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Category: Politics

  • MIL-OSI United Kingdom: Westminster City Council invests nearly £4 million in dedicated SEND facilities for young people and their families  | Westminster City Council

    Source: City of Westminster

    Recognising an increase in demand for services for children with special education needs and disabilities (SEND), Westminster City Council has expanded its extensive current offer by investing nearly £4 million in dedicated SEND facilities for young residents and their families.  

    A brand-new SEND facility has opened in the south of Westminster – known as Tresham South, and a major refurbishment and expansion of our facility in the north of Westminster – known as Tresham North, has taken place to greatly improve our SEND provision right across the city. 

    £1.8 million has been spent on our brand-new Tresham South site in Pimlico in response to parents and carer feedback. This site includes our Short Breaks service – a place for children with SEND to experience unforgettable activities and develop vital skills, while giving their families time away from their caring responsibilities, as well as a new council-funded campus for College Park Special School. 

    The new Short Breaks centre contains two main activity rooms that cater for lots of different types of free flow play: one for older children and one for younger children. It also features arts and craft spaces and a main hall for larger group activities. The school’s facilities include a sensory room, occupational therapy suites and seven classrooms to provide an additional 50 school spaces for SEN children.  

    College Park School and the Short Breaks service also share several state-of-the-art facilities – these include a sensory room with a number of exciting elements, a soft play area, and a large playground space with an outdoor play area.    

    In the north of Westminster, £1.9 million of council funding has gone towards significant refurbishment and expansion to our existing popular Tresham North Short Breaks centre near Edgware Road. This provides cutting edge and expanded facilities, including an outside cinema, two soft plays, youth zone and facilities for children with complex health needs.

    Our expanded Short Breaks service addresses the council’s desire to increase SEND provision in the south of the city. It offers eligible children a local place where they can socialise, enjoy activities and learn in a safe and nurturing environment.    

    The development of all SEND provision across Westminster, including these new facilities, happens in collaboration with Make it Happen, a parents’ forum for those with children and young people who have special needs and disabilities.  

    At our opening event for our new Short Breaks Facility in the South of Westminster, Charlie Lynch, said:   

    Having this centre will really help my son socially, physically and emotionally. Nothing like this exists to include children with learning disabilities in the community. It gives them a chance to make friends, learn who they are as individuals, and have a safe space to play as part of a community.  

    Claire Sheppard, Headteacher at College Park Special School, said:  

    Westminster City Council have been instrumental in making this place work, making it the best it can be and has been really supportive in everything we do. It’s been amazing having local councillors and a great education department that are willing to invest in our children with special needs, knowing that there is such a demand.  

    Kayleigh Lloyd, our Short Breaks Service manager said:   

    The additional provision in the south of the city is something we’ve been really looking forward to. We cannot wait to welcome more of our families so they can access this new free, and fully accessible facility, that I know will be really enjoyed by all the children who attend here.  

    Cllr Aicha Less, Deputy Leader and Cabinet Member for Children at Westminster City Council said:   

    The council remains committed to a forward-thinking approach for special educational needs and disabilities provision. By actively consulting with local communities, we aim to understand their needs and identify the best way to provide comprehensive support. Our goal is to ensure that every child and young person with SEND receives the care, opportunities and resources they deserve, and these brilliant new facilities will help us to make that a reality in Westminster.  

    Note to editors:  

    Our Short Breaks service provides a number of different types of activity for children with SEND up to the age of 18 who have a package to attend the centres with a school holiday scheme, Saturday provision and after school activities. The aim is to provide valuable respite for parents and carers, as well as fantastic play and leisure activities for the children who attend. We have two centres within the city – Tresham North and Tresham South. To find out more about our Short Breaks service you can visit: https://www.westminster.gov.uk/shortbreaks. 

    College Park Special School is a local authority school in Westminster for children with autism and complex learning difficulties.

    Find out more about support for children with SEND on our family information hub – Family Information Hub | SEND Local Offer 

    MIL OSI United Kingdom –

    January 25, 2025
  • MIL-OSI Asia-Pac: HKSAR Government strongly opposes US’s restriction on investment in China including Hong Kong

    Source: Hong Kong Government special administrative region

    HKSAR Government strongly opposes US’s restriction on investment in China including Hong Kong
    HKSAR Government strongly opposes US’s restriction on investment in China including Hong Kong
    ******************************************************************************************

         In response to the United States (US)’s measure restricting investment in China including the Hong Kong Special Administrative Region (HKSAR) on semiconductors and microelectronics, quantum information technologies, and artificial intelligence systems, a spokesman for the HKSAR Government today (October 29) expressed strong objection to the US for intentionally targeting China and the HKSAR using various excuses out of political interests, causing damage to normal trade and investment activities as well as severely undermining the principles of a free market and economic order. The US will ultimately reap the consequences, in particular the impact on the trade surplus it has realised in bilateral trade with Hong Kong throughout the years.     The spokesman said, “In 2023, the US was the third-largest trading partner of Hong Kong, with the total merchandise trade value amounting to HK$472.2 billion (US$60.3 billion). Meanwhile, Hong Kong is the US’s 27th largest trading partner. As at end 2022, the US ranked sixth in inward direct investment (IDI) into Hong Kong, with an IDI stock of HK$351.4 billion (US$45 billion). It ranked eighth in outward direct investment (ODI) from Hong Kong, with an ODI stock of HK$164.2 billion (US$21 billion). Furthermore, the US has realised a trade surplus of US$271.5 billion with Hong Kong during the past 10 years, the largest among its global trading partners. These figures demonstrate the close economic interaction between Hong Kong and the US, as well as the vast business interests of US businesses in Hong Kong.     “The US politicians once again have shown that they have acted out of their own political interests, causing damage to normal trade and investment, the free market and economic order. The so-called restriction not only cause damage to normal business activities between Hong Kong and the US, but also affect the stability of the global supply chain. Such restriction, which also harm US enterprises as well as their business interests and adversely impact bilateral economic activities, was politically driven and in nobody’s interest. The HKSAR Government would work with our country to safeguard our national interests and protect the interests of Hong Kong enterprises,” the spokesman stressed.

     
    Ends/Tuesday, October 29, 2024Issued at HKT 18:43

    NNNN

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI USA: Administrator Samantha Power at a Swearing-in Ceremony for Emily Coffman-Krunic as Mission Director for Bosnia and Herzegovina

    Source: USAID

    ADMINISTRATOR SAMANTHA POWER: Dobro jutro [good morning], here. Dobar dan [good evening], there. 

    It’s really great to be part of this event. Jim [Hope], really lovely to hear from your perspective. Jim has most recently been our Mission Director in Ukraine, and this is the first ceremony that I’ve had the chance to hear him emcee. But, it’s great to hear from a fellow Mission Director what these ceremonies mean. Certainly, they mean the world to us. 

    Ambassador [Michael] Murphy, as much as you think you know about Emily, you are about to learn much more. You will have a lot more ammo to use in various interagency deliberations. But, I want to thank you for joining and doing so in the spirit you did, I’ve actually – we haven’t had the chance to meet in person – but I devour your cables and your tweets. But above all, I have the greatest respect for just how you have not taken the easy path there and really stood. I think, very strongly in the face of an awful lot of resistance and many many headwinds – for not only American values but ultimately for the dignity of the people of the country and of the region. Really, really grateful to you for that. I’ve admired you from afar for a long time. 

    I do want to recognize – and Emily and I just talked about the tragedy of the historic floods that have really besieged really small communities in Bosnia and Herzegovina, very specifically Jablanica and Konjic. I know that Ambassador Murphy and Emily are already working with affected communities to support recovery efforts and even visited and met with the affected people. That means the world, I’m sure, to them, that someone has their back. But, our thoughts, of course, go out to those communities. There’s a lot coming at the people of Bosnia and Herzegovina, and when the floods pile on, it must be very overwhelming. So again, just a reflection of how much the American people care about the people of the country, and you all are incredible ambassadors for that. 

    Emily has a full house here today, in person and online, and maybe breaking some records if we add up all the miles traveled for each of the family members. But, we have her father Daniel and her mother Blanche, beaming in on the screen. And, here in the audience, we have her sisters Elizabeth, Ginny, and Julie. Ginny flew in all the way from England, and, incredibly, Julie has made the time to be here today after spending the past few weeks helping hurricane recovery efforts in western North Carolina. 

    And again, the parallel between what happens in Bosnia and the extremity of that and what happens here is just a reminder of the universality, sadly, of these challenges these days. 

    Thank you to the sisters, you seem like an incredibly close-knit group. I was like, “Are you thinking of visiting?” And they were like, “Ah, we’ve been there many times, you know!” So, I know Emily is incredibly lucky to have you in her corner. 

    We’re also joined by Emily’s children, of course – by Adrian, who studies engineering at the University of North Florida, and Emily’s daughter Stella, who began her own studies recently in anthropology in Amsterdam. I know that through your lives you’ve had to make big changes often to accommodate mom’s spirit of public service – leaving schools, and friends, and communities. So, thank you for your own sacrifices. You are the reason your mom does everything she does. So, thank you. 

    Alright, this is your life portion. 

    Emily was born in Jacksonville, Florida, to two parents we just got to see, who instilled in her the value of helping others. Her mom was a nurse before becoming a great caretaker for her four daughters, and then her mom worked at a local school. Emily’s dad was a pilot in the Navy and then a lawyer. 

    As a child, Emily was a go-getter who loved adventure, apparently. Although she was not the oldest, I’m told that she was the one who always directed the games among the girls. Emily went on to earn her degree in philosophy from Texas Christian University, before working at Merrill Lynch, where she saved up enough money to keep fueling her adventures. 

    She went to Guatemala for three months to learn Spanish and to Chile for six months to teach English to children of the indigenous Mapuche people, where she caught the spark, I guess, for international development work. Emily went on to earn her master’s in international peace and conflict resolution at American University, while also volunteering at the International Rescue Committee. 

    One day, Emily heard that the Organization for Security and Cooperation in Europe, OSCE, was looking for people to support Bosnia and Herzegovina’s very first municipal elections since the war. The country, as all of you know, had emerged from a horrific conflict with the signing of the U.S.-brokered Dayton Accords just the year before, and tensions were high as elections neared – with the question of whether the Dayton agreement could result in lasting peace and whether democracy really could be meaningfully ushered in. 

    Emily still had two months left in her degree program, but everyone she talked to, including the professors whose classes she would be skipping out on, said, “You have to do this. This is too important not to do.” 

    But, she was conflicted, because she was clearly a better student than I was. And so, she called her dad, and he was the last person she just had to make sure that she wasn’t doing something crazy. Her dad, Dan, of course, was worried about her going to war-torn Bosnia – again, the bullets had barely ceased firing, and this election was really soon after the war had ended.

    But, Emily asked him, and he expressed some reluctance, you know, given that the headlines had recently been very grim. But, Emily asked him, “Dad, what exactly were you doing when you were 27?”

    And his answer was, “I guess I was flying jets off aircraft carriers in the ocean…”

    So, Emily went on, booked her ticket with everybody’s full support. As you heard, she went on to work in Bosnia and Herzegovina for eight years, eventually joining the World Conference of Religions for Peace, one of USAID’s partners in Bosnia and Herzegovina as the Chief of Party.

    Emily knew that for development efforts to be effective there, after such vicious inter-ethnic conflict, there needed to be enhanced communication and cooperation. The demonization across lines had been very, very intense.

    Muslims, Croats, Bosnian Serbs, Orthodox Christians, Catholics, Jews – everyone kind of had to come together in dialogue. So, as you heard again from Ambassador Murphy, she and her team founded this inter-religious council of Bosnia and Herzegovina, and it really has, over the years, worked to mobilize faith leaders, faith communities, in service of reconciliation and rebuilding. 

    The work has never been easy. The demons, not only from the wars of the 1990s, but dating even further back, loom large. The misinformation which really impedes, you know, the ability to sustain, sometimes, that trust that those encounters can breed – all of that makes it immensely challenging.

    But, Emily continued to help the council members establish common ground and find productive ways to work together. Over these last decades, this Council has played an important role on everything from organizing youth reconciliation, to addressing gender-based violence, to facilitating the protection of holy sites for all groups.

    I think this shows a characteristic that has defined Emily’s work over the years. Even in incredibly difficult environments where the odds seem low of succeeding, she has managed to help people see that there is a path forward, if they can come together.

    In Rwanda, Emily arrived at a time when the democracy team’s funding had been nearly zeroed out for two years in a row. The Mission was actually considering stopping all democracy and governance programming. But, Emily understood that supporting democracy, again as Ambassador Murphy reinforced, was, in fact, fundamental to advancing development. 

    To make enduring progress on any front, developmentally, citizens have to be empowered to demand and work toward the change that they want in their own communities. They also have to be able to, through raising their voice at the ballot, be able to get rid of leaders who are corrupt or governing poorly and in a way that isn’t bettering the lives of citizens. 

    In the words of Joseph Rurangwa, an FSN in Rwanda, Emily “fought for DG’s identity” – fought for democracy and governance’s identity. Apparently, she worked day and night to convince partners, donors, and colleagues that democracy and governance was worth the investment. 

    Emily went to battle, and Emily won. The Mission in Rwanda didn’t just revitalize the small democracy team that Emily had come to lead. It created an entirely new standalone democracy and governance office. The office went from having two activities in other portfolios to an entire portfolio of 13 democracy and governance activities: from training journalists, to hosting election roundtables for citizens and human rights training for Rwandan youth, to even creating the Mission’s first-ever activity supporting the LGBTQI+ community in Rwanda. Joseph says, “Emily steered the boat in troubled waters, and with her at the helm, 800,000 flowers bloomed all at once.” 

    In Jordan, where Emily started as the Democracy, Rights, and Governance Office Director and ultimately became the Deputy Mission Director, she helped manage a portfolio completely unknown to her: water. Water is a huge, huge issue, as everyone knows. For Jordan, specifically, the country is the third most water scarce country in the entire world. And, while a country is considered to face water scarcity when it has less than 500 cubic meters of water per person per year, Jordan has just one-fifth of that. Just to give you a sense of the magnitude of this challenge. And water, as we know, again, all of us, from our own lives, is necessary for just about everything. 

    Jordan’s water portfolio is the largest budget for any single portfolio for USAID, and it is also a country – one of the few countries in the world – where USAID finances large infrastructure projects. So, it was a huge task, and though Emily had no formal background in water, she quickly became fluent in everything from project finance to major infrastructure construction. One colleague at the time says, “Emily came to the job with so much humility and curiosity. It really inspired all of us to feel like we were all in this together.”

    Emily led the team as they took on two tasks. First, while Jordan had an existing water sharing agreement with its neighbor Israel, Emily knew that in spite of the complex relationship between the countries, they could and should share more water. 

    So, she and the team helped negotiate an agreement in which the two countries agreed to double the volume of water that they shared. This was a historic agreement that spared further water rationing in Jordan. But, Emily also knew that to meet the scale of need, Jordan needed to develop its own desalination ability, turning saltwater into drinkable water. So, she oversaw the design and procurement of the third-largest desalination project in the world, leading it through political negotiations, financial hurdles, and technical discussions, as donors, partners, diplomats, and elected officials came together to achieve a workable plan. Emily’s efforts paid off. 

