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Category: Politics

  • MIL-OSI: Shell Plc 2025 Interim Dividend Timetable

    Source: GlobeNewswire (MIL-OSI)

    SHELL PLC 2025 INTERIM DIVIDEND TIMETABLE

    London, October 31, 2024

    The Board of Shell plc today announced the intended timetable for the 2025 quarterly interim dividends.

    2025 Interim Dividend Timetable

    Event 4th Quarter 2024 1st Quarter 2025 2nd Quarter 2025 3rd Quarter 2025
    Announcement date January 30, 2025 May 2, 2025 July 31, 2025 October 30, 2025
    Ex- Dividend Date for ADSs February 14, 2025 May 16, 2025 August 15, 2025 November 14, 2025
    Ex- Dividend Date for ordinary shares February 13, 2025 May 15, 2025 August 14, 2025 November 13, 2025
    Record date February 14, 2025 May 16, 2025 August 15, 2025 November 14, 2025
    Closing date for currency election (see Note below) February 28, 2025 June 2, 2025 September 1, 2025 November 28, 2025
    Pounds sterling and euro equivalents announcement date March 10, 2025 June 9, 2025 September 8, 2025 December 8, 2025
    Payment date March 24, 2025 June 23, 2025 September 22, 2025 December 18, 2025

    Note
    A different currency election date may apply to shareholders holding shares in a securities account with a bank or financial institution ultimately holding through Euroclear Nederland. This may also apply to other shareholders who do not hold their shares either directly on the Register of Members or in the corporate sponsored nominee arrangement. Shareholders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies.

    The 2025 interim dividend timetable is also available on www.shell.com/dividend.

    Enquiries
    Media International: +44 207 934 5550
    Media Americas: +1 832 337 4355

    Cautionary Note
    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties.  The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

    Forward-Looking Statements
    This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, 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 Shell 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 Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) 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; (m) 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 (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement 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 plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader.  Each forward-looking statement speaks only as of the date of this announcement, October 31, 2024. Neither Shell plc 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 announcement.

    Shell’s Net Carbon Intensity
    Also, in this announcement we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s net-zero emissions target
    Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

    Forward-Looking non-GAAP measures
    This announcement may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

    The contents of websites referred to in this announcement do not form part of this announcement.

    We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC.  Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

    LEI number of Shell plc: 21380068P1DRHMJ8KU70
    Classification: Additional regulated information required to be disclosed under the laws of a Member State

    The MIL Network –

  • MIL-OSI USA: President’s Council of Advisors on Science and Technology

    US Senate News:

    Source: The White House
    By the authority vested in me as President by the Constitution and the laws of the United States of America, and in order to establish an advisory council on science and technology, it is hereby ordered as follows:
    Section 1.  Purpose.  The American story is one of boundless creativity and bold ambition, driven by an indomitable pioneering spirit that propels exploration and discovery.  It is this spirit that illuminated the world with Edison’s lightbulb, carried the Wright brothers into the skies, and sent Armstrong to the moon.  Today, a new frontier of scientific discovery lies before us, defined by transformative technologies such as artificial intelligence, quantum computing, and advanced biotechnology.  Breakthroughs in these fields have the potential to reshape the global balance of power, spark entirely new industries, and revolutionize the way we live and work.  As our global competitors race to exploit these technologies, it is a national security imperative for the United States to achieve and maintain unquestioned and unchallenged global technological dominance.  To secure our future, we must harness the full power of American innovation by empowering entrepreneurs, unleashing private-sector creativity, and reinvigorating our research institutions.
    At the heart of scientific progress lies the pursuit of truth.  But this foundational principle, which has driven every major breakthrough in our history, is increasingly under threat. Today, across science, medicine, and technology, ideological dogmas have surfaced that elevate group identity above individual achievement, enforce conformity at the expense of innovative ideas, and inject politics into the heart of the scientific method.  These agendas have not only distorted truth but have eroded public trust, undermined the integrity of research, stifled innovation, and weakened America’s competitive edge.
    This order establishes the President’s Council of Advisors on Science and Technology to unite the brightest minds from academia, industry, and government to guide our Nation through this critical moment by charting a path forward for American leadership in science and technology.
    Sec. 2.  Establishment.  (a)  There is hereby established the President’s Council of Advisors on Science and Technology (PCAST).(b)  The PCAST shall be composed of not more than 24 members.  The Assistant to the President for Science and Technology (APST) and the Special Advisor for AI & Crypto shall be members of the PCAST.  If also serving as the Director of the Office of Science and Technology Policy, the APST may designate the U.S. Chief Technology Officer as a member.  The remaining members shall be distinguished individuals and representatives from sectors outside of the Federal Government appointed by the President.  These non-Federal members shall have diverse perspectives and expertise in science, technology, education, and innovation.(c)  The APST and the Special Advisor for AI & Crypto shall serve as Co-Chairs of the PCAST.  The Co-Chairs may designate up to two Vice Chairs of the PCAST from among the non-Federal members of the PCAST, to support the Co-Chairs in the leadership and organization of the PCAST.
    Sec. 3.  Functions.  (a)  The PCAST shall advise the President on matters involving science, technology, education, and innovation policy.  The Council shall also provide the President with scientific and technical information that is needed to inform public policy relating to the American economy, the American worker, national and homeland security, and other topics.(b)  The PCAST shall meet regularly and shall:(i)    respond to requests from the President or the Co-Chairs for information, analysis, evaluation, or advice;(ii)   solicit information and ideas from a broad range of stakeholders, including the research community; the private sector; universities; national laboratories; State, local, and Tribal governments; foundations; and nonprofit organizations;(iii)  serve as the advisory committee identified in section 101(b) of the High-Performance Computing Act of 1991 (Public Law 102-194), as amended (15 U.S.C. 5511(b)), in which capacity the PCAST shall be known as the President’s Innovation and Technology Advisory Committee; and(iv)    serve as the advisory panel identified in section 4 of the 21st Century Nanotechnology Research and Development Act (Public Law 108-153), as amended (15 U.S.C. 7503), in which capacity the PCAST shall be known as the National Nanotechnology Advisory Panel.(c)  The PCAST shall provide advice from the non-Federal sector to the National Science and Technology Council (NSTC) in response to requests from the NSTC.
    Sec. 4.  Administration.  (a)  The heads of executive departments and agencies shall, to the extent permitted by law, provide the PCAST with information concerning scientific and technological matters when requested by the PCAST Co-Chairs and as required for the purpose of carrying out the PCAST’s functions.(b)  In consultation with the Co-Chairs, the PCAST is authorized to create standing subcommittees and ad hoc groups, including technical advisory groups, to assist the PCAST and provide preliminary information directly to the PCAST.(c)  In order to allow the PCAST to provide advice and analysis regarding classified matters, the Co-Chairs may request that members of the PCAST, its standing subcommittees, or ad hoc groups who do not hold a current clearance for access to classified information receive security clearance and access determinations pursuant to Executive Order 12968 of August 2, 1995 (Access to Classified Information), as amended, or any successor order.(d)  The Department of Energy shall provide such funding and administrative and technical support as the PCAST may require, to the extent permitted by law and as authorized by existing appropriations.(e)  Members of the PCAST shall serve without any compensation for their work on the PCAST, but may receive travel expenses, including per diem in lieu of subsistence, as authorized by law for persons serving intermittently in the government service (5 U.S.C. 5701–5707).(f)  Insofar as the Federal Advisory Committee Act, as amended (5 U.S.C. App.), may apply to the PCAST, any functions of the President under that Act, except that of reporting to the Congress, shall be performed by the Secretary of Energy, in accordance with the guidelines and procedures established by the Administrator of General Services.
    Sec. 5.  Termination.  The PCAST shall terminate 2 years from the date of this order unless extended by the President.
    Sec. 6.  Revocation.  Executive Order 14007 of January 27, 2021 (President’s Council of Advisors on Science and Technology), as amended by Executive Order 14109 of September 29, 2023 (Continuance of Certain Federal Advisory Committees and Amendments to Other Executive Orders), is hereby revoked.
    Sec. 7.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:(i)   the authority granted by law to an executive department or agency, or the head thereof; or(ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.(b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.(c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
    THE WHITE HOUSE    January 23, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: The First 100 Hours: Historic Action to Kick off America’s Golden Age

    US Senate News:

    Source: The White House
    class=”has-text-align-left”>President Donald Trump’s second term is off to an historic start. The President is wasting no time delivering on the promises he made to the American people. The President signed more executive orders on his first day in office than any other president in history. Within the first 100 hours of his second administration, President Trump taken hundreds of executive actions to secure the border, deport criminal illegal immigrants, unleash American prosperity, lower costs, increase government transparency, and reinstitute merit-based hiring in the federal government. The President has already secured over $1 trillion in historic new investments. 
    We’re witnessing the Trump Effect:
    President Trump is securing historic investments just days after being sworn in.
    President Trump secured $500 billion in private sector investment for the largest AI infrastructure project in history, with Softbank CEO Masayoshi Son, Oracle co-founder Larry Ellison and OpenAI CEO Sam Altman all stating that it would not have been possible if not for President Trump’s election victory and leadership.
    Saudi Arabia “wants to invest $600 billion in the United States over the next four years.”
    Stellantis announced it will restart an assembly plant in Illinois and build the new Dodge Durango in Detroit.
    The Detroit Free Press: “The news, announced in a letter Wednesday to employees from North America Chief Operating Officer Antonio Filosa, also provided some good news to workers in Toledo, Ohio, and Kokomo, Indiana, where investments are planned. The Belvidere plant will start production of a new midsize truck in the next two years. The letter said company Chairman John Elkann had met last week with President Donald Trump before his inauguration on Monday. Elkann shared ‘our enthusiasm for his strong commitment to the United States auto industry and all that this means for American jobs and the broader economy.’”

    President Trump is already securing the border and arresting criminal illegal immigrants.
    The Border Patrol is reporting a significant drop already in attempted illegal crossings.
    Fox News: “The U.S. southern border has seen a sharp drop in illegal immigrant encounters in the first days of the Trump administration, compared to the final few days of the Biden administration.”
    ICE is at work rounding up criminal aliens.
    Fox News: “Information obtained by Fox News Digital, shows that between midnight Jan. 21 and 9 a.m. Jan 22, a 33-hour period, ICE Enforcement and Removal Operations (ERO) arrested more than 460 illegal immigrants that include criminal histories of sexual assault, robbery, burglary, aggravated assault, drugs and weapons offenses, resisting arrest and domestic violence.”
    Breitbart News: “President Donald Trump’s administration arrested 538 illegal aliens on Thursday, ranging from child predators to gang members and a suspected terrorist.”

    The Trump Administration immediately shut down the CBP One app, which “paroled” over 1 million illegal immigrants.
    Deportation flights have already started and the military is assisting with the effort.
    The Department of Homeland Security reinstated official use of the term “illegal alien” over “undocumented noncitizen,” and the DOJ announced it would be taking action against lawless sanctuary city policies.
    President Donald Trump signed an executive order to designate the cartels as terrorist organizations.

    Common sense has been restored to the government.
    President Trump signed a series of executive orders ensuring the elimination of discriminatory DEI practices and ensuring merit-based hiring.
    DEI staff are being placed on leave.
    The Federal Aviation Administration must now return to merit-based hiring.
    President Trump ended an affirmative action mandate in federal government hiring.
    President Trump signed an executive order affirming the reality that there are only two sexes.
    The State Department issued guidance that embassies should only be flying the American flag, and not any activist flags.
    President Donald Trump signed an executive order telling agencies to stop remote work practices and directing workers to return to the office.
    The State Department subsequently ordered workers to return to working in the office.
    President Donald Trump is unleashing American energy.
    President Trump declared a National Energy Emergency to unlock America’s full energy potential and bring down costs for American families.
    President Trump rescinded every one of Joe Biden’s industry-killing, pro-China, and anti-American energy regulations, empowering consumer choice in vehicles, showerheads, toilets, washing machines, lightbulbs, and dishwashers.
    President Trump withdrew the United States from the disastrous Paris Climate Agreement that unfairly ripped off our country.
    President Trump paused all new federal leasing and permitting for massive wind farms that degrade our natural landscapes and fail to serve American energy consumers.
    President Trump reversed the burdensome regulations that impeded Alaska’s ability to develop its vast natural resources.
    President Trump terminated Biden’s harmful electric vehicle mandate.

      These opening few days can be summarized as Promises Made, Promises Kept: 
    President Donald Trump said he would declassify the JFK Files. He did.
    President Donald Trump said he would end the EV mandate. He did.
    President Donald Trump said he would have the backs of the brave men and women in law enforcement. He did just that by pardoning two Washington D.C. Police officers that were unjustly prosecuted. The Metropolitan Police Department thanked President Trump for the pardon.
    President Donald Trump said he would use the military to secure the border. The Pentagon is deploying troops to the border and the Coast Guard is surging assets to the Gulf of America.
    President Trump said we would drill, baby, drill. The President signed executive orders to open up offshore drilling and allow more energy exploration in Alaska.
    President Donald Trump said he would end the weaponization of government. He signed an executive order doing just that.
    President Donald Trump said he would pardon the J6 Hostages. He did.
    President Donald Trump said he would end government censorship. On his first day in office, he signed an executive order restoring freedom of speech and ending government censorship.
    President Trump is being praised for his historic leadership:
    The Steel Manufacturers Association: “President Trump has repeatedly demonstrated his strong support for American steel workers. He reiterated that support on day one by directing his agencies to investigate unfair trade and its impact on domestic manufacturing.”
    American Fuel & Petrochemical Manufacturers President and CEO Chet Thompson: “President Trump promised to end gas car bans and vehicle mandates on Day 1 of his new administration, and we are pleased to see that work already underway. Thank you, President Trump.”
    American Petroleum Institute President and CEO Mike Sommers: “Americans sent a clear message at the ballot box, and President Trump is answering the call on Day 1. U.S. energy dominance will drive our nation’s economic and security agenda. This is a new day for American energy, and we applaud President Trump for moving swiftly to chart a new path where U.S. oil and natural gas are embraced, not restricted.”
    Job Creators Network CEO Alfredo Ortiz: “Trump’s two-fold approach of boosting oil and gas production and repealing the Biden administration’s green energy mandates will make American energy cheaper, reliable and more efficient.”
    Mortgage Bankers Association President and CEO Bob Broeksmit: “President Trump campaigned on lowering costs for Americans, and we appreciate housing supply and affordability being included in an executive order on this issue. We support efforts to cut unnecessary regulatory red tape and to pursue federal housing program enhancements that make renting and homeownership more attainable and sustainable.”
    Professional Trucking Association Group: “President Trump’s decision to freeze regulations and curtail bureaucratic overreach is commendable. This is precisely what America needs: reduced government interference and increased freedom for small trucking businesses and entrepreneurs to flourish.”
    NetChoice CEO Steve DelBianco: “Upon returning to office, President Trump showed that America is ready to lead in tech and innovation again. By repealing Biden’s restrictive rules on energy production and AI development, the president is steering America to remain dominant in creating the best technology in the world.”
    United Against Nuclear Iran Chairman Governor Jeb Bush and CEO Ambassador Mark Wallace: “We applaud President Trump for his decision today to redesignate the Houthis as an FTO. UANI in its recommended action plan for the Trump administration’s first 100 days suggested that the president redesignate the Houthis as an FTO. This will now provide the U.S. government additional authorities to hold the Houthis accountable for their threats to international commerce and U.S. allies and partners.”

