revenue on a fully ramped basis. The agreement’s purchase option creates a clear path to 20 EH/s of self-mining capacity by allowing us to fully acquire the hosted machines for our fleet. This deal demonstrates our commitment to pushing the mining industry forward while positioning for expansion into AI data centers.”

    “Our GPU-as-a-service vertical is now fully operational and generating revenue. As we advance discussions with potential partners to expand our digital infrastructure layer across Bitcoin mining and AI compute, we remain committed to maintaining balance sheet strength and creative structuring. To that end, we have also enhanced our financial position by fully converting our ~$38 million Anchorage Digital loan into equity at $16.395 per share of common stock, which represents a 51% premium to the Company’s 20-day VWAP through the day prior to the signing of the equitization agreement.”

    Highlights:

    • Announced partnership with BITMAIN to host U3S21EXPH ASIC miner in H1 2025 with path to 20 EH/s of self-mining capacity; partnership is expected to generate ~$135 million in annualized hosting revenue on a fully ramped basis
    • Brought 1,000 NVIDIA H100 GPUs online and began generating revenue for new GPU-as-a-service subsidiary Highrise AI, Inc.
    • Announced equitization of ~$38 million Anchorage Digital loan at a price of $16.395 per share
    • Continued construction of Ionic Digital’s Cedarvale site and remain on track to complete site buildout by December

    Operating Metrics

    Average during the period unless otherwise noted September 2024 August 2024
    Total energy capacity under management1,2,3 762 MW 762 MW
    Total deployed miners under management4 189.9K 179.5K
    Total hashrate under management5 19.5 EH/s 18.5 EH/s
         
    Self-Mining6    
    Deployed miners7 58.6K 58.5K
    Deployed hashrate8 5.6 EH/s 5.6 EH/s
    Bitcoin produced1,9 85 BTC 87 BTC
    Bitcoin on balance sheet1 9,106 BTC 9,105 BTC
         
    Managed Services2,10    
    Energy capacity under management1 582 MW 582 MW
    Deployed miners under management 140.8K 130.5K
    Hashrate under management 14.9 EH/s 13.9 EH/s
         
    Hosting    
    Deployed miners under management11,12 76.7K 76.7K
    Hashrate under management13 8.6 EH/s 8.5 EH/s
         

    Energy Infrastructure Platform1

            Current/Contracted Revenue Stream(s)14
    Site Location Owner Power
    Capacity
    Self-
    Mining
    Managed
    Services
    Hosting HPC Power
    Sales
    Vega15 Texas Panhandle Hut 8 205 MW     Yes16    
    Medicine Hat Medicine Hat, AB Hut 8 67 MW Yes        
    Salt Creek Orla, TX Hut 8 63 MW Yes        
    Alpha Niagara Falls, NY Hut 8 50 MW Yes   Yes    
    Drumheller17 Drumheller, AB Hut 8 42 MW          
    Kelowna Kelowna, BC Hut 8 1.1 MW       Yes  
    Mississauga Mississauga, ON Hut 8 0.9 MW       Yes  
    Vaughan Vaughan, ON Hut 8 0.6 MW       Yes  
    Vancouver II Vancouver, BC Hut 8 0.5 MW       Yes  
    Vancouver I Vancouver, BC Hut 8 0.3 MW       Yes  
    King Mountain18 McCamey, TX Hut 8 (JV) 280 MW Yes Yes Yes   Yes
    Iroquois Falls19 Iroquois Falls, ON Hut 8 (JV) 120 MW         Yes
    Kingston19 Kingston, ON Hut 8 (JV) 110 MW         Yes
    North Bay19 North Bay, ON Hut 8 (JV) 40 MW         Yes
    Kapuskasing19 Kapuskasing, ON Hut 8 (JV) 40 MW         Yes
    Cedarvale3 Barstow, TX Managed 215 MW   Yes      
    East Stiles Midland, TX Managed 30 MW   Yes      
    Rebel Midland, TX Managed 25 MW   Yes      
    Stiles Midland, TX Managed 20 MW   Yes      
    Garden City Midland, TX Managed 12 MW   Yes      
    Total     1,322 MW          
                     