    USAID was able to catalyze nearly $3 billion against our $300 million pledge from donors like the Development Finance Corporation, the European Union, and the Islamic Development Bank. When construction is complete, slated to be in about five years, the project will pump newly desalinated water from the south of Jordan, 280 miles uphill, to the population centers of Jordan, who need the water for daily life – through pipes that are so big that you can actually drive a car through them. This single desalination project will meet a full 40 percent of Jordan’s water needs, transforming its water security.

    Emily has spent the past year, of course, applying the skills that she honed leading these kinds of ambitious projects in difficult environments in the Mission in Bosnia and Herzegovina, where she returned to serve as Deputy Mission Director. We are told that the first two weeks that Emily was back on the ground in Bosnia and Herzegovina, she met every single person at the Mission, from the Ambassador to the Foreign Service Officers to the Foreign Service Nationals to the cleaning staff, to get to know all of those who are part of her new team.

    When it was announced that she was going to be the new Mission Director, her predecessor, Courtney Chubb – an extraordinary Mission Director in her own right – but as Courtney described it, when word went out that she was going to be promoted, the Ambassador was completely overjoyed. And, as Courtney put it, “I’ve never seen so many smiles on the faces of our Mission staff.”

    And just to say a word about that Mission staff and having a chance to engage you all directly, you’re extraordinary. Our Foreign Service Nationals – as Courtney and I discussed when I was on the ground there on a visit, and Emily and I just discussed – you all are really some of the leading lights in the world. The amount you know, the amount you have achieved, the amount you have circumnavigated, all that stands in your way to make the peace enduring and to try to strengthen checks and balances and institutions. Many of our FSNs in Bosnia and Herzegovina have been there more than 20 years, some more than 30 years. It’s just an incredible team. And to have as a Mission Director, as you do, someone who so values you and recognizes how much she has to learn from you every day, that’s the best kind of teamwork that can be expected.

    So, there is no better person, I think, in something of a returning home, second home really, to Emily but for Emily Coffman-Krunic to be taking the helm as the Mission Director in Bosnia and Herzegovina.

    Bosnia and Herzegovina is a special place. It is a country whose people continue to experience incredible hardship. I talked earlier about the flooding, but there’s a lot of man-made disasters happening in Bosnia and Herzegovina, because so many elected leaders do not put their people first. Some do, and they are extraordinary, what they put up with as well.

    But, when institutions don’t work always on behalf of the people, it makes what the people do to make development happen even more impressive. And, the efforts that the people of Bosnia and Herzegovina have made, initially, to rebuild, to revitalize, to grow, really speak just to the resilience of all communities, and it’s an inspiration for those of us who only get to visit every now and then. 

    Since 1996, the U.S. government has provided more than $2 billion, including $1.5 billion from USAID alone, in assistance in efforts to support, again, those on the ground who are building a democratic and inclusive European country. One of the most complicated government structures in the world, makes things very, very challenging. It is hard, often, for leaders to agree on the kinds of basic policies or basic initiatives that the people really expect from them. When they agree, it can be very challenging to operationalize those efforts. But nonetheless, again, there is so much good that is happening on the ground. 

    The virulent nationalism that lives on, usually most vocally in those who don’t know how to or don’t care to deliver basic services for the citizens of the country, continues to threaten the progress that has been made. We see the direct targeting of NGOs and development partners. We see attacks on independent media. We see, basically, threats to this effort to build a strong, independent, and vibrant European country, which is so clearly what young people in the country want. 

    USAID has an incredibly important role to play in support of the whole country team’s effort to push back against these challenges. We are working to counter harmful nationalistic rhetoric and narrative, with the goal of strengthening the security and the dignity for individuals and for communities within the country. We are expanding our work with independent media, with civil society, with investigative journalists. We are working to contribute to economic development, to help the private sector drive growth, and to include all groups like LGBTQI+ communities, women and Roma populations, in the progress that the people of Bosnia and Herzegovina are trying to drive. 

    Now, Emily, I want to end these remarks on something your son Adrian told us. We asked Adrian what it was like to grow up and to travel the world with you. And Adrian said, “I always knew that what my mom did was helping people. It made me want to be a better person.” 

    So, Emily, I think it’s safe to say you’ve made so many of us here want to be better people, even I, just listening to your journey, but also seeing what you’ve been doing on the grounds in Bosnia and Herzegovina, and in Jordan, just during my time here. And, what I love about your spirit is you never give up. You don’t care about the odds. You just invest body and soul, bring questions and not answers in the first instance, empower your teams, and you have one of the best teams in the world there, as you well know, and you do it all with an eye to future generations and what would mean the most. 

    So, we are thrilled that you’re our Mission Director in Bosnia and Herzegovina, and I look forward to making it official and swearing you in. Congratulations.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI Economics: Euro area economic and financial developments by institutional sector: second quarter of 2024

    Source: European Central Bank

    29 October 2024

    • As of October 2024, ECB quarterly financial accounts provide more details on loans by counterpart sector granted by other financial institutions (OFIs) and information on debt securities issuance of non-financial corporations (NFCs) via financing conduits. OFIs are creditors of 23% of loans granted to NFCs by financial sector
    • Euro area net saving increased to €795 billion in four quarters to second quarter of 2024, compared with €787 billion one quarter earlier
    • Household debt-to-income ratio decreased to 83.4% in second quarter of 2024 from 87.8% one year earlier
    • NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 69.3% in second quarter of 2024 from 71.8% one year earlier

    New details on other financial institutions and the financing of other sectors

    As of October 2024, the quarterly sector accounts published by the ECB provide more detailed financial accounts data on OFIs, which constitute the second largest financial sector in the euro area after monetary financial institutions (MFIs).[1] OFIs mainly provide financing to NFCs and to a lesser extent to households and other sectors. They also channel funds to and from the rest of the world.

    This new release provides counterpart sector data, such as loans granted by the OFI subsectors to NFCs (Chart 1). The release also includes new data on euro area NFC financing conduits which are captive financial institutions that raise funds by issuing debt securities to be used by their parent corporation.[2]

    Chart 1

    Loans to NFCs by financial subsector

    (outstanding amounts at the of end of the second quarter of 2024, as percentages of financial sector loans to NFCs)

    Source: ECB.

    * Loans from NFC financing conduits to NFCs are estimated based on the financing conduits’ issuance of debt securities.

    Total euro area economy

    Euro area net saving increased to €795 billion (6.7% of euro area net disposable income) in the four quarters to the second quarter of 2024, compared with €787 billion in the four quarters to the previous quarter. Euro area net non-financial investment decreased to €440 billion (3.7% of net disposable income), mainly due to decreased investment by NFCs (Chart 2 and Table 1 in the Annex).

    Euro area net lending to the rest of the world increased to €388 billion (from €336 billion previously) reflecting the increased net saving and decreased net non-financial investment. Household net lending increased to €549 billion (4.6% of net disposable income) from €501 billion. Net lending of NFCs (€233 billion, 2.0% of net disposable income) and that of financial corporations (€124 billion, 1.0% of net disposable income) were broadly unchanged. Government net borrowing stood broadly unchanged at €517 billion, contributing negatively (-4.3% of net disposable income) to euro area net lending.

    Chart 2

    Euro area saving, investment and net lending to the rest of the world

    (EUR billions, four-quarter sums)

    Sources: ECB and Eurostat.

    * Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

    Data for euro area saving, investment and net lending to the rest of the world (Chart 2)

    Households

    Household financial investment increased at a higher annual rate of 2.3% in the second quarter of 2024 (after 2.0% in the previous quarter). Among its components, investment in currency and deposits (2.3%, after 1.6%) and investment in shares and other equity (0.8%, after 0.4%) grew at higher rates due to investment fund shares, while investment in debt securities increased at a lower rate (27.9%, after 38.5%).

    Households continued to directly buy, in net terms, mainly debt securities issued by general government and MFIs. Households were overall net sellers of listed shares, selling predominantly listed shares of non-financial corporations, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents) and MFIs (Table 1 below and Table 2.2 in the Annex).

    The household debt-to-income ratio[3] decreased to 83.4% in the second quarter of 2024 from 87.8% in the second quarter of 2023. The household debt-to-GDP ratio declined, to 52.2% in the second quarter of 2024 from 54.4% in the second quarter of 2023 (Chart 3).

    Table 1

    Financial investment and financing of households, main items

    (annual growth rates)

    Financial transactions

    2023 Q2

    2023 Q3

    2023 Q4

    2024 Q1

    2024 Q2

    Financial investment*

    2.0

    1.8

    1.9

    2.0

    2.3

    Currency and deposits

    1.3

    0.3

    0.8

    1.6

    2.3

    Debt securities

    48.6

    56.9

    54.3

    38.5

    27.9

    Shares and other equity**

    1.3

    1.1

    0.4

    0.4

    0.8

    Life insurance

    -0.2

    -0.7

    -0.6

    -0.2

    0.0

    Pension schemes

    2.4

    2.4

    2.2

    2.3

    2.3

    Financing***

    2.4

    1.6

    0.9

    1.1

    1.4

    Loans

    1.8

    1.0

    0.5

    0.6

    0.6

    Source: ECB.

    * Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

    ** Includes investment fund shares.

    *** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

    Data for financial investment and financing of households (Table 1)

    Chart 3

    Debt ratios of households and NFCs

    (percentages of GDP)

    Sources: ECB and Eurostat.

    * Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
    ** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
    *** Outstanding amount of loan liabilities.

    Data for debt ratios of households and NFCs (Chart 3)

    Non-financial corporations

    Financial transactions

    2023 Q2

    2023 Q3

    2023 Q4

    2024 Q1

    2024 Q2

    Financing*

    1.7

    1.2

    0.8

    0.8

    1.0

    Debt securities

    0.7

    1.5

    1.3

    1.9

    2.9

    Loans

    3.8

    1.9

    1.7

    1.4

    1.3

    Shares and other equity

    -0.0

    0.4

    0.3

    0.4

    0.8

    Trade credits and advances

    5.2

    2.2

    1.2

    0.6

    1.8

    Financial investment**

    2.9

    2.4

    1.8

    1.9

    2.1

    Currency and deposits

    -0.6

    -1.2

    -1.2

    0.5

    2.9

    Debt securities

    23.3

    27.9

    23.0

    10.6

    7.8

    Loans

    5.9

    5.2

    5.1

    4.4

    4.5

    Shares and other equity

    1.2

    1.2

    1.0

    1.4

    1.3

    MIL OSI Economics –

    January 25, 2025
  • MIL-OSI Economics: Luis de Guindos: Interview with ANSA

    Source: European Central Bank

    Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti

    29 October 2024

    At the latest press conference, President Lagarde spoke of a series of economic indicators pointing lower and of downside risks to growth. The Survey of Professional Forecasters published by the ECB foresees inflation of 1.9% in 2025, compared with 2.2% in the projections by ECB experts. In this context, will the Governing Council have the option to make back-to-back interest rate cuts, as occurred in September and October?

    In short, on the current economic situation, we don’t have good news with respect to growth but we do have good news with respect to inflation.

    On growth, we have revised down our projections twice – before the summer and in September. We see that the downside risks that we identified are crystallising, mainly because consumption is not recovering as expected. Even though real disposable income has increased because wages are catching up with past inflation, households are not increasing their spending. This could be due to structural factors, including a lack of confidence owing to past inflation, the pandemic or geopolitical risks. But it is clear that the recovery in consumption is not happening at the pace we had previously projected.

    On inflation, we have the opposite happening. The latest figures are good, in terms of both headline inflation and underlying inflation. Most measures of underlying inflation are declining, and we are confident that we will be able to reach our 2% target over the medium term in the course of 2025.

    Regarding possible future cuts, we have been very clear that we will keep all options open at forthcoming meetings, both in terms of the number of cuts and the size of these cuts. But what is most relevant for the transmission of monetary policy and the impact of financial conditions on aggregate demand is the medium-term trajectory, which is evidently that of an easing cycle. Fine-tuning monetary policy is very complex and the important signal is the medium-term trajectory.

    Geopolitical risks will play a role in the forthcoming monetary policy decisions. To what extent are the risks associated with the conflicts in the Middle East and the risks of a further escalation in trade tariffs pushing the ECB to take a prudent approach in reducing interest rates?

    Geopolitical factors play a very important role in our analysis. For example, the conflict in the Middle East has an impact on energy prices and upcoming elections could have an impact on international trade, global growth and inflation. This is one reason why we have to be very prudent with our decisions. When you are in a dark room full of uncertainty, for example because of geopolitical risks that you cannot control, you have to take very careful steps.

    Another important element is fiscal policy. Governments are now submitting their medium-term budgetary plans to the European Commission. This will give us more clarity on the fiscal outlook, which is an element that we take into consideration in our analysis and decision-making. So geopolitical risks, the possibility of distortions in international trade plus what will happen with fiscal policy will all feed into our decisions in the near future.

    In its new operational framework that came into force in September 2024, the ECB anticipates that a substantial contribution to providing liquidity to the banking sector will come from a structural portfolio of securities and from new longer-term refinancing operations, under conditions to be defined at a later date. What point has the discussion reached and what guidance is there?

    The operational framework has to be used to implement our monetary policy, it cannot condition it. And we have said very clearly that all monetary policy instruments in our toolkit remain available to us. This will include, for example, non-conventional measures, such as targeted longer-term refinancing operations and quantitative easing.

    Right now, we are in a situation of ample liquidity, which we are gradually reducing by discontinuing reinvestments, which will come to a complete halt at the beginning of next year. Once that liquidity has been significantly reduced, a combination of the monetary policy instruments at our disposal will help us deliver enough liquidity to the banking system.

    In my view, when we discuss the structural portfolio, we will need to take into account the actual liquidity situation of the banks and look not only at the average, but also at the dispersion in the banking sector. We have not decided on the size of the structural portfolio, but it will need to be large enough to deliver sufficient liquidity to the banking system.

    The latest monetary policy strategy review in 2021 took place at a time of strong deflationary pressures linked to various factors, including digitalisation and globalisation. Since then the landscape has changed. We find ourselves in a fragmented geopolitical context with the return of inflationary shocks. How will all this be reflected in the coming monetary policy strategy review? When will the discussion begin and what topics will it cover?

    We have established a couple of workstreams at the technical level to examine these factors, namely how the landscape has changed, how the new environment could have an impact on inflation, and our evolving policy toolkit. But this will not be discussed by the Governing Council until next year, with conclusions expected in the second half of 2025.

    What is crystal clear is that the definition of price stability as 2% inflation over the medium term will not be up for debate. And several other elements, such as the importance of financial stability considerations or accounting for climate change in our work, are already established. Instead, this review will mostly be an assessment of the previous strategy review while considering new elements, such as the changed economic and inflation environment, the possibility of deglobalisation and other structural elements that could affect the inflation outlook.

    Importantly, we will look at the consequences of measures we have used in the past. For every monetary policy decision, we need to look not only at short-term effects but also further ahead at possible unwanted effects. Quantitative easing, for example, is an instrument that proved to be very useful to fight deflation and the impact of the pandemic, but it also caused some side effects. In that respect, now that we have started the opposite process of quantitative tightening, we have much more information on the potential consequences of quantitative easing.

    Are you referring to fiscal side effects?