    MIL OSI USA News –

  • MIL-OSI Russia: Vitaly Savelyev: Pumping out fuel oil from the tanker Volgoneft-239 is completely completed

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Specialists from the Marine Rescue Service of the Ministry of Transport of Russia completed the pumping out of fuel oil from the main and ballast tanks of the aft section of the Volgoneft-239 tanker, which sank near Cape Panagia on December 15, 2024, ahead of schedule. The cleaning of the tanks for dismantling and subsequent disposal has begun. This was reported by the chairman of the government commission for the elimination of the consequences of the tanker wreck, Deputy Prime Minister Vitaly Savelyev.

     

    Between January 19 and 25, 1,488 tons of fuel oil were pumped from the tanker into bitumen carriers, after which it was transferred to 20 railway tank cars.

     

    To be able to pump out the fuel oil, specialists restored the ship’s standard equipment, including the pumping and cargo heating system. In order for the fuel oil to become fluid, its temperature had to reach 45 degrees.

     

    A temporary road was built to allow equipment to reach the tanker, and a protective embankment was created around the hull. This embankment served as an artificial hydraulic structure, protecting the vessel from the storm and preventing fuel oil from spilling into the sea.

     

    A special platform reinforced with concrete slabs was built on the embankment close to the tanker. It provided passage for loaded bitumen carriers transporting fuel oil from the ship.

     

    Eight machines were involved in the round-the-clock pumping operations. During the entire period of the work, 87 bitumen trucks were removed from the tanker. The remaining fuel oil that could not be unloaded by ship equipment was pumped out using hand pumps.

     

    To ensure the environmental safety of the area, even before the work began, the Marine Rescue Service concentrated a group of emergency rescue fleet in the amount of up to 10 vessels. The fleet’s tasks included setting up boom barriers in the work area, which ensured the localization of oil products and the prevention of further pollution of the sea.

     

    Currently, a project for the disposal of the stern of the vessel as sunken property is being prepared. According to the order of the captain of the seaport of Taman, the development of the project should have been completed by January 30. Before the start of work on cutting the vessel, a number of special events will be held. Also, the order of the captain of the seaport of Taman states that by March 31, all work on cutting the vessel and its removal should be completely completed.

     

    Vitaly Savelyev thanked all the participants of this complex technological operation: sailors, divers, road workers, railway workers, volunteers, the OTEKO company, and employees of regional and federal authorities.

    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.

    MIL OSI Russia News –

  • MIL-OSI Russia: Dmitry Chernyshenko: Siberia, the South and the Caucasus Lead in Growth of Tourist Trips Over Nine Months

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Tourists made 5.5 million trips in nine months across Siberian regions from January to September 2024. This is 15.3% more than in the same period last year. The federal district took first place in terms of the number of tourists received. The Republic of Tyva, Tomsk and Omsk regions demonstrated the highest results.

    The second place in the ranking of federal districts was taken by the traditionally touristy south of Russia. Here, the increase in the number of trips was 14.8%. In total, the southern regions received 12.3 million tourists.

    The North Caucasus rounds out the top three, demonstrating significant growth rates in this area in recent years. The indicator increased by 14.8% and reached 2.3 million trips.

    “Over the past nine months, Rosstat recorded 65.5 million tourist trips across Russia, which is 11.1% more than in the same period in 2023. The growing interest in our country from foreign tourists is encouraging: more than 3 million people have become guests of Russian hotels, which is 42% more than last year. This success confirms that Russia is becoming increasingly popular with travelers from all over the world,” said Deputy Prime Minister Dmitry Chernyshenko.

    The Deputy Prime Minister emphasized that President Vladimir Putin had instructed to make the visa regime more flexible and accessible for tourists from other countries. Thus, visa-free group trips are available for citizens of Iran and China, and representatives of 52 countries can obtain electronic visas.

    The regions of the Far East have become leaders in the growth of interest from foreign tourists. The most significant results are shown by the Republic of Sakha (Yakutia), Amur Region and Khabarovsk Krai.

    The top three leaders in terms of growth in tourist trips from abroad also include the Northwest and Siberia, with an increase of 69 and 63.8%, respectively. Here, significant results are demonstrated by the Republic of Karelia, Murmansk Region, St. Petersburg, as well as Irkutsk, Tomsk Region and the Republic of Tyva.

    “This year we are seeing rapid growth and the establishment of new tourist centers. First of all, we are talking about Siberia and the Far East. They are actively being developed by both Russian and foreign travelers. I believe that these are the most promising geographic areas for investors. For our part, we are ready to support these growth points with government support measures within the framework of the national project “Tourism and Hospitality Industry”, – said Minister of Economic Development Maxim Reshetnikov.

    The Minister added that this year the Discover Russia brand was also developed, which already today helps promote Russian tourism products in foreign markets through the cultural component, creative and gastronomic industries.

     

    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.

    MIL OSI Russia News –

  • MIL-OSI China: China’s incremental policies boost foreign investor confidence

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 31 — Foreign investors are becoming increasingly bullish on the Chinese market, bolstered by the country’s recent incremental policies aimed at vitalizing growth momentum.

    UBS Investment Bank has raised its China 2024 growth forecast to 4.8 percent from 4.6 percent, while Goldman Sachs has lifted China’s GDP prediction this year from 4.7 percent to 4.9 percent.

    The uplift is mostly due to China’s third-quarter year-on-year GDP growth of 4.6 percent, slightly above market expectation of 4.4 percent, and the series of support policies the government recently launched, said UBS economist Wang Tao.

    Economists with Goldman Sachs noted that the latest round of China’s incremental policies clearly indicates that policymakers have made a turn on cyclical policy management and increased their focus on the economy.

    So far this year, multiple international institutions, including the World Bank and the International Monetary Fund, have raised their forecast for China’s economic growth for 2024.

    In the face of mounting challenges at home and abroad, China’s GDP grew 4.8 percent year on year in the first three quarters of this year. The country set a target of economic growth at around 5 percent for this year.

    To beef up the economy in response to looming challenges, Chinese authorities have unveiled a broader-than-expected policy package since late September, which focused on enhancing counter-cyclical adjustments, expanding effective domestic demand, supporting business operations, promoting the recovery of the property market, and invigorating capital markets.

    Aside from these pro-growth policies, Chinese policymakers continued to improve investment facilitation, create a favorable investment environment, promote high-level financial opening up to the outside world, and actively support foreign investors in participating in the Chinese capital market.

    Alan Ho, co-senior country officer for China at J.P. Morgan, said that the pace of China’s financial market opening up had accelerated in recent years.

    For example, foreign ownership restrictions in local securities, funds and futures companies have been lifted and financial markets’ connectivity mechanisms have been maturing more quickly than expected, which has brought broader development opportunities to foreign financial institutions, Ho said.

    Data from the State Administration of Foreign Exchange showed that foreign holdings of domestic renminbi bonds have so far exceeded 640 billion U.S. dollars, reaching a historic high.

    Net foreign investment in domestic bonds surpassed 80 billion U.S. dollars in the first three quarters of this year, while foreign investment in Chinese equities saw notable improvement.

    Foreign central banks and commercial banks are the biggest investors in domestic renminbi bonds, as they allocate a higher proportion of investment in medium and long-term bonds such as treasury bonds and policy bank bonds, according to the foreign exchange regulator.

    The growing foreign holdings have reflected the global investors’ confidence in the Chinese market. Currently, 24 global systemically important banks have a presence in China.

    Industry insiders believed that foreign investors’ active buy-in of Chinese assets has shown their optimism in China’s continuous opening-up measures and policy support in the capital market.

    During the World Bank’s 110th meeting of the Development Committee last week in Washington DC, Vice Minister of Finance Liao Min pledged that China will intensify countercyclical adjustments of fiscal policy.

    A series of strong measures will be implemented to resolve local government debt risks, stabilize the real estate market, increase the income of key groups, enhance people’s livelihoods, and drive equipment upgrades and trade-in deals for consumer goods, Liao said.

    By leveraging government spending to stimulate social investment and consumption, effective demand will be increased, he said, noting that China is confident in achieving the annual economic growth target, and will continue to inject impetus into world economic growth.

    MIL OSI China News –

  • MIL-OSI China: Xi calls for pooling wisdom, strength to advance reform in steady and sustained manner

    Source: People’s Republic of China – State Council News

    Xi calls for pooling wisdom, strength to advance reform in steady and sustained manner

    BEIJING, Oct. 31 — On the morning of Oct. 29, a study session for senior provincial and ministerial-level officials to study and implement the guiding principles of the Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC) was inaugurated at the Party School of the CPC Central Committee (National Academy of Governance). Xi Jinping, general secretary of the CPC Central Committee, Chinese president, and chairman of the Central Military Commission, delivered an important speech at the opening ceremony. He emphasized the need to further study and implement the guiding principles of the third plenum, calling for guiding the entire Party and the nation to have more confidence in reform, and pool collective wisdom and strength to advance reform in a steady and sustained manner.

    Li Qiang presided over the opening ceremony. Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang, and Li Xi attended the event. They are all members of the Standing Committee of the Political Bureau of the CPC Central Committee. Han Zheng, Chinese vice president, also attended the event.

    Xi noted that the Third Plenary Session of the 18th CPC Central Committee heralded a new journey to comprehensively deepen reform and to advance reform through systematic and comprehensive design in the new era. This session has broken new ground for reform and opening up, and is of epoch-making significance. Comprehensively deepening reform in the new era has yielded significant outcomes in practice, system, and theory, representing one of the most remarkable chapters in China’s history of reform and opening up. It has provided strong momentum and institutional support for building China into a moderately prosperous society in all respects, and for carrying on the “two great miracles” (sustained rapid economic growth and lasting social stability). It has also laid a solid foundation and offered valuable experience for further comprehensively deepening reform on the new journey.

    Xi emphasized that maintaining the right political orientation and breaking new ground is a major principle that must be firmly upheld in further comprehensively deepening reform. China’s reform has direction and principles to follow. We must uphold the Party’s overall leadership, Marxism, socialism with Chinese characteristics, and the people’s democratic dictatorship, with promoting social fairness and justice as well as enhancing people’s well-being as our starting point and ultimate goal. These principles are fundamental, directional, and long-term, reflecting the nature and mission of the Party, conforming to China’s realities, and tallying with the fundamental interests of the people. They must be firmly upheld on any occasion and at any time. We should continue to improve and develop the socialist system with Chinese characteristics, work hard to realize the reform’s overall goal of modernizing the national governance system and governing capabilities, and consistently march forward in the direction guided by this overall goal, decisively reforming what should be reformed and never reforming what should not be reformed. In response to the new trends of the times, the new requirements for development, and the new expectations of the people, efforts should be made to advance reform in all aspects in a comprehensive and coordinated manner with an emphasis on economic structural reform, Xi said, urging vigorous work to promote innovations in theories, practice, institutions, culture, and other areas, so as to provide strong impetus and institutional support for Chinese modernization.

    Noting that reform is a systematic undertaking, Xi said relevant work should be done through proper means and by carefully balancing concerns in various aspects. He underlined the need to adhere to the coordination between reform and the rule of law, advance the rule of law with reform measures, further deepen reform in the realm of law-based governance, and continuously better the system of socialist rule of law with Chinese characteristics. The role of the rule of law should be given better play in removing the obstacles in reform and consolidating the achievements of reform, and it is important to think in terms of the rule of law and adopt a law-based approach in advancing reform to ensure that major reforms are carried out in accordance with the law and the legitimate rights and interests of all citizens and legal entities are under equal protection, Xi said. He added that it is necessary to adhere to the dialectical unity of breaking the old and establishing the new, focusing on both parts with efforts for the latter coming first. What needs to be established should be put in place proactively; what is no longer needed should be repudiated in due course after what is needed is established; and reform should be promoted in a steady and rapid manner in the balanced development of both, Xi said. It is a must to maintain a unified approach to reform and opening up, steadily expand institutional opening up, actively align with international high-standard economic and trade rules, and deepen the reform of the management systems for foreign trade, foreign investment, and outbound investment, so as to create a first-class business environment that is market-oriented, law-based, and internationalized. It is essential to effectively manage the relationship between how work plans are made and how the arrangements are implemented. The design of reform plans must be made on the basis of how things should be done reasonably, and various measures for reform must be compatible with and support each other, so as to keep the orientation of the reform consistent. It is imperative to establish a working mechanism, under which responsibilities are clearly defined, and work in various aspects is well connected. Follow-up evaluation of work results must be strengthened to make sure that reform measures are implemented thoroughly and effectively.

    Xi emphasized that officials, particularly senior officials, bear the crucial responsibility of advancing reform. They must cultivate a strong sense of political responsibility and historical mission, confront problems and challenges head-on with political courage to tackle difficulties, decisively address entrenched issues, face up to risks without hesitation, and strive to break new ground for reform and development. The right approach should be adopted to promote reform, arrangements must be made systematically, and actions should never be taken before decisions are made.

    Xi noted that extensively building consensus and fully mobilizing all positive factors are quite important for smooth reform. It is imperative to do a good job in guiding public opinion, intensify efforts to conduct positive public communication, champion the overarching theme, and project positive energy. It is essential to conduct further research and interpretation on the major theoretical propositions put forward in the resolution adopted at the Third Plenary Session of the 20th CPC Central Committee, with a focus on strengthening public communication and interpretation of the propositions to the people. It is imperative to timely address confusions, respond to the concerns of society, and extensively build consensus, so as to consolidate the intellectual foundation and public support for the whole Party and entire society to jointly promote reform. Officials and the general public should be guided to think with a broad perspective and have a correct understanding of the adjustment of interests and personal gains and losses in the reform.

    Xi finally stressed that all regions and departments must conscientiously implement a slew of major measures decided by the Political Bureau of the CPC Central Committee, implement the existing and new policies to the letter, and employ a combination of policies to ensure that good results are delivered from the work in the next two months, and the economic and social development goals and tasks set for this year are fulfilled.

    Li Qiang, when presiding over the ceremony, said General Secretary Xi’s important speech is visionary, thought-provoking, incisive, and substantive. He said that the speech is of political, theoretical, targeted and guiding significance, and is of great importance for the Party, especially for senior officials, to comprehensively and faithfully understand the spirit of the Third Plenary Session of the 20th CPC Central Committee, and to grasp the guiding principles, overall targets, key rules and scientific methodology of the ongoing drive to further deepen reform. Studying the speech is also important for them to boost confidence in reform, follow the right direction, have a stronger sense of responsibility for reform, leverage synergies, and push for the desired delivery of reform measures.