    Upcoming Conferences & Events:

    • October 7–9, 2024: Yotta 2024
    • October 15, 2024: USC Marshall Energy Business Summit 2024
    • November 13–14, 2024: Cantor Fitzgerald Crypto, Digital Assets & AI Infrastructure Conference 2024
    • November 19, 2024: Craig-Hallum 15th Annual Alpha Select Conference
    • November 19, 2024: Benzinga Future of Digital Assets Conference 2024
    Notes:
    (1) As of the end of the period
    (2) Includes all Self-Mining, Managed Services, and Hosting infrastructure, including 100% of the energy capacity at the King Mountain site, which is owned by the King Mountain JV in which the Company has a 50% membership interest and a Fortune 200 renewable energy producer has the remaining 50% membership interest (the “King Mountain JV”).
    (3) Includes 215 megawatts assuming full capacity at Cedarvale, which was first energized in April and is currently under construction.
    (4) Includes all miners that are racked with power and networking, rounded to the nearest 100, in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the King Mountain site.
    (5) Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the King Mountain site.
    (6) Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site.
    (7) Deployed miners are defined as those physically racked with power and networking, rounded to the nearest 100; deployed self-mining miners net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 49.6K during September and 49.5K during August.
    (8) Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 4.7 EH/s during September and August, respectively.
    (9) Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 72 BTC during September and 74 BTC during August.
    (10) The Managed Services figures reflected in this table include the Self-Mining and Hosting metrics from the sites where Hut 8’s Managed Services business is an additional service layer in the operation of the site (at King Mountain, Rebel, Stiles, East Stiles, and Garden City). As a result, the sum of the Self-Mining, Managed Services, and Hosting numbers will not add up to the “Total energy capacity under management”, “Total deployed miners under management”, and “Total hashrate under management” figures that are also reflected in the table.
    (11) Miners are rounded to the nearest 100.
    (12) 42.6K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during September and August, respectively.
    (13) 4.7 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during September and August, respectively.
    (14) Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate.
    (15) Site is currently under development.
    (16) Anticipated to begin generating revenue in H1 2025
    (17) Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
    (18) Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
    (19) Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.
       

    About Hut 8 

    Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising twenty sites: eleven Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, and four power generation assets in Ontario. For more information, visit http://www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to our path to increase our EH/s under management to 33.5 EH/s, our path to increase self-mining EH/s to 20 EH/s through the purchase option with Bitmain, the timing and potential revenues for the hosting deployment at our Vega site, our plans to expand into AI data centers, our discussions with potential partners to expand our digital infrastructure layer across Bitcoin mining and AI compute, our commitment to balance sheet strength and creative structuring, and the timing to complete the Cedarvale site buildout for Ionic Digital.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at http://www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov.

    Hut 8 Corp. Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Media Relations
    media@hut8.com

    The MIL Network

  • MIL-OSI USA: Sixty-Eight Defendants Charged in Indictment of Dozens of Members and Associates of California White Supremacist Gang

    Source: US State of Vermont

    Federal and local law enforcement today arrested 42 members and associates of the SFV Peckerwoods, a San Fernando Valley, California-based white supremacist street gang, on a 76-count federal grand jury indictment alleging they engaged in a years-long pattern of racketeering activity that included trafficking of drugs — including fentanyl — illegal firearms possession, and COVID-19 benefits and loan fraud.

    “The Justice Department has dealt a decisive blow to the San Fernando Valley (SFV) Peckerwoods, a violent white supremacist gang that we charge is responsible for trafficking deadly fentanyl and other drugs, committing robberies, and perpetrating financial fraud to fund both their criminal enterprise and that of the Aryan Brotherhood,” said Attorney General Merrick B. Garland. “With today’s charges and arrests, the Justice Department, together with our state, local, and federal partners has targeted the heart of this gang’s operations, and we will continue to zero in on the criminal enterprises that endanger our communities.”

    The indictment unsealed today charges a total of 68 defendants with a score of federal crimes: conspiracy to violate the Racketeer Influenced and Corrupt Organizations (RICO) Act, conspiracy to distribute controlled substances, distribution of controlled substances, bank fraud, conspiracy to commit bank fraud, aggravated identity theft, possession of a firearm in furtherance of a drug trafficking crime, unlawful possession of a firearm and ammunition by a felon, and possession of 15 or more unauthorized access devices.