    No. I’m referring, for instance, to the impact on financial stability or on national central banks’ profit and loss accounts. These are side effects that can be better taken into consideration and that were not obvious at the time.

    Italy has seen inflation fall to below 2% from a high of close to 12% two years ago, and its growth rate is in line with the European average. While real disposable income is improving, investment is feeling the effects of a still restrictive monetary policy and politicians have criticised the ECB’s cautious stance in the last few months. How would you explain to Italian politicians and households the need for a cautious approach in reducing interest rates, and how do you plan to reassure them about the current transition from still restrictive interest rates to a more neutral stance?

    Above all else, we listen to all opinions carefully and with an open mind. The ECB and central banks are independent institutions, meaning that they need to display an additional level of responsibility and accountability.

    What I would say to Italian and European citizens is that it’s important to be cautious and prudent. We have reduced interest rates and the trajectory of our monetary policy is very clear, but there is a huge amount of uncertainty and we cannot make mistakes. That’s why a gradual approach to implementing monetary policy is essential.

    That being said, I’d like to reassure them that things are moving in the right direction. Inflation has fallen significantly. Most people look more closely at price levels than at inflation, but at the end of the day, current price levels are a consequence of past inflation. We can’t claim victory yet, but we have made good progress so far. And despite an economic slowdown, we have so far managed to reduce inflation without causing a recession in the euro area. When you look at the labour market, the situation remains positive. So I hope that in the medium term it will become more evident that we are on the right track.

    In its draft budget, the Italian government is seeking a contribution of around €3.5 billion from the banking sector by targeting deferred tax assets (DTAs). Has the ECB been consulted on the merits of this approach and what guidance is being formulated on this measure?

    In general, our assessment of banking sector taxes is quite clear from the legal opinions we have issued on proposals by several countries. Our view is that such taxes should not impair banks’ solvency or the transmission of monetary policy in terms of hampering the flow of credit to the real economy.

    In this specific case, we don’t have the definitive version of the tax yet, so it’s difficult to form an opinion about it. But I hope that solvency will be one of the items taken into consideration, which would be positive from our perspective.

    In my view, the design of the previous version of the tax was balanced, for example, because it made tax revenues and bank solvency compatible. Of the many approaches taken by other European countries that imposed taxes on the banking sector, I believe this was the most balanced one.

    Completing the banking union is one of the most urgent objectives that will make Europe more resilient and more competitive. Despite this, a cross-border merger like the potential merger between Unicredit and Commerzbank currently under discussion is treated as a national matter in both countries. What lessons can we learn from this and why is a cross-border merger between European banks still hitting the headlines in Europe in 2024?

    Given the importance of banks’ funding for the real economy, completing the banking union should be the number one priority on the European Union’s economic agenda. I acknowledge that there are political hurdles to achieving that, but it will be very difficult to have a real economic and monetary union without a banking union. Greater coordination of fiscal policy, for example through a common fiscal instrument or progress towards the capital markets union, would also be important.

    If you want a single banking market, you need to have genuine pan-European banks. This is why cross-border consolidation of the banking sector is important. I don’t discuss the merits of individual cases, but in my view, a European approach should prevail over a national one. That’s the way forward for European integration.

    In any case, our assessment of any merger and acquisition transaction is always based exclusively on prudential and solvency criteria. This is the guiding principle for us, based on European regulation.

    The Italian government has voiced its support for the merger between Unicredit and Commerzbank, which would strengthen European banking consolidation. At the same time, Italy is the only Member State that hasn’t ratified the treaty to reform the European Stability Mechanism (ESM), which is an important element in completing the banking union. How important will it be to remove this obstacle?

    In my previous answer, I referred to how important it is for a European approach to prevail over a national one. But this principle has to be consistent from all angles and in all kinds of situations. In my opinion, a pro-European approach to the integration of the economy, the banking system and the capital markets should be the one that prevails for all the items under discussion, including ESM reform. Ratifying the reformed ESM Treaty would be a clear pro-European decision.

    MIL OSI Economics –

    January 25, 2025
  • MIL-OSI China: Announcement on Open Market Business No.7 [2024]

    Source: Peoples Bank of China

    Announcement on Open Market Business No.7 [2024]

    (Open Market Operations Office, October 28, 2024)

    To keep liquidity in the banking system adequate at a reasonable level and to further enrich the monetary policy toolkit of the central bank, the People’s Bank of China (PBOC) decided to use the instrument of outright reverse repo operations on the open market as of today. Open to primary dealers of open market operations, it is to be conducted on a monthly basis in principle with a tenor of not more than one year. The operations adopt variable-rate tender with a fixed quantity and multi-price auction, trading central government bonds, local government bonds, financial bonds and unsecured corporate bonds. The result of operations will be released under relevant columns on the PBOC official website.

    The notice is hereby released. 

    Date of last update Nov. 29 2018

    2024年10月28日

    MIL OSI China News –

    January 25, 2025
  • MIL-OSI Europe: SEK 110 million in humanitarian assistance to Ukraine

    Source: Government of Sweden

    SEK 110 million in humanitarian assistance to Ukraine – Government.se

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    Press release from Ministry for Foreign Affairs

    Published 29 October 2024

    Russia’s full-scale invasion of Ukraine continues to have devastating consequences – both military and humanitarian. The Swedish Government is therefore supporting Ukraine in a number of ways and has now decided on a new humanitarian support package of SEK 110 million. This support will primarily be used to meet the increased needs ahead of the winter.

    “Russia is targeting civilian infrastructure and has disrupted major parts of the heating and electricity supply in Ukraine. Naturally, the consequences of this are more serious the colder the weather gets. For this reason, a large part of the population are struggling to heat their homes and prepare food. The Swedish Government has therefore decided to provide SEK 110 million to a number of humanitarian actors in Ukraine,” says Minister for International Development Cooperation and Foreign Trade Benjamin Dousa.

    The fact that Russia has mined large areas of Ukraine is a major problem and threat to people’s safety and lives. Russia’s full-scale invasion has forced millions of people to flee their homes and live as internally displaced people. Sexual violence against women has increased in these already vulnerable groups.

    “Sweden’s assistance will also go to mine clearance, which unfortunately will be an impending problem for a long time to come. The assistance will also go to addressing sexual and reproductive health needs and efforts to combat gender-based violence,” says Mr Dousa.

    “Sweden’s assistance to Ukraine is making a difference. We’re now helping to heat homes and clear the black soil from mines so that it can be used, feed people who are hungry and secure access to food,” says Aron Emilsson, foreign policy spokesperson for the Sweden Democrats.

    “A harsh winter is around the corner, in a situation in which Russia’s bombings have destroyed a large portion of critical infrastructure. We’re now assisting the Ukrainian civilian population with things that we take for granted here in Sweden – heating, water, sanitation and medicines – so that they can survive the winter,” says Gudrun Brunegård, development assistance policy spokesperson for the Christian Democrats. 

    “In order for Russia to lose the war and Ukraine to win, increased assistance is needed both for Ukraine’s infrastructure and to support the Ukrainian people. I’m proud that we’re now doing even more to help women in particular, as they have been especially severely affected by the war,” says Joar Forssell, foreign policy spokesperson for the Liberal Party. 

    Press contact

    About the humanitarian support package

    The humanitarian support package is divided between four organisations:

    • SEK 50 million is being allocated to the Ukrainian Red Cross Society (URCS). The Swedish Government will support URCS’s initiatives to meet humanitarian needs ahead of the winter, focusing on secure access to heating and electricity, and distribution of food, hygiene products, medicines and water.

    • SEK 20 million is being allocated to the UN Refugee Agency (UNHCR). Sweden is supporting Ukrainian refugees in a number of ways and will now also contribute to UNHCR’s efforts to assist internally displaced persons with preparedness and protection initiatives before and during the coming winter.

    • SEK 30 million is being allocated to the UN Development Programme (UNDP). The situation regarding landmines and unexploded ammunition remains difficult in major areas of Ukraine. UNDP is leading UN support to mine clearance in Ukraine. The organisation’s work, which focuses on surveying, prioritising and securing agricultural land, will need to be carried out for many years to come.

    • SEK 10 million is being allocated to the UN Population Fund (UNFPA). UNFPA’s humanitarian activities in Ukraine are helping address women’s sexual and reproductive health needs, prevent sexual and gender-based violence and provide support to people who have been subjected to violence. UNFPA is also helping rebuild and strengthen the health care system.

    MIL OSI Europe News –

    January 25, 2025
  • MIL-OSI United Kingdom: OPDC pioneers innovative, money-saving technology as one of England’s first Heat Network zones

    Source: Mayor of London

    Old Oak & Park Royal paves the way for England’s future sustainable energy solutions as one the government’s first heat network zones.

    Announced as one of six designated heat network zones, Old Oak and Park Royal will be home to a new district heat network. The project, spearheaded by the Mayor of London’s development corporation, OPDC, will use pioneering innovative technology that draws waste heat from data centres to provide low-cost, low carbon energy to over 10,000 new homes, businesses, and a major hospital.

    The six selected towns and cities, including Leeds, Plymouth, Bristol, Stockport and
    London are part of the government’s plan to accelerate the delivery of heat networks across England in areas where zones are likely to be designated in the future. The
    learnings from these pilots will inform the work to reduce bills, enhance energy
    security, and achieve net zero by 2050.

    OPDC’s new heat network is expected to deliver 95GWh of heat across five phases between 2026 and 2040. The project was awarded £36m from the government’s
    Green Energy Heat Network Fund in November 2023 with procurement for a partner to help develop the network now in the final stages, an announcement on the successful delivery partner is expected in early 2025. In September, the corporation announced the acquisition of the site for the heat network’s energy centre in Park Royal. Before the site is transformed into the nerve centre for the new district heat network, OPDC is using the former warehouse building as a new circular economy hub, where small businesses recycle waste into new and useful products, including film and TV sets, furniture and other household items.

    OPDC’s district heat network will be in London’s largest Opportunity Area, benefitting new and existing communities living and working in the corporation’s planned new urban district. OPDC’s regeneration plans will see tens of thousands of new and affordable homes and 250,000m2 of commercial, retail and leisure development, high-quality public realm and community services and facilities, all surrounding HS2 and the Elizabeth Line at the new Old Oak Common Station.

    MIL OSI United Kingdom –

    January 25, 2025
  • MIL-OSI United Kingdom: New UK-EU Competition Cooperation Agreement

    Source: United Kingdom – Executive Government & Departments

    UK Government and the European Union have formally concluded technical negotiations on the UK-EU Competition Cooperation Agreement. 

    • Negotiations conclude to support international cooperation on competition 

    • Will allow for closer cooperation between CMA and EU’s competition authorities 

    • New agreement will supplement UK-EU Trade and Cooperation Agreement (TCA) 

    The UK Government and the European Union have formally concluded technical negotiations on the UK-EU Competition Cooperation Agreement. 

    This agreement is aimed at improving cooperation between the UK’s and EU’s competition authorities, allowing for greater dialogue between the Competition and Markets Authority in the UK and

    European Commission and the National Competition Authorities of the EU Member States. The agreement will ensure more effective enforcement of global competition laws, helping to support businesses both in the UK and EU as well as protecting consumers.

    This is expected to help when it comes to work on similar or parallel cases going forwards – for example cooperating and sharing information on investigations into companies for unfair competition practices which cross borders between the UK and EU Members States. This agreement is one example of where we can strengthen UK- EU cooperation for mutual benefit.

    Announcement complements the Prime Minister’s call at the International Investment Summit for UK regulators to support the Government’s growth mission.

    The UK and EU have negotiated the agreement with a view to signature in the coming year. Parliament will have the opportunity to consider the agreement in detail once the text is published for scrutiny.

    Business & Trade Secretary Jonathan Reynolds said: 

    This forthcoming agreement recognises the importance of our continued cooperation between UK and EU competition authorities. This milestone underscores our shared recognition of the importance of international cooperation in an increasingly globalised economy.

    When competition law is enforced well across global markets, it helps to ensure businesses and consumers are protected while supporting economic growth, which is why this agreement is so important.

    Sarah Cardell, CEO of the Competition and Markets Authority, said: 

    We welcome this cooperation agreement, which will allow us to work even more closely with EU competition authorities on shared cases and common competition issues – without unnecessary barriers. 

    Effective competition has a key role to play in driving economic growth so, with many companies now operating globally, it’s important that competition authorities can cooperate more freely with each other to get the best outcomes for fair-playing businesses and consumers.

    The UK Government is committed to promoting open and fair competition globally to ensure the best opportunities for UK businesses and consumers, which is why the agreement will help support those global aims via close international cooperation. 

    These types of agreements help to establish how competition authorities work with their overseas counterparts by providing a framework on how to work together.

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    Published 29 October 2024

    MIL OSI United Kingdom –

    January 25, 2025
  • MIL-OSI United Kingdom: York welcomes national children’s leaders to celebrate success

    Source: City of York

    UK government minister for Children and Families, Minister Janet Daby, with Matty, a young person from the Staying Close Programme

    Published Tuesday, 29 October 2024

    Young people and social workers in York met national children’s leaders last week as part of a visit to find out more about City of York Council’s work to transform services for children and young peo

    The government minister for Children and Families, Minister Janet Daby; Frances Oram, Children’s Social Care Reform, DfE; and Isabelle Trowler CBE, Chief Social Worker, met young people and children’s social care teams in York earlier this month [Wednesday 2 October].

    The Minister met young people from York’s I Still Matter, a group for young care leavers; as well as young people on the Staying Close programme, who are provided with wrap around support in their transition to live independently.

    The Minister also visited Clifton Family Hub, which will be home to York’s new dedicated SEND hub. Plans for the new hub gained approval last month and will bring together professionals from education, health and social care in the same place, supporting children and young people with Special Educational Needs and Disabilities and their families.

    The visit follows a period of significant change in the service, which has seen an end to the use of agency social workers, creating more consistency for children and families; the adoption of a new model of working, which puts children and young people at the heart of everything the teams do; and a significant reduction in the number of children in care, thanks to better early support for families.

    Martin Kelly, OBE, City of York Council’s Corporate Director of Children, Young People and Education, said:

    “I’m pleased that local young people have been able to share their own experience of our services with national leaders.

    “I hope their feedback about how our new-look services have helped them will help shape national policy around children and young people in the future.

    “I’d like to thank everyone who met the Minister and her colleagues over the course of the day. It was fantastic to hear the personal stories and see the positive impact our services make first hand. I’m incredibly proud of the team here in York and the work they’ve done to put children and families at the very heart of everything we do.”

    MIL OSI United Kingdom –

    January 25, 2025
  • MIL-OSI United Kingdom: Ed Whiting OBE set to be appointed new permanent Leeds City Council chief executive

    Source: City of Leeds

    Full council to formally approve appointment in November

    Leeds City Council has today announced Ed Whiting OBE is set to be appointed as its new permanent chief executive.

    Following an extensive recruitment process which ended last week, full council will be asked to formally approve the recommendation of its employment committee to appoint Ed into the role when it meets at Civic Hall on Wednesday 13 November.

    Ed is currently Director of Cities and Local Growth in the Department for Business and Trade and Ministry for Housing, Communities and Local Government, based in Leeds, and is leading place-based economic growth partnerships with UK Mayors and other leaders.