    It is imperative to study Xi’s speech with a sense of mission and responsibility, and a focus on solving problems to have a thorough understanding of the connotations, essence and practical requirements of the speech. It is imperative to profoundly understand the decisive significance of “Two Affirmations”, resolutely act on “Two Upholds”, effectively align our thoughts and actions with the spirit of Xi’s speech and the decisions and arrangements of the CPC Central Committee, and creatively implement the reform tasks, Li said.

    Those who attended the ceremony included members of the Political Bureau of the CPC Central Committee, members of the Secretariat of the CPC Central Committee, vice-chairpersons of the Standing Committee of the National People’s Congress who are Party members, State Councilors, the president of the Supreme People’s Court, the vice-chairpersons of the National Committee of the Chinese People’s Political Consultative Conference who are Party members, and members of the Central Military Commission.

    Those who participated in the study session included leading officials of all provinces, autonomous regions, municipalities, the Xinjiang Production and Construction Corps, the relevant central and state departments, relevant people’s organizations, centrally-administered financial institutions, enterprises, universities, as well as leading officials from various units of the People’s Liberation Army and the Armed Police Force. Leaders of the central committees of the other political parties, the All-China Federation of Industry and Commerce, and relevant sectors sat in on the opening ceremony.

    Notes:

    “Two Affirmations”:

    The affirmation of Comrade Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and the affirmation of the guiding role of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era.

    “Two Upholds”:

    “Two Upholds” refers to upholding General Secretary Xi Jinping’s core position on the CPC Central Committee and in the Party as a whole, and upholding the Central Committee’s authority and its centralized, unified leadership.

    MIL OSI China News –

  • MIL-OSI New Zealand: Health – General practices welcome fast-track approvals process

    Source: GenPro

    A new fast-track approval process is a good start, but more is needed to fix New Zealand’s chronic GP shortage, says the General Practice Owners Association (GenPro)

    Up to now, all doctors from overseas who applied for specialist registration in New Zealand have needed to have their qualifications, training and experience assessed by the relevant specialist medical college, which the New Zealand Medical Council says could take up to six months.

    “The new fast-track process for specialists from the United Kingdom, Ireland and Australia will be completed within 20 working days, which is great news”.

    A GenPro survey carried out in July found that nearly six out of 10 general practices had GP vacancies. Over-stretched general practices were reducing their hours, stopping new enrolments, and reducing their services, while patients in some areas were waiting weeks to see a doctor.

    “While we welcome the fast-track process, the key problem remains. General practices are under- funded by Te Whatu Ora/Health New Zealand and restricted from increasing their patient fees. These long-standing problems and changes in patient health needs have eroded the financial sustainability of general practices, which means GPs are working harder for less money. Fast-tracking is a positive first step, with more work needed to tackle our workforce challenges.

    “In addition to fast-tracking graduates, the government should focus on properly funding general practice so we can rebuild our depleted and over-stretched work force.

    “GenPro agrees with Health Minister Shane Reti that internationally qualified doctors play an important role in providing quality care to New Zealanders, and we look forward to seeing further work on bringing in more suitably-trained doctors”.

    GenPro, which represents about half of all general practices in Aotearoa, is ready to work with the Minister of Health and the Health NZ Commissioner to develop the solutions needed.

    MIL OSI New Zealand News –

  • MIL-OSI: Scheme of Arrangement for Acquisition of i3 Energy plc Becomes Effective

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    FOR IMMEDIATE RELEASE

    CALGARY, Alberta, Oct. 31, 2024 (GLOBE NEWSWIRE) —

    31 October 2024

    RECOMMENDED AND FINAL CASH AND SHARE ACQUISITION

    for

    i3 Energy plc (“i3 Energy”)

    by

    Gran Tierra Energy Inc. (“Gran Tierra”)

    to be implemented by way of a scheme of arrangement under Part 26 of the Companies Act 2006

    SCHEME OF ARRANGEMENT BECOMES EFFECTIVE

    On 19 August 2024, the boards of directors of i3 Energy and Gran Tierra announced that they had reached agreement on the terms of a recommended and final cash and share acquisition of the entire issued, and to be issued, share capital of i3 Energy (the “Acquisition”). The Acquisition is being implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.

    i3 Energy published a circular in relation to the Scheme dated 29 August 2024 (the “Scheme Document“).

    On 29 October 2024, i3 Energy announced that the Court had sanctioned the Scheme at the Sanction Hearing held on 29 October 2024.

    i3 Energy and Gran Tierra are pleased to announce that, following delivery of the Court Order to the Registrar of Companies and satisfaction or waiver of all of the conditions set out in the Scheme Document, the Scheme has now become Effective in accordance with its terms and, pursuant to the Scheme, the entire issued and to be issued share capital of i3 Energy is now owned by Gran Tierra.

    Consideration

    A Scheme Shareholder on the register of members of i3 Energy at the Scheme Record Time, being 6.00 p.m. on 30 October 2024, will be entitled to receive one New Gran Tierra Share per every 207 i3 Energy Shares held and 10.43 pence cash per i3 Energy Share subject to any adjustments to such consideration resulting from valid Elections made under the Mix and Match Facility. For Scheme Shareholders holding Scheme Shares in certificated form, settlement of the consideration will be effected by electronic payment or (for those Scheme Shareholders who have not set up an electronic payment mandate) by the despatch of cheques. For Scheme Shareholders holding Scheme Shares in uncertificated form, settlement of consideration will be effected by the crediting of CREST or CDS accounts, as applicable. In each case settlement of consideration will occur as soon as practicable and in any event not later than 14 days after the date of this announcement, being 14 November 2024.

    Further to the announcement on 7 October 2024, i3 Energy confirms that, the Scheme having become Effective, the Acquisition Dividend totalling £3,084,278 will be paid as follows:

      Dividend: 0.2565 pence / i3 Energy Share
         
      Record Date: 6.00 p.m. on 30 October 2024
         
      Payment date: by 13 November 2024
         

    i3 Energy admission to listing on AIM

    An application was made for the suspension of admission to trading in i3 Energy Shares on the London Stock Exchange’s AIM Market (“AIM“) and such suspension has taken effect from 7.30 a.m. today. The cancellation of the admission to trading of the i3 Energy Shares on AIM has been applied for and is expected to take place by 8.00 a.m. on 1 November 2024. The delisting of the i3 Energy Shares on the Toronto Stock Exchange has been applied for and is expected to take place at the close of markets on 1 November 2024.

    Gran Tierra admission of shares to listing

    An application has been made for the admission of 5,808,925 new shares (the “Consideration Shares“) of common stock of par value USD0.001 per share in Gran Tierra. Gran Tierra has applied for the Consideration Shares to be admitted to the Equity Shares (International Commercial Companies Secondary Listing) Category of the Official List of the Financial Conduct Authority and to trading on the main market of the London Stock Exchange PLC (together, “Admission“).

    Gran Tierra expects Admission of the Consideration Shares to occur at 8.00 a.m. on 1 November 2024. The Consideration Shares will rank pari passu in all respects with Gran Tierra’s existing shares of common stock of par value USD0.001 per share.

    Total Voting Rights

    Following Admission, Gran Tierra will have total issued share capital of 36,460,141 common shares, and holds no common shares in treasury. Gran Tierra Shareholders may use the figure of 36,460,141 as the denominator in calculations to determine if they are required to notify Gran Tierra of their interest in, or a change to their interest in Gran Tierra under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

    Cancellation of the Trafigura Loan Facility

    Gran Tierra also announces that the Loan Facility entered into on 19 August 2024 with Trafigura has today been cancelled. As announced on 18 September 2024, Gran Tierra completed an offering of an additional US$ 150 million aggregate principal amount of its 9.500% Senior Secured Amortizing Notes due 2029, the net proceeds of which are being applied to satisfy the cash consideration payable to i3 Energy Shareholders in place of the term loan facility available to Gran Tierra pursuant to the terms of the Loan Facility.

    Board and constitutional changes

    Each of the i3 Energy Directors has resigned as a director of i3 Energy with effect from the Scheme becoming Effective.

    Pedro Zutara, Adam Hewitson and Amy Lister have been appointed as directors of i3 Energy with effect from the Scheme becoming Effective.

    i3 Energy will in due course submit an application to cease to be a reporting issuer in each of the provinces of Canada under National Policy 11-206 – Process for Cease to be a Reporting Issuer Applications. i3 Energy is expected to be converted to a private limited company and its name changed to Gran Tierra UK Limited. As disclosed in the Scheme Document, i3 Energy Shares are expected to be transferred to a wholly-owned subsidiary of Gran Tierra following completion of the re-registration.

    Full details of the Acquisition are set out in the Scheme Document. Defined terms used but not defined in this announcement have the meanings set out in the Scheme Document. All references to times in this announcement are to London time.

    Enquiries:

    Gran Tierra
    Gary Guidry
    Ryan Ellson            		 Tel: +1 (403) 265 3221
       
    i3 Energy
    Majid Shafiq (CEO)    		 c/o Camarco
    Tel: +44 (0) 203 757 4980 
       
    Stifel Nicolaus Europe Limited (Joint Financial Adviser to Gran Tierra)
    Callum Stewart
    Simon Mensley    		 Tel: +44 (0) 20 7710 7600
       
    Eight Capital (Joint Financial Adviser to Gran Tierra)
    Tony P. Loria
    Matthew Halasz    		 Tel: +1 (587) 893 6835
       
    Zeus Capital Limited (Rule 3 Financial Adviser, Nomad and Joint Broker to i3 Energy)
    James Joyce, Darshan Patel, Isaac Hooper     		  
    Tel: +44 (0) 203 829 5000 
       
    Tudor, Pickering, Holt & Co. Securities – Canada, ULC (Financial Adviser to i3 Energy)
    Brendan Lines     		 Tel: +1 (403) 705 7830
       
    National Bank Financial Inc. (Financial Adviser to i3 Energy)
    Tarek Brahim Arun Chandrasekaran     		  
    Tel: +1 (403) 410 7749
       
    Camarco
    Georgia Edmonds, Violet Wilson, Sam Morris    		 Tel: +44 (0) 203 757 4980
       

    No increase statement

    The financial terms of the Acquisition will not be increased save that Gran Tierra reserves the right to revise the financial terms of the Acquisition in the event: (i) a third party, other than Gran Tierra, announces a firm intention to make an offer for i3 Energy on more favourable terms than Gran Tierra’s Acquisition; or (ii) the Panel otherwise provides its consent.

    Notices relating to financial advisers

    Stifel Nicolaus Europe Limited (“Stifel“), which is authorised and regulated by the FCA in the UK, is acting as financial adviser exclusively for Gran Tierra and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Gran Tierra for providing the protections afforded to its clients or for providing advice in relation to matters referred to in this announcement. Neither Stifel, nor any of its affiliates, owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Stifel in connection with this announcement, any statement contained herein or otherwise.

    Eight Capital (“Eight Capital“), which is authorised and regulated by the Canadian Investment Regulatory Organization in Canada, is acting exclusively for Gran Tierra and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Gran Tierra for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

    Zeus Capital Limited (“Zeus“), which is authorised and regulated by the FCA in the United Kingdom, is acting exclusively for i3 Energy as financial adviser, nominated adviser and joint broker and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than i3 Energy for providing the protections afforded to clients of Zeus, or for providing advice in relation to matters referred to in this announcement. Neither Zeus nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Zeus in connection with the matters referred to in this announcement, any statement contained herein or otherwise.

    Tudor, Pickering, Holt & Co. Securities – Canada, ULC (“TPH&Co.”), which is regulated by the Canadian Investment Regulatory Organization and a member of the Canadian Investor Protection Fund, is acting exclusively for i3 Energy by way of its engagement with i3 Energy Canada Ltd., a wholly owned subsidiary of i3 Energy, in connection with the matters referred to in this announcement and for no one else, and will not be responsible to anyone other than i3 Energy for providing the protections afforded to its clients nor for providing advice in relation to the matters set out in this announcement. Neither TPH&Co. nor any of its subsidiaries, branches or affiliates and their respective directors, officers, employees or agents, owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of TPH&Co. in connection with this announcement, any statement contained herein or otherwise.

    National Bank Financial Inc. (“NBF”), which is regulated by the Canadian Investment Regulatory Organization and a member of the Canadian Investor Protection Fund, is acting as financial adviser to i3 Energy Canada Ltd., a wholly-owned subsidiary of i3 Energy plc, in connection with the subject matter of this announcement. Neither NBF, nor any of its subsidiaries, branches or affiliates and their respective directors, officers, employees or agents, owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of NBF in connection with this announcement, any statement contained herein or otherwise.

    Additional Information

    This announcement is for information purposes only. It is not intended to, and does not, constitute or form part of any offer, offer to acquire, invitation or the solicitation of an offer to purchase, or an offer to acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise nor shall there be any sale, issuance or transfer of securities of Gran Tierra or i3 Energy pursuant to the Acquisition in any jurisdiction in contravention of applicable laws.

    This announcement is not an offer of securities for sale in the United States or in any other jurisdiction. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or pursuant to an exemption from, or in a transaction not subject to, such registration requirements. Any securities issued as part of the Acquisition are anticipated to be issued in reliance upon available exemption from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act. Any New Gran Tierra Shares to be issued in connection with the Acquisition are expected to be issued in reliance upon the prospectus exemption provided by Section 2.11 or Section 2.16, as applicable, of National Instrument 45-106 – Prospectus Exemptions of the Canadian Securities Administrators and in compliance with the provincial securities laws of Canada.

    This announcement has been prepared in accordance with the laws of England and Wales, the Code, the AIM Rules for Companies and the Disclosure Guidance and Transparency Rules and the information disclosed may not be the same as that which would have been prepared in accordance with the laws of jurisdictions outside England and Wales. 

    This announcement does not constitute a prospectus or circular or prospectus exempted document.

    Overseas Shareholders

    The availability of the Acquisition to i3 Energy Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are resident. Any person outside the United Kingdom or who are subject to the laws and/regulations of another jurisdiction should inform themselves of, and should observe, any applicable legal and/or regulatory requirements. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.

    The release, publication or distribution of this announcement in or into or from jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, such restrictions. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility or liability for the violation of such restrictions by any person.

    Unless otherwise determined by Gran Tierra or required by the Code and permitted by applicable law and regulation, the Acquisition will not be made available, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction and no person may vote in favour of the Acquisition by any such use, means, instrumentality or form (including, without limitation, facsimile, email or other electronic transmission, telex or telephone) within any Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this announcement and all documents relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving this document and all documents relating to the Acquisition (including custodians, nominees and trustees) must observe these restrictions and must not mail or otherwise distribute or send them in, into or from such jurisdictions where to do so would violate the laws in that jurisdiction. Doing so may render invalid any purported vote in respect of the Acquisition.

    Dealing and Opening Position Disclosure Requirements

    Under Rule 8.3(a) of the Takeover Code, any person who is interested in one per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the Offer Period and, if later, following the announcement in which any securities exchange offeror is first identified.