    The defendants arrested today are expected to be arraigned this afternoon in U.S. District Court in downtown Los Angeles.

    During the investigation, law enforcement seized large quantities of illegal firearms, and dozens of pounds of fentanyl, methamphetamine, and heroin, according to the indictment.

    “The Peckerwoods’ violent white-supremacist ideology and wide-ranging criminal activity pose a grave menace to our community,” said U.S. Attorney Martin Estrada for the Central District of California. “By allegedly engaging in everything from drug-trafficking to firearms offenses to identity theft to COVID fraud, and through their alliance with a neo-Nazi prison gang, the Peckerwoods are a destructive force. In prosecuting the members of the Peckerwoods criminal organization, our office is carrying out its mission to protect the public from the most dangerous threats.”

    “This operation, led by our Joint Terrorism Task Force, disrupted a racially motivated violent extremist group who engaged in a wide range of criminal activity,” said Assistant Director in Charge Akil Davis of the FBI Los Angeles Field Office. “This case strikes at the heart of our collective mission to rid our communities of the corrosive elements that fuel violence and extremism that greatly impact our way of life. The FBI, along with our federal, state, and local partners, remains strongly committed to working every day to make sure the people of the Southland remain safe.”

    “The San Fernando Valley Peckerwoods, the Aryan Brotherhood, and their associates are fused by one thing: hatred,” said Special Agent in Charge Matthew Allen of the Drug Enforcement Administration (DEA) Los Angeles Field Division. “It appears, however, that the business of hate was not enough for them. Driven by greed, they engaged in other crimes, including drug distribution, pushing out deadly fentanyl onto our streets. Operating from corners of the San Fernando Valley, they conducted their crimes within and beyond the 8-1-8 community. Today’s large-scale indictments and arrests reflect our relentless commitment to dismantling criminal organizations that continue to harm our communities.”

    According to the indictment that a grand jury returned on Sept. 26, the Peckerwoods is a street gang based in communities in the San Fernando Valley whose members engage in a wide variety of criminal activity, including drug trafficking, violent crime, and fraud. As a white supremacist gang, the Peckerwoods at times takes orders from the Aryan Brotherhood, California’s dominant prison-based white supremacist gang, and maintains an alliance with the Mexican Mafia prison gang, which controls most Latino street gangs in California. The Peckerwoods use Nazi tattoos, graffiti, and iconography to indicate their violent white supremacy extremist ideology. These tattoos and iconography include swastikas, the symbol “88”, used by violent white supremacy extremists as code for “Heil Hitler”, and images of Nazi aircraft.

    Members and associates of the gang used social media to share information with each other about their criminal activities and gang rules, to identify gang members in good standing, and to target people who broke the gang’s rules. The social media use included a members-only Facebook group and private, direct messages between the gang’s members and associates.

    From at least December 2016 to September, Peckerwoods members conducted and participated in the affairs of their criminal enterprise by engaging in violence and threats of violence to preserve and expand the gang’s criminal operations, which promoted a climate of fear. Members and associates of the gang illegally maintained firearms and ammunition in furtherance of these aims.

    To generate revenue for the gang, its members trafficked narcotics, including fentanyl, heroin, and methamphetamine. Specifically, lead defendant Claire Patricia Haviland, 62, of Chatsworth, California, and co-defendants Brian Glenn Ekelund, 53, of Chatsworth, and Brianne Brewer, 38, of North Hollywood, California, maintained and oversaw drug stash houses where large quantities of fentanyl, heroin, methamphetamine, and other drugs were stored prior to distribution. Haviland and Ekelund allegedly mailed illegal drugs to customers and used applications such as Zelle and CashApp to receive money from drug buyers and send money to their drug sources.