    He has also held senior civil service roles in HM Treasury and 10 Downing Street. Previously he was Director of Strategy for Wellcome, where he led the development of their new organisational strategy and global partnerships, and was the executive sponsor for equality, diversity and inclusion.

    Ed is very familiar with Leeds having grown up in the city. He now lives in West Yorkshire with his partner, David, and they are foster carers to a young baby.

    Leader of Leeds City Council Councillor James Lewis said:

     “Throughout the extensive recruitment and selection process, Ed’s understanding of Leeds, our collective city ambitions, our values, our challenges and ideas for the future made him the best candidate for the role. I am looking forward to working with Ed as we move forward with our positive vision for the future, one which recognises the amazing strengths and opportunities we have and focuses on tackling poverty and inequality, whilst delivering high-quality public services for everyone who lives and works in our city.”

    On his recommendation for the post Ed Whiting OBE said:

    “I’m over the moon to be recommended to full council as our next chief executive. I love Leeds and am excited to be part of the next chapter of our city’s story. Through the recruitment process I’ve enjoyed getting to know Team Leeds better, and have been impressed with the dedication across our council team and partners, and the strong shared commitment to do their best for all Leeds residents.

    “I’m looking forward to joining the team as we work together on both the challenges and opportunities that lie ahead for our brilliant city.”

    Ed is expected to join the council early next year, with Mariana Pexton remaining in post as interim chief executive until then. The new permanent chief executive succeeds Tom Riordan CBE, who left the council last month after 14 years in the role.

     

    ENDS

     

    For media enquiries please contact:

    Leeds City Council communications and marketing,

    Email: communicationsteam@leeds.gov.uk

    Tel: 0113 378 6007

     

     

    MIL OSI United Kingdom –

    January 25, 2025
  • MIL-OSI Russia: Tatyana Golikova greeted the finalists and winners of TEFI-Kids – 2024

    Translation. Region: Russian Federation –

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

    Deputy Prime Minister Tatyana Golikova greeted the finalists and winners of the Russian National Television Award in the field of children’s, youth, family cinema and television “TEFI-Kids – 2024”. The award ceremony took place at the Et Cetera Theatre.

    Tatyana Golikova with the President of the Russian Television Academy, Special Representative of the President of Russia for International Cultural Cooperation Mikhail Shvydkoy, the President of the TEFI-KIDS Award Alexander Mitroshenkov, and the General Director of the Russian Television Academy Foundation Eteri Levieva

    October 29, 2024

    Tatyana Golikova at “TEFI-KIDS – 2024”

    October 29, 2024

    Tatyana Golikova with the finalists and winners of the Russian National Television Award in the field of children’s, youth, family cinema and television “TEFI-KIDS – 2024”

    October 29, 2024

    Tatyana Golikova greeted the finalists and winners of the Russian National Television Award in the field of children’s, youth, family cinema and television “TEFI-KIDS – 2024”

    October 29, 2024

    Tatyana Golikova greeted the finalists and winners of the Russian National Television Award in the field of children’s, youth, family cinema and television “TEFI-KIDS – 2024”

    October 29, 2024

    Previous news Next news

    Tatyana Golikova with the President of the Russian Television Academy, Special Representative of the President of Russia for International Cultural Cooperation Mikhail Shvydkoy, the President of the TEFI-KIDS Award Alexander Mitroshenkov, and the General Director of the Russian Television Academy Foundation Eteri Levieva

    “The TEFI-Kids award is being presented for the sixth time, and it is very symbolic that this year it is being held in the Year of the Family declared by the President of our country. It is in the family that the main values for a small person begin to form, and it is important that these values are formed correctly. We love cinema and television. It is of great importance that cinema and television form the right attitude to life, the right attitude to our country, to the values that are an absolute priority for us. In our fairy tales – love, loyalty, mutual understanding, a sense of shoulder. And it is very good that this is now being revived. Our children are raised on fairy tale heroes, and it is very important what they will take from these heroes and what values they will go with into adulthood, “said Tatyana Golikova.

    The Deputy Prime Minister particularly emphasized the importance of active participation of Russian regions in the award, expressing hope that the geography of the competition will only expand. Works from 27 regions have been submitted for the 2024 award.

    Tatyana Golikova thanked the Academy of Russian Television, headed by its president, special representative of the President of Russia for international cultural cooperation Mikhail Shvydkoy, president of the TEFI-Kids award Alexander Mitroshenkov, and general director of the Foundation of the Academy of Russian Television Eteri Levieva for the implementation of this unique project.

    The TEFI-Kids award was created to encourage the most significant works in the field of children’s, youth, family cinema and television in Russia. Development trends, new formats, and leaders are determined. The award is presented in 12 nominations.

    The winners of the TEFI-Kids – 2024 award are:

    1. Daily information and entertainment program for children “Shustroe Utro” Producer: State Unitary Enterprise of Krasnodar “New Television of Kuban” Broadcaster: “Kuban 24”, Krasnodar

    2. Best full-length film for children and family viewing “By the Pike’s Command” Producer: STV Film Company LLC, St. Petersburg Kinopoisk Online Cinema, Moscow

    3. Best TV series for children and family viewing “Youth” Producer: Goose Goose Films commissioned by JSC “STS” Broadcaster: STS, Moscow

    4. Director of the film/series for children and family viewing Ilya Uchitel. Film “The Flying Ship” Producer: OOO “TPO “ROK” Film distribution company “Nashe Kino”, Moscow

    5. Director of a television program for children and family viewing Anton Mikhalev. Studio “Kalyaki-malyaki” Producer: OOO “Magnetik” Broadcaster: “Karusel”, Moscow

    6. Host of the children’s program Islam Khabibullin. “Shayan match” Producer: JSC “TRK Novy Vek”, Kazan Broadcaster: “Shayan TV”

    7. Design of the TV channel/program/Internet project for children “Smarter than everyone” Producer: OOO “TV Company “Friday” Broadcaster: “Friday!”, Moscow

    8. Best animated film for children “Three heroes and the Navel of the Earth” Producer: Melnitsa Animation Film Studio LLC, St. Petersburg Film distribution company – Volga LLC

    9. Best animated series for children “Mini-bears”. Episode “The Best Tail” Producer: JSC “Digital Television” / Animation studio “Parovoz” Broadcaster: “Mult”, Moscow

    10. The best TV channel for children “Lyova” Producer: OOO “Kanal” Broadcaster: “Lyova”, Moscow

    11. The best program for children “Shudon crust. Decent and indecent” Manufacturer: State Unitary Enterprise UR “TRK “Udmurtia”” Broadcasting channel: “TRK “Udmurtia””, Izhevsk

    12. Best music for a children’s program / film / series / animated film “Spirit of Baikal” Producer: OOO “RVV Film”, Moscow Online cinema “Okko”

    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 –

    January 25, 2025
  • MIL-OSI Asia-Pac: CE to attend Shanghai expo

    Source: Hong Kong Information Services

    Chief Executive John Lee will lead a Hong Kong Special Administrative Region Government delegation to visit Shanghai on November 4 and attend the seventh China International Import Expo (CIIE).
       
    Apart from attending the opening ceremony of the CIIE and the Hongqiao International Economic Forum, Mr Lee plans to tour the booths of Hong Kong enterprises at the Hong Kong exhibition area on November 5.
     
    The Hong Kong SAR Government and the Hong Kong Trade Development Council will hold the 2024 Hong Kong Investment Promotion Conference – Shanghai Forum during the CIIE.
     
    Mr Lee and Financial Secretary Paul Chan, who is scheduled to join the delegation for the trip, will deliver speeches at the conference to promote Hong Kong’s advantages and its role as a connecting platform under the national dual circulation strategy to Mainland and overseas enterprises.
     
    “The CIIE is an important economic diplomatic event held after the victorious conclusion of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, providing vast business opportunities for Hong Kong enterprises to tap into the domestic market,” Mr Lee said.
     
    “Hong Kong has always actively participated in and supported the CIIE. In addition to senior government officials attending, over 300 Hong Kong enterprises are taking part in the exposition this year, jointly promoting Hong Kong’s advantages and development opportunities in different areas and telling Hong Kong’s good stories,” he added.
     
    The Chief Executive will also meet leaders of Shanghai during the visit and exchange views with Hong Kong people and representatives of Hong Kong enterprises there.
          
    Mr Lee plans to return to Hong Kong on November 6. During his absence, Chief Secretary Chan Kwok-ki will be Acting Chief Executive.

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI Asia-Pac: Expo seeks to boost SMEs’ growth

    Source: Hong Kong Information Services

    A fair aimed at helping small and medium-sized enterprises (SMEs) to undertake digital transformation is being held today and tomorrow.

    Held annually, “SME ReachOut: FUND Fair plus Tech Sourcing 2024” is organised by the Productivity Council’s SME ReachOut and supported by the Trade & Industry Department. It provides information on government funding schemes and assists SMEs in their digital transformation efforts with a view to bolstering their sustainable development.

    The event includes five thematic zones, covering government funding schemes, digital transformation, e-commerce, business expansion and ESG (environmental, social and governance). It also involves 10 thematic seminars, at which experts will discuss government funding schemes, digital transformation and e-commerce, helping SMEs to understand market trends and find opportunities for co-operation and technology adoption.

    Speaking at the opening ceremony, Secretary for Commerce & Economic Development Algernon Yau urged the trade to make good use of the Government’s support measures to expand their operations and embrace change.

    The 2024 Policy Address unveiled a number of initiatives, such as an injection of $1 billion into the BUD Fund (Dedicated Fund on Branding, Upgrading & Domestic Sales), the expansion of E-commerce Easy to cover Association of Southeast Asian Nations markets, and the provision of more targeted funding support for enterprises to implement green transformation projects.

    MIL OSI Asia Pacific News –

    January 25, 2025
  • MIL-OSI China: Xi, Zambian president Hichilema exchange congratulations on 60th anniversary of ties

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

    Xi, Zambian president Hichilema exchange congratulations on 60th anniversary of ties

    BEIJING, Oct. 29 — Chinese President Xi Jinping and Zambian President Hakainde Hichilema on Tuesday exchanged congratulatory messages on the 60th anniversary of diplomatic ties between the two countries.

    In his message, Xi noted that over the past 60 years since the establishment of diplomatic relations, China-Zambia ties have withstood the test of changes in the international landscape, and the two sides have consistently upheld genuine friendship and joined hands for shared progress.

    In recent years, China and Zambia have seen frequent high-level exchanges, continuously deepened political mutual trust, achieved fruitful outcomes in practical cooperation, and have been supporting each other on issues involving each other’s core interests and major concerns, bringing benefits to the two countries and peoples, he said.

    Xi also recalled that President Hichilema attended in September the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC), during which the two presidents jointly made strategic guidance for the future development of bilateral relations.

    Noting that he prizes the development of China-Zambia relations, Xi expressed his willingness to work with President Hichilema to take the anniversary as an opportunity to carry forward traditional friendship, cement mutual support, strengthen all-round cooperation, jointly advance the modernization drives of the two countries along the new journey in the new era, solidify the China-Zambia comprehensive strategic cooperative partnership and build an even closer China-Zambia community with a shared future.

    In his message, Hichilema said that the 60th anniversary of diplomatic ties is an important milestone in Zambia-China relations.

    The bilateral partnership, based on mutual respect, win-win cooperation and common prosperity, has made significant contributions to the respective development of the two countries, he said.

    Noting that cooperation projects such as the Tanzania-Zambia Railway and the Kafue Gorge Lower Hydropower Station have achieved remarkable results, Hichilema said his country will continue to support major initiatives such as the Belt and Road cooperation and work with China to build a community with a shared future for mankind.

    Hichilema added that he is ready to work with Xi to create a better future and push for greater development of Zambia-China all-weather friendship and their comprehensive strategic cooperative partnership.

    MIL OSI China News –

    January 25, 2025
  • MIL-OSI Russia: DIT of Moscow: in the first nine months of this year, city residents used the “Removal of Unnecessary Things” service more than 28.6 thousand times

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Muscovites used the service in the first nine months of 2024 “Removal of unnecessary things” over 28.6 thousand times. During this time, they sent more than 719 tons of recyclable materials for recycling or environmentally friendly disposal, which is approximately equal to the weight of 10 medium-haul aircraft.

    In the capital Department of Information Technology (DIT) reported that the demand for the service is constantly growing: compared to the first three quarters of last year, the number of completed applications has increased by more than four thousand.

    “The “Removal of Unnecessary Things” service allows you to include an unlimited number of items in your application. At the same time, at the request of city residents, the list of items available for removal is constantly expanding. Thus, pianos, waste paper, wooden doors, window frames, small household appliances and electronics have been added to the service catalog. Residents of all districts of Moscow, including Zelenograd Administrative Okrug and TiNAO, can use the service,” said Boris Frolov, Deputy Head of the Department of Information Technology of the City of Moscow.

    Most often, city residents get rid of large household appliances using the “Removal of Unnecessary Things” service. For example, over the first nine months of this year, residents sent 7.6 thousand washing machines and 7.5 thousand refrigerators for disposal. These are the most frequently removed items.

    The record number of items since the beginning of this year was set by two user requests, each of which included 13 types of items. Among them were such items as a kitchen set, gas and electric stoves, a refrigerator, a washing machine, a wall unit, a wooden door, small electronics, a mattress and other items.

    To use the service, you need a standard or full account on the mos.ru portal. The application must specify name of items and their quantity, address, desired date and time of removal. The operator of the partner organization will call back within 10 minutes to clarify details and confirm the order.

    Specialists work daily and arrive even on the day of the request, if the application is sent before 18:00. Employees of the organization – the service partner will take out unnecessary things on average in just half an hour, even if there is no elevator in the building.

    Service “Removal of unnecessary things” started operating in October 2021. According to Sergei Sobyanin, over the entire period, city residents have sent for recycling or environmentally friendly disposal more than 84 thousand unnecessary things.

    The operation and development of the service is supervised by the capital’s departments information technology, housing and communal services and the State Institution “New Management Technologies”. Removal services are provided by a specialized partner organization.

    The use of digital technologies to improve the quality of life of city residents corresponds to the objectives of the national program “Digital Economy of the Russian Federation” and the regional project of the city of Moscow “Digital Public Administration”. More information about the national projects implemented in Moscow can be found on this page.

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

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

    https://vvv.mos.ru/nevs/item/145882073/

    MIL OSI Russia News –

    January 25, 2025
  • MIL-OSI Russia: Another 12 clinics to be reconstructed in central Moscow

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    In the Central Administrative District, another 12 clinics are being reconstructed as part of the second stage of the outpatient modernization program. Work is currently underway in nine medical institutions, and in three of them it will begin as the renovation is completed and the clinics that are already being reconstructed are opened. In the latter, work should be completed in 2025. In addition, one clinic included in the second stage of the outpatient modernization program is already accepting patients.

    “During the reconstruction, the internal layout of the buildings is changed, resulting in more open spaces, and the usable area is increased by converting basements and ground floors into storage and utility facilities. Particular attention during the work is paid to the selection of high-quality materials, modern design and interior. The clinics receive additional energy capacity to connect new and modern equipment. As a result, Muscovites receive high-quality medical services, and doctors – comfortable working conditions,” the press service said.