    An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 p.m. (London time) on the 10th Business Day following the commencement of the Offer Period and, if appropriate, by no later than 3.30 p.m. (London time) on the 10th Business Day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

    Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in one per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m. (London time) on the Business Day following the date of the relevant dealing. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

    Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel’s website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the Offer Period commenced and when any offeror was first identified. You should contact the Panel’s Market Surveillance Unit on +44 20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

    Publication on website and availability of hard copies

    In accordance with Rule 26.1 of the Code, a copy of this announcement is and will be available free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, for inspection on i3 Energy ‘s website  https://i3.energy/grantierra-offer-terms/ and on Gran Tierra’s website https://www.grantierra.com/investor-relations/recommended-acquisition/ by no later than 12 noon (London time) on the Business Day following this announcement. For the avoidance of doubt, the contents of the website referred to in this announcement are not incorporated into and do not form part of this announcement.

    Forward Looking Statements

    This announcement (including information incorporated by reference into this announcement), oral statements regarding the Acquisition and other information published by Gran Tierra and i3 Energy contain certain forward-looking statements with respect to the financial condition, strategies, objectives, results of operations and businesses of Gran Tierra and i3 Energy and their respective groups and certain plans and objectives with respect to the Combined Group. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Gran Tierra and i3 Energy about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. The forward looking statements contained in this announcement include, without limitation, statements relating to the expected effects of the Acquisition on Gran Tierra and i3 Energy, the expected timing and method of completion, and scope of the Acquisition, the expected actions of i3 Energy and Gran Tierra upon completion of the Acquisition and other statements other than historical facts. Forward looking statements often use words such as “anticipate”, “target”, “expect”, “estimate”, “intend”, “plan”, “strategy”, “focus”, “envision”, “goal”, “believe”, “hope”, “aims”, “continue”, “will”, “may”, “should”, “would”, “could”, or other words of similar meaning. These statements are based on assumptions and assessments made by Gran Tierra, and/or i3 Energy in light of their experience and their perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and readers are therefore cautioned not to place undue reliance on these forward-looking statements. Actual results may vary from the forward-looking statements.

    There are several factors which could cause actual results to differ materially from those expressed or implied in forward looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business acquisitions or dispositions.

    Each forward-looking statement speaks only as at the date of this announcement. Neither Gran Tierra nor i3 Energy, nor their respective groups assume any obligation to update or correct the information contained in this announcement (whether as a result of new information, future events or otherwise), except as required by applicable law or by the rules of any competent regulatory authority.

    Early Warning Reporting Provisions of Canadian Securities Laws

    Certain of the information in this announcement is being issued under the early warning reporting provisions of Canadian securities laws. An early warning report with additional information in respect of the foregoing matters will be filed and made available under the SEDAR profile of i3 Energy at www.sedarplus.ca. The purpose of the Scheme was to enable Gran Tierra to acquire 100% of the share capital of i3 Energy. Immediately prior to the completion of the Scheme, Gran Tierra did not own, directly or indirectly, any securities of i3 Energy. To obtain a copy of the early warning report, you may also contact Phillip Abraham, Vice President, Legal & Business Development at 403-698-7918. Gran Tierra is an oil and gas company subsisting under the laws of Delaware, United States and its head office is located at 500 Centre Street SE, Calgary, Alberta T2P 1A6 and i3 Energy’s head office is located at 500, 207 – 9 Ave SW, Calgary, Alberta T2P 1K3.

    The MIL Network –

  • MIL-OSI Russia: “Science is international and aimed at the benefit of all mankind”

    Translation. Region: Russian Federation –

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

    Sharing research results

    This year, our International Center for Decision Analysis and Choice at the National Research University Higher School of Economics celebrates its 15th anniversary. This HSE division carries out work that is at the forefront of scientific research in various fields, and we also interact a lot with various universities around the world. And almost every year we hold schools such as the autumn school “Advances in Decision Analysis”. Its goal is for scientists to learn what is being done in science around the world. Science is not Russian or American, English, science is international, it is aimed at the benefit of all humanity. We must constantly exchange research results. And within the framework of the school, we receive the very latest scientific work of the highest level. This is of great importance for our students and teachers. Lagging behind is dangerous, and our school exists to prevent it.

    Comfortable format

    The online format is convenient for our school. During Covid, we mastered this technology because people could not travel. In the current political situation, there are also restrictions, but the respect for our school is very high, so many foreign colleagues agreed to give presentations online. As part of the autumn school, we made several broadcasts on the Internet, which were joined by participants from various universities in Russia and around the world.

    List of speakers

    The first speaker was Professor Arunava Sen, one of India’s leading scientists who works at the Indian Statistical Institute. Some schools in India have an excess supply of teachers, while others have a shortage, and the speaker explained how to effectively reassign teachers, taking into account their wishes and the needs of the schools. Then Ahmed Alkan from Sabanci University, Turkey, one of the largest specialists in the field of generalized matchings, spoke – also completely new work related to representing these matchings in the form of lattices. The next speaker, Mario Guarracino from the University of Cassino, Italy, gave an amazing overview of neural network analysis methods and how neural networks operate. Eric Maskin, an employee of our center and a Nobel laureate, also spoke; I was delighted by his work on classical voting models. But he made very significant progress here. Alexey Myachin, also our employee, gave a report on completely new models in pattern analysis. This is a direction that has been developing for us for 20 years. Very high-quality new results have been obtained. The next talk is by Michel Grabisch from the Panthéon-Sorbonne University in Paris, who spoke about the possibility of generating linear orders. Then Vladimir Makarenkov, head of the bioinformatics department at the University of Quebec in Montreal, Canada, spoke about bioinformatics and practical applications. One of the world’s leading experts in the field of data analysis, Boris Mirkin, also spoke, who spoke about new models of K-means algorithms for data analysis. Colleagues from Sberbank Dzhangir Dzhangirov and Andrey Vashevnik spoke about large linguistic models and new visions for risk assessments. 

    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.

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Consumer NZ urges government to get domestic aviation market study off the ground

    Source: Consumer NZ

    Consumer NZ has written to the Minister of Commerce and Consumer Affairs, urging him to direct the Commerce Commission to undertake a market study into New Zealand’s aviation sector.

    Jon Duffy, Consumer NZ CEO, says in sectors where any single company holds a significantly high market share, such as Air New Zealand, which holds an 86% share, there is a risk competition isn’t working as it should to keep prices reasonable.

    In particular, the advocacy organisation is concerned by the findings of its own research into Air New Zealand’s use of dynamic pricing.

    Duffy says a market study would determine to what extent Air New Zealand may be taking advantage of its virtual monopoly.

    “For many New Zealanders, there’s Air New Zealand or nothing – and high fares are affecting our regions.

    “Our research has identified numerous red flags affecting competition in the sector that must be put under the microscope to assure consumers the cost of flying in New Zealand is truly fair.”

    In addition to the limited choice New Zealanders have when it comes to air travel, Consumer is concerned high barriers to entry reduce the likelihood that other carriers will enter the market to compete with Air New Zealand.

    Duffy also points out the government is a 51% shareholder in Air New Zealand but believes that there is no one holding the national carrier to account.

    “We understand Air New Zealand is facing its own set of challenges, like constrained fleet availability and increasing costs in some areas.

    “Our concern remains – New Zealand has the most concentrated domestic aviation market in the world¹, so when Air New Zealand says its pricing is fair, we are forced to take their word for it. A market study would tell us whether we can rely on what we’re being told.

    “A Commerce Commission market study won’t solve anti-competitive behaviour, but getting information about how competition is working in the sector will highlight what interventions may be necessary and provide confidence New Zealanders aren’t being ripped off.”

    Notes

    ¹ Sabre Market Intelligence for the 2023 calendar year for domestic markets with more than 5 million seats operated by airlines. New Zealand has the most concentrated domestic aviation market in the world with one airline holding 86% of seats in the market.

    About Consumer

    Consumer NZ is an independent, non-profit organisation dedicated to championing and empowering consumers in Aotearoa. Consumer NZ has a reputation for being fair, impartial and providing comprehensive consumer information and advice.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Reserve Bank of NZ – Home buyers remain cautious in subdued housing market

    Source: Reserve Bank of New Zealand

    31 October 2024 – Housing market activity is currently subdued, with interest rates still at elevated levels. Households continue to show resilience following the significant price rises and falls seen over the last four years, according to a special topic on housing from the upcoming Reserve Bank of New Zealand – Te Pūtea Matua Financial Stability Report.

    Understanding the dynamics of the housing market is crucial for Te Pūtea Matua, as home loans account for more than 60 percent of total bank lending. Residential property makes up over half of New Zealand households’ wealth and the housing market directly influences financial stability, affects consumer confidence, and shapes economic growth.

    “Ensuring that we remain vigilant in monitoring these trends and market dynamics is essential for safeguarding the financial system and broader economy,” says Kerry Watt, Director of Financial Stability Assessment & Strategy.

    “House prices remain a stretch for many prospective buyers and are hovering around the top of our estimate of sustainable levels. Banks are currently facing competitive pressures to attract a limited pool of creditworthy borrowers, ” Mr Watt says.

    Borrowers’ capacity to take on more debt is increasing as monetary policy is eased. However, the weaker economic environment means households are exercising caution. The level of interest rates is still high by recent standards and lending growth has been low over the past year. It is uncertain when and by how much demand for new borrowing will pick up.

    New Zealand saw a rapid house price cycle over the past few years. The special topic compares our experience with some international examples of house price cycles, including those that led to significant financial system distress.

    “Although New Zealand’s recent house price cycle has been rapid compared to overseas examples, there has been comparatively less stress on our financial system, demonstrating the robustness of our institutions and regulatory frameworks,” Mr Watt says.

    Looking ahead, government policy changes are underway to increase long-term supply responsiveness in the housing market. Better supply responses to housing demand will help to moderate future house price cycles and improve housing affordability. Debt-to-income restrictions will also play an important role in moderating demand cycles and reducing the buildup of risks.

    More information

    Read our update on the housing market  https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=8ebee3769c&e=f3c68946f8
    The 2024 November Financial Stability report will be published on our website at 9:00am on Tuesday 5 November, with a media conference starting at 1:00pm. See the full details. https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=2e769bc10c&e=f3c68946f8

    What is the Financial Stability report https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=2731de53b7&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI: OP Mortgage Bank: Interim Report 1 January–30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    OP Mortgage Bank
    Interim Report 1 January–30 September 2024
    Stock Exchange Release 31 October 2024 at 10.00 EET

    OP Mortgage Bank: Interim Report 1 January–30 September 2024

    OP Mortgage Bank (OP MB) is the covered bond issuing entity of OP Financial Group. Together with OP Corporate Bank plc, its role is to raise funding for OP Financial Group from money and capital markets.

    Financial standing

    The intermediary loans and loan portfolio of OP MB totalled EUR 16,628 million (16,988)* on 30 September 2024. Bonds issued by OP MB totalled EUR 14,915 million (14,915) at the end of September.

    OP MB’s covered bonds after 8 July 2022 are issued under the Euro Medium Term Covered Bond (Premium) programme (EMTCB), pursuant to the Finnish Act on Mortgage Credit Banks and Covered Bonds (151/2022). The collateral is added to the EMTCB cover pool from the member cooperative banks’ balance sheets via the intermediary loan process on the issue date of a new covered bond.

    In January, OP MB issued a covered bond in the international capital market. The fixed-rate covered bond worth EUR 1 billion has a maturity of seven years and six months. All proceeds of the bond were intermediated to 63 OP cooperative banks in the form of intermediary loans.

    The terms of issue are available on the op.fi website, under Debt investors: www.op.fi/op-ryhma/velkasijoittajat/issuers/op-mortgage-bank/emtcb-debt-programme-documentation.

    On 30 September 2024, 98 OP cooperative banks had a total of EUR 14,800 million (14,800) in intermediary loans from OP MB.

    Impairment loss on receivables related to loans in OP MB’s balance sheet totalled EUR 0.1 million (-0.2). Loss allowance was EUR 2.4 million (2.6).

    Operating profit was EUR 6.4 million (8.3). The company’s financial standing remained stable throughout the reporting period.

    * The comparatives for 2023 are given in brackets. For income statement and other aggregated figures, the January–September 2023 figures serve as comparatives. For balance-sheet and other cross-sectional figures, figures at the end of the previous financial year (31 December 2023) serve as comparatives.

    Collateralisation of bonds issued to the public

    The covered bonds issued under the EMTCB programme worth EUR 25 billion established on 11 October 2022, in accordance with the Act on Mortgage Credit Banks and Covered Bonds (151/2022), totalled EUR 5,250 million. The cover pool included a total of EUR 5,781 million in loans serving as collateral on 30 September 2024. Overcollateralisation exceeded the minimum requirement under the Act (151/2022).

    The covered bonds issued under the Euro Medium Term Covered Note programme worth EUR 20 billion established on 12 November 2010, in accordance with the Act on Mortgage Credit Banks (Laki kiinnitysluottopankkitoiminnasta, 688/2010), totalled EUR 9,665 million. The cover pool included a total of EUR 11,900 million in loans serving as collateral on 30 September 2024. Overcollateralisation exceeded the minimum requirement under the Act (688/2010).

    Capital adequacy

    OP MB’s Common Equity Tier 1 (CET1) ratio stood at 49.3% (41.8) on 30 September 2024. The ratio was improved by the decrease in mortgages on OP MB’s balance sheet and the resulting reduction in capital requirement for credit risk. The minimum CET1 capital requirement is 4.5% and the requirement for the capital conservation buffer is 2.5%. The minimum total capital requirement is 8% (or 10.5% with the increased capital conservation buffer). Because OP MB covers capital requirements in their entirety with CET1 capital, the CET1 capital requirement is 10.5%. Estimated profit distribution has been subtracted from earnings for the reporting period.

    OP MB uses the Standardised Approach (SA) to measure its capital adequacy requirement for credit risk. The Standardised Approach is also used to measure the capital requirement for operational risks.

    OP MB belongs to OP Financial Group. As part of the Group, OP MB is supervised by the European Central Bank. OP Financial Group presents capital adequacy information in its financial statements bulletins and interim and half-year financial reports in accordance with the Act on the Amalgamation of Deposit Banks. OP Financial Group also publishes Pillar III disclosures.

    Own funds and capital adequacy, TEUR 30 Sep 2024 31 Dec 2023
    Equity capital 369,686 372,160
    Excess funding of pension liability -13 -13
    Share of unaudited profits   -7,490
    Proposed profit distribution -5,016  
    Insufficient coverage for non-performing exposures -4,632 -2,856
    CET1 capital 360,024 361,800
    Tier 1 capital (T1) 360,024 361,800
    Total own funds 360,024 361,800
    Total risk exposure amount    
    Credit and counterparty risk 679,352 812,205
    Operational risk 26,636 25,140
    Other risks* 24,774 27,336
    Total 730,762 864,682
    Ratios, %    
    CET1 ratio 49.3 41.8
    Tier 1 capital ratio 49.3 41.8
    Capital adequacy ratio 49.3 41.8
    Capital requirement    
    Own funds 360,024 361,800
    Capital requirement 76,765 90,829
    Buffer for capital requirements 283,259 270,971

    * Risks not otherwise covered.