    They also generated revenue via robberies and financial fraud and participated in identity theft schemes. For example, from at least March 2021 to July 2023, defendants Sean Craig Gluckman, 35, of Encino, California; Maria Anna James, 30, of Canyon Country, California; and others submitted false and fraudulent applications for the Paycheck Protection Program (PPP), which was designed to aid businesses harmed by the economic fallout from the COVID-19 pandemic. The defendants – posing as sole proprietors – signed fraudulent PPP loan applications on behalf of individuals incarcerated in California state prisons and collected a portion of the fraudulently obtained proceeds from co-conspirators as payment for their assistance.

    In April 2021, Gluckman submitted an application that falsely stated he was a self-employed “artist/writer” with a gross income of nearly $250,000. Later that month, he obtained a PPP loan in the amount of $20,833. In a separate scheme, Gluckman submitted fraudulent unemployment insurance (UI) applications in the names of other people to the California Employment Development Department (EDD) to fraudulently obtain jobless benefits.

    “The proliferation of gang related organized crime deteriorates the core of our society,” said Chief Dominic Choi of the Los Angeles Police Department. “Taking guns out of the hands of gang members and drugs from our streets is just one more step towards reducing this deterioration. Today is yet another example of how local, regional, and federal law enforcement, with a matched dedication, are working together to investigate, apprehend and prosecute criminals.”          

    “When criminal organizations cross jurisdictional lines, it makes conducting investigations and subsequent prosecutions much more difficult,” said Sheriff Jim Fryhoff of the Ventura County, California, Sheriff’s Office. “Having our federal law enforcement partners involvement in such cases greatly enhances our ability to protect not only the citizens of our county, but also those of our region of the state.”

    If convicted, the defendants face a maximum penalty of life in prison.

    The FBI, DEA, Los Angeles Police Department, and Ventura County Sheriff’s Office are investigating the case. The Simi Valley Police Department; California Highway Patrol; Glendale Police Department; Burbank Police Department; Redondo Beach Police Department; Beverly Hills Police Department; Los Angeles County Sheriff’s Department; U.S. Marshals Service; Bureau of Alcohol, Tobacco, Firearms and Explosives; Department of Veterans Affairs Police; Department of Labor; Federal Bureau of Prisons; Los Angeles County Probation Department; Los Angeles County Department of Children and Family Services; Pasadena Fire Department; U.S. Customs and Border Protection; and IRS Criminal Investigation provided assistance in the investigation.

    Assistant U.S. Attorneys Reema M. El-Amamy, Jeremiah M. Levine, and Alexander Su for the Central District of California are prosecuting this case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Justice Department in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit http://www.justice.gov/coronavirus.

    On Sept. 15, 2022, the Attorney General selected the U.S. Attorneys’ Offices for the Central and Eastern Districts of California to jointly head one of three national COVID-19 Fraud Strike Force Teams. The Justice Department established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. The Strike Force combines law enforcement and prosecutorial resources and focuses on large-scale, multistate pandemic relief fraud perpetrated by criminal organizations and transnational actors, as well as those who committed multiple instances of pandemic relief fraud. The Strike Force uses prosecutor-led and data analyst-driven teams to identify and bring to justice those who stole pandemic relief funds. Additional information regarding the Strike Force may be found at http://www.justice.gov/opa/pr/justice-department-announces-covid-19-fraud-strike-force-teams.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Justice Department’s National Center for Disaster Fraud (NCDF) Hotline at (866) 720-5721 or via the NCDF Web Complaint Form at http://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News

  • MIL-OSI USA: Senator Collins’ Bipartisan SIREN Reauthorization Act Signed into Law

    US Senate News:

    Source: United States Senator for Maine Susan Collins

    Washington, D.C. – U.S. Senator Susan Collins, the Vice Chair of the Senate Appropriations Committee and a member of the Committee on Health, Education, Labor, and Pensions, announced that her bipartisan Supporting and Improving Rural EMS Needs (SIREN) Reauthorization Act, which she co-authored with Senator Dick Durbin (D-IL), has been signed into law. The legislation will extend funding for five additional years for SIREN Act grants to rural fire and EMS agencies nationwide. This funding from the the Substance Abuse and Mental Health Services Administration (SAMHSA) supports rural EMS agencies in training and recruiting staff, conducting certification courses, and purchasing equipment, including naloxone to address the opioid overdose epidemic.