    Department of Capital Repairs of the City of Moscow.

    Currently, two children’s clinics are being modernized, located on Antonova-Ovseenko Street (building 8) and in Bolshoi Kozlovsky Lane (building 9, building 1). Work is also underway in seven adult medical institutions on Kazakova Street (building 17a), Ladozhskaya Street (building 4/6, building 1), Zamorenova Street (building 27), Bolshaya Bronnaya Street (building 3), Verkhnyaya Krasnoselskaya Street (building 21, building 1), Malaya Yakimanka Street (building 22, building 1) and in Bolshoi Nikolopeskovsky Lane (building 4, building 1). The total area of the buildings is about 60 thousand square meters.

    Many polyclinics will create conditions for the placement of modern mammographs, X-ray machines, including U-arc X-ray machines. In particular, a complex of rooms with functional zones will be prepared for this purpose, including a procedure room (where the X-ray machine will be placed), a control room (for remote control of the machine), specialist offices, auxiliary and utility rooms. Electrical insulating materials resistant to radiation and radiation will be used in the finishing of these zones. In addition, the rooms will have their own ventilation system. When arranging magnetic resonance imaging departments, the procedure room will be shielded using a Faraday cage. This will protect the equipment from the effects of external electromagnetic fields.

    “Some renovated polyclinic buildings will be equipped with rooms for testing the function of external respiration. A day hospital with eight beds will be set up in the medical facility on Malaya Yakimanka Street. In addition, the casualty department located in branch No. 2 of polyclinic No. 64 will be renovated and equipped with modern equipment,” the department’s press service noted.

    Branch No. 1 of Children’s Polyclinic No. 32 and the main building of the adult polyclinic on Malaya Yakimanka Street will have fully equipped rooms for therapeutic exercise classes, and wall bars will also be installed in them. In the main building of Polyclinic No. 220, a halochamber will be re-equipped for the treatment of various respiratory diseases.

    In Branch No. 1 of Children’s Polyclinic No. 104 and Branch No. 1 of Children’s Polyclinic No. 32, filter boxes with an area of about 20 square meters will be created. This will separate the flows of healthy and sick children and thus prevent the spread of infection. In addition, stroller storage with awnings will be set up at the entrances to the buildings in both polyclinics.

    Branch No. 1 of Children’s Polyclinic No. 32 will equip an electro-light therapy room. It will use various types of electric current for treatment, so special materials that do not generate static electricity will be used in the finishing of the premises.

    During the work, not only the clinic buildings are being renovated, but also the adjacent areas. They are being made more convenient and comfortable.

    In one of the polyclinics included in the second stage of the outpatient modernization program, all work has already been completed and patients are being received. The main building of Polyclinic No. 5 on Daev Lane has been almost completely rebuilt – it now has more general practitioner offices, procedure rooms and manipulation rooms. A medical prevention department has been organized, massage rooms, physiotherapy rooms, and a therapeutic exercise room are provided. Specialists have also improved the adjacent territory.

    As part of the first stage of the program, six children’s and eight adult medical institutions were renovated in the district. The work took place in the Arbat, Khamovniki, Tagansky, Presnensky, Krasnoselsky, Meshchansky and Tverskoy districts. These clinics now meet the requirements new Moscow standard. In addition to the buildings themselves, the surrounding areas were also transformed. Specialists arranged convenient paths, installed benches, urns and navigation steles. In addition, the areas were additionally landscaped: about 120 trees and more than 1.1 thousand bushes were planted.

    Moscow Mayor Talks About Implementation of New Moscow Healthcare Standard

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

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

    https://vvv.mos.ru/nevs/item/145883073/

    MIL OSI Russia News –

    January 25, 2025
  • MIL-OSI Russia: The capital has provided four sites for the construction of public and business complexes in the Kommunarka district

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Since the beginning of 2024, the city has allocated four land plots for the implementation of large-scale investment projects (MaIP) in the Kommunarka district of the Novomoskovsky administrative district. It is planned to build public and business complexes on them. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “Large-scale investment projects allow us to attract developers to develop urban infrastructure and create jobs. Since the beginning of 2024, the city has provided 5.4 hectares of land in the Kommunarka district of the Novomoskovsky administrative district for the construction of four multifunctional complexes. The total area of the facilities will exceed 340 thousand square meters,” said Vladimir Efimov.

    The complexes may include office real estate, bank branches, cafes, restaurants, shops and other facilities. They will be built within five years – this is the term for which the land lease agreements have been concluded.

    “An administrative and business center is being formed on the territory of Kommunarka. For the construction of multifunctional complexes with a total area of about 300 thousand square meters, the city has provided investors with three plots of land with an area of 3.7 hectares. Another 1.7 hectares of land have been allocated near the Kornilovskaya metro station under construction, where a business center with an area of almost 44 thousand square meters will appear,” said the Minister of the Moscow Government, head of the capital’s Department of City Property

    Maxim Gaman.

    The plots are provided for the implementation of large-scale investment projects. Investors and developers receive land for the construction of facilities without holding tenders. MAIP are significant projects for the city, aimed at the infrastructural development of the capital’s territories and an increase in the number of jobs.

    Previously on the implementation of large-scale investment projects told Sergei Sobyanin. According to him, since the beginning of the year, the largest number of land plots have been allocated in the territory of TiNAO – 18.

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

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

    http://vvv.mos.ru/nevs/item/145888073/

    MIL OSI Russia News –

    January 25, 2025
  • MIL-OSI Russia: From university excursions to working with neural networks: how initiatives of users of the City of Ideas platform help schoolchildren

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    In August 2023, city residents took part in the project “Moscow is a city of discoveries”. It was held on the “City of Ideas” platform and was dedicated to the development of educational tourism for schoolchildren. Muscovites proposed ideas for holding events for students, improving innovative platforms, choosing a corporate character, a project slogan, and many others. After expert selection and user voting, 61 initiatives were selected, 17 of which have already been implemented.

    Educational trips, master classes and educational quests

    Thanks to one of the ideas, schoolchildren from different regions have already visited famous educational institutions. Among them are the National Research University Higher School of Economics, the Russian National Research Medical University named after N.I. Pirogov and the Russian State Social University. The children saw how the educational process is organized, talked to teachers and students, learned about modern teaching methods and research.

    In addition, in the spring and summer, schoolchildren took part in interactive quests about the secrets of the capital “Play Moscow”. They completed exciting tasks, traveling along seven educational routes dedicated to history, architecture, science and other topics. The children solved puzzles and collected information, and at the end they received a reward – a sticker with the symbols of the capital or a toy figurine.

    Master classes on the topic are held for schoolchildren “Creative Industries”together with Moscow technology parks and the Soyuzmultfilm film studio. Among them are classes on the basics of graphic design, an introduction to Python programming, and training in the basics of working with artificial intelligence. This allows students to develop creative abilities and master new skills.

    Visiting technology parks and creating a corporate character

    The city will continue to implement Muscovites’ initiatives. Thus, schoolchildren who dream of connecting their destiny with medicine will be able to visit the ambulance station. Children who are keen on modern trends will be offered to go to the museum of technology of a famous IT corporation. There they will see how the model range of computers, accessories and peripherals has changed over several decades, and will track all stages of innovation and development of digital technologies.

    The participants of the project on the City of Ideas platform came up with a name for a branded virtual character that will appear at the end of this year. In addition, the slogans they created are already heard at industry exhibitions and forums. For example, at the All-Russian Forum of Class Teachers held in October, representatives of the Moscow City Tourism Committee used the slogan “City of Discoveries — Your Compass in the World of Knowledge” in their speeches. And “Travel, Learn, Get Inspired!” was the slogan of the Moscow International Education Fair held in April.

    Platform “City of Ideas” has been operating since 2014. More than 540 thousand users have joined it. They share suggestions on how to make life in the capital even more comfortable. More than seven thousand ideas have already been implemented. City residents participated in projects dedicated to electronic services, culture, entrepreneurship, healthcare, education, transport and other topics.

    The project is being developed Department of Information Technology of the City of Moscow and the State Institution “New Management Technologies”. The use of digital technologies and artificial intelligence to improve the quality of life of city residents corresponds to the objectives of the national program “Digital Economy of the Russian Federation” and the regional project of the capital “Digital Public Administration”.

    The educational and tourist project “City of Discoveries” is Moscow’s flagship in the field of children’s tourism, which appeared in 2020. Over the past four years, more than 10 thousand schoolchildren from all over Russia have become its participants. They visited the offices of Moscow IT companies, leading universities, technology parks, and explored Moscow’s attractions. More than 100 sites have already become partners of the project. The “City of Discoveries” project operates within the framework of the national project “Education”. More information about this and other national projects implemented in Moscow, You can find out here.

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

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

    https://vvv.mos.ru/nevs/item/145881073/

    MIL OSI Russia News –

    January 25, 2025
  • MIL-OSI USA: EPA Announces $500,000 Air Monitoring Grant Project for El Paso-Based Group La Mujer Obrera

    Source: US Environment Protection Agency

    October 25, 2024

    Contact Information

    Joe Robledo and Jennah Durant (R6press@epa.gov)

    214-665-2200

    DALLAS, TEXAS (October 25, 2024) – The U.S. Environmental Protection Agency awarded a $500,000 air monitoring grant to La Mujer Obrera, a community group based in El Paso, Texas, to analyze transportation emissions and other local pollution sources. This funding comes from the Biden-Harris Administration’s American Rescue Plan (ARP), which granted select cooperative agreements to conduct ambient air monitoring in communities with environmental and health outcome disparities stemming from pollution and the COVID-19 pandemic.

    “For over 40 years, La Mujer Obrera has fought for the health and well-being of their neighbors in the Chamizal community of El Paso,” said Regional Administrator Dr. Earthea Nance. “With this funding, La Mujer Obrera can address air quality concerns head-on and provide real-time data to residents. I would like to thank La Mujer Obrera for their decades of environmental stewardship and advocacy for their community.”

    “Historic amounts of federal funding have given El Paso the opportunity to innovate, improve, and invest in infrastructure that prioritizes public health and reduces pollution,” said Congresswoman Veronica Escobar (TX-16). “I am grateful to the EPA for another important investment that moves us closer to our goal of true environmental justice, and to La Mujer Obrera for their critical work to advocate for the health of vulnerable communities.”

    “This is a step forward in addressing the environmental justice problems that have created a public health crisis in the Chamizal. We have the right to a safe community for our children, elders, and future generations. Working in collaboration with residents, we are planning what that looks like,” said Executive Director of La Mujer Obrera Lorena Andrade.

    La Mujer Obrera was founded in 1981 and has campaigned for the protection of basic human rights such as employment, housing, education, nutrition, health, and political liberty. With this funding, La Mujer Obrera plans to deploy air monitors in the Chamizal community to create a mitigation plan armed with data to protect the health of the residents in the neighborhood. Air quality data will provide a baseline analysis across transportation emissions, environmental justice concerns, known pollution sources, and localized environmental justice screening. Working collectively with Chamizal residents, La Mujer Obrera will prepare and design the Chamizal Action Plan. The plan includes a block-by-block localized air quality assessment and data report(s) that will map sources of contamination contributing to ozone emissions, particulate matter, and fugitive dust. Additionally, this plan will educate residents on hazardous air pollutants that are specific to certain communities.

    This funding is designed to be a multi-year plan with the project ending in 2027. By 2027, La Mujer Obrera will incorporate mitigation plans and green infrastructure principles into the planning for future neighborhood improvements and developments for the neighborhood. Lastly, La Mujer Obrera expects residents to experience an improvement in public health and air quality with the support of local, state, and federal government to  reduce emission sources as recommended by the Chamizal Action Plan.

    For more information on the American Rescue Plan, please visit our webpage.
     

    Connect with the Environmental Protection Agency Region 6 on Facebook, X (formerly known as Twitter), or visit our homepage.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI USA: EPA Announces Over $132M for Water Infrastructure in Pennsylvania

    Source: US Environment Protection Agency

    October 24, 2024

    PHILADELPHIA – Today, the U.S. Environmental Protection Agency (EPA) announced $3.6 billion in new funding under the Biden-Harris Administration’s Bipartisan Infrastructure Law (BIL) to upgrade water infrastructure and keep communities safe. Combined with $2.6 billion announced earlier this month, this $6.2 billion in investments for Fiscal Year 2025 will help communities across the country upgrade water infrastructure that is essential to safely managing wastewater, protecting local freshwater resources, and delivering safe drinking water to homes, schools, and businesses.

    The BIL funds will flow through the Clean Water and Drinking Water State Revolving Funds (SRF), a long-standing federal-state water investment partnership. This multibillion-dollar investment will fund state-run, low-interest loan programs that address key challenges in financing water infrastructure.

    Today’s announcement includes allotments to Pennsylvania of more than $98.5 million for Clean Water General Supplemental funds, over $8.5 million for Clean Water Emerging Contaminant funds, and over $25.2 million under the Drinking Water Emerging Contaminant Fund.

    This funding is part of a five-year, $50 billion investment in water infrastructure through the BIL – the largest investment in water infrastructure in American history. To ensure investments reach communities that need them the most, the BIL mandates that a majority of the funding announced today must be provided to disadvantaged communities in the form of grants or loans that do not have to be repaid.  

    “Water keeps us healthy, sustains vibrant communities and dynamic ecosystems, and supports economic opportunity. When our water infrastructure fails, it threatens people’s health, peace of mind, and the environment,” said EPA Administrator Michael S. Regan. “With the Bipartisan Infrastructure Law’s historic investment in water, EPA is working with states and local partners to upgrade infrastructure and address local challenges—from lead in drinking water, to PFAS, to water main breaks, to sewer overflows and climate resilience. Together, we are creating good-paying jobs while ensuring that all people can rely on clean and safe water.” 

    “The Mid-Atlantic Region is home to some of the oldest water infrastructure in the country, which is why these once-in-a-generation investments are especially significant here,” said EPA Mid-Atlantic Regional Administrator Adam Ortiz. “The Biden-Harris Administration continues to put public health and the environment at the center of its agenda and the American people continue to benefit from leaders making safe water a priority.” 

    “Every Pennsylvanian has a constitutional right to clean air and pure water, and my Administration is driving out hundreds of millions of state and federal dollars to our local communities to support that goal and ensure families have safe, clean water when they turn on the faucet,” said Governor Josh Shapiro (PA). “Thanks to key investments from the Biden-Harris Administration, we’ve already helped replace over 30,000 lead service lines and created hundreds of good-paying union jobs across the Commonwealth – and this new investment will supercharge that work. Working together, across party lines and all levels of government, we’re continuing to get stuff done and deliver results for the good people of Pennsylvania.” 

    “I’m pleased to see another $132 million in federal funding coming to Pennsylvania through the Biden-Harris administration’s Infrastructure Investment and Jobs Act that I was proud to vote for!” said U.S. Rep. Dwight Evans (PA-03). 

    “Access to clean, safe drinking water is fundamental to the health and well-being of our community. Thanks to the Infrastructure Investment and Jobs Act, Pennsylvania is receiving over $132 million, ensuring that our homes, businesses, and schools will have access to reliable, safe water for many years to come,” said U.S. Rep. Chrissy Houlahan (PA-06). “Specifically, this investment will help modernize wastewater treatment facilities, improve stormwater management, and improve access to clean drinking water for the people of PA-06 and our Commonwealth.” 