    Liabilities under the Resolution Act

    Under regulation applied to crisis resolution of credit institutions and investment firms, the resolution authority is authorised to intervene in the terms and conditions of investment products issued by a bank in a way that affects an investor’s position. The EU’s Single Resolution Board (SRB) based in Brussels is OP Financial Group’s resolution authority. The SRB has confirmed a resolution strategy for OP Financial Group whereby the resolution measures would focus on the OP amalgamation and on the new OP Corporate Bank that would be formed in case of resolution. According to the resolution strategy, OP MB will continue its operations as the new OP Corporate Bank’s subsidiary.

    The SRB has set a Minimum Requirement for Own Funds and Eligible Liabilities (MREL) for OP MB. From May 2024, the MREL is 16% of the total risk exposure amount and 18.5% of the total risk exposure amount including a combined buffer requirement, and 6% of leverage ratio exposures. The requirement entered into force on 15 May 2024. The requirement includes a Combined Buffer Requirement (CBR) of 2.5%.

    OP MB’s buffer for the MREL requirement was EUR 215 million. The buffer consists of own funds only. OP MB clearly exceeds the MREL requirement. OP MB’s MREL ratio was 46% of the total risk exposure amount.

    Joint and several liability of amalgamation

    Under the Act on the Amalgamation of Deposit Banks (599/2010), the amalgamation of cooperative banks comprises the organisation’s central cooperative (OP Cooperative), the central cooperative’s member credit institutions and the companies belonging to their consolidation groups, as well as credit and financial institutions and service companies in which the above together hold more than half of the total votes. This amalgamation is supervised on a consolidated basis. On 30 September 2024, OP Cooperative’s member credit institutions comprised 99 OP cooperative banks, OP Corporate Bank plc, OP Mortgage Bank and OP Retail Customers plc.

    The central cooperative is responsible for issuing instructions to its member credit institutions concerning their internal control and risk management, their procedures for securing liquidity and capital adequacy, and for compliance with harmonised accounting policies in the preparation of the amalgamation’s consolidated financial statements.

    As a support measure referred to in the Act on the Amalgamation of Deposit Banks, the central cooperative is liable to pay any of its member credit institutions the amount necessary to preventing the credit institution from being placed in liquidation. The central cooperative is also liable for the debts of a member credit institution which cannot be paid using the member credit institution’s assets.

    Each member bank is liable to pay a proportion of the amount which the central cooperative has paid to either another member bank as a support measure or to a creditor of such a member bank in payment of an overdue amount which the creditor has not received from the member bank. Furthermore, if the central cooperative defaults, a member bank has unlimited refinancing liability for the central cooperative’s debts as referred to in the Co-operatives Act.

    Each member bank’s liability for the amount the central cooperative has paid to the creditor on behalf of a member bank is divided between the member banks in proportion to their last adopted balance sheets. OP Financial Group’s insurance companies do not fall within the scope of joint and several liability.

    According to section 25 of the Act on Mortgage Credit Banks (688/2010), which was valid at that time, the creditors of covered bonds issued prior to 8 July 2022 have the right to receive payment, before other claims, for the entire term of the bond, in accordance with the terms and conditions of the bond, out of the funds entered as collateral for the bond, without this being prevented by OP MB’s liquidation or bankruptcy. A similar and equal priority also applies to derivative contracts entered in the register of bonds, and to marginal lending facilities referred to in section 26, subsection 4 of said Act. For mortgage-backed loans issued prior to 8 July 2022 and included in the total amount of collateral of covered bonds, the priority of the covered bond holders’ payment right is limited to the amount of loan that, with respect to home loans, corresponds to 70% of the value of shares or property serving as security for the loan and entered in the bond register at the time of the issuer’s liquidation or bankruptcy declaration.

    Under section 20 of the Act on Mortgage Credit Banks and Covered Bonds (151/2022), which entered into force on 8 July 2022, the creditors of bonds issued after 8 July 2022, including the related management and clearing costs, have the right to receive payment from the collateral included in the cover pool, before other creditors of OP MB or the OP cooperative bank which is the debtor of an intermediary loan. A similar priority also applies to creditors of derivative contracts related to covered bonds, including the related management and clearing costs. Interest and yield accruing on the collateral, and any substitute assets, fall within the scope of said priority. Section 44, subsection 3 of the Act on Mortgage Credit Banks and Covered Bonds includes provisions on the creditor’s priority claim regarding cover pool liquidity support. According to said subsection, the creditor has the right to receive payment against the funds contained in the cover pool after claims based on the principal and interest of covered bonds secured by the cover assets included in the cover pool, obligations based on derivatives contracts associated with covered bonds, as well as administration and liquidation costs.

    Sustainability and corporate responsibility

    Responsible business is one of OP Financial Group’s strategic priorities. OP Financial Group’s sustainability programme guides the Group’s actions and is built around three themes: Climate and the environment, People and communities, and Corporate governance. Read more about the sustainability programme at www.op.fi/en/op-financial-group/corporate-social-responsibility.

    At OP Financial Group, sustainability and corporate responsibility are guided by a number of principles and policies. OP Financial Group is committed to complying not only with all applicable laws and regulations, but also with a number of international initiatives. The Group is committed to complying with the ten principles of the UN Global Compact initiative in the areas of human rights, labour rights, the environment and anti-corruption. OP Financial Group is a Founding Signatory of the Principles for Responsible Banking under the United Nations Environment Programme Finance Initiative (UNEP FI). Furthermore, OP Financial Group is committed to complying with the UN Principles for Responsible Investment and the UN Principles for Sustainable Insurance.

    As of the reporting year 2024, OP Financial Group reports on its sustainability and corporate responsibility in accordance with the European Sustainability Reporting Standards (ESRS) under the EU’s Corporate Sustainability Reporting Directive (CSRD).

    OP Financial Group has drawn up a biodiversity road map that includes measures to promote biodiversity at OP Financial Group. The aim is to create a nature positive handprint by 2030. ‘Nature positive’ means that OP Financial Group’s operations will have a net positive impact (NPI) on nature.

    OP Financial Group has also drawn up a Human Rights Statement and Human Rights Policy. OP Financial Group respects all recognised human rights, and the Human Rights Statement includes the requirements and expectations that OP Financial Group has set for itself and actors in its value chains. OP Financial Group is committed to remediation actions if it causes adverse human rights impacts.

    In March 2024, OP MB published a Green Covered Bond Report on the allocation and impacts of Finland’s first green covered bonds issued in March 2021 and April 2022. Under OP MB’s Green Covered Bond Framework, the proceeds from the bonds have been allocated to mortgages with energy-efficient residential buildings as collateral.

    The environmental impacts allocated to the green covered bonds in 2023 were 59,000 MWh of energy use avoided per year and 8,800 tonnes of CO2-equivalent emissions avoided per year. 

    Personnel

    On 30 September 2024, OP MB had six employees. OP MB has been digitising its operations and purchases all key support services from OP Cooperative and its Group members, reducing the need for its own personnel.

    Management

    The Board composition is as follows:

    Chair Mikko Timonen Chief Financial Officer, OP Cooperative
    Members Satu Nurmi Head of Personal Finance and Real Estate Services,
    OP Retail Customers plc
      Mari Heikkilä Head of Group Treasury & ALM, OP Corporate Bank plc

    OP MB’s Managing Director is Sanna Eriksson. The deputy Managing Director is Tuomas Ruotsalainen, Senior Covered Bonds Manager at OP MB.

    Risk profile

    OP MB has a strong capital base, capital buffers and risk-bearing capacity, and they are expected to remain strong throughout the rest of the year.

    OP MB’s most significant risks are related to the quality of collateral and to the structural liquidity and interest rate risks on the balance sheet for which limits have been set in the Banking Risk Policy. The key credit risk indicators in use show that OP MB’s credit risk exposure is stable. OP MB has used interest rate swaps to hedge against its interest rate risk. Interest rate swaps have been used to swap home loan interest, intermediary loan interest and interest on issued bonds onto the same basis rate. OP MB has concluded all derivative contracts for hedging purposes, applying fair value hedges which have OP Corporate Bank plc as their counterparty. OP MB’s interest risk exposure is under control and has been within the set limit.

    The liquidity buffer for OP Financial Group is centrally managed by OP Corporate Bank and therefore exploitable by OP MB. At the end of the reporting period, OP Financial Group’s Liquidity Coverage Ratio (LCR) was 214% and the Net Stable Funding Ratio (NSFR) was 130%. OP MB monitors its cash flows on a daily basis to secure funding liquidity and its structural funding risk on a regular basis as part of the company’s internal capital adequacy assessment process (ICAAP).

    An analysis of OP MB’s risk exposure should always take account of OP Financial Group’s risk exposure, which is based on the joint and several liability of all its member credit institutions. The member credit institutions are jointly liable for each other’s debts. All member banks must participate in support measures, as referred to in the Act on the Amalgamation of Deposit Banks, to support each other’s capital adequacy.

    OP Financial Group analyses the business environment as part of the ongoing risk assessment activities and strategy process. Megatrends and worldviews behind OP Financial Group’s strategy reflect driving forces that affect the daily activities, conditions and future of the Group and its customers. Factors currently shaping the business environment include climate, biodiversity loss, scientific and technological innovations, polarisation, demography and geopolitics. External business environment factors are considered thoroughly, so that their effects on customers’ future success are understood. OP Financial Group provides advice and makes business decisions that promote the sustainable financial success, security and wellbeing of its owner-customers and operating region while managing the Group’s risk profile on a longer-term basis. Advice for customers, risk-based service sizing, contract lifecycle management, decision-making, management and reporting are based on correct and comprehensive information.

    Events after the reporting period

    In October, OP MB issued a covered bond in the international capital market. The fixed-rate covered bond worth EUR 1 billion has a maturity of five years. All proceeds of the bond were intermediated to 48 OP cooperative banks in the form of intermediary loans.

    The terms of issue are available at the op.fi website, under Debt investors: www.op.fi/op-ryhma/velkasijoittajat/issuers/op-mortgage-bank/emtcb-debt-programme-documentation.

    In October, OP MB’s Board of Directors decided to sell OP MB’s on-balance sheet loan portfolio of EUR 1,825 million to 85 OP cooperative banks later this year.

    Outlook for 2024

    The Finnish economy was sluggish in the first half. GDP contracted over the previous year and unemployment increased. Forecast data suggests that the Finnish economy began to grow in the third quarter of 2024. Falling inflation and interest rates provide a basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. The escalation of geopolitical crises may abruptly affect capital markets and the economic environment.

    OP MB’s capital adequacy is expected to remain strong and risk exposure favourable. This will enable the issuance of new covered bonds also in the future.

    Time of publication of 2024 reports

    Report by the Board of Directors and Financial Statements 2024 Week 11, 2025
    Corporate Governance Statement 2024 Week 11, 2025

    Schedule for Financial Statements Bulletin 2024 and Interim Reports in 2025

    Financial Statements Bulletin 1 January‒31 December 2024 6 February 2025
    Interim Report 1 January–31 March 2025 7 May 2025
    Half-year Financial Report 1 January–30 June 2025 30 July 2025
    Interim Report 1 January–30 September 2025 28 October 2025

    Helsinki, 31 October 2024

    OP Mortgage Bank
    Board of Directors

    Additional information:

    Managing Director Sanna Eriksson, phone +358 10 252 2517

    DISTRIBUTION

    LSE London Stock Exchange
    Euronext Dublin (Irish Stock Exchange)
    Officially Appointed Mechanism (OAM)
    Major media
    op.fi

    The MIL Network –

  • MIL-OSI Australia: Candidates announced for the 2024 TSRA Board Election [31 October 2024]

    Source: Australian Electoral Commission

    AECMedia

    Updated: 31 October 2024

    Candidates in the 2024 Torres Strait Regional Authority (TSRA) elections to be held on Saturday 30 November 2024 have been officially announced today.

    Returning Officer, Jacqueline McHenry said 20 wards in the Torres Strait are involved in the 2024 TSRA elections, with each ward electing one member to the TSRA board.

    The ballot draw for the election took place at 1.00pm (AEST) on Thursday 31 October 2024, and the candidates for the election in the contested wards are as follows:

    Ward

    Candidate Name (in ballot paper order)

    Badu Island
    • BAIRA, Horace
    • NONA, David Lars
    • NONA, Maluwap
    • MORSEU, George

    Bamaga
    • NADREDRE, Yanette (Pepa)
    • NONA, Ugari

    Dauan
    • MOOKA, Patrick
    • ELISALA, Torenzo

    Erub
    • GELA, Jimmy Joe
    • BEDFORD, Kenneth
    • MYE, Nixon Y

    Hammond
    • DORANTE, Seriako
    • TURNER, Regina

    Iama
    • LUI, Getano
    • DAVID, Charles Albert

    Kubin
    • MANAS, Louise
    • SAVAGE, Danie

    Mabuiag
    • FELL, Keith
    • REPU, Cygnet
    • GUISE, Simi

    Masig
    • MOSBY, Hilda Denise
    • MOSBY, Yessie
    • NAAWI, Simon Frederick

    Mer
    • TAPAU, Ellen Cecilia Julie
    • KAIGEY, Bob Kevin
    • TABO, John

    Ngurapai and Muralag
    • LOBAN, Yen N
    • WASAGA, Eliziah
    • BECKLEY (Doolah), Emma

    Port Kennedy
    • FUJII, Thomas Jnr
    • JOHNSTON, Neville
    • AH WANG, Pauline
    • DAVID, Frank
    • NONA, George Timothy
    • HAVILI, Ofa

    Poruma
    • MOSBY, Phillemon
    • FAUID, Frank

    Saibai
    • MATTHEW, Jack
    • WARUSAM, Herbert
    • ANIBA, Chelsea

    Seisia
    • ELU, Damien Mugai
    • MUDU, Sabrina

    St Pauls
    • PAIWAN, John
    • KRIS, John T

    TRAWQ
    • STEPHEN, Sereako
    • HARRY, Abigail
    • KRIS, Ella

    Ugar
    • STEPHEN, Jerry Dixie
    • STEPHEN, Rocky Gabriel

    Warraber
    • TAMU, Kabay
    • MARI, Annie Patricia
    • BILLY, Iris

    In the ward of Boigu only one candidate nominated.  This means voting will not be required in this ward as it is classed as an uncontested ward.

    Uncontested ward:

    Ward

    Candidate

    Boigu

    TOBY, Dimas Pinaith

    All Torres Strait Islander and Aboriginal people living in the wards where elections will take place, who are 18 years of age or over, can vote in the TSRA election, if they are enrolled on the Commonwealth electoral roll by 5:00pm (AEST) on Friday 15 November 2024.

    If you need to enrol for the first time, or if you have recently moved to any of these wards and have not updated your address, you will need to complete an enrolment form and return it to the Australian Electoral Commission (AEC) by 5:00pm (AEST) on Friday 15 November 2024.

    Enrolment forms are available from the AEC website at www.aec.gov.au, AEC offices, the TSRA office, and the Returning Officer.