    “It is vital that Americans who live in rural parts of Maine and across the country have access to lifesaving emergency medical services, which is why I have long advocated for funding to support access to quality rural health care,” said Senator Collins. “I thank my colleagues for supporting this critical bipartisan legislation that will help to alleviate staffing shortages, upgrade training and equipment, and ultimately boost response times when seconds count. This program will continue to make a real difference for recruiting and retaining EMS personnel in Maine’s rural communities.”

    The bipartisan SIREN Act was initially signed into law in 2018 as part of the Farm Bill. Since then, Senators Collins and Durbin have led the appropriations effort to grow the program from $5 million annually to $11.5 million this year, resulting in a total of $40 million in grants nationwide to 42 states. The SIREN Act has resulted in new funds to rural EMS/fire agencies in Maine, most recently for the Brooks Ambulance Service, MaineHealth, the Northern Oxford Regional Ambulance Service, and the United Ambulance Service.

    A decline in primary care and hospital service availability, workforce shortages exacerbated by the pandemic, great distances between health care facilities, and low insurance reimbursement for transport and emergency treatment have all strained rural EMS agencies. At the same time, EMS agencies today are tasked with ever-greater responsibilities— preparing for natural and manmade disasters and bioterror threats, supporting the chronic and emergency care needs of an aging population, and responding on the front lines of the opioid epidemic.  These first responders are often the only health care providers in their area and face difficulty in personnel recruitment and retention, and securing expensive equipment.

    The SIREN Reauthorization Act is endorsed by the National Association of Emergency Medical Technicians, International Association of Fire Fighters, International Association of Fire Chiefs, National Rural Health Association, National Volunteer Fire Council, and National Fire Protection Association.

    The complete text of the legislation can be read here.

    MIL OSI USA News

  • MIL-Evening Report: OECD comparisons reveal an unflattering picture of inequality in NZ – could that change?

    Source: The Conversation (Au and NZ) – By Colin Campbell-Hunt, Emeritus Professor in Business, University of Otago

    Getty Images

    Recent research showing the richest New Zealanders pay less tax than their counterparts in nine similar OECD countries raises, yet again, serious questions about wealth, equality and fairness.

    How unequal is the distribution of income in New Zealand? How do we compare with some of the countries we might benchmark against? And, if we don’t like what we see, can we change it?

    The metric most widely used by economists to measure inequality in incomes is called the Gini coefficient (named after the Italian statistician Corrado Gini who developed it).

    It brings together income data across all households, typically divided into groupings of 10% or 20% of the total. When there is no inequality of incomes between groups, Gini equals zero. When the top group captures all income, Gini equals 1.

    Measuring inequality

    The graph below shows Gini coefficients, before taxes and welfare payments (known as “transfers”), for all 37 countries in the OECD in 2019 (before the COVID pandemic disrupted household surveys). Ginis are ranked left to right, from least to most unequal.



    The Gini before taxes and transfers is a measure of the inequality produced by the structures of a country’s economy: the way value chains operate, the markets for products and services, the scarcity of certain skills, rates of unionisation, and so on.

    This gives us a measure of structural inequalities in a country. Governments, however, use taxes and transfers to shift income between households. They take taxes from some and boost incomes of the more disadvantaged.

    Ginis of incomes after taxes and transfers give us a measure of how well members of a society can support similar standards of living. They are shown in the following graph, again from least to most unequal. These give us a measure of social inequalities.



    Focusing just on social inequality, it is no surprise Scandinavian countries are among the least unequal, as well as Canada and Ireland. Neither is it surprising the UK and US approach the highest levels of social inequality in the OECD.

    Inequalities in Australia and New Zealand lie between these, but further from the Scandinavians and closer to the Anglo-Americans.

    Social inequality in NZ

    When we look at the difference between structural and social inequalities, we can see the extent to which taxes and transfers – government redistribution of income – reduce inequality.

    As we can see, New Zealand’s structural inequality, shaped by the economic reforms of the mid-1980s, is middling by comparison to other OECD countries.

    But New Zealand’s social inequality lies near the bottom third of OECD measures. A halving of top income tax rates in the mid-1980s and the rollback of the welfare state in the 1990s (after then finance minister Ruth Richardson’s 1991 “mother of all budgets”) significantly contributed to this.