    “All Americans deserve access to safe and clean drinking water. I was proud to help pass the Bipartisan Infrastructure Law last Congress, and I am grateful for the impact this landmark legislation has already made in our community,” said U.S. Rep. Susan Wild (PA-07). “I’ll continue working to secure federal investments to keep the Greater Lehigh Valley healthy and improve our aging infrastructure.” 

    “This $132 million in federal funding coming to PA to upgrade our water infrastructure is a huge win for the people of PA-12, ensuring that families, schools, and businesses have access to safe, clean drinking water,” said U.S. Rep. Summer Lee (PA-12). “It’s about protecting our communities and our local environment by addressing the aging systems that so many of our neighbors rely on every single day. Safe and clean water is a fundamental right, and it’s our responsibility to ensure that every family—no matter their zip code or income level—has access to it.” 

    Background  

    The EPA is changing the odds for communities that have faced barriers to planning and accessing federal funding through its Water Technical Assistance program, which helps disadvantaged communities identify water challenges, develop infrastructure upgrade plans, and apply for funding. Communities seeking Water Technical Assistance can request support by completing the WaterTA request form. These efforts also advance the Biden-Harris Administration’s Justice40 Initiative, which sets the goal that 40% of the overall benefits of certain Federal investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution. 

    The SRF programs have been the foundation of water infrastructure investments for more than thirty years, providing low-cost financing for local projects across America. The programs are critically important programs for investing in the nation’s water infrastructure. They are designed to generate significant and sustainable water quality and public health benefits across the country. Their impact is amplified by the growth inherent in a revolving loan structure, in which payments of principal and interest on loans become available to address future needs. 

    To read stories about how unprecedented investments in water from the BIL are transforming communities across the country, visit the EPA’s Investing in America’s Water Infrastructure Storymap. To read more about additional projects, see the EPA’s recently released Quarterly Report on Bipartisan Infrastructure Law Funded Clean Water and Drinking Water SRF projects. 

    For more information, including the state-by-state allocation of 2025 funding and a breakdown of the EPA SRF funding available under the BIL, please visit the Clean Water SRF website and Drinking Water SRF website. Additionally, the SRF Public Portal allows users to access data from both the Drinking Water and Clean Water SRF programs through interactive reports, dashboards, and maps. 

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI Europe: Voters lacked a genuine choice in Uzbekistan’s technically well-prepared parliamentary elections

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: Voters lacked a genuine choice in Uzbekistan’s technically well-prepared parliamentary elections

    TASHKENT, 28 October 2024 – Uzbekistan’s 27 October parliamentary elections took place amid ongoing reforms, including amendments to the Constitution, but the political environment remained constrained, not providing voters with a genuine choice, international observers said in a preliminary statement released today. Despite the ongoing reforms, fundamental freedoms remain disproportionally limited both by legislation and in practice, the statement says.
    “These elections were held under a new mixed electoral system, reflecting significant constitutional amendments and a revised electoral code as part of Uzbekistan’s ongoing reform efforts,” said Mr. Azay Guliyev, Special Co-ordinator and leader of the OSCE short-term observers. “While these reforms represent progress in enhancing human rights provisions, significant challenges remain in the realization of fundamental freedoms, particularly the rights to association, peaceful assembly and freedom of expression.”
    While the election-related laws have gradually evolved and the elections were technically well-prepared, significant challenges in meeting international standards persist in such areas as political party registration, the right to stand, campaign finance transparency, citizen observation, and the publication of polling station results. 
    All five registered political parties were able to campaign freely and with legally enforced equal conditions, but their campaigns were low-key and devoid of real challenges to the policies of the ruling party or to each other. Media coverage was limited by restrictions on free expression, resulting in minimal access for voters to diverse viewpoints. Positively, women were well represented among candidates and in election administration.
    “In a landscape where the five registered parties share a common support for government policies, voters were not presented with genuine alternatives. This further highlights a need to foster a more dynamic and competitive political environment to truly represent citizens’ voices,” said Sargis Khandanyan, Head of the OSCE PA delegation. “At the same time, the increased gender quota for parliamentary candidates marks a positive development. We are hopeful that this will further boost women’s participation in public and political life in line with OSCE commitments.”
    The changes to election-related laws include a revised electoral system, new party list registration rules, modified rules on election management bodies, and an increased gender quota, but the relatively short timeframe for implementing these changes raised questions about compliance with international good practices.
    The country’s media-related laws contain broad and insufficiently defined provisions, including on religious extremism, disturbances of public order and false information and, as such, do not provide legal clarity and unduly restrict the right to freedom of expression. Defamation and insult remain criminalized, while imprisonment is still foreseen for public slander and insulting the president. In addition, undue external interference on media editorial freedom and a limited advertising market stifle open discussion and independent journalism, and result in reported widespread self-censorship. State-owned broadcast and print media provided free airtime and space for contestants in line with the law. Private television channels organized election debates, but provided only limited news coverage and virtually no analysis of the campaign.
    Election preparations at all levels were administered efficiently, and the Central Election Commission held regular live-streamed sessions and swiftly published its decisions, contributing to transparency. Despite previous ODIHR recommendations, the independence of lower-level election commissions remained negatively affected by the prominent role of Mahallas, which are local self-governing bodies  closely aligned with state and local administration in various aspects of the electoral process.
    Election day was calm and orderly, but marred by numerous cases of identified violations and malfeasance, as well as procedural and technical problems. Important safeguards were repeatedly disregarded during voting, counting and tabulation, challenging the integrity of the process and undermining transparency.
    “Uzbekistan’s authorities have partially addressed some prior ODIHR recommendations through recent legislative changes,” said Douglas Wake, Head of the Election Observation Mission from the OSCE Office for Democratic Institutions and Human Rights. “Nevertheless, given the problems that our observers identified in yesterday’s voting, counting and tabulation, much more must be done to enhance transparency and confidence in the officially announced turnout and results. ODIHR looks forward to further co-operation with Uzbekistan’s authorities, including on the recommendations that will come in our final report.”
    A total of 875 candidates were registered from the five registered political parties. The laws retain burdensome requirements for party registration, as well as broad legal grounds for denying registration and the suspension of party activities. The legal framework also does not allow for independent candidates, thus limiting pluralism and political competition.
    For these elections, the gender quota for women was increased from 30 to 40 per cent.  Women hold 47 of the 150 seats in the outgoing Legislative Chamber and comprised 45 per cent of candidates. Furthermore, the Speaker of the Senate, one of seven Deputy Speakers of the Legislative Chamber, and one of four Deputy Prime Ministers are women. Despite ongoing efforts to increase women’s participation in public and political life, however, women remain underrepresented in decision-making positions. Only two out of 27 ministers and three out of 12 members of the Supreme Judicial Council are women. All regional governors (Hokims) are men.
    The regulations for campaign finance lack clarity and do not facilitate transparency, not providing for effective oversight and public scrutiny. Funding for campaign purposes is allocated exclusively from the state budget, and only to registered political parties with an approved list of candidates.
    International organizations, political parties, Mahallas and accredited media are entitled to observe elections. The CEC registered 851 international observers. Despite previous ODIHR recommendations, the legislation does not contain provisions for citizen election observers.
    For further information, contact:
    Thomas Rymer, press adviser, ODIHR election observation mission, thomas.rymer@odihr-uzbekistan.org
    Anzhelika Ivanishcheva, media officer, OSCE PA, anzhelika.ivanishcheva@oscepa.dk

    MIL OSI Europe News –

    January 25, 2025
  • MIL-OSI: Solar Alliance signs contract for $3.7 million solar project in Kentucky

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and KNOXVILLE, Tenn., Oct. 28, 2024 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF), a leading solar energy solutions provider focused on the commercial and utility solar sectors, is pleased to announce it has signed a contract for the design, engineering and installation of a $3.7 million solar project for a customer in Kentucky. The project consists of two sites, both scheduled to begin construction in November 2024: a 553-kilowatt (“kW”) project targeted for completion by the end of 2024 and a 943-kilowatt (“kW”) project targeted for completion by the end of March 2025.

    “This project is a pertinent illustration of the growth we are encountering as a company, and the trust and reputation we are building with regional customers,” said U.S. General Manager Jon Hamilton. “Our in-depth, local expertise combined with practical, efficient execution results in an attractive solar solution for our customer. We are enabling our clients to reduce their energy costs; to secure their long-term energy requirements and to meet their sustainability and energy efficiency objectives – and this is resulting in increased sales for the Company.”

    Solar Alliance assesses the daily demands and energy use profiles of manufacturers, warehousers, retailers and data centers and provides cost-effective solar solutions that include design, engineering, installation and project management services. The Company offers a turnkey approach and simplifies the transition to solar energy.

    “Our strategy of targeting larger revenue projects is generating positive results for Solar Alliance, while lowering operating costs and delivering substantial environmental benefits to our customers,” said CEO Brian Timmons. “We have passed an inflection point and are now delivering larger commercial solar projects on a consistent basis. This project is an outstanding example of the type of project we are now targeting in the U.S. Southeast and reflects the consistent progress we continue to make.”

    Brian Timmons, CEO


    About Solar Alliance Energy Inc. (
    www.solaralliance.com)

    Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Our experienced team of solar professionals reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance’s strategy is to build, own and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers. The technical and operational synergies from this combined business model supports sustained growth across the solar project value chain from design, engineering, installation, ownership and operations/maintenance.

    Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information in this press release include, but is not limited to the targeted completion dates of both sites of the Kentucky solar project and the types of solar projects that the Company is now targeting. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory, legislative and political competitive developments, technological or operational difficulties, the ability to maintain revenue growth, the ability to execute on the Company’s strategies, the ability to complete the Company’s current and backlog of solar projects, the ability to grow the Company’s market share, the high growth US solar industry, the ability to convert the backlog of projects into revenue, the expected timing of the construction and completion of the Company’s solar projects, the targeting of larger customers, potential corporate growth opportunities and the ability to execute on the key objectives in 2024. Consequently, actual results may vary materially from those described in the forward-looking statements.

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

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Gilat Received Over $4 Million Order from the US Department of Defense

    Source: GlobeNewswire (MIL-OSI)

    PETAH TIKVA, Israel, Oct. 28, 2024 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (Nasdaq: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced today that the US Department of Defense awarded another contract for more than $4 million to Gilat’s US-based subsidiary, DataPath, for DKET 3421 terminals, portable satcom hubs that provide the flexibility, capacity, connectivity, and control needed to ensure mission success anywhere in the world. The orders are expected to be delivered during the first half of 2025.

    The DKET 3421 is an innovative solution to customers’ needs for a high-quality, reliable terminal for mission-critical communications. The field-proven DKET 3421 terminal supports multi-carrier operations with a scalable modem architecture (up to 32 modems). Weighing under 5000 lbs. with a reduced footprint, the DKET 3421 can be easily moved by a forklift. Deploying in less than three hours, the DKET 3421 provides a satellite network hub in the form of a single-skid with the flexibility to leverage available satellite assets.

    “We’re excited to receive another order for our innovative DKET 3421 from our valued military customer. This order highlights the strong trust in our company and our proven ability to deliver mission-critical solutions that meet demanding requirements,” said Nicole Robinson, President of DataPath. “It also demonstrates once again our ability to provide reliable, highly portable, and high-performance network hubs to address our customers’ evolving needs.”

    About Gilat

    Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we create and deliver deep technology solutions for satellite, ground, and new space connectivity and provide comprehensive, secure end-to-end solutions and services for mission-critical operations, powered by our innovative technology. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

    Our portfolio includes a diverse offering to deliver high-value solutions for multiple orbit constellations with very high throughput satellites (VHTS) and software-defined satellites (SDS). Our offering is comprised of a cloud-based platform and high-performance satellite terminals; high-performance Satellite On-the-Move (SOTM) antennas; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense, field services, network management software, and cybersecurity services.

    Gilat’s comprehensive offering supports multiple applications with a full portfolio of products and tailored solutions to address key applications including broadband access, mobility, cellular backhaul, enterprise, defense, aerospace, broadcast, government, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: www.gilat.com

    Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the current terrorist attacks by Hamas, and the war and hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

    Contact:

    Gilat Satellite Networks
    Hagay Katz, Chief Products and Marketing Officer
    hagayk@gilat.com

    The MIL Network –

    January 25, 2025
  • MIL-OSI: International Petroleum Corporation Announces Results of Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 111,400 IPC common shares (ISIN: CA46016U1084) during the period of October 21 to 25, 2024 under IPC’s normal course issuer bid / share repurchase program (NCIB).

    IPC’s NCIB, announced on December 1, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

    During the period of October 21 to 25, 2024, IPC repurchased a total of 87,500 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.

    For more information regarding transactions under the NCIB in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of October 21 to 25, 2024, see the following link to Nasdaq Stockholm’s website:

    www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares

    A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of October 21 to 25, 2024 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation is available with this press release on IPC’s website: www.international-petroleum.com/news-and-media/press-releases.

    During the same period, IPC purchased a total of 23,900 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of IPC.

    All common shares repurchased by IPC under the NCIB will be cancelled. As at October 25, 2024, the total number of issued and outstanding IPC common shares is 120,751,038 with voting rights and IPC holds 484,000 common shares in treasury.

    Since December 5, 2023 up to and including October 25, 2024, a total of 7,957,782 IPC common shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 8,342,119 IPC common shares may be repurchased over the period of twelve months commencing December 5, 2023 and ending December 4, 2024, or until such earlier date as the NCIB is completed or terminated by IPC.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50
     

    Or

    Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15

    This information is information that International Petroleum Corporation is required to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the contact persons set out above, at 12:15 CET on October 28, 2024.

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements with respect to: the ability and willingness of IPC to continue the NCIB, including the number of common shares to be acquired and cancelled and the timing of such purchases and cancellations; and the return of value to IPC’s shareholders as a result of any common share repurchases.

    The forward-looking statements are based on certain key expectations and assumptions made by IPC, including expectations and assumptions concerning: prevailing commodity prices and currency exchange rates; applicable royalty rates and tax laws; interest rates; future well production rates and reserve and contingent resource volumes; operating costs; our ability to maintain our existing credit ratings; our ability to achieve our performance targets; the timing of receipt of regulatory approvals; the performance of existing wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions and that we will be able to implement our standards, controls, procedures and policies in respect of any acquisitions and realize the expected synergies on the anticipated timeline or at all; the benefits of acquisitions; the state of the economy and the exploration and production business in the jurisdictions in which IPC operates and globally; the availability and cost of financing, labour and services; our intention to complete share repurchases under our normal course issuer bid program, including the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; and the ability to market crude oil, natural gas and natural gas liquids successfully.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in IPC’s annual information form for the year ended December 31, 2023 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein), in the management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2024 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Attachment

    • IPC PR Buyback results period of October 21 to 25 2024 28-10-24

    The MIL Network –

    January 25, 2025
  • MIL-OSI Africa: Afreximbank Announces Investment Conference in Kisumu, Kenya to Strengthen Sub-Sovereign Participation in Intra-African Trade

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

    CAIRO, Egypt, October 28, 2024/APO Group/ —

    In a bid to strengthen the role of Africa’s sub-sovereign governments in driving intra-African trade and investment, and the successful implementation of the African Continental Free Trade Area (AfCFTA), African Export-Import Bank (Afreximbank) (www.Afreximbank.com), in collaboration with the County Government of Kisumu and the United Cities and Local Governments of Africa (UCLG Africa) is organising  the fourth edition of the African Sub-Sovereign Governments Network (AfSNET) Conference.