    Polling places will be open on Saturday 30 November 2024 in the wards of:

    • Bamaga
    • Ngurapai and Muralag on Horn Island, and
    • Port Kennedy and TRAWQ on Thursday Island.

    The AEC will conduct mobile polling for contested wards in outer communities.  Communities will be informed of times, dates and polling places prior to the mobile polling teams arriving.

    Information on polling place locations, early voting options or hospital and aged care facility polling places will be available shortly on the AEC website at www.aec.gov.au/tsra or call (02) 9375 6366.

    MIL OSI News –

  • MIL-OSI Security: Illegal possession of firearm sends Belgrade man to prison for almost three years

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    MISSOULA — A federal judge today sentenced a Belgrade man to two years and nine months in prison, to be followed by three years of supervised release, for illegally possessing a firearm during a drug trafficking investigation, U.S. Attorney Jesse Laslovich said.

    The defendant, Isaac James Cardona, 45, pleaded guilty in June to prohibited person in possession of a firearm and ammunition.

    U.S. District Judge Dana L. Christensen presided.

    In court documents, the government alleged that in November 2023, agents with the Missouri River Drug Task Force were conducting surveillance in Belgrade in an area known for drug trafficking. Law enforcement stopped Cardona, who had an outstanding state warrant. Cardona was found to be in possession of a loaded gun, two loaded magazines with extra ammunition for the gun, methamphetamine, a digital scale and 49 fentanyl pills. Cardona previously was convicted of a federal methamphetamine distribution crime and prohibited from possessing firearms and ammunition.

    The U.S. Attorney’s Office prosecuted the case. The Bureau of Alcohol, Tobacco, Firearms and Explosives, Missouri River Drug Task Force, and Belgrade Police Department conducted the investigation.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    XXX

    MIL Security OSI –

  • MIL-OSI: HPH Announces Results of its Extraordinary General Meeting and Separate Class Meeting

    Source: GlobeNewswire (MIL-OSI)

    GUANGZHOU, China, Oct. 31, 2024 (GLOBE NEWSWIRE) — Highest Performances Holdings Inc. (NASDAQ: HPH) (“HPH” or the “Company”) today announced the results of its extraordinary general meeting of shareholders and separate class meeting of the holders of ordinary shares of the Company (the “Combined Meeting”) held in Guangzhou on October 31, 2024.

    At the Combined Meeting, the shareholders passed the following resolutions to:

    (i) change the authorized share capital of the Company FROM US$2,000,000 divided into 2,000,000,000 shares consisting of (i) 1,950,000,000 Ordinary Shares of a nominal or par value of US$0.001 each (the “Ordinary Shares”); and (ii) 50,000,000 Preference Shares of a nominal or par value of US$0.001 each (the “Preference Shares”) TO US$5,000,000 divided into 5,000,000,000 shares consisting of (i) 4,000,000,000 Class A Ordinary Shares of a nominal or par value of US$0.001 each (the “Class A Ordinary Shares”); and (ii) 1,000,000,000 Class B Ordinary Shares of a nominal or par value of US$0.001 each (the “Class B Ordinary Shares”). All of the previously issued and outstanding Ordinary Shares will be re-designated as Class A Ordinary Shares. Each Class A Ordinary Share shall have one vote per Class A Ordinary Share while each Class B Ordinary Share shall have 100 votes per Class B Ordinary Share, among other rights, preferences, privileges and restrictions as set out in the AR M&A (as defined below).

    (ii) replace the existing third amended and restated memorandum and articles of association of the Company in their entirety with a new fourth amended and restated memorandum and articles of association of the Company (the “AR M&A”) to reflect, among others, the aforementioned changes; and

    (iii) authorize any director of the Company (the “Director”) to take any and all action that might be necessary to effect the foregoing resolutions as such Director, in his or her absolute discretion, thinks fit.

    About HPH
    Founded in 2010 and formerly known as Puyi Inc., we have evolved with a vision to become a leading provider of artificial intelligent technology-driven family and enterprise services. Our mission is to enhance the quality of life for families worldwide by leveraging two primary driving forces: technological intelligence and capital investments. We are dedicated to investing in high-quality enterprises with global potential, focusing on areas such as asset allocation, education and study tours, healthcare and elderly care, and family governance.

    We currently hold controlling interests in two leading financial service providers in China. The first is Fanhua Inc., a technology-driven independent financial service platform traded on the Nasdaq. The second is Fanhua Puyi Fund Distribution Co., Ltd., an independent wealth management service provider.

    Highest Performances Holdings Inc., formerly known as Puyi Inc., was renamed on March 13, 2024 to reflect its strategic transformation.

    Forward-looking Statements
    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When HPH uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from HPH’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: HPH’s ability to obtain proceeds from the Agreement; HPH’s goals and strategies; HPH’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the third-party wealth management industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets HPH serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by HPH with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in HPH’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. HPH undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    Highest Performances Holdings Inc.

    The MIL Network –

  • MIL-OSI United Kingdom: SNP must not backtrack on tenants rights or rent controls

    Source: Scottish Greens

    31 Oct 2024 Housing

    Everyone has a right to a secure and affordable place to call home.

    More in Housing

    The Scottish Government must not dilute the commitments it made to private tenants to deliver enhanced protections and rent controls.

    Speaking ahead of a Ministerial Statement on the forthcoming Housing Bill, the party’s equality spokesperson, Maggie Chapman, called for more protective measures to support renters across the country.

    The bill, which would introduce rent controls and new rights for tenants, was a key pledge in the Bute House Agreement between the Scottish Greens and the Scottish Government, with polling showing support from the overwhelming majority of Scotland.

    There have been concerns that the bill may be watered down, with one national newspaper quoting senior government sources pledging a “light touch approach” to regulations

    Ms Chapman said:

    “We all agree that Scotland faces a housing crisis, but words alone won’t do anything to tackle it. Everyone deserves a safe, warm home that gives them peace of mind and security, and we have so much more to do if we are to give tenants the rights and protections they deserve. 

    “Rent controls are normal in many countries – they exist across Europe and beyond. It is time for them to be introduced in Scotland. The SNP must not betray tenants or backtrack on the commitments they made three years ago.

    “By tackling sky high rents, ensuring protection from eviction, providing the rights to decorate and to keep pets, and providing greater support for victims and survivors of domestic abuse rebuilding their lives, we can build a fairer and better housing system.

    “This bill is a huge opportunity to deliver positive change for renters across Scotland. Everyone deserves to feel happy and safe in their homes and to be able to live comfortably without having to choose between eating or paying their rent.

    “MSPs across the Chamber must stand together and send a loud and clear message in support of tenants rights, giving the protections every tenant deserves. Homes should be for living in, not for profiteering.”

    MIL OSI United Kingdom –

  • MIL-OSI Security: Defense Contractor, Former Executive Indicted for Bribing Government Employee

    Source: Office of United States Attorneys

    SAN DIEGO – A federal grand jury has returned an indictment charging Cask Technologies, LLC and former company executive Mark Larsen with bribing a government employee to win lucrative government contracts.

    According to court records, Larsen and his subordinates at Cask gave former Naval Information Warfare Center employee James Soriano various things of value, including expensive meals, golf outings, and full-time jobs for Soriano’s close family friend and immediate family member. At the time of the conspiracy, Larsen was the director, and later the managing director, vice president, and executive vice president of Cask with offices in San Diego and Stafford, Virginia.

    In return, Soriano took official action to benefit Cask, such as steering non-competitive small business contracts to Cask and its “family” of companies; allowing Larsen and other Cask employees to draft procurement documents for various contracting efforts, including competitive procurements; and allowing Larsen and others to “ghost write” emails, official government correspondence, and performance evaluations for Soriano’s signature, all to benefit Cask and others in its “family” of companies.

    Soriano also agreed in an email exchange to “create & award” a $50 million supposedly competitive contract for services to Cask. Soriano then allowed Cask to draft the contract requirements and the price the government was expected to pay, and took other actions to ensure that Cask was awarded the “competitive” contract.

    To conceal their activities, Larsen, Cask and Soriano failed to disclose organizational conflicts of interest in relation to their contracting efforts and that Cask was affiliated to other companies in its “family” of companies, including two Native Hawaiian 8(a) companies that were subcontracting millions of dollars of work on 8(a) contracts to Cask.

    Soriano has already pleaded guilty to multiple bribery schemes, including facts related to his relationship with Larsen and Cask. He is scheduled to be sentenced in May 2025.

    “Defense contracts support our military, and as such play an important role in keeping us all safe,” said U.S. Attorney Tara K. McGrath. “Allowing bribery and corruption to dictate who obtains those important contracts undermines the system and dishonors our defense operations.”

    “This newest indictment is another constructive step toward accountability in this ongoing multi-year investigation,” said Bryan D. Denny, Special Agent in Charge for the Department of Defense Office of Inspector General, Defense Criminal Investigative Service, Western Field Office. “Mr. Larsen and Cask Technologies are accused of feeding their own greed by knowingly corrupting the government’s acquisition process and some government officials at the expense of our nation’s warfighters and taxpayers.”

    “The allegations in this case highlight the serious repercussions of undermining the integrity of the Department of the Navy’s procurement process. By prioritizing personal gain over fair competition, such actions can compromise the readiness and, potentially, the safety of our warfighters,” said Special Agent in Charge Greg Gross of the NCIS Economic Crimes Field Office. “We, alongside our investigative partners, are committed to exposing unlawful activity and restoring public trust in the systems designed to protect our nation’s security.”

    “This case demonstrates our commitment to working with our law enforcement partners to root out fraud and corruption in government contracting,” said Weston King, SBA OIG Western Region Special Agent in Charge. “These defendants are accused of working together to exploit the 8(a) program, actions that would defraud the government but also compromise the integrity of the program designed to uplift deserving entrepreneurs. I would like to thank the U.S. Attorney’s Office and law enforcement partners for their continued pursuit of justice and holding accountable those who engage in fraudulent schemes.”

    “This indictment demonstrates IRS CI’s commitment to leaving no stone unturned when we investigate DOD contract fraud,” said Special Agent in Charge Tyler Hatcher, IRS Criminal Investigation, Los Angeles Field Office. “Those who undermine the DOD contracting process put our warfighters at risk, and we will not rest on a case until we find all complicit parties and the evidence necessary to bring them to court.”

    This case is being prosecuted by Assistant U.S. Attorneys Patrick Swan and Katherine McGrath.

    DEFENDANTS                                 Case Number 24cr2111-TWR                       

    Mark Larsen                                        Age: 46                                   San Diego, CA

    Cask Technologies, LLC                                                                   Stafford, VA

    SUMMARY OF CHARGES

    Conspiracy to Commit Bribery – Title 18, U.S.C., Section 371

    Maximum penalty: Five years in prison; $250,000 fine

    Bribery – Title 18, U.S.C., Section 201

    Maximum penalty: Fifteen years in prison; $250,000 fine for an individual or $500,000 for an organization, or three times the monetary equivalent of the thing of value, whichever is greater.

    INVESTIGATING AGENCIES

    Defense Criminal Investigative Service

    Naval Criminal Investigative Service

    Small Business Administration – Office of Inspector General

    Internal Revenue Service Criminal Investigation

    Department of Health and Human Services – Office of Inspector General

    *The charges and allegations contained in an indictment or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

    If you have information regarding fraud, waste, or abuse relating to Department of Defense personnel or operations, please contact the DoD Hotline at 800-424-9098.

                                                                                   

    MIL Security OSI –

  • MIL-OSI Security: PRESS RELEASE BY UNITED STATES ATTORNEY RELATING TO NOVEMBER 2024 GENERAL ELECTION

    Source: Office of United States Attorneys

    Hagatña, Guam – SHAWN N. ANDERSON, United States Attorney for the Districts of Guam and the Northern Mariana Islands announced today the assignment of Assistant United States Attorneys (AUSA) who will lead the efforts of his Office in connection with the Justice Department’s nationwide Election Day Program for the upcoming November 5, 2024, general election.  AUSA Marivic P. David will serve as the District Election Officer (DEO) for the District of Guam and AUSA Eric S. O’Malley will serve as the DEO for the District of the Northern Mariana Islands. They are responsible for overseeing each district’s handling of election day complaints of voting rights concerns, threats of violence to election officials or staff, and election fraud, in consultation with Justice Department Headquarters in Washington DC.

    United States Attorney Anderson said, “Every citizen must be able to vote without interference or discrimination and to have that vote counted in a fair and free election.  Similarly, election officials and staff must be able to serve without being subject to unlawful threats of violence.  The Department of Justice will always work tirelessly to protect the integrity of the election process.”

    The Department of Justice has an important role in deterring and combatting discrimination and intimidation at the polls, threats of violence directed at election officials and poll workers, and election fraud.  The Department will address these violations wherever they occur. The Department’s longstanding Election Day Program furthers these goals and also seeks to ensure public confidence in the electoral process by providing local points of contact within the Department for the public to report possible federal election law violations.

    Federal law protects against such crimes as threatening violence against election officials or staff, intimidating or bribing voters, buying and selling votes, impersonating voters, altering vote tallies, stuffing ballot boxes, and marking ballots for voters against their wishes or without their input.  It also contains special protections for the rights of voters, and provides that they can vote free from interference, including intimidation, and other acts designed to prevent or discourage people from voting or voting for the candidate of their choice.  The Voting Rights Act protects the right of voters to mark their own ballot or to be assisted by a person of their choice (where voters need assistance because of disability or inability to read or write in English). 

    United States Attorney Anderson stated that: “The franchise is the cornerstone of American democracy.  We all must ensure that those who are entitled to the franchise can exercise it if they choose, and that those who seek to corrupt it are brought to justice. In order to respond to complaints of voting rights concerns and election fraud during the upcoming election, and to ensure that such complaints are directed to the appropriate authorities, DEOs will be on duty in this District while the polls are open.  Ms. David can be reached by the public at (671) 479-4120. Mr. O’Malley can be contacted at (670) 236-2986.”

    In addition, the FBI will have special agents available in each field office and resident agency throughout the country to receive allegations of election fraud and other election abuses on election day.  The public can contact the FBI at the following numbers:

    • Honolulu Field Office 24/7 (808) 566-4300
    • Guam Office (671) 472-7465
    • Northern Mariana Islands Office (670) 322-6934

    Complaints about possible violations of the federal voting rights laws can be made directly to the Civil Rights Division in Washington, DC by complaint form at https://civilrights.justice.gov/ or by phone at 800-253-3931.

    United States Attorney Anderson said, “Ensuring free and fair elections depends in large part on the assistance of the American electorate.  It is important that those who have specific information about voting rights concerns or election fraud make that information available to the Department of Justice.”

    Please note, however, in the case of a crime of violence or intimidation, please call 911 immediately and before contacting federal authorities. Local police has primary jurisdiction over polling places, and almost always has faster reaction capacity in an emergency.