    The downward columns in the following graph show the effect of government redistributive measures, ranked from most to least active. The result of these government redistributions in New Zealand is weaker even than in the laissez-faire economies of the United Kingdom and United States.



    Where does NZ sit?

    How do New Zealand’s inequalities compare with countries we might choose to benchmark against?

    Below, the Scandinavian countries famous for their egalitarian social systems are shown in orange. In green are countries that tolerate slightly higher social inequality: Sweden, Canada and Ireland.

    And the UK and US – exemplars of free-market capitalism that were the models for New Zealand’s reforms of the mid-1980s – are highlighted in grey.



    Reducing inequality

    How hard would it be to change? Could New Zealand, for example, reduce its level of social inequality to match Canada? Absolutely, yes.

    Other OECD data show Canada significantly cut its inequalities between 2010 and 2019. The country moved from a position identical to Luxembourg (haven for Europe’s wealthy) to be roughly level with Sweden.

    To match Canada’s level now, New Zealand would need to reduce structural inequalities further, or redistribute about as much as Norway and Denmark do. It can be done, in other words.

    Indeed, Finland shows government redistributions can transform some of the worst levels of structural inequality to produce outcomes comparable to other Scandinavian countries.

    New Zealand can aspire to goals for social equality matching those in the upper half of OECD countries. Beyond revisions to taxation and transfers, inequalities in health and education would also need to come down to reduce the social and economic costs of poverty and disadvantage that should bring shame to us all.


    The author acknowledges the contribution of data provided by Max Rashbrooke.


    Colin Campbell-Hunt 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. OECD comparisons reveal an unflattering picture of inequality in NZ – could that change? – https://theconversation.com/oecd-comparisons-reveal-an-unflattering-picture-of-inequality-in-nz-could-that-change-239306

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: How can we improve public health communication for the next pandemic? Tackling distrust and misinformation is key

    Source: The Conversation (Au and NZ) – By Shauna Hurley, PhD candidate, School of Public Health, Monash University

    Pexels/The Conversation

    There’s a common thread linking our experience of pandemics over the past 700 years. From the black death in the 14th century to COVID in the 21st, public health authorities have put emergency measures such as isolation and quarantine in place to stop infectious diseases spreading.

    As we know from COVID, these measures upend lives in an effort to save them. In both the recent and distant past they’ve also given rise to collective unrest, confusion and resistance.

    So after all this time, what do we know about the role public health communication plays in helping people understand and adhere to protective measures in a crisis? And more importantly, in an age of misinformation and distrust, how can we improve public health messaging for any future pandemics?

    Last year, we published a Cochrane review exploring the global evidence on public health communication during COVID and other infectious disease outbreaks including SARS, MERS, influenza and Ebola. Here’s a snapshot of what we found.




    Read more:
    Why are we seeing more pandemics? Our impact on the planet has a lot to do with it


    The importance of public trust

    A key theme emerging in analysis of the COVID pandemic globally is public trust – or lack thereof – in governments, public institutions and science.

    Mounting evidence suggests levels of trust in government were directly proportional to fewer COVID infections and higher vaccination rates across the world. It was a crucial factor in people’s willingness to follow public health directives, and is now a key focus for future pandemic preparedness.

    Here in Australia, public trust in governments and health authorities steadily eroded over time.

    Initial information from governments and health authorities about the unfolding COVID crisis, personal risk and mandated protective measures was generally clear and consistent across the country. The establishment of the National Cabinet in 2020 signalled a commitment from state, territory and federal governments to consensus-based policy and public health messaging.

    During this early phase of relative unity, Australians reported higher levels of belonging and trust in government.

    But as the pandemic wore on, public trust and confidence fell on the back of conflicting state-federal pandemic strategies, blame games and the confusing fragmentation of public health messaging. The divergence between lockdown policies and public health messaging adopted by Victoria and New South Wales is one example, but there are plenty of others.

    When state, territory and federal governments have conflicting policies on protective measures, people are easily confused, lose trust and become harder to engage with or persuade. Many tune out from partisan politics. Adherence to mandated public health measures falls.