    The Conference will take place in Kisumu City, Kenya, from 25 to 27 November, under the theme ‘Leveraging the AfCFTA for Sustainable Trade and Investment: A Development Pathway for African Sub-Sovereigns.’ A key feature of the event will be an exhibition aimed at promoting trade at a local level, to be preceded by an investment promotion training on the first day.

    One of the key objectives of the conference is to foster greater collaboration in promoting trade, development and investment initiatives among African sub-sovereigns, aligned with AfCFTA’s goals.

    Mrs. Kanayo Awani, Executive Vice President Intra African Trade and Export Development, Afreximbank who will be speaking at the Investment Conference noted:

    “Afreximbank partnered with the Forum of Regions of Africa (FORAF), an organ of the UCLG Africa under the AfSNET initiative to ensure its products and interventions for trade and investment promotion are accessible both at the local and sub-sovereign level. This resulted in the announcement of US$ 2 billion in financing to tackle the pressing financing challenges faced by sub-sovereigns and businesses.”

    Mrs. Awani explained that Afreximbank will be leveraging the successes of the third AfSNET Investment Conference held during the Intra Africa Trade Fair (IATF2023) in

    Cairo, Egypt offering sub-sovereign governments the opportunity to showcase investment projects to potential investors and financiers, further strengthening the Bank’s commitment to facilitating impactful investments across the continent.

    While inviting delegates to participate in the forum, Kisumu County Governor H.E. Prof. Peter Anyang’ Nyong’o said:

    “Africa’s economic renaissance is hinged on unbridling the developmental capacity of local governments and increasing decentralization. Despite the gains made in decentralization in recent decades, African local governments still have low administrative and fiscal capacity to realize the much-needed local economic development. AfSNET, an innovative tool of the Afreximbank, therefore comes in handy to bridge that gap and allow sub sovereigns to accelerate and improve the quality of economic growth in Africa. Its vision aligns with the aspirations of the African Sub Sovereigns umbrella organisation UCLG Africa to support  decentralised governments access and participation in continental and international financial markets while also supporting the development of their fiscal capacities. As the Governor of Kisumu, it gives me great pleasure to warmly invite all the delegates to come and interact and share in the social and cultural passion of Kisumu and to experience our boundless economic opportunities.”

    Mr. Jean Pierre Elong Mbassi, Secretary General, United Cities and Local Governments of Africa while outlining UCLG’s mandate remarked:

    “Among the mandates of UCLG Africa is to assist its members to attract investments in sub-national and local governments so as to improve the living conditions of the populations, economic activities and businesses established within their territories. UCLG Africa supports its members in adopting local economic development policies and strategies that investment plans derive from, and that gives impetus to public and private business development.”

     The fourth AfSNET conference will provide Kisumu County Government and the Lake Victoria region economic block an opportunity to present their development strategies and projects for consideration to investors attending the Conference.

    The inaugural AfSNET conference, held in Durban, South Africa, on the margins of the second Intra-African Trade Fair (IATF2021) in 2021, attracted more than 80 delegates while the second, organised in collaboration with the Nigeria Governors’ Forum in Abuja in September 2022, drew more than 150 delegates.

    The third conference, co-hosted with UCLG Africa in November 2023 on the sidelines IATF2023 in Cairo, had more than 250 participants and resulted in deals valued at more than USD$1.5 billion being signed.

    AfSNET was established by Afreximbank as a platform for promoting intra-African trade and investment, educational and cultural exchanges and the fostering of effective engagement among sub-sovereigns in Africa’s development and prosperity in the context of the AfCFTA.

    MIL OSI Africa –

    January 25, 2025
  • MIL-OSI Security: CISA Launches #PROTECT2024 Election Threat Updates Webpage

    Source: US Department of Homeland Security

    WASHINGTON – Today, the Cybersecurity and Infrastructure Security Agency (CISA) launched a new one-stop shop website for election threat updates from CISA and our federal government partners. As foreign actors continue their efforts to influence and interfere with the 2024 elections, CISA is ensuring that information about the election threat environment is readily accessible.

    Part of the larger #Protect2024 site launched in January, the page aims to make it easier to find specific threat related products that the American public can use to stay informed and the election community can use to prepare, including:

    • Joint Statements from CISA, ODNI and FBI on threats to the 2024 election
    • ODNI Election Threat Updates
    • FBI and CISA “Just So You Know” Joint PSA Series

    Since its initial launch, #Protect2024 has quickly grown and serves as the central point for critical resources, training lists and security services to support more than 8,000 election jurisdictions for the 2024 election cycle.

    Additional resources will be made available on this page as they are released. For more information, please continue to visit #Protect2024.

    ###

    About CISA

    As the nation’s cyber defense agency and national coordinator for critical infrastructure security, the Cybersecurity and Infrastructure Security Agency leads the national effort to understand, manage, and reduce risk to the digital and physical infrastructure Americans rely on every hour of every day.

    Visit CISA.gov for more information and follow us on X, Facebook, LinkedIn, Instagram. 

    MIL Security OSI –

    January 25, 2025
  • MIL-OSI: Purpose Investments Inc. Announces Final October 2024 Distribution Rate for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Purpose Investments Inc. announced today the final October 2024 distribution rates for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund.

    Due to the recent interest rate cut by the Bank of Canada, the distribution levels for our Canadian cash funds have been proportionately reduced to align with this adjustment.

    The following table reflects the final distribution amounts for the month of October. Ex-distribution date is October 29, 2024.

    Open-End Fund Ticker
    Symbol
    Final distribution
    per unit
    Record Date Payable Date Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $ 0.4473 10/29/2024 11/04/2024 Monthly
    Purpose Cash Management Fund – ETF Units MNY $ 0.3914 10/29/2024 11/04/2024 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $ 0.1822 10/29/2024 11/04/2024 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $ 0.4275 10/29/2024 11/04/2024 Monthly


    About Purpose Investments Inc.
    Purpose Investments Inc. is an asset management company with more than $21 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Territorial Bancorp Inc. Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • The Company’s tier one leverage and risk-based capital ratios were 11.57% and 29.07%, respectively, and the Company is considered to be “well-capitalized” at September 30, 2024.
    • Ratio of non-performing assets to total assets of 0.11% at September 30, 2024.

    HONOLULU, Oct. 28, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (the Company), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, reported a net loss of $1,318,000, or $0.15 per diluted share, for the three months ended September 30, 2024.

    The Board of Directors approved a dividend of $0.01 per share. The dividend is expected to be paid on November 22, 2024, to stockholders of record as of November 8, 2024.

    Hope Bancorp, Inc. Merger Agreement

    As previously announced in a joint news release issued April 29, 2024, Hope Bancorp, Inc. (NASDAQ: HOPE) (Hope Bancorp) and the Company signed a definitive merger agreement. Under the terms of the merger agreement, Company stockholders will receive a fixed exchange ratio of 0.8048 share of Hope Bancorp common stock in exchange for each share of Company common stock they own, in a 100% stock-for-stock transaction valued at approximately $78.60 million, based on the closing price of Hope Bancorp’s common stock on April 26, 2024. The transaction is intended to qualify as a tax-free reorganization for Territorial stockholders.

    Upon completion of the transaction, Hope Bancorp intends to maintain the Territorial franchise in Hawaii and preserve the 100-plus year legacy of the Territorial Savings Bank brand name, culture and commitment to the local communities. The branches will continue to do business under the Territorial Savings Bank brand, as a trade name of Bank of Hope.

    The transaction is subject to regulatory approvals, the approval of Territorial stockholders, and the satisfaction of other customary closing conditions.

    Interest Income

    Net interest income decreased by $2.55 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Total interest income was $18.31 million for the three months ended September 30, 2024, compared to $17.38 million for the three months ended September 30, 2023. The $929,000 increase in total interest income was primarily due to an $850,000 increase in interest earned on other investments and a $343,000 increase in interest earned on loans. The increase in interest income on other investments is primarily due to a $58.03 million increase in the average cash balance with the Federal Reserve Bank of San Francisco (FRB) and a 30 basis point increase in the average interest rate paid on cash balances. The $343,000 increase in interest income on loans resulted from a 15 basis point increase in the average loan yield, partially offset by a $14.74 million decrease in the average loan balance. The increases in interest income on other investments and loans during the quarter were partially offset by a $264,000 decrease in interest on investment securities, which occurred because of a $41.07 million decrease in the average securities balance.

    Interest Expense

    As a result of prolonged increases in short-term interest rates, total interest expense increased by $3.48 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Interest expense on deposits increased by $3.06 million for the three months ended September 30, 2024, primarily due to an increase in interest expense on certificates of deposit (CD) and savings accounts. Interest expense on CDs rose by $2.01 million for the three months ended September 30, 2024, due to a 66 basis point increase in the average cost of CDs and a $107.30 million increase in the average CD balance. The increase in the average cost of CDs and savings accounts occurred as interest rates were raised in response to the increases in market interest rates over that period. Interest expense on savings accounts rose by $1.06 million for the three months ended September 30, 2024, due to a 65 basis point increase in the average cost of savings accounts which was partially offset by a $82.46 million decrease in the average savings account balance. The increase in the average balance of CDs and the decrease in the average balance of savings accounts occurred as customers transferred balances from lower rate savings accounts to higher rate CDs. Interest expense on FRB borrowings rose by $600,000 for the three months ended September 30, 2024, as the Company obtained a $50.00 million advance from the FRB in the fourth quarter of 2023. FRB advances were obtained in 2023 to enhance the Company’s liquidity and to fund deposit withdrawals.

    Noninterest Expense

    Noninterest expense increased by $333,000 for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to a $398,000 increase in general and administrative expenses. General and administrative expenses included $324,000 of merger-related legal and consulting expenses and the write off of $135,000 of currency destroyed in the Lahaina wildfire. Federal Deposit Insurance Corporation (FDIC) premium expense rose by $146,000 for the quarter because of an increase in the FDIC insurance premium rates. The increase in other general and administrative expenses and FDIC premiums was offset by a $277,000 decrease in salaries and employee benefits during the quarter. The decrease in salaries and employee benefits occurred primarily because of decreases in compensation expense, supplemental executive retirement plan benefits, Employee Stock Ownership Plan (ESOP) expenses, health insurance and payroll taxes. The decrease in compensation expenses, payroll taxes and health insurance expenses is primarily due to a decrease in the number of employees. The decrease in ESOP expenses is primarily due to a decline in the Company’s share price which is used to calculate the accrual. The decrease in these compensation and employee benefit expenses was partially offset by a decrease in deferred salary expense for originating new loans as fewer loans were originated during the three months ended September 30, 2024, compared to the three months ended September 30, 2023.

    Income Taxes

    Income tax benefit for the three months ended September 30, 2024 was $611,000 with an effective tax rate of (31.67)% compared to income tax expense of $335,000 with an effective tax rate of 27.57% for the three months ended September 30, 2023. The decrease in income tax expense was primarily due to a $3.14 million decrease in income before income taxes during the quarter.

    Balance Sheet

    Total assets were $2.20 billion at September 30, 2024 and $2.24 billion at December 31, 2023. Investment securities, including available for sale securities, decreased by $31.63 million to $674.27 million at September 30, 2024 from $705.90 million at December 31, 2023. The decrease in investment securities occurred because of principal repayments on mortgage-backed securities. Loans receivable decreased by $20.86 million to $1.29 billion at September 30, 2024 from $1.31 billion at December 31, 2023. The decrease in loans receivable occurred as loan repayments and sales exceeded new loan originations. Cash and cash equivalents increased by $16.47 million to $143.13 million at September 30, 2024 from $126.66 million at December 31, 2023 due to increases in deposits and principal repayments on mortgage-backed securities and on loans receivable.

    Deposits increased by $33.68 million from $1.64 billion at December 31, 2023 to $1.67 billion at September 30, 2024. The increase in deposits is primarily due to deposits from state and local governments. The increase in deposits was used with principal repayments on mortgage-backed securities and loans receivable to pay off $65.00 million of maturing Federal Home Loan Bank (FHLB) advances during the quarter. FHLB advances decreased by $65.00 million to $177.00 million at September 30, 2024 from $242.00 million at December 31, 2023.

    Asset Quality

    Credit quality continues to be extremely important as the Bank adheres to its strict underwriting standards. The Company had no delinquent mortgage loans 90 days or more past due at September 30, 2024, compared to $227,000 at December 31, 2023. Non-performing assets totaled $2.34 million at September 30, 2024, compared to $2.26 million at December 31, 2023. The ratio of non-performing assets to total assets was 0.11% at September 30, 2024, compared to 0.10% at December 31, 2023. The allowance for credit losses was $5.06 million at September 30, 2024, compared to $5.12 million at December 31, 2023, representing 0.39% of total loans for both periods. The ratio of the allowance for credit losses to non-performing loans was 216.12% at September 30, 2024, compared to 226.59% at December 31, 2023.

    About Us

    Territorial Bancorp Inc., headquartered in Honolulu, Hawaii, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaii. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaii and has 28 branch offices in the state of Hawaii. For additional information, please visit the Company’s website at: https://www.tsbhawaii.bank.

    Additional Information and Where to Find it

    In connection with the proposed merger, Hope Bancorp, Inc. filed with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 on June 21, 2024, which included a Proxy Statement of Territorial Bancorp Inc. that also constitutes a prospectus of Hope Bancorp, Inc. Territorial Bancorp stockholders are encouraged to read the Registration Statement and the Proxy Statement/Prospectus regarding the merger and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information about the proposed merger. Territorial Bancorp stockholders are able to obtain a free copy of the Proxy Statement/Prospectus, as well as other filings containing information about Hope Bancorp and Territorial Bancorp at the SEC’s Internet site (www.sec.gov).

    Forward-looking statements

    This earnings release contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “will,” “may” and words of similar meaning. These forward-looking statements include, but are not limited to:

    • statements of our goals, intentions and expectations;
    • statements regarding our business plans, prospects, growth and operating strategies;
    • statements regarding the asset quality of our loan and investment portfolios; and
    • estimates of our risks and future costs and benefits.

    These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this earnings release.

    The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

    • factors related to the proposed transaction with Hope Bancorp, including the receipt of regulatory and stockholder approvals, and other customary closing conditions;
    • general economic conditions, either internationally, nationally or in our market areas, that are worse than expected;
    • competition among depository and other financial institutions;
    • inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments;
    • adverse changes in the securities markets;
    • changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
    • changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;
    • our ability to enter new markets successfully and capitalize on growth opportunities;
    • our ability to successfully integrate acquired entities, if any;
    • changes in consumer demand, spending, borrowing and savings habits;
    • changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board;
    • changes in our organization, compensation and benefit plans;
    • the timing and amount of revenues that we may recognize;
    • the value and marketability of collateral underlying our loan portfolios;
    • our ability to retain key employees;
    • cyberattacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems;
    • technological change that may be more difficult or expensive than expected;
    • the ability of third-party providers to perform their obligations to us;
    • the ability of the U.S. Government to manage federal debt limits;
    • the quality and composition of our investment portfolio;
    • the effect of any pandemic disease, natural disaster, war, act of terrorism, accident or similar action or event;
    • changes in market and other conditions that would affect our ability to repurchase our common stock; and
    • changes in our financial condition or results of operations that reduce capital available to pay dividends.

    Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

    Contact:
    Walter Ida

    (808) 946-1400

       
    Territorial Bancorp Inc. and Subsidiaries  
    Consolidated Statements of Operations (Unaudited)  
    (Dollars in thousands, except per share data)  
                 
        Three Months Ended   Nine Months Ended  
        September 30,   September 30,  
        2024   2023   2024    2023   
    Interest income:                      
    Loans   $ 12,229     $ 11,886   $ 36,540   $ 35,037    
    Investment securities     4,183       4,447     12,753     13,512    
    Other investments     1,901       1,051     5,104     2,848    
    Total interest income     18,313       17,384     54,397     51,397    
                           
    Interest expense:                      
    Deposits     8,469       5,408     22,658     13,261    
    Advances from the Federal Home Loan Bank     1,714       1,896     5,330     4,782    
    Advances from the Federal Reserve Bank     600       —     1,789     —    
    Securities sold under agreements to repurchase     46       46     137     137    
    Total interest expense     10,829       7,350     29,914     18,180    
                           
    Net interest income     7,484       10,034     24,483     33,217    
    Provision (reversal of provision) for credit losses     29       (259 )   22     (147 )  
                           
    Net interest income after provision (reversal of provision) for credit losses     7,455       10,293     24,461     33,364    
                           
    Noninterest income:                      
    Service and other fees     273       298     885     1,022    
    Income on bank-owned life insurance     255       218     750     628    
    Net gain on sale of loans     19       —     19     10    
    Other     69       73     215     208    
    Total noninterest income     616       589     1,869     1,868    
                           
    Noninterest expense:                      
    Salaries and employee benefits     4,899       5,176     14,606     15,723    
    Occupancy     1,813       1,819     5,319     5,201    
    Equipment     1,335       1,263     3,987     3,878    
    Federal deposit insurance premiums     392       246     1,281     737    
    Other general and administrative expenses     1,561       1,163     4,851     3,251    
    Total noninterest expense     10,000       9,667     30,044     28,790    
                           
    (Loss) Income before income taxes     (1,929 )     1,215     (3,714 )   6,442    
    Income tax (benefit) expense     (611 )     335     (1,139 )   1,749    
    Net (loss) income   $ (1,318 )   $ 880   $ (2,575 ) $ 4,693    
                           
    Basic (loss) earnings per share   $ (0.15 )   $ 0.10   $ (0.30 ) $ 0.54    
    Diluted (loss) earnings per share   $ (0.15 )   $ 0.10   $ (0.30 ) $ 0.53    
    Cash dividends declared per common share   $ 0.01     $ 0.23   $ 0.07   $ 0.69    
    Basic weighted-average shares outstanding     8,618,155       8,577,632     8,604,082     8,656,915    
    Diluted weighted-average shares outstanding     8,618,155       8,610,289     8,604,082     8,705,784    
                           
     
    Territorial Bancorp Inc. and Subsidiaries
    Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands, except per share data)
                 
        September 30,   December 31,
        2024   2023
    ASSETS            
    Cash and cash equivalents   $ 143,128     $ 126,659  
    Investment securities available for sale, at fair value     19,920       20,171  
    Investment securities held to maturity, at amortized cost (fair value of $552,222 and $568,128 at September 30, 2024 and December 31, 2023, respectively)     654,349       685,728  
    Loans receivable     1,287,688       1,308,552  
    Allowance for credit losses     (5,055 )     (5,121 )
    Loans receivable, net of allowance for credit losses     1,282,633       1,303,431  
    Federal Home Loan Bank stock, at cost     9,307       12,192  
    Federal Reserve Bank stock, at cost     3,187       3,180  
    Accrued interest receivable     6,056       6,105  
    Premises and equipment, net     7,257       7,185  
    Right-of-use asset, net     11,613       12,371  
    Bank-owned life insurance     49,388       48,638  
    Income taxes receivable     1,832       344  
    Deferred income tax assets, net     2,465       2,457  
    Prepaid expenses and other assets     7,297       8,211  
    Total assets   $ 2,198,432     $ 2,236,672  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Liabilities:            
    Deposits   $ 1,670,281     $ 1,636,604  
    Advances from the Federal Home Loan Bank     177,000       242,000  
    Advances from the Federal Reserve Bank     50,000       50,000  
    Securities sold under agreements to repurchase     10,000       10,000  
    Accounts payable and accrued expenses     22,176       23,334  
    Lease liability     17,090       17,297  
    Advance payments by borrowers for taxes and insurance     3,148       6,351  
    Total liabilities     1,949,695       1,985,586  
                 
    Stockholders’ Equity:            
    Preferred stock, $0.01 par value; authorized 50,000,000 shares, no shares issued or outstanding     —       —  
    Common stock, $0.01 par value; authorized 100,000,000 shares; issued and outstanding            
    8,832,210 and 8,826,613 shares at September 30, 2024 and December 31, 2023, respectively     88       88  
    Additional paid-in capital     48,163       48,022  
    Unearned ESOP shares     (2,079 )     (2,447 )
    Retained earnings     208,504       211,644  
    Accumulated other comprehensive loss     (5,939 )     (6,221 )
    Total stockholders’ equity     248,737       251,086  
    Total liabilities and stockholders’ equity   $ 2,198,432     $ 2,236,672  
                 
     
      Territorial Bancorp Inc. and Subsidiaries    
      Selected Financial Data (Unaudited)    
                                 
                                 
                                 
                    Three Months Ended        
                    September 30,        
                      2024       2023          
                                 
      Performance Ratios (annualized):                    
        Return on average assets         (0.24% )     0.16%          
        Return on average equity         (2.09% )     1.39%          
        Net interest margin on average interest earning assets   1.42%       1.90%          
        Efficiency ratio (1)           123.46%       91.00%          
                                 
                    At   At        
                    September   December        
                      30, 2024       31, 2023          
                                 
      Selected Balance Sheet Data:                    
        Book value per share (2)       $ 28.16     $ 28.45          
        Stockholders’ equity to total assets       11.31%       11.23%          
                                 
                                 
      Asset Quality                        
      (Dollars in thousands):                      
        Delinquent loans 90 days past due and not accruing $ 0     $ 227          
        Non-performing assets (3)       $ 2,339     $ 2,260          
        Allowance for credit losses       $ 5,055     $ 5,121          
        Non-performing assets to total assets       0.11%       0.10%          
        Allowance for credit losses to total loans       0.39%       0.39%          
        Allowance for credit losses to non-performing assets   216.12%       226.59%          
                                 
                                 
      Note:                        
                                 
      (1) Efficiency ratio is equal to noninterest expense divided by the sum of net interest income and noninterest income                         
      (2)  Book value per share is equal to stockholders’ equity divided by number of shares issued and outstanding                         
      (3)  Non-performing assets consist of non-accrual loans and real estate owned. Amounts are net of charge-offs                         
                                 

    The MIL Network –

    January 25, 2025
  • MIL-OSI NGOs: Global law firm’s flawed human rights assessment of Saudi Arabia’s World Cup 2034 bid raises ‘deep concern’

    Source: Amnesty International –

    AS&H Clifford Chance’s assessment contains no substantive discussion of Saudi’s extensive and relevant abuses

    11 human rights groups, football supporters and worker organisations join forces to voice deep concern

    ‘FIFA must insist on a proper assessment and meaningful human rights strategy or its flagship tournament will be tarnished by severe human rights violations’ – Steve Cockburn

    A flawed human rights assessment of Saudi Arabia’s FIFA 2034 World Cup bid by AS&H Clifford Chance – part of the global partnership of London-based law firm Clifford Chance – leaves the global firm at risk of being linked to abuses which result from the tournament, 11 organisations said today.

    AS&H Clifford Chance, which is based in Riyadh and sits within Clifford Chance’s integrated global partnership, produced an “independent human rights context assessment” that was published by FIFA and has helped pave the way for Saudi Arabia to be confirmed on 11 December as the 2034 hosts, as is widely expected to happen.

    The assessment contains no substantive discussion of extensive and relevant abuses in Saudi Arabia documented by multiple human rights organisations and UN bodies. It formed the basis of Saudi Arabia’s human rights strategy for the tournament, which Amnesty International described as a “whitewash”.

    The 11 organisations – which include a Saudi Arabian diaspora organisation, Gulf human rights groups, and labour organisations, as well as Football Supporters Europe, Amnesty and Human Rights Watch – wrote to Clifford Chance’s Global Managing Partner setting out in detail all of their concerns with the statement, and invited the authors to publish an updated report. The firm, which says that it works in partnership with “some of the world’s leading NGOs and civil society organisations”, said in response last week that it would be “inappropriate” to offer any further comment on the report and shared a link to publicly available company policies.

    Dire human rights record

    Saudi Arabia’s already dire human rights record has deteriorated under the de facto rule of Crown Prince Mohammed bin Salman, who has presided over a soaring number of mass executions, torture, enforced disappearance, severe restrictions on free expression, repression of women’s rights under the male guardianship system, LGBTI+ discrimination, and the killing of hundreds of migrants at the  Saudi Arabia-Yemen border. The country’s abusive Kafala (labour sponsorship) system, as well as the prohibition on trade unions and lack of enforcement of labour laws continues to lead to the widespread exploitation of migrant workers.

    The organisations have warned Clifford Chance that, through the production of its human rights assessment by AS&H Clifford Chance, there is a risk that the firm could be linked to potential adverse human rights impacts resulting from a Saudi Arabia-hosted tournament.

    In their memorandum to Clifford Chance the organisations set out and requested comment on three overarching concerns about the assessment. Taken together, these fatally undermine the report’s claim to provide an independent assessment of the human rights context in Saudi Arabia, relevant to the hosting and staging of the 2034 World Cup.

    • AS&H Clifford Chance agreed to a decision by FIFA and the Saudi Arabian Football Federation to effectively exclude analysis of Saudi Arabia’s record on multiple critical human rights such as freedom of expression, LGBTI+ discrimination, the prohibition of trade unions, or forced evictions – either because Saudi Arabia has not ratified the relevant treaties or because the Saudi Arabian Football Federation did not accept them as “applying”. Any assessment that does not recognise these as relevant human rights risks for a World Cup in Saudi Arabia cannot be considered credible.
    •  The assessment made highly selective use of the findings of UN bodies on Saudi Arabia, leaving out damaging judgements. For example, it fails to reference one UN body’s concern at receiving reports that “torture and other ill-treatment are commonly practised in prisons”, or another which notes that “women and girls who are victims of sexual abuse risk facing criminal proceedings if they press charges”. It does not mention that Saudi Arabia is currently facing a labour complaint at the UN brought by Building and Woodworkers International, an international trade union. No reports by UN Special Rapporteurs are included meaning, for example, there is no reference to the imposition of the death penalty in relation to the Crown Prince’s flagship giga-project NEOM, or the murder of Saudi Arabian journalist Jamal Khashoggi.
    • There is no evidence that AS&H Clifford Chance consulted external experts, such as people who might be affected by human rights abuses linked to the tournament, Saudi Arabian human rights experts or organisations, international human rights organisations, or trade unions. No work by such groups is referenced. The report, for example, ignores Amnesty’s 2024 91-page report ‘Playing a Dangerous Game? Human Rights Risks Linked to the 2030 and 2034 FIFA World Cups’.

    Amnesty has written to FIFA asking it to confirm on what basis the organisation agreed with the Saudi Arabian Football Federation to limit the scope of the rights assessment conducted by AS&H Clifford Chance. As of 25 October, FIFA had not responded.

    James Lynch, FairSquare co-director, said: 

    “It has been clear for more than a year now that FIFA is determined to remove all potential obstacles to make sure it can hand Saudi Arabia’s Crown Prince Mohammed bin Salman the 2034 World Cup. By producing a shockingly poor report, AS&H Clifford Chance, part of one of the world’s largest law firms that makes much of its human rights expertise, has helped to remove a key final stumbling block.”

    Julia Legner, Executive Director of ALQST for Human Rights, a Saudi Arabian diaspora organisation, said:

    “AS&H Clifford Chance had the chance to write a credible assessment of risks that are relevant to the 2034 World Cup. Instead, they have produced an artificially limited, misleading and overly positive perspective, that serves only to whitewash the reality of abuse and discrimination faced by Saudi Arabia’s citizens and residents.”

    Steve Cockburn, Amnesty International’s Head of Labour Rights and Sport, said:

    “The severe risks of hosting the 2034 World Cup in Saudi Arabia are clear and well-known – without huge reforms, critics will be arrested, women and LGBTI+ people will face discrimination, and workers will be exploited on a massive scale. It is incredible that AS&H Clifford Chance omitted such glaring risks from its assessment and scandalous that FIFA paved the way for them to do so. FIFA must now insist on a proper assessment and meaningful human rights strategy or its flagship tournament will inevitably be tarnished by severe human rights violations.”

    Martha Waithira, Equidem investigator, said:

    “As a former domestic worker in Saudi Arabia from Kenya, I know that women like me are often treated like slaves. Women especially face sexual and other gender abuse. I’m in regular contact with workers in horrific situations in Saudi Arabia. Now, the hundreds of thousands of people expected to arrive in Saudi Arabia to build stadiums and clean hotels ahead of the World Cup are at great risk of severe exploitation and even death. How can these realities have escaped AS&H Clifford Chance’s attention?”

    Stated commitments to human rights

    The ‘Independent Context Assessment Prepared for the Saudi Arabian Football Federation in relation to the FIFA World Cup 2034’ can be found on FIFA’s website. FIFA’s Human Rights Policy, adopted in 2017, outlines its responsibility to identify and address adverse human rights impacts of its operations, including taking adequate measures to prevent and mitigate human rights abuses.

    Clifford Chance is one of the world’s largest law firms. It has made multiple commitments concerning its human rights responsibilities, including in its company code. The firm states on its global website that its client base in Saudi Arabia, delivered “through AS&H Clifford Chance” includes “key Saudi Ministries and government-owned entities as well as a wide range of government owned, privately and publicly held Saudi and international businesses, listed companies and financial institutions.” These Saudi clients include the Public Investment Fund. AS&H Clifford Chance is a joint venture between Clifford Chance and AS&H that has been registered in Saudi Arabia since 2023. It is integrated within Clifford Chance’s global firm, “follows [the global firm’s] processes and practices”, and employs a number of Clifford Chance partners, including a “Senior Clifford Chance partner”. The Independent Context Assessment refers readers to the global Clifford Chance website.

    Full list of signatories:

    FairSquare

    ALQST for Human Rights

    Amnesty International

    The Army of Survivors

    Building and Woodworkers International

    Equidem

    Football Supporters Europe

    Gulf Centre for Human Rights

    Human Rights Watch

    Middle East Democracy Center

    Migrant-Rights.org

    MIL OSI NGO –

    January 25, 2025
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