    MIL Security OSI –

  • MIL-OSI NGOs: Mozambique: Authorities must end post-election assault on protests now  

    Source: Amnesty International –

    Responding to attacks on protesters and journalists during nationwide demonstrations following Mozambique’s disputed election, Amnesty International’s Deputy Regional Director for East and Southern Africa, Khanyo Farisè, said:   

    “Mozambique’s authorities must immediately halt their escalating assault on the rights to freedom of expression and peaceful assembly. Across the country, police have cracked down on opposition protests with live bullets, tear gas and arbitrary arrests. Medical groups report at least ten people killed and dozens wounded. Hundreds have been arbitrarily arrested. 

    “With more protests planned from 31 October, the government and security forces must respect and uphold everyone’s right to protest, express themselves and access information in Mozambique. Attempts to crush peaceful dissent with force risk exacerbating an already dire human rights situation. 

    Mozambique’s authorities must immediately halt their escalating assault on the rights to freedom of expression and peaceful assembly.

    Khanyo Farisè, Amnesty International Deputy Regional Director for East and Southern Africa

    “No one should be detained, injured or killed simply for peacefully protesting. Authorities must immediately release all those detained simply for the peaceful exercise of their human rights. Authorities must credibly and effectively investigate allegations of killings, bring perpetrators to justice and ensure effective remedies for victims’ families. 

    “Authorities have directly targeted journalists covering protests and cut off internet access in clear attacks on free expression and access to information. It is crucial that people can speak freely online and offline. The authorities must let journalists do their work and keep the internet on.” 

    MIL OSI NGO –

  • MIL-OSI China: The MND: US Willful Deployment of Typhon Mid-range Missile System only Stirs up Troubles 2024-10-31 The Philippine government needs to listen to the voices of its people, fully recognize the high sensitivity and grave consequences of this issue, and stop such dangerous behavior which will hurt others as well as herself. It should not tie herself to the US war chariot and end up being cannon fodders.

    Source: People’s Republic of China – Ministry of National Defense 2

      Question: It is reported that the Chairman of the Philippine Senate Foreign Relations Committee openly opposed US deployment of Typhon mid-range missile system in the Philippines during her attendance at a recent media forum. May I have your comment?

      Zhang Xiaogang: China has repeatedly expressed our firm opposition to US deployment of mid-range missile system in the Philippines. The US has withdrawn from the Intermediate-Range Nuclear Forces Treaty, developed Typhon mid-range missile system, and used it as a tool to maintain its hegemony. It has made willful deployment and stirred up troubles, which increased the risk of war in the region. It has been proven time and again that the US is a real saboteur to peace and a troublemaker.

      In fact, many people in the Philippines oppose US deployment of Typhon mid-range missile system. The Philippine government needs to listen to the voices of its people, fully recognize the high sensitivity and grave consequences of this issue, and stop such dangerous behavior which will hurt others as well as herself. It should not tie herself to the US war chariot and end up being cannon fodders.

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    MIL OSI China News –

  • MIL-OSI China: WSTDF 2024: Highlighting AI innovation, global governance

    Source: China State Council Information Office 2

    The 2024 World Science and Technology Development Forum (WSTDF) hosted a thematic session in Beijing on Oct. 23 focused on “AI Governance Innovation: Building an International Trust Foundation for Cultivating the Ecology of Science and Technology Governance”. The session brought together global experts and scholars, representatives of international organizations, and industry leaders to explore the innovative breakthroughs of artificial intelligence (AI), its applications across various industries, and the necessary frameworks for managing associated risks. 

    Attendees take part in the “AI Governance Innovation: Building an International Trust Foundation for Cultivating the Ecology of Science and Technology Governance” thematic session at WSTDF 2024, Beijing, Oct. 23, 2024. [Photo courtesy of WSTDF]
    AI as a catalyst for sci-tech advancement
    Wan Gang, chairman of WSTDF 2024 and president of the China Association for Science and Technology, emphasized the critical role of AI in advancing scientific research. “We hope to establish a new paradigm for cutting-edge scientific research that is fundamentally supported by artificial intelligence, accelerating the development of new industries and building new engines for growth,” Wan stated. He further called for joint efforts to promote the alignment and coordination of laws, regulations and standards, and establishing evaluation, education, warning and control mechanisms for AI applications to enhance the credibility, reliability and controllability of AI.
    At the conference, experts and industry leaders engaged in in-depth discussions on AI’s technological breakthroughs and its industrial applications. Qiao Hong, president of the World Robot Cooperation Organization and an academician at the Chinese Academy of Sciences, highlighted that AI has become a driving force of the technological revolution, finding extensive applications in intelligent manufacturing, smart cities, health care and financial services. She presented the “2024 Outlook for the Top 10 Frontier Technology Trends in AI,” covering advancements in general AI technologies, large-scale pre-trained models, embodied intelligence and generative AI, showcasing the boundless potential and possibilities of AI.
    Qiao said, “These cutting-edge technologies hold immense potential. The advancements will not only make daily life more convenient and efficient, but also spur innovation and drive progress across a wide range of industries.”
    As a cutting-edge field within AI, embodied intelligence is transitioning from concept to reality, drawing significant attention at the conference. Chang Lin, founder and CEO of Leju Robotics, noted that embodied intelligence and humanoid robots have shifted from niche concepts to mainstream relevance. “The rapid development of AI, especially large models, has greatly enhanced the adaptability of humanoid robots, significantly improving their general capabilities,” said Chang. “This progress paves the way for robots to take on flexible, intelligent tasks in household settings, potentially transforming everyday life.”
    Han Fengtao, founder and CEO of Spirit AI, emphasized that while embodied intelligence is not a new term, recent technological breakthroughs have brought it into the mainstream. In the robotics industry, for example, “the core advancement has reduced the need for human intervention at every stage,” Han explained. With technologies like text-to-image and text-to-action generation, robots are now capable of performing tasks with greater autonomy, he said. 
    Ethical challenges and the need for responsible AI governance
    As artificial intelligence rapidly advances, ethical concerns and social challenges have emerged.
    Zhang Ping, an academician at the Chinese Academy of Engineering and professor at the Beijing University of Posts and Telecommunications, pointed out that while breakthroughs in generative AI bring convenience, they also pose security and ethical challenges. “Issues like identity fraud through AI-generated content, and inappropriate messaging are rising,” he said. 
    Zhang shared research progress from a Beijing AI safety governance lab, which focuses on building a theoretical framework for general AI to ensure safe, controllable development. The lab is also pioneering super-alignment technologies to better align AI outputs with human values and decisions. Additionally, they are enhancing interpretability and automating assessments to confirm that general AI aligns with societal good.
    Huang Tiejun, a professor at Peking University, echoed these concerns, warning of the risks in commercial AI applications. He urged companies to prioritize human welfare, even when faced with lucrative business opportunities, emphasizing that global regulation is essential to prevent AI-dominant corporations from monopolizing benefits, concentrating wealth and worsening social inequality.
    Chang Lin stressed the importance of adopting a responsible approach to AI, highlighting the need for companies to continuously address and resolve emerging risks. Meanwhile, founder and CEO of Accelerated Evolution, Cheng Hao, added that ensuring AI safety is a complex matter, which involves physical and algorithmic domains. He explained that robot malfunctions or algorithmic errors could harm humans, underscoring the need for safety mechanisms that allow systems to stop in hazardous situations. 
    Global cooperation to shape AI for humanity
    Experts at the session emphasized the critical need for international collaboration and effective global governance to address associated risks and challenges.
    Huang Tiejun, also director of the Beijing Academy of Artificial Intelligence, highlighted that AI’s immense power must be managed on a global scale to prevent its misuse by a few companies. “International cooperation on AI governance is essential,” he stated. “This is a shared challenge for humanity, and we must use technical safeguards to ensure AI’s benefits aren’t abused.”
    Huang said that scientists worldwide share more consensus than division regarding AI’s development. He noted that scientific collaboration is often more open than political cooperation. “Platforms like the WSTDF play a vital role in advancing the AI industry. Despite current global complexities, in-person exchanges ease tensions and increase collaborative opportunities,” he added.
    Framing it within the vision of building a community with a shared future for humanity, Huang emphasized that AI development must advance the common welfare of all. “Guiding AI to benefit humanity is the direction we must follow.”
    Chang Lin noted that, despite geopolitical challenges, grassroots international exchanges remain robust and active. “We must overcome obstacles and keep advancing global partnerships,” Chang said.
    Gong Ke, former president of the World Federation of Engineering Organizations, highlighted the importance of supporting developing regions, noting that many international conflicts stem from unequal development. He stressed the role of advanced technology in helping developing nations achieve sustainable growth. “Enhanced productivity can be a driving force for peace,” Gong said.

    MIL OSI China News –

  • MIL-OSI China: Report: Beijing leads China’s modernization efforts

    Source: China State Council Information Office 2

    Beijing has led China’s modernization efforts for four consecutive years, according to the “2024 Chinese Modernization Index Report” released Wednesday by the School of Statistics of Renmin University of China. 
    The report evaluates the progress of Chinese modernization across five key areas: economy, politics, culture, society, and ecology. 
    The assessment framework comprises 24 indicators, including innovation, economic security, political participation, government efficiency, law-based governance, cultural engagement, social security, and pollution control. 
    The report highlights steady progress in China’s modernization journey over the past four years, with the most notable improvement seen in ecological conservation, demonstrating China’s commitment to green development. Beijing, Shanghai, and Zhejiang province topped the rankings in this respect, each scoring over 80.
    Beijing is also ranked first in social modernization, driven by expanded coverage in areas like education, eldercare, and healthcare.
    The report recommends further economic development, strengthening government performance, promoting green development principles, and increasing people’s cultural participation.

    MIL OSI China News –

  • MIL-Evening Report: Islands Business publisher Samantha Magick – storyteller, risk-taker and community champion

    By Teagan Laszlo, Queensland University of Technology

    For Samantha Magick, journalism isn’t just a job. It is a lifelong commitment to storytelling, advocacy, and empowering voices often overlooked in the Pacific.

    As the managing editor and publisher at Islands Business, the Pacific Islands’ longest surviving news and business monthly magazine, Magick’s commitment to quality reporting and journalistic integrity has established her as a leading figure in the region’s news industry.

    Magick’s passion for journalism began at a young age.

    “I wanted to be a journalist when I was like 12,” Magick recalls. “When I left school, that’s all I wanted to study.”

    She remembers her family’s disapproval when she would write stories as a child, as they thought she was “sharing secrets”. Despite that early condemnation, Magick’s thriving journalism career has taken her across continents and exposed her to diverse media landscapes.

    After completing a Bachelor of Communications with a major in journalism at Charles Sturt University in Bathurst, Australia, Magick began her career at Communications Fiji Limited (CFL), a prominent Fijian commercial network.

    She progressed over 11 years from a cadet to CFL’s news director.

    Guidance of first boss
    Magick attributes some of her early success to the guidance of her first boss and CFL’s founder, William Parkinson. She considers herself fortunate to have had a supportive mentor who led by example and dared to take risks early in life, such as founding a radio station in his 20s.

    After leaving CFL, Magick’s career took her across the globe, including regional Pacific non-government organisations, news publications in Hawai’i and Indonesia, and even international legal organisations in Italy.

    Magick, who is of both Fijian and Australian heritage, returned to Suva in 2018, where she began her current role as Islands Business’s managing editor.

    “I’ve chosen to make my life in Fiji because I feel more myself here,” Magick says, reflecting on her deep connection to the island nation.

    Magick’s vision for Islands Business focuses on delving into the deeper, underlying narratives often overshadowed by breaking news cycles and free, readily available news content.

    “We need to be able to demonstrate the value of investigation, big picture reporting rather than the day-to-day stuff,” Magick says.

    Magick prides herself on creating a diverse and inclusive newsroom that reflects the communities it serves.

    Need for diverse newsroom
    “You have to have a diverse newsroom,” she emphasises, recognising the importance of amplifying marginalised voices. “For example, there is a conscious effort to make sure our magazine is not full of photos of men shaking hands with other men.”

    Magick also believes journalists have a responsibility to advocate for change, as demonstrated by Islands Business’s dedication to tackling pressing issues from climate change to media freedom.

    “Why would I give a climate change denier space?” Magick questions when discussing the need to balance objectivity and advocacy. “Because it’s kind of going to sell magazines? Because it’s going to create a bit of a stir online? That’s not something we believe in.”

    Despite her success, Magick’s career has not been without challenges. Magick worked through Fiji’s former draconian media restriction laws under the Media Industry Development Act 2010, while also navigating the shift to digital media.

    Islands Business managing editor Samantha Magick (right) with Fiji Times reporter Rakesh Kumar and chief editor Fred Wesley (centre) celebrating the repeal of the draconian Fiji media law last year . . . ““Why would I give a climate change denier space?” Image: Lydia Lewis/RNZ Pacific

    Magick emphasises the need to constantly upskill and re-evaluate strategies to ensure she and Islands Business can effectively navigate the constantly evolving media landscape.

    From learning to capitalise on social media analytics to locating reputable information sources when many of them feared to speak to the journalists due to the risk of legal retribution, Magick believes flexibility and perseverance are crucial to staying ahead in media.

    In her early career, Magick also faced sexism and misogyny in the media industry. “When I think back about the way I was treated as a young journalist, I feel sick,” Magick says as she reflects on how she and her female colleagues would warn each other against interviewing certain sources alone.

    Supporting aspiring journalists
    The challenges Magick has faced undoubtably contribute to her dedication to supporting aspiring journalists, as evident through Kite Pareti’s journey. Starting as a freelance writer with no newswriting experience in March 2022, Pareti has since progressed to one of two full-time reporters at Islands Business.

    Pareti expresses gratitude for the opportunities she’s had while working at Islands Business, and for the mentorship of Magick, whom she describes as “family”.

    “Samantha took a chance on me when I had zero knowledge on news writing,” Pareti says. “So I’m grateful to God for her life and for allowing me to experience this once-in-a-lifetime opportunity.”

    Magick reciprocates this sentiment. “Recently, I am inspired by some of our younger reporters in the field, and their ability to embrace and leverage technology — they’re teaching me.”

    Magick anticipates an exciting period ahead for Islands Business, as she aims to attract a younger, professionally driven, and regionally focused audience to their platforms.

    When asked about her aspirations for journalism in the region, Magick says she hopes to see a future where Pacific voices remain at the centre, “telling their own stories in all their diversities”.

    Teagan Laszlo was a student journalist from the Queensland University of Technology who travelled to Fiji with the support of the Australian Government’s New Colombo Plan Mobility Programme. This article is published in a partnership of QUT with Asia Pacific Report, Asia Pacific Media Network (APMN) and The University of the South Pacific.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: UK approves use of export finance to secure critical minerals

    Source: United Kingdom – Executive Government & Departments 4

    UK Export Finance can now provide financial support for overseas projects that source critical minerals for use in major UK industries.

    Lithium, an example of a critical mineral

    • Chancellor announces availability of export credit financing to help British industries access a stable, long-term supply of critical minerals. 

    • There is high global demand for critical minerals which are increasingly vital to long-term industrial growth, emerging technology and the net zero transition. 