    Our research found clarity and consistency of information were key features of effective public health communication throughout the COVID pandemic.

    We also found public health communication is most effective when authorities work in partnership with different target audiences. In Victoria, the case brought against the state government for the snap public housing tower lockdowns is a cautionary tale underscoring how essential considered, tailored and two-way communication is with diverse communities.




    Read more:
    What pathogen might spark the next pandemic? How scientists are preparing for ‘disease X’


    Countering misinformation

    Misinformation is not a new problem, but has been supercharged by the advent of social media.

    The much-touted “miracle” drug ivermectin typifies the extraordinary traction unproven treatments gained locally and globally. Ivermectin is an anti-parasitic drug, lacking evidence for viruses like COVID.

    Australia’s drug regulator was forced to ban ivermectin presciptions for anything other than its intended use after a sharp increase in people seeking the drug sparked national shortages. Hospitals also reported patients overdosing on ivermectin and cocktails of COVID “cures” promoted online.

    The Lancet Commission on lessons from the COVID pandemic has called for a coordinated international response to countering misinformation.

    As part of this, it has called for more accessible, accurate information and investment in scientific literacy to protect against misinformation, including that shared across social media platforms. The World Health Organization is developing resources and recommendations for health authorities to address this “infodemic”.

    National efforts to directly tackle misinformation are vital, in combination with concerted efforts to raise health literacy. The Australian Medical Association has called on the federal government to invest in long-term online advertising to counter health misinformation and boost health literacy.

    People of all ages need to be equipped to think critically about who and where their health information comes from. With the rise of AI, this is an increasingly urgent priority.

    Many people turned to unproven treatments for COVID.
    Alina Kruk/Shutterstock

    Looking ahead

    Australian health ministers recently reaffirmed their commitment to the new Australian Centre for Disease Control (CDC).

    From a science communications perspective, the Australian CDC could provide an independent voice of evidence and consensus-based information. This is exactly what’s needed during a pandemic. But full details about the CDC’s funding and remit have been the subject of some conjecture.

    Many of our key findings on effective public health communication during COVID are not new or surprising. They reinforce what we know works from previous disease outbreaks across different places and points in time: tailored, timely, clear, consistent and accurate information.

    The rapid rise, reach and influence of misinformation and distrust in public authorities bring a new level of complexity to this picture. Countering both must become a central focus of all public health crisis communication, now and in the future.

    This article is part of a series on the next pandemic.

    Rebecca Ryan receives funding from the National Health and Medical Research Council through funding to Australian Cochrane entities, and was previously commissioned by the World Health Organization to undertake a rapid evidence review on communication for COVID-19 prevention and control (2020).

    Shauna Hurley 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. How can we improve public health communication for the next pandemic? Tackling distrust and misinformation is key – https://theconversation.com/how-can-we-improve-public-health-communication-for-the-next-pandemic-tackling-distrust-and-misinformation-is-key-226718

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Return-to-office mandates may not be the solution to downtown struggles that Canadian cities are banking on

    Source: The Conversation (Au and NZ) – By Alexander Wray, PhD Candidate in Geography, Western University

    In recent months, many Canadian employers in both the public and private sectors have implemented return-to-office mandates, requiring workers that transitioned to remote or hybrid work during the COVID-19 pandemic to work in-person again.

    Employers are justifying these mandates by arguing they improve productivity, build more collaborative teams and improve mentorship for junior employees.

    Employers are not the only group ecstatic about these mandates. Municipalities and business owners are also expressing hope that the presence of office workers will spin off into greater consumer spending at restaurants and other businesses near office buildings. The expectation is that office workers will once again start spending money on coffee, lunch or after-work beverages.

    In 2022, the mayor of Ottawa partially blamed the downtown core’s economic struggles on the fact that federal public service workers were still largely working remotely. Federal workers have since been mandated to return to work in-person three days a week in late fall.

    The Canadian Federation of Independent Business similarly criticized the slow return to offices as a leading factor behind why small and medium-size businesses, especially restaurants and bars, are facing challenges in downtown areas.

    Insight into restaurant success

    During the pandemic, there were predictions that more than half of Canada’s independent restaurants would fail as part of their customer base — office workers — shifted to working from home.

    Our recent study investigated which operational, demographic and land use factors affected restaurant survival during the first year of the pandemic in London, Ont.

    We found no significant differences between restaurants that failed and restaurants that survived based on proximity to office uses. Instead, operational decisions made by restaurants individually were much more predictive of their survival than any geographic factor, including the presence of offices.

    Restaurants are seen along Richmond Street in downtown London, Ontario, in June 2021.
    (Alexander Wray), CC BY-NC-SA

    We found that restaurants located in areas receiving more CERB (Canadian Emergency Response Benefit) payments, and with a higher density of entertainment venues around them, were less likely to survive.

    Restaurants that adapted by offering pickup and delivery options were more likely to survive, though only for those that did their own delivery in-house rather than relying on platforms like UberEats and SkipTheDishes. Restaurants that had drive-thrus, held liquor licenses, or had been established for more than five years were more likely to survive. These older, more established restaurants were likely more resilient because of financial stability and customer loyalty.

    Table-service restaurants fared better than fast food outlets, likely because they could offer large patio dining spaces during the summer. Restaurants with liquor licenses substantially benefited, especially after a regulatory change by the Ontario government that allowed alcohol sales with takeout and delivery — a first for the province.

    In short, restaurant success was driven more by individual business decisions rather than being in a specific location. People working remotely instead of in the office did not significantly affect restaurant survival during the first year of the pandemic.

    Downtown struggles

    As Canadian downtowns look to recover, many face ongoing challenges. Activity levels are down by about 20 per cent from pre-pandemic levels in many places, lagging behind many similarly sized downtowns in the United States.

    This downturn has been partially attributed to a combination of higher office building vacancies and fewer workers downtown. For the first time, downtown office vacancy rates have exceeded suburban rates in the Greater Toronto Area. There has also been tremendous housing growth within many downtown cores.

    At the same time, downtowns have become a highly visible focal point of Canada’s growing addictions, mental health and housing crises. The pandemic fully revealed the deeper social, economic and health challenges happening in Canadian society.

    While violent incidents are rare, the social incivilities and disorder on display — public urination and defecation, open drug use, visible tents and property crime — contributes to a perception that Canadian downtowns are unsafe. This perception, whether accurate or not, has an impact on the willingness of people to engage with their downtowns.

    A way forward

    The damage to the reputation of Canada’s downtowns has been done. Downtown London now has the highest office vacancy rate in the country. The Workplace Safety Insurance Board of Ontario, for instance, recently chose to consolidate its offices in the outskirts of London, rather than downtown.

    Many people now elect to spend their time and money in areas that have embraced the “experience economy.” These are places that provide highly manicured entertainment and shopping destinations, with restaurants being the bedrock of enabling high quality experiences in these areas.

    Foot traffic is at an all-time high in suburban shopping centres. The downtowns of cities that are widely known as global tourist destinations — Las Vegas, Miami and Nashville — have activity levels close to or higher than their pre-pandemic levels.

    These are places that are developing highly attractive economies that provide people with the safe, fun and exciting experiences they are looking for locally and internationally. Instead of trying to force unwilling workers back to the office, Canadian cities should instead focus on developing downtowns that people genuinely want to visit and experience.

    One potential way to do this is to provide wrap-around support services and direct pathways to stable housing across the entire community, as the City of London has done. By spreading care and outreach services across the entire city, rather than concentrating them exclusively in downtown areas, the negative effects from Canada’s homelessness crisis can be reduced on urban cores.

    This type of strategy will direct those who need help away from downtowns, and may even permanently lift them out of poverty. In turn, Canadian downtowns can return to being places for everyone to shop, eat, relax, and work in comfort.

    Alexander Wray is President of the Town and Gown Association of Ontario, and a Board Member of Mainstreet London.

    Jamie Seabrook, Jason Gilliland, and Sean Doherty do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Return-to-office mandates may not be the solution to downtown struggles that Canadian cities are banking on – https://theconversation.com/return-to-office-mandates-may-not-be-the-solution-to-downtown-struggles-that-canadian-cities-are-banking-on-239682

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