    The Chancellor has announced that UK Export Finance (UKEF), the government’s export credit agency, will offer financial support for overseas projects that supply critical minerals fuelling UK industrial growth and the net zero transition.  

    By securing contracts which increase and diversify UK access to critical minerals, this will help the UK to build economic resilience and lower the risk of supply-chain disruption in major industries like automotive, defence and aerospace. 

    ‘Critical minerals’ are raw materials like lithium, graphite and cobalt which are essential to the UK’s largest exporting sectors. They are used in range of emerging and sustainable technologies like electric vehicles, solar panels and wind turbines. 

    Financing will be offered in the form of credit guarantees to overseas companies, helping them access debt financing for projects which supply UK exporters with critical mineral products – including both raw and processed materials.  

    It is expected that UKEF will work with other ECAs and public financial institutions to finance eligible projects and support investment into new supply routes.   

    This would make it easier for UK manufacturers to secure contracts with critical mineral suppliers in countries with vast mineral deposits, including Australia, which holds large deposits of lithium.  

    Jonathan Reynolds, Secretary of State for Business and Trade, said: 

    There is intense global competition for critical minerals like lithium, tin and cobalt which are essential for industrial growth, British industries and our journey towards net zero. 

    As the energy transition pushes demand to new highs, this financing offer will help UK companies to get a seat at the table, build international partnerships and secure their critical mineral needs.  

    Helping exporters to access these vital resources will support UK industrial growth and our leadership in emerging technology.

    Kirsty Benham, Chief Executive Officer, Critical Minerals Association (UK), said:  

    We welcome the new export finance offering for critical minerals, which supports UK manufacturers and supply chain security. The offer demonstrates the importance of critical minerals to UK Government, and showcases the UK’s strengths as a serious buyer of these strategically important materials.  

    We look forward to working closely with UKEF and supporting the development of this offer into secure, resilient, responsible critical mineral supply chains for the UK and MSP partners.

    Sean Sargent, Chief Executive Officer, Green Lithium, added: 

    Green Lithium’s refinery in Teesside will be a future importer of critical raw materials and, following processing, a UK exporter of battery chemicals. This new export finance offering from UKEF is precisely the sort of initiative that will help UK businesses strengthen relationships with international partners and contribute to the development of stronger international supply chains, while also supporting critical minerals industrial development in the UK.  

    It is a welcome development from the UK Government, and a facility that will be of interest to several of our international supply chain partners.

    The UK government is a founding member of the US-initiated Minerals Security Partnership (MSP), which aims to help member economies secure a stable access to critical minerals. 

    Today’s announcement follows the recent launch of an MSP finance network, in which UKEF is working with other export credit agencies and financial bodies to help de-risk and increase financing for critical minerals projects.  

    UKEF has also used its existing products to support UK capability in critical minerals production. It recently announced a guarantee supporting machinery exports to one of Central Asia’s largest copper-production facilities.

    Contact

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    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-Evening Report: Grattan on Friday: furore over Anthony Albanese’s Qantas perks chips away at public trust in politicians

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    A major takeout from the inquiry into the national response to COVID is that a lack of trust would likely mean a less cooperative public during a future pandemic.

    Trust spiked early in the crisis, as fear ran high and people turned to known institutions and authority figures. Later, trust declined and frustrations rose, with people reacting against harsh measures.

    Criticism has grown in retrospect. In a 2024 survey, 54% said the government’s handling at the time was appropriate. This had been 80% at the pandemic’s peak. By 2024, 29% said the government had overreacted; they were more likely to rate its performance poorly than were people earlier.

    The review, by an independent panel, stressed the importance of better communication and coordination in planning for future crises. But a few wrinkles should also be considered.

    If we had another pandemic in five years, people would indeed be more resistant to restrictions. But if the next similar crisis was, say, 50 years on, the then-public’s attitude would be anyone’s guess. Trust might surge and subside in a similar pattern.

    The change in views is unsurprising. Looking back, memories of the threat fade somewhat – because overall Australia did well – while those of the restraints (some of them notable overreach) loom larger.

    The pandemic’s lift in public trust was a blip – driven by extraordinary circumstances – in a long-term decline. This decline is a serious intractable problem in our democracy, as in many other countries.

    You’d have to be super optimistic to expect a revival in trust in the foreseeable future. But if it continues to fall away, the foundations of our political institutions and our society will become shakier.

    In the United States, Donald Trump made a huge assault on people’s trust in the electoral system after he lost the 2020 presidential election. There’d be fears he would do the same if he loses next week.

    Thankfully, in Australia trust around election management remains absolutely solid. But there’s mounting concern about the corrosive effect of misinformation and disinformation in the political debate and, equally, distrust of proposals to curb these.

    The polarisation in our media is a much paler version of what we see in the US, but is still wearing away at trust.

    Distrust and cynicism are closely related, and can be fuelled by relatively small things.

    Australians have always been disrespectful of the political class. To a degree this can be positive, if it is healthy scepticism. But if it descends into a belief politicians are more likely to serve themselves than serve the public good, that pulls democracy downwards.

    Independent Helen Haines wrote this week: “in a world of aggressive lobbying, of jobs for mates, and acceptance of pork-barrelling, it is no surprise that in Australia there is diminishing trust in politics and governments”.

    The furore over Anthony Albanese obtaining Qantas upgrades, arising from Joe Aston’s just-published The Chairman’s Lounge, might be seen as small beer, as “scandals” go.

    But it raises suspicions, justified or not, in voters’ minds about decision-making. If big corporations are so cosy with politicians, are the politicians more likely to lend them sympathetic ears?

    After all, the pursuit of access and influence is behind much of the money that’s donated to politics. The same applies to privileges extended.

    Integrity is vital to trust. It didn’t pass the integrity test for Albanese to have accepted upgrades from Qantas, especially for personal travel, when he was transport minister in the former Labor government, overseeing regulation of the airline.

    After dodging for days – he said it took a long time to check his records – Albanese finally denied ever contacting then Qantas chief Alan Joyce (or other executives) to request upgrades. But, it will be asked, did a mates network mean he didn’t need to?

    Albanese is highly sensitive over the Qantas story, insisting to colleagues and others it is just a media beatup.

    The affair has chipped away at public trust not just in the prime minister but, to an extent, more generally, as scrutiny stretched to travel largesse received by opposition figures, including Peter Dutton asking to use Gina Rinehart’s plane.

    Research for the COVID inquiry showed a distrustful public wants more transparency from their politicians.

    It’s a paradox that we’ve seen an expansion of mechanisms for transparency, yet there’s the perception, and often the reality, of things being deeply opaque.

    In the upgrades affair, Albanese has made much of the fact he declared everything on his parliamentary register of interests. Yet that doesn’t get us to the core of the relationship between a senior politician and key people in an airline.

    It’s the same with the gambling industry. What has been going on behind the scenes to delay the government’s decision on gambling reform, expected months ago? We can find from the record the donations the gambling industry gave, but not the influence exerted privately.

    The increasing professionalisation of politics may have worked against trust. It distances voters from the politicians, and provides more tools for manipulating public opinion.

    This may be one reason why “community candidates”, with their grassroots campaigning, have appealed. But the apparent shyness of Simon Holmes à Court, whose Climate 200 fund donates to some of these candidates, about finding himself on the Australian Financial Review’s “covert power” list only turned more attention to the backstory of money and politics.

    Concern about integrity and trust was a driver of the Albanese government’s establishment, with much fanfare, of the National Anti-Corruption Commission (NACC). Now a scathing report released this week threatens to undermine public trust in that body.

    It followed the NACC’s decision not to investigate six people referred to it by the royal commission into Robodebt.

    Robodebt had delivered a massive blow to people’s trust in government and the public service, and it was vital full accountability was pursued.

    The NACC head, Paul Brereton, delegated the decision-making on whether to open an investigation to another commissioner, because he’d had a professional relationship with one of the people referred.

    But, in a damning report, the Inspector of the NACC found Brereton had not adequately excused himself.

    “I found that the NACC Commissioner’s involvement in the decision-making was comprehensive, before, during and after the 19 October 2023 meeting at which the substantive decision was made not to investigate the referrals,” the Inspector concluded.

    Brereton’s response has been to say mistakes happen, the important thing is to correct them, and this will be done – through the appointment of an “eminent person” to review whether the referrals should be investigated.

    Both government and opposition are declaring faith in Brereton. But crossbench senator David Pocock argues Brereton should go. Anthony Whealy, former judge and chair of the Centre for Public Integrity, told the ABC that while Brereton hadn’t committed a sackable offence, in his shoes he would step down, to protect the NACC’s reputation.

    Is that the price of maintaining trust in this institution that was supposed to help restore trust?

    Michelle Grattan 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. Grattan on Friday: furore over Anthony Albanese’s Qantas perks chips away at public trust in politicians – https://theconversation.com/grattan-on-friday-furore-over-anthony-albaneses-qantas-perks-chips-away-at-public-trust-in-politicians-242589

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: More than 400,000 customers use SLC’s digital refund service in first six months

    Source: United Kingdom – Executive Government & Departments

    Student Loans Company improves online customer experience with introduction of new digital refund service.

    A new digital refund service has been used by 418,000 customers in the first six months. As it continues to improve its customer experience, and in response to customer feedback, in May 2024, SLC introduced a new service into the online account for repayment customers.

    The simple, digital service is an easy way for customers to self-serve, requesting a below threshold refund, which is then paid directly into their bank account.

    The figure has been announced today (31 October 2024) as SLC’s issues a new statistical publication – Student loan repayments via PAYE eligible for refund – Tax Year 2023/24. The ad hoc statistical release provides more information on the total number of customers who have made repayments under the four refund scenarios, the total amount repaid, as well as the total refunds provided to customers in 23/24 tax year.

    Under the Education (Student Loans) (Repayment) Regulations, there are four refund scenarios, which the publication covers. These are:

    · Below Threshold Refunds – a correct repayment may be taken if a customer’s earnings are above the pay period threshold (e.g. due to overtime or bonus) but their total income for the year is below the annual threshold. SLC must wait until HMRC provides the customer’s annual earnings information at the end of the tax year, before a refund can be provided to eligible customers.

    · Over-repayment refunds – when a customer had paid off their loan, but an additional repayment is taken, due to the timing of pay dates and the request to stop deductions being processed at the employer side. If SLC has up-to-date bank details, a refund will be paid automatically to the customer.

    · Early repayment refunds – a customer has a repayment taken before they are required to begin repaying (a statutory date that generally occurs in April after they finish or leave their course and commence employment).

    · Wrong plan type refunds – the employer places the customer on the wrong plan type for their loan.

    Since May, £61.6m has been successfully refunded to 248,000 customers, in the below threshold refund scenario, as a result of the new refund service. To support the introduction of the new service, SLC has proactively contacted customers who are eligible for a below threshold refund* in the 23/24 tax year. From the almost 700,000 customers that have been contacted (by the end of October 2024), 75% of customers have opened the email and a third have requested a refund, after considering their own personal and financial circumstances.

    Annual earnings information is received from HMRC throughout the year, and SLC will continue to proactively communicate with customers as eligible refunds are identified.

    SLC cannot provide financial advice, and customers are urged to consider their own personal circumstances before requesting a refund. Any refund provided will be added back onto the customer’s student loan balance.

    Steven Darling, Customer Experience Director, at SLC, said: “At SLC, we want to provide the best possible customer experience, and from the feedback we receive from customers, they want to be able to self-serve in their online account.

    “With a below threshold refund being the most common reason why a customer might be eligible for a refund, we’ve made it quick and easy to request a refund through the online account. The figures in our latest report demonstrate the value of these improvements, with £61.6m being paid to 248,000 customers since May 2024.

    “I would encourage customers to keep their contact and bank details up to date in their online account to ensure they don’t miss any key communication regarding refunds.”

    Customers can read all of SLC’s guidance and refund information here, which also includes a step by step video guide of how to request a refund through their online account.

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Overspeed near Manor Park

    Source: United Kingdom – Executive Government & Departments

    Overspeeding of a passenger train near to Manor Park station, east London, 24 September 2024.

    FFCCTV image showing the points where the overspeeding occurred (courtesy of MTREL).

    At around 08:11 on 24 September 2024, a passenger train passed over a set of points east of Manor Park station at a speed of 45 mph (72 km/h). This was above the permitted maximum speed for these points of 25 mph (40 km/h). Passing over the points at this speed caused the train to jolt sideways.

    Although there were no reported injuries, the sudden movement of the train resulted in some passengers losing their footing and at least one passenger falling to the floor. The train did not derail during the incident and no damage was caused to the infrastructure or to the vehicles involved.

    We have undertaken a preliminary examination into the circumstances surrounding this incident. Having assessed the evidence which has been gathered to date, we have decided to publish a safety digest.

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Anniversary Statement: ATR 72-212 A, G-CMJM

    Source: United Kingdom – Executive Government & Departments

    Right nosewheel detached on takeoff, Edinburgh Airport, 31 October 2023

    This statement provides an update on the AAIB investigation into an accident to ATR 72-212 A, G-CMJM, at Edinburgh Airport, on 31 October 2023.

    While taking off from Edinburgh Airport, the right nose landing gear wheel detached from the aircraft.  The flight continued to its destination without any abnormal indications or adverse aircraft performance, and the missing wheel was only noticed as the aircraft taxied onto stand after landing.

    The investigation into this event is nearing completion and a final report will be issued in due course.

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI China: Philippine side should not tie herself to US war chariot: Defense Spokesperson 2024-10-31 “The Philippine government needs to listen to the voices of its people, fully recognize the high sensitivity and grave consequences of this issue, and stop such dangerous behavior which will hurt others as well as herself,” said Senior Colonel Zhang Xiaogang.

    Source: People’s Republic of China – Ministry of National Defense 2

      BEIJING, Oct. 31 — “The Philippine government needs to listen to the voices of its people, fully recognize the high sensitivity and grave consequences of this issue, and stop such dangerous behavior which will hurt others as well as herself,” said Senior Colonel Zhang Xiaogang, spokesperson for China’s Ministry of National Defense, at a regular press conference on Thursday.

      It is reported that the Chairman of the Philippine Senate Foreign Relations Committee openly opposed the US’s deployment of Typhon mid-range missile system in the Philippines during her attendance at a recent media forum. When being asked to comment on such report, the Chinese defense spokesperson made the above remarks.

      He pointed that China has repeatedly expressed firm opposition to the US’s deployment of mid-range missile system in the Philippines. “The US has withdrawn from the Intermediate-Range Nuclear Forces Treaty, developed Typhon mid-range missile system, and used it as a tool to maintain its hegemony,” stressed the spokesperson.

      Furthermore, according to the spokesperson, the US has made willful deployment and stirred up troubles, which increased the risk of war in the region. It has been proven time and again that the US is a real saboteur to peace and a troublemaker.

      The spokesperson also pointed out that in fact, many people in the Philippines oppose the US’s deployment of Typhon mid-range missile system. “The Philippine government should not tie herself to the US war chariot and end up being cannon fodders”, urged the spokesperson.

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    MIL OSI China